2020 Bulkers Ltd. (2020) - Delivery of Bulk Seoul and commencement of Charter

Hamilton, Bermuda - October 30, 2019

2020 Bulkers is pleased to announce that it today took delivery of the third of the eight 208,000 dwt Newcastlemax newbuildings from New Times Shipyard.

Three further vessels are expected to be delivered within the next three months, and all eight vessels are expected to be delivered by May 2020.

The vessel will on November 1, 2019 commence a 12-16 month time charter with Koch Supply & Trading at a fixed rate of USD 22,250 per day.

The time charter was entered into in late April 2019 when one-year time charter rates for a standard Capesize were approximately USD 15,000 per day and reflects a solid premium for the Company's Newcastlemax, as a function of higher cargo intake and lower consumption.

The Company expects an average cash breakeven of USD 14,100 per ship per day for 2020.

About 2020 Bulkers Ltd.:
2020 Bulkers has three vessels in operation and five Newcastlemax drybulk vessels under construction at New Times Shipyard in China.

All vessels are expected to be delivered by May 2020 and will be fitted with exhaust scrubber systems.

2020 Bulkers Limited press release