2020 Bulkers Ltd. (2020) - Conversion of index-linked charter hire for Bulk Shenzhen

Hamilton, Bermuda - January 28, 2022

2020 Bulkers has converted the index-linked charter for Bulk Shenzhen into fixed rate charter at US$32,378 per day, gross, for the period from February 1, 2022, until December 31, 2022.

In addition, the vessel will still earn a premium related to the fuel cost savings from the scrubbers.

Following the fixed rate conversions of Bulk Shenzhen and Bulk Shanghai, the Company estimates the six vessels trading on index-linked charters, based on current scrubber economics, will need to earn US$8,800 per vessel per day to cover the Company's cash breakeven for 2022.

Based on current scrubber economics, the Company further estimates that a Baltic Index rate of approximately US$4,425 per day would generate rates of US$8,800 per day for the vessels trading on index-linked charters.

The average time charter rate of US$31,640 for the conversions of the Bulk Shanghai and the Bulk Shenzhen time charters, reflects an improvement of 16% or US$4,440 per day relative to the similar conversions done for the Bulk Sao Paulo and Bulk Santos that were done last year on March 2.


2020 Bulkers Ltd. (2020) - Conversion of index-linked charter hire for Bulk Shanghai

Hamilton, Bermuda - January 27, 2022

2020 Bulkers has converted the index-linked charter for Bulk Shanghai into fixed rate charter at US$30,905 per day, gross, for the period from February 1, 2022, until December 31, 2022.

In addition, the vessel will still earn a premium related to the fuel cost savings from the scrubbers.

About 2020 Bulkers Ltd.
2020 Bulkers has eight Newcastlemax dry bulk vessels in operation.

All vessels are fitted with exhaust scrubber systems.

2020 Bulkers Limited press release