2020 Bulkers Ltd. (2020) - Transfer of vessels
to Norwegian subsidiaries

Hamilton, Bermuda, April 13, 2022

The Company announces that it has approved the transfer of the eight Newcastlemax dry bulk vessels that it owns and/or operates from subsidiaries domiciled in Liberia to Norwegian limited liability subsidiaries.

The Company has completed the transfer of the vessels Bulk Shenzhen, Bulk Sydney and Bulk Sao Paulo and the rights to the vessels Bulk Shanghai and Bulk Seoul.

The Company expects to transfer the remaining three vessels before the end of April 2022. The Norwegian subsidiaries plan to enter the Norwegian Tonnage Tax System effective for the income tax year 2022.

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