2020 Bulkers Ltd. (2020) - Commercial update and key information relating to the cash distribution for February 2025

Oslo, Norway, March 11, 2025

Commercial update:
In February 2025, the Company achieved average time charter equivalent rate ("TCE")* of approximately US$13,500 per day, gross, for the Company's vessels trading on index-linked time charter including average daily scrubber benefits of approximately US$1,900 per day. The Company had 165 operational days in February 2025.

Bulk Shenzhen and Bulk Sydney, both trading on index-linked time charter in February, had total off-hire for 3 days in February, due to ongoing 5 year special surveys.

The Baltic 5TC Capesize Index averaged US$7,936 during February 2025.

* Average time charter equivalent rate, gross, ("TCE") when used by the Company, means time charter revenues and voyage charter revenues excluding address commission, less voyage charter expenses and adjusted from "load to discharge" basis to "discharge to discharge" basis and divided by operational days.

Cash distribution:
The Board has approved a cash distribution of US$0.01 per share for February 2025. The distribution will be made from the Company's Contributed Surplus account which consists of previously paid in share premium transferred from the Company's Share Premium account.

Key information:
Cash distribution amount: US$0.01 per share
Declared currency: US$
Date of approval: March 10, 2025
Last day including right: March 19, 2025
Ex-date: March 20, 2025
Record date: March 21, 2025
Payment date: On or about March 28, 2025

About 2020 Bulkers Ltd.
2020 Bulkers has six Newcastlemax dry bulk vessels in operation. All vessels are fitted with exhaust scrubber systems.

2020 Bulkers Limited press release