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2020 BULKERS (2020) investor relations material
2020 BULKERS Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Net profit of $9.8 million and EBITDA of $14.2 million reported for Q3 2025, with average time charter equivalent earnings of $35,100 per day, gross.
Operating profit reached $11.7 million, with earnings per share at $0.43.
Dividends of $0.54 per share declared for July–September 2025 and $0.19 per share for October 2025.
Entered agreements to sell four vessels for $281.75 million, with deliveries in Q1 2026 and expected net book gain of $117 million upon completion.
Maintained profitability every quarter since Q3 2019 and returned approximately 163% of paid-in equity to shareholders as of October 2025.
Financial highlights
Operating revenues and other income totaled $19.3 million for Q3 2025.
Vessel operating expenses were $3.7 million, or $6,600 per ship per day.
Cash flow from operations was $12.2 million; cash and equivalents stood at $15.2 million at quarter-end.
Total operating expenses for Q3 2025 were $7.6 million.
Interest expense for the quarter was $1.9 million.
Outlook and guidance
Q4 2025 expected to benefit from high bauxite season and Simandou mine ramp-up.
Q1 2026 anticipated to be stronger than historical averages due to increased bauxite and iron ore volumes.
Management expects more stable market conditions across quarters, reducing typical Q1 seasonality impact.
Operating cash breakeven estimated at $11,500 per vessel per day.
FFA curve for the balance of 2025 implies earnings of about $37,000 per day for a scrubber-fitted Newcastlemax.
Proceeds allocation strategy post-vessel sales
Future dividend policy post-fleet reduction
Strategy to maintain market outperformance with smaller fleet
Future fleet strategy post 4-vessel sale
How does FFA hedging optimize market exposure?
Simandou and Vale impact on ton-mile growth?
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Next 2020 BULKERS earnings date
Q4 202511 Feb, 2026
Next 2020 BULKERS earnings date
Q4 202511 Feb, 2026
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Frequently asked questions
2020 Bulkers Ltd., engages in the shipping container business. It offers dry bulk vessels to United Kingdom and Europe. The company carries coal, iron ore, limestone, grain, mixed/general cargo, cement, fertilizers, and woodchips. It also transports products from East Asia to West Coast of the United States; grain from Egypt to New Orleans; and coal from U.S. to India. The company charters its vessels for various periods; and navigates its dry bulk carriers within middle-east region. 2020 Bulkers Ltd is headquartered in Hamilton, Bermuda.
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