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2020 BULKERS (2020) investor relations material
2020 BULKERS Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net profit for Q2 2025 was $5.8 million, with EBITDA of $9.6 million and EPS of $0.25.
Total operating revenues for Q2 2025 were $14.7 million, down from $38.9 million in Q2 2024, mainly due to lower vessel sale gains.
Declared dividends totaled $0.37 per share for April–June 2025 and $0.15 for July 2025.
All six vessels are time chartered on index-linked contracts, with the option to switch to fixed rates.
Completed drydocking for two vessels at a cost of $2.6 million, fulfilling all drydock commitments.
Financial highlights
Operating profit was $7.2 million; operating revenues and other income totaled $14.7 million for Q2 2025.
Vessel operating expenses were $3.8 million, averaging $7,000 per day per vessel.
Interest expenses were $1.9 million; cash flow from operations was $3.8 million, net of $2 million paid for drydocking.
Cash and cash equivalents stood at $14.6 million at quarter end.
Basic and diluted EPS for Q2 2025 were $0.25, compared to $1.36 in Q2 2024.
Outlook and guidance
FFA hedges secured an average fixed rate of $33,700 per day for two vessels from August to year-end 2025.
July 2025 time charter equivalent earnings reached $31,700 per day.
Management expects continued strong bauxite and iron ore volumes to support freight rates.
Attractive cash breakeven of $11,500 per ship per day, with positive net profit every quarter since 2019.
The company remains compliant with all loan covenants and maintains a strong liquidity position.
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