2020 BULKERS (2020) investor relations material

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.