2020 Bulkers

Investor Presentation • May 7, 2025

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2020 Bulkers Q1 2025 Results presentation May 7, 2025

This presentation (the "Presentation") has been prepared by 2020 Bulkers Ltd. (the "Company") and is made May 7, 2025, solely for information purposes. The Presentation does not constitute any recommendation to buy, sell or otherwise transact with any securities issued by the Company.

No representation, warranty or undertaking, express or implied, is made by the Company and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. The Company shall have no responsibility or liability whatsoever (for negligence or otherwise) for any loss arising from the use by any person or entity of the information set forth in the Presentation. All information set forth in the Presentation may change materially and without notice. In making the Presentation public the Company undertakes no obligation to provide additional information or to make updates thereto. The information set forth in the Presentation should be considered in the context of the circumstances prevailing at the date hereof and has not been and will not be updated to reflect material developments which may occur after such date unless specifically stated in such update(s).

Matters discussed in the Presentation include "forward looking statements". "Forward looking statements" are statements that are not historical facts and are usually identified by words such as "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" etc. These "forward looking statements" reflect the Company's beliefs, intentions and current expectations concerning, among other things, the Company's results, financial condition, liquidity position, prospects, growth and strategies. "Forward looking statements" include statements regarding: objectives, goals, strategies, outlook and growth prospects, future plans, events or performance and potential for future growth, liquidity, capital resources and capital expenditures, economic outlook and industry trends, developments in the Company's market, the impact of regulatory initiatives and the strength of the Company's competitors. "Forward looking statements" involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The "forward looking statements" included herein are based upon various assumptions, many of which, in turn, are based upon further assumptions. This includes, without limitation, the Company's review of historical operating trends, data contained in the Company's records and data available from third parties. Although the Company believes that these assumptions were reasonable when the relevant statements were made, they are inherently subject to significant known and unknown risks, uncertainties, contingencies and other factors which are difficult or impossible to predict and which are beyond the Company's control. "Forward looking statements" are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors which are inherent thereto could cause the actual results of operation, financial condition and liquidity position of the Company or the industry in which it operates to differ materially from those results which, expressed or implied, are contained herein. No representation to the effect that at any of the "forward looking statements" or forecasts will come to pass or that any forecasted result will be achieved are made.

The Presentation and the information contained herein does not constitute or form a part of and should not be construed as an offer for sale or subscription or of solicitation or invitation of any offer to subscribe for or purchase any securities issued by the Company.

Q1 2025 Highlights:

• Net profit of US\$0.2 million, EPS of US\$0.01
• Achieved time charter equivalent earnings of approximately US\$19,000 per day, gross
• Declared total dividends and cash distributions of US\$0.10 per share for the months of January March 2025
• Completed drydocking for Bulk Shenzhen and Bulk Sydney at a total cost of US\$2.3 million

Subsequent events:

• Achieved time charter equivalent earnings for April 2025 of approximately US\$27,100 per day, gross
• Declared a dividend of US\$0.10 per share for the month of April 2025
• Completed drydocking for Bulk Sao Paulo at a total cost of US\$1.2 million.
• Realized gain on forward freight agreements of US\$1.4 million for Q2 2025

Key Financials Q1 2025

Income Statement Comments

USD million, except per share data	Q1 2025
Operating Revenues and other income	9.5
Vessel operating expenses	(3.8)
Voyage expenses and commission	(0.5)
General and administrative expenses	(0.9)
Depreciation and amortization	(2.3)
Total operating expenses	(7.5)
Operating Profit	2.0
Interest expense	(1.9)
Other financial income (expense) Total financial expense, net	0.1 (1.8)
Net income before income taxes	0.2
Tax expense	-

Net profit	0.2
Earnings per share (USD/share)	0.01

• Net profit of US\$0.2 million
• Operating profit of US\$2.0 million
• EBITDA of US\$4.3 million
• Earnings per share of US\$0.01
• Operating revenues and other income of US\$9.5 million. Average time charter equivalent earnings of approx. US\$19,000 per day, gross.
• Vessel operating expenses of US\$3.8 million. Average operating expenses of approx. US\$7,000 per day per vessel
• G&A was US\$0.9 million. 2020 Bulkers charged approx. US\$0.3 million in management fees for Q1 included in Operating revenues and other income.
• Interest expense of US\$1.9 million.

Key Financials Q1 2025

Balance Sheet Summary		Comments
USD million	March 31, 2025	 Shareholders' equity of US\$150.1 million
Total assets Equity Cash and cash equivalents Interest bearing debt	269.2  150.1 of 16.8 	 Interest bearing debt of US\$112.5 million. No amortization until maturity in April 2029. Cash flow from operations was US\$3.0 million in Q1 2025, net US\$2.5 million paid for dry docking. Dividends in total of US\$0.10 per share declared for the
	112.5	months of January, February and March 2025.  Solid liquidity position with US\$16.8 million of cash.

Robust cash breakeven

Source: Shipping Intelligence Network. Illustrative Capesize equivalent CBE calculated by the Company

Our dividend potential is significant

Illustrative annualized FCF per share

2025 FFA curve is US\$20,000 for a standard Capesize

1) Indicative calculation based on current operating budgets, vessel employment, FX rates and fuel prices. Actual results may deviate.

Baltic 5TC Index

• Bauxite tonne-miles grew 43% year on year
• Brazilian iron ore tonne-miles grew 3% year on year
• Global coal tonne-miles down 30% in the same period

Source: Shipping Intelligence Network, Arrow

Capesize tonne-miles

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• Bauxite +43%
• Minor Cape bulk +69%
• Iron ore -2.8%
• Coal -30%
• Positive development vs Q4 2024
• Iron ore exports from Australia hit by weather disruptions (down 10% y-o-y)
• Iron ore exports from Brazil +3% y-o-y
• Q1 2024 exeptionally strong

Coal market share by segment

Source: Arrow

Steel market

Bauxite

Source: Arrow Shipbroking

Tonne-mile demand from iron ore to increase

Atlantic volumes increasing Will require ~160% of the orderbook*

Sources: Rio Tinto, Vale, Clarksons. *) Assumed 170MT per year carried on a 210 DWT Newcastlemax (Fully laden). Each ship able to do 3.65 RV's pr year

Favorable supply dynamics continue

Pricing \$78-80 mill for a Newcastlemax with scrubber

Source: Shipping Intelligence Network

Mandatory dry docking to increase in 2025 and 2026

• 2010 was a big delivery year hence over 10% of the fleet will engage in 15 year SS in 2025 (23%

of the Capesize fleet will need dry

• With an aging fleet forced to drydock or be scrapped, this will likely be an additional positive factor for Capesize/Newcastlemax freight.

dock in total)

• The large number of dry docks in 2025 leads to yard congestion.
• 5 of 6 2020 Bulkers dry docks have been completed, last vessel to complete before entering 2H 2025.

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