2020 Bulkers Ltd. Q2 2025 Results presentation August 13, 2025

This presentation (the "Presentation") has been prepared by 2020 Bulkers Ltd. (the "Company") and is made August 13, 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.

Q2 2025 Highlights:

Net profit of US\$5.8 million, EBITDA of US\$9.6 million, EPS of US\$0.25.
Achieved time charter equivalent earnings of approximately US\$29,700 per day, gross, including gains on realized forward freight agreements ("FFA").
Declared total dividends of US\$0.37 per share for the months of April June 2025.
Completed drydocking for Bulk Sao Paulo and Bulk Santos at a total cost of US\$2.6 million.
Realized gain on forward freight agreements of US\$1.4 million in Q2 2025.

Subsequent events:

The Company entered into hedging transactions through FFAs effectively securing an average fixed rate of approximately US\$33,700 per day, gross, for two vessels from August 1 to December 31, 2025.
Achieved time charter equivalent earnings for July 2025 of approximately US\$31,700 per day, gross.
Declared a dividend of US\$0.15 per share for the month of July 2025.

Key Financials Q2 2025

Income Statement Comments

USD million, except per share data	Q2 2025
Operating Revenues and other income	14.7
Vessel operating expenses	(3.8)
Voyage expenses and commission	(0.3)
General and administrative expenses	(1.0)
Depreciation and amortization	(2.4)
Total operating expenses	(7.5)
Operating Profit	7.2
Interest expense	(1.9)
Other financial income (expense)	0.4
Total financial expense, net	(1.5)
Net income before income taxes	5.7
Tax expense	0.1

Net profit	5.8
Earnings per share (USD/share)	0.25

Net profit of US\$5.8 million
Operating profit of US\$7.2 million
EBITDA of US\$9.6 million
Earnings per share of US\$0.25
Operating revenues and other income of US\$14.7 million. Average time charter equivalent earnings of approx. US\$29,700 per day, gross, including realized FFA gains of US\$2,700 per day.
Vessel operating expenses of US\$3.8 million. Average operating expenses of approx. US\$7,000 per day per vessel
G&A was US\$1.0 million. 2020 Bulkers charged Himalaya Shipping approx. US\$0.4 million in management fees for Q2 included in Operating revenues and other income.
Interest expense of US\$1.9 million.

Key Financials Q2 2025

Balance Sheet Summary		Comments
		 Shareholders' equity of US\$149.7 million.
USD million	June 30, 2025	 Interest bearing debt of US\$112.5 million (US\$110.4 million,
Total assets	266.4	net of deferred loan costs). No amortization until maturity in April 2029.
Equity Cash and cash equivalents	149.7 14.6	 Cash flow from operations was US\$3.8 million in Q2 2025, net
		of US\$2.0 million paid for dry docking.
Long term debt	110.4	 Dividends in total of US\$0.37 per share declared for the months of April, May and June 2025.
		 Solid liquidity position with US\$14.6 million of cash.