2020 Bulkers

M&A Activity • Nov 16, 2025

2020 Bulkers Ltd. (2020) Sale of Bulk Sydney and Bulk Santos

2020 Bulkers Ltd. (2020) Sale of Bulk Sydney and Bulk Santos

Oslo, Norway, November 16, 2025

2020 Bulkers (the "Company") announces that it has signed agreements to sell

each of its 2020 built Newcastlemax vessels, Bulk Sydney and Bulk Santos to an

unaffiliated third party for a total consideration of US$145.5 million. Each

sale is subject to certain closing conditions, in line with industry

standards.

The Company will retain the vessels' respective operating cashflows until

closing of each vessel transaction, each of which is agreed to take place

during Q1 2026.

The Company expects to recognize a net book gain of approximately US$61

million upon completion of the transactions.

The Board of Directors of the Company will, subject to completion of the

sales, determine the allocation of the net proceeds from the transactions.

Chairman of 2020 Bulkers, Magnus Halvorsen, comments:

"The sales of Bulk Sydney and Bulk Santos for an average price of US$72.75

million per vessel conclude the monetization of the Company's newbuilding

program, which was initiated in September 2017. Between August 2019 and June

2020, we took delivery of eight scrubber-fitted Newcastlemax vessels at an

average all-in delivered cost of US$47.6 million per ship. Driven by a prudent

capital structure and active commercial risk management, the Company has been

profitable every quarter since the first vessel was delivered.

The newbuilding program was financed with US$142 million in equity in addition

to the required debt financing. Since inception, the Company has returned

US$238 million to shareholders through capital distributions and dividends and

expects to realize US$312 million in net proceeds from the sale of the six

remaining vessels, following repayment of outstanding debt. In addition, the

Company holds US$17 million in cash as of today and will retain the cash flow

from the vessels until they are delivered to their respective buyers."

For further queries, please contact:

Lars-Christian Svensen, Chief Executive Officer, 2020 Bulkers Management AS.

Telephone +47 476 38 756

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and subject to the disclosure requirements pursuant to

section 5-12 of the Norwegian Securities Trading Act. This stock exchange

notice was published by Vidar Hasund, CFO, on the date and time as set out in

the release.

About 2020 Bulkers Ltd.

2020 Bulkers has six Newcastlemax dry bulk vessels in operation. All vessels

are fitted with exhaust scrubber systems.

Forward-Looking Statements

This announcement includes forward looking statements. Forward looking

statements are, typically, statements that do not reflect historical facts and

may be identified by words such as "anticipate", "believe", "continue",

"estimate", "expect", "intends", "may", "should", "will" and similar

expressions. The forward-looking statements in this announcement are based

upon various assumptions, many of which are based, in turn, upon further

assumptions. Although 2020 Bulkers Ltd. believes that these assumptions are

reasonable, they are, by their nature, uncertain and subject to significant

known and unknown risks, contingencies and other factors which are difficult

or impossible to predict and which are beyond our control. Such risks,

uncertainties, contingencies and other factors could cause actual events to

differ materially from the expectations expressed or implied by the

forward-looking statements included herein.

The information, opinions and forward-looking statements contained in this

announcement speak only as of the date hereof and are subject to change

without notice.