2020 Bulkers

Oslo, Norway, May 8, 2024

2020 Bulkers Ltd. ("2020 Bulkers" or the "Company"), today announced its unaudited financial and operating results for the three months ended March 31, 2024.

Key events during the first quarter of 2024

• The Company reported net profit of US$28.5 million and EBITDA of US$34.4 million for the first quarter of 2024. The results include a US$20.5 million gain from the sale of Bulk Shanghai which was delivered to the buyer on March 20, 2024.

• Achieved average time charter equivalent earnings of approximately US$30,000 per day, gross.

• The Company declared total dividends of US$1.99 per share for the months of January, February and March 2024.

• The Company sold the vessels Bulk Shanghai and Bulk Seoul for a total consideration of US$127.5 million.

• Terminated interest rate swaps for US$2.9 million in cash.
• Drydocked Bulk Sandefjord and Bulk Santiago at a cost of US$2.2 million

Subsequent Events

• Bulk Seoul was delivered to the buyer on April 4, 2024, and the Company estimates to recognize a book gain of US$20.6 million in Q2 2024.

• Entered into a new amended non-amortizing loan facility, maturing in April 2029, lowering the Company's cash breakeven to an estimated US$11,800 per day.

• Achieved average time charter equivalent earnings for April 2024 of approximately US$31,300, per day, gross.

• In May 2024, the Company declared a dividend of US$0.14 per share for April 2024.

The Board of Directors Report, the Condensed Consolidated Financial Statements and the Q1 2024 Presentation are available in the enclosed files.

About 2020 Bulkers Ltd.

2020 Bulkers Ltd. is a limited liability company incorporated in Bermuda on 26 September 2017. The Company's shares are traded on Oslo Børs under the ticker "2020".

2020 Bulkers is an owner and operator of large dry bulk vessels. The Company has six Newcastlemax dry bulk vessels in operation.

May 8, 2024

Board of Directors

2020 Bulkers Ltd.

Oslo, Norway