2020 BULKERS (2020) Q1 2025 earnings summary

Executive summary

• Net profit of $0.2 million and earnings per share of $0.01 for Q1 2025, down sharply from Q1 2024 due to absence of vessel sale gains.

• Time charter equivalent earnings averaged $19,000 per day gross in Q1 2025, rising to $27,100 per day gross in April.

• Dividends of $0.10 per share declared for January–March and April 2025; $0.06 per share for April and $0.10 per share for May also declared.

• Dry dockings for three vessels completed, totaling $3.5 million.

• Realized $1.4 million gain on forward freight agreements for Q2 2025.

Financial highlights

• Operating profit was $2 million; EBITDA reached $4.3 million for Q1 2025.

• Operating revenues and other income totaled $9.5 million; vessel operating expenses were $3.8 million, averaging $7,000 per ship per day.

• Cash and cash equivalents at March 31, 2025, were $16.8 million; interest-bearing debt stood at $112.5 million, non-amortizing until April 2029.

• Cash flow from operations was $3 million, net of $2.5 million paid for dry docking.

• Dividends and cash distributions of $2.1 million paid in Q1 2025.

Outlook and guidance

• April 2025 time charter equivalent rate increased to $27,100 per day gross.

• Dividend policy continues, with significant potential yield if current FFA rates are maintained.

• 2025 FFA curve at $20,000 for standard Capesize; robust cash breakeven at $11,500 per day.

• No debt amortization until April 2029, supporting liquidity.

• Market dynamics expected to benefit from increased drydocking and limited new vessel supply.