2020 BULKERS (2020) Q2 2024 earnings summary

Executive summary

• Net profit for Q2 2024 was $31.5 million with EPS of $1.36, driven by a $20.4 million gain from the sale of Bulk Seoul.

• Time charter equivalent earnings averaged $34,300 per day, with July 2024 rising to $37,600 per day, outperforming the Baltic 5TC Index.

• Dividends of $0.52 per share declared for April–June and $0.20 per share for July 2024.

• Entered a new $112.5 million non-amortizing loan facility maturing in April 2029, following a $27.5 million debt repayment.

• Total operating revenues for Q2 2024 reached $40.9 million, more than doubling from Q2 2023.

Financial highlights

• Revenues for Q2 2024 were $38.9 million, including the Bulk Seoul sale gain.

• Operating profit was $32.1 million; EBITDA reached $34.4 million for the quarter.

• Vessel operating expenses totaled $3.4 million, averaging $6,200 per day per vessel.

• Cash and cash equivalents at June 30, 2024, were $19.2 million; cash flow from operations was $10.5 million.

• Shareholders' equity was $160.2 million; interest-bearing debt reduced to $112.5 million after refinancing.

Outlook and guidance

• July time charter equivalent earnings reached $37,600 per day, again outperforming the Baltic 5TC Index.

• FFA curve for the remainder of 2024 at $26,500–$27,000 per day suggests strong free cash flow potential.

• Management expects Q4 to be seasonally strong, driven by Brazilian iron ore and bauxite exports.

• No plans to lock in coverage at current FFA levels; preference for spot exposure due to expected strong bauxite volumes.

• All vessels are on index-linked charters with major charterers, providing revenue visibility.