2020 BULKERS (2020) Q2 2025 earnings summary

Executive summary

• Net profit for Q2 2025 was $5.8 million, EBITDA $9.6 million, and EPS $0.25.

• Declared $0.37 per share in dividends for April–June 2025 and $0.15 for July.

• Completed dry docks for two vessels at $2.6 million, finalizing all dry docking commitments.

• Entered FFA hedges securing $33,700 per day for two vessels from August to December 2025.

• Q2 2025 net income and revenues declined sharply year-over-year, mainly due to lower vessel sale gains.

Financial highlights

• Operating profit was $7.2 million; operating revenues and other income totaled $14.7 million.

• Average time charter equivalent rate was $29,700 per day gross, including FFA gains.

• Vessel operating expenses were $3.8 million, or $7,000 per ship per day.

• Interest expenses were $1.9 million; cash and cash equivalents stood at $14.6 million.

• Shareholders' equity was $149.7 million; interest-bearing debt was $112.5 million, non-amortizing until April 2029.

Outlook and guidance

• Achieved time charter equivalent of $31,700 per day and declared $0.15 dividend for July.

• FFA hedges secure higher fixed rates for two vessels through year-end 2025.

• Attractive cash breakeven of $11,500 per ship per day, with positive net profit every quarter since 2019.

• The company remains compliant with all loan covenants and maintains a strong liquidity position.

• Dividends of $0.16 per share for June 2025 and $0.15 per share for July 2025 were declared.