2020 BULKERS (2020) Q3 2024 earnings summary

Executive summary

• Net profit for Q3 2024 was $11.6 million, with EPS of $0.50 and strong operational performance, including time charter equivalent earnings of $36,600 per day gross, outperforming the Baltic 5TC Index average.

• Total dividends of $0.57 per share declared for July–September 2024, with an additional $0.15 per share for October.

• Net income for Q3 2024 was up from $5.2 million in Q3 2023; nine-month net income reached $71.2 million, a significant increase from $10.8 million year-over-year.

• Total operating revenues for Q3 2024 were $40.9 million, more than double Q3 2023's $17.0 million, driven by a $40.9 million gain on vessel sales.

• EBITDA for Q3 2024 was $14.7 million, up from $11.1 million in Q3 2023; nine-month EBITDA was $83.5 million, compared to $28.6 million last year.

Financial highlights

• Operating revenues reached $19.9 million in Q3 2024; operating profit was $12.5 million and EBITDA $14.7 million.

• Vessel operating expenses totaled $3.9 million, with average operating expenses per ship at $7,000 per day.

• Cash flow from operations was $14.8 million; cash and cash equivalents stood at $21.2 million at quarter-end.

• Shareholders' equity was $157.9 million; interest-bearing debt was $112.5 million, non-amortizing until April 2029.

• Time charter revenues for Q3 2024 were $19.5 million, up from $14.9 million in Q3 2023.

Outlook and guidance

• October 2024 time charter equivalent earnings were $31,400 per day gross.

• FFA curve for the balance of the year suggests dividend potential in the high teens; for next year, around 15%.

• Management maintains a constructive view on the market for 2025, citing strong fundamentals.

• Illustrative annualized free cash flow per share remains significant, supported by a December 2024 FFA curve of $27,000.

• Management remains focused on shareholder returns and maintaining compliance with loan covenants.