2020 BULKERS (2020) Q3 2025 earnings summary

Executive summary

• Net profit of $9.8 million and EBITDA of $14.2 million reported for Q3 2025.

• Operating profit reached $11.7 million, with earnings per share at $0.43.

• Dividends of $0.54 per share declared for July–September, and $0.19 per share for October 2025.

• Four vessels sold for $281.75 million, with delivery scheduled for Q1 2026.

• Major vessel sales in early 2024 and Q1 2026 significantly impacted results.

Financial highlights

• Operating revenues and other income totaled $19.3 million for Q3 2025.

• Average time charter equivalent rate was $35,100 per day gross.

• Vessel operating expenses were $3.7 million, or $6,600 per ship per day.

• Cash flow from operations was $12.2 million; cash and equivalents stood at $15.2 million at quarter-end.

• Total shareholders' equity was $148 million at quarter-end.

Outlook and guidance

• Q4 2025 expected to benefit from high bauxite season and Simandou mine ramp-up.

• Q1 2026 anticipated to be stronger than historical averages due to increased bauxite and iron ore volumes.

• Management expects more stable market conditions across quarters, reducing typical Q1 seasonality impact.

• Attractive cash breakeven of ~$11,500 per ship per day, with robust dividend potential based on current FFA curve.

• Dividends of $0.19 per share were declared for both September and October 2025.