2020 BULKERS (2020) Q4 2024 earnings summary

Executive summary

• Net profit of $5.1 million and EPS of $0.23 reported for Q4 2024, with strong time charter equivalent earnings of $27,100 per day gross, outperforming the Baltic 5TC average.

• Declared total dividends of $0.34 per share for Q4 2024, with an additional $0.03 per share for January 2025.

• Maintained solid liquidity with $16.1 million in cash and no debt amortization until April 2029.

• Four vessels scheduled for dry dock in H1 2025, fully funded by cash reserves from 2024 vessel sales.

• Full-year net income rose to $76.3 million, driven by a $40.9 million gain from vessel sales.

Financial highlights

• Revenues reached $14.8 million in Q4 2024; operating profit was $7.4 million; EBITDA totaled $9.7 million.

• Vessel operating expenses were $4 million, averaging $7,300 per ship per day.

• G&A expenses were $0.9 million; $0.4 million in management fees recognized as other operating income.

• Net financial expenses were $2.1 million, mainly interest expense; cash flow from operations was $6.4 million.

• Shareholders' equity was $151.9 million at quarter-end; interest-bearing debt at $112.5 million.

Capital allocation and financing

• Interest-bearing debt stood at $112.5 million, non-amortizing until April 2029.

• Cash and equivalents at $16.1 million at quarter-end; net proceeds from vessel sales and refinancing used to reduce long-term debt.

• Dividends and cash distributions of $0.34 per share for Q4; dry dock costs for 2025 already funded from prior asset sales.

• Dividends and cash distributions paid totaled $86.0 million in 2024.

• Share-based compensation expenses recognized for new grants to employees and directors.