2020 BULKERS (2020) Q4 2025 earnings summary

Executive summary

• Reported net profit of $13.8 million and EBITDA of $16.5 million for Q4 2025.

• Average time-charter rate was $39,300 per day in Q4 2025.

• Total dividends declared for October–December 2025 were $0.63 per share.

• Agreements signed to sell all six Newcastlemax vessels, with delivery in Q1 2026; three vessels sold for $218.25 million.

• Company faces uncertainty regarding future operations after vessel sales in Q1 2026.

Financial highlights

• Operating profit reached $15.8 million; operating revenues and other income totaled $21.4 million in Q4 2025.

• Earnings per share were $0.60 for Q4 2025.

• Vessel operating expenses were $3.5 million, with average daily operating expenses per ship at $6,300.

• Cash flow from operations was $15.5 million; cash and cash equivalents stood at $22.1 million at year-end 2025.

• Full-year net income was $29.6 million, down from $76.3 million in 2024.

Outlook and guidance

• Average net TC earnings for January 2026 were $30,800 per day.

• Dividend of $0.15 per share announced for January 2026.

• All remaining vessels to be delivered to new owners in Q1 2026.

• Company has not decided on future operations post-sale.