ANNUAL
REPORT
2024
2020 BULKERS LTD.
CONTENT
Board of Directors’ Report 3
Responsibility Statement 10
Corporate Governance Report 11
Consolidated Financial Statements 15
Reconciliaon of Alternave
Performance Measures 32
Auditors’ Report 33
Oces 38
2020 BULKERS LTD.
ANNUAL REPORT 2024
3
2020 Bulkers Ltd. (together with its subsid-
iaries, the “Company” or the “Group” or
“2020 Bulkers”) is a limited liability company
incorporated in Bermuda on September 26,
2017. The Company’s shares are traded on
the Oslo Børs under the cker “2020”.
2020 Bulkers is an owner and operator of
large dry bulk vessels. The Company has
six Newcastlemax dry bulk vessels in oper-
aon. All vessels are trading on charters to
reputable counterpares.
BOARD OF
DIRECTORS’
REPORT
KEY EVENTS DURING 2024
The Company reported net prot of US$76.3 million and EBITDA of US$93.2
million for 2024.
The Company achieved average me charter equivalent earnings of approxi-
mately US$31,900 per day, gross.
The Company declared total cash distribuons and dividends of US$3.42 per
share for 2024.
The Company sold the vessels Bulk Shanghai and Bulk Seoul for a total consid-
eraon of US$127.5 million and seled the sale leaseback nancing for both
vessels.
In March 2024, the interest rate swaps were terminated for US$2.9 million in
cash.
The vessels Bulk Sandeord and Bulk Sanago were drydocked at a total cost
of US$2.2 million.
The Company entered into a new amended non-amorzing loan facility,
maturing in April 2029 with an interest rate of SOFR plus 195 basis points in
margin.
SUBSEQUENT EVENTS
The Company achieved average me charter equivalent earnings for January
and February 2025 of approximately US$16,700, and US$13,500, per day,
gross, respecvely.
So far in 2025, the Company has declared dividends and cash distribuons of
US$0.04 per share for the months of January and February 2025.
HEALTH, SAFETY AND ENVIRONMENT
2020 Bulkers is fully commied to health,
safety, quality and environmental protec-
on and idenes these as being essenal
to long-term nancial and reputaonal
success.
2020 Bulkers has outsourced ship man-
agement to third party contractors. A
structured due diligence and audit process
is in place to ensure the highest ship man-
agement standards are applied.
Safety is at the core of our acvies, both
in the oce and onboard our vessels,
and we have a commitment to safeguard
persons from harm or injury and prevent
damage to property. 2020 Bulkers´ employ-
ees are expected to idenfy operaonal
risks and implement safe work pracces.
2020 Bulkers experienced no Loss Time
Accidents (LTA) or other personnel injuries
in 2024. This stasc includes seagoing
crew under employment contracts with our
technical managers. The 2020 Bulkers eet
consists of six modern, fuel ecient 208,000
DWT Newcastlemax dry bulk vessels. The sis-
ter vessels delivered by New Times Shipyard
from August 2019 through June 2020 are
ed with Exhaust Gas Cleaning Systems
and Ballast Water Treatment Systems in
compliance with internaonal regulaons.
The vessels are esmated to be 36% more
carbon emission eecve per ton mile
compared to a standard non-eco Capesize
vessel due to higher cargo carrying capac-
ity, energy opmized ship hull design, high
thermal and mechanical eciency of main
and auxiliary engines and other energy
consuming systems onboard.
The 2020 Bulkers eet was delivered
with an EEDI of 2.11, outperforming IMO
requirements by 16% (phase 1). The
Company sll benets from high focus on
performance during contracng, as the
eet also surpasses the EEDI requirements
for vessels contracted between 2020 and
2024 by 6% (Phase 2).
We are commied to make use of proven
and economically viable means to reduce
our environmental footprint.
HUMAN RESOURCES AND DIVERSITY
The Company prohibits discriminaon
against any employee or prospecve
2020 BULKERS LTD.
ANNUAL REPORT 2024
4
BOARD OF
DIRECTORS’
REPORT
employee on the basis of gender, race,
color, age, religion, sexual preference,
marital status, naonal origin, disability,
ancestry, polical opinion, or any other
basis prohibited by the laws that govern
its operaons. This is embedded in the
Company’s Code of Conduct.
The Company will not engage in or
support discriminaon and has adopted
a non-discriminang pracce that strives
to ensure equal treatment in recruit-
ment, hiring, compensaon, access to
training, employee benets and services,
promoon, terminaon and rerement,
irrespecve of age, gender, race, color,
disability, religion or belief, language,
naonal or social origin, trade union
membership, or any other status recog-
nized by internaonal law. This is embed-
ded in the Company’s Code of Conduct.
As of December 31, 2024, the Company
had seven full me employees of which
one was female and six were male
employees. All seagoing crew are under
employment contract with our technical
managers. The Board of Directors consists
of three members of which one is female
and two are male.
The absence due to sickness was approxi-
mately zero % in 2024.
GOING CONCERN
In accordance with secon 3-3a of the Nor-
wegian Accounng Act, the Board conrms
that the prerequisites for the going concern
assumpon exist and that the consolidated
nancial statements have been prepared
based on a going concern basis.
CORPORATE DEVELOPMENTS
AND FINANCING
The Board remains focused on returning
the majority of operaonal free cash ow
aer debt service back to shareholders
on a monthly basis. The Company has
as of today declared dividends or cash
distribuons for 57 consecuve months.
Following the cash distribuon for Febru-
ary 2025, the Company will have returned
approximately 145% of the paid-in equity
to shareholders.
In February 2024, the Company signed an
agreement to sell the vessels Bulk Shang-
hai and Bulk Seoul to an unaliated third
party for a total consideraon of US$127.5
million. The two vessels were owned by
Ocean Yield under sale leaseback arrange-
ments, and the Company exercised its
opons with Ocean Yield to eectuate the
sale. The Company recognized a net book
gain of approximately US$40.9 million and
the sales were completed on March 20,
2024, and April 4, 2024, for Bulk Shanghai
and Bulk Seoul, respecvely.
In April 2024, the Company signed an
agreement to renance and amend its
US$162.5 million Term Loan Facility matur-
ing in March 2027. Pursuant to the new
agreement, the Company repaid US$27.5
million of the outstanding amount under
the Term Loan Facility, which was replaced
with a new non-amorzing US$112.5
million Loan Facility maturing in April 2029.
The new Loan Facility has an interest rate
of SOFR+195 bps in margin.
In August 2024, the Company sold 40% of
the shares in 2020 Bulkers Management
AS to Himalaya Shipping for a total consid-
eraon of NOK 3.2 million.
The Company has a solid funding situaon
with a cash posion of approximately
US$15 million as of March 5, 2025.
Cash breakeven for the eet, which
includes expected general and admin-
istrave expenses, operang costs and
debt service is esmated at approximately
US$11,500 per vessel per day.
The Company has as of March 5, 2025,
approximately US$98 million of net debt,
corresponding to approximately US$16
million per vessel.
MANAGEMENT DISCUSSION
AND ANALYSIS
Consolidated Statements of Operaons
Operang revenues were US$114.1 million
for the twelve months ended December
31, 2024 (US$73.0 million for the twelve
months ended December 31, 2023). The
Company achieved an average me charter
equivalent rate, gross, of US$31,900 for the
twelve months ended December 31, 2024,
compared to US$24,700 for the twelve
months ended December 31, 2023. During
the twelve months ended December 31,
2024, the Company recognized a gain of
US$40.9 million for the sale of Bulk Shang-
hai and Bulk Seoul on March 20, 2024,
and April 4, 2024, respecvely. During the
twelve months ended December 31, 2024,
the Company charged Himalaya Shipping
approximately US$1.5 million (US$1.1
million during the twelve months ended
December 31, 2023) for management ser-
vices recognized as Other operang income
in the Consolidated Statements of Opera-
ons. In addion, the Company recognized
US$2.2 million in insurance selement
during the twelve months ended December
31, 2023.
Total operang expenses were US$30.4 mil-
lion for the twelve months ended Decem-
ber 31, 2024 (US$35.3 million for the twelve
months ended December 31, 2023).
Vessel operang expenses were US$16.1
million and US$19.4 million for the twelve
months ended December 31, 2024 and
2020 BULKERS LTD.
ANNUAL REPORT 2024
5
2023, respecvely. The decrease compared
to the twelve months ended December
31, 2023, is primarily due to sale of the
Bulk Shanghai and Bulk Seoul on March 20,
2024, and April 4, 2024, respecvely.
Voyage expenses and commission were
US$0.9 million for the twelve months ended
December 31, 2024 (US$0.9 million for the
twelve months ended December 31, 2023).
General and administrave expenses were
US$3.9 million for the twelve months ended
December 31, 2024 (US$3.4 million for the
twelve months ended December 31, 2023).
Depreciaon and amorzaon were
US$9.5 million and US$11.6 million for the
twelve months ended December 31, 2024
and 2023, respecvely. The decrease com-
pared to the twelve months ended Decem-
ber 31, 2023, is primarily due to sale of the
Bulk Shanghai and Bulk Seoul on March 20,
2024, and April 4, 2024, respecvely.
Total nancial expenses, net, were US$6.7
million for the twelve months ended
December 31, 2024 (US$10.6 million for
the twelve months ended December 31,
2023). The decrease compared to the
twelve months ended December 31, 2023
is primarily due to the selement of sale
leaseback nancing for Bulk Seoul and Bulk
Shanghai partly oset by higher interest
expense on the term loan facility.
Consolidated Balance Sheets
The Company had total assets of US$266.6
million as of December 31, 2024, (Decem-
ber 31, 2023: US$376.1 million). The
decrease compared to total assets as of
December 31, 2023, is primarily due to the
sale of Bulk Shanghai and Bulk Seoul.
Total shareholders’ equity was US$151.9
million and US$161.0 million as of Decem-
ber 31, 2024 and December 31, 2023,
respecvely.
Total liabilies as of December 31, 2024,
were US$114.7 million (December 31,
2023: US$215.1 million). The decrease
is primarily due to the US$27.5 million
repayment in connecon with renancing
of the term loan as well as the repayment
of the US$62.9 million outstanding balance
on the sale leaseback nancing for Bulk
Shanghai and Bulk Seoul. In addion, the
Company paid US$3.7 million in scheduled
amorzaon on both the term loan and
the sale leaseback nancing during the rst
three months of 2024.
Consolidated Statements of Cash Flows
Net cash provided by operang acvies
was US$44.7 million for the twelve months
ended December 31, 2024 (US$41.2million
for the twelve months ended December
31, 2023). The increase compared to the
twelve months ended December 31, 2023,
is primarily due to higher me charter
rates achieved partly oset by fewer eet
operaonal days due to sale of vessels.
Net cash received from invesng acvies
was US$123.5 million for the twelve
months ended December 31, 2024 (US$nil
for the twelve months ended December
31, 2023). The Company received US$125.8
million in net proceeds from the sale of
vessels and US$0.3 million in proceeds
from the sale of 40% of the shares in 2020
Bulkers Management AS. The Company
incurred US$2.2 million in expenses in con-
necon with drydocking of Bulk Sandeord
and Bulk Sanago and US$0.4 million relat-
ing to scheduled drydockings in 2025.
Net cash used in nancing acvies was
US$182.8 million during the twelve months
ended December 31, 2024 (US$26.1 million
used in nancing acvies during the twelve
months ended December 31, 2023). The
Company repaid US$27.5 million on the
term loan in connecon with the renancing,
repaid the outstanding balance of US$62.9
million on the sale leaseback nancing
for Bulk Shanghai and Bulk Seoul, paid
scheduled amorzaon of US$3.7 million
and paid US$86.0 million of dividends and
cash distribuons during the twelve months
ended December 31, 2024. The Company
repaid US$14.8 million of long-term debt,
paid US$14.5 million of cash distribuons
and received US$3.2 million in proceeds from
share issuances during the twelve months
ended December 31, 2023.
As of December 31, 2024, the Company’s
cash and cash equivalents and restricted
cash amounted to US$16.2 million
(December 31, 2023: US$30.8 million).
Outstanding shares
As of December 31, 2024, the Company
had a share capital of US$22,870,906
divided into 22,870,906 shares at par value
of US$1.00 each.
OUR FLEET
The current chartering status is summa-
rized in the table on the next page.
During 2024 the Company had the follow-
ing xed charter coverage:
Five vessels xed for January 2024, at
average US$20,869 per day, gross.
Five vessels xed for February 2024, at
average US$20,869 per day, gross.
Three vessels xed for March 2024, at
average US$19,177 per day, gross.
In addion, all the above vessels earned
scrubber benets during the xed rate
me charter periods.
BOARD OF
DIRECTORS’
REPORT
2020 BULKERS LTD.
ANNUAL REPORT 2024
6
COMMERCIAL UPDATE
2020 Bulkers has commercially outper-
formed the Balc 5TC index for 63 out of
67 months since delivery of its rst vessel.
All the concluded charters represent a
signicant earnings premium to a standard
Capesize vessel driven by the addional cargo
intake and lower fuel consumpon. Charter-
ers are also paying a premium to reect the
economic benet of our vessels’ scrubbers.
The structure of our index-linked contracts
allows the Company to convert these
charters to xed rates on the basis of the
prevailing FFA market from me to me,
should we wish to increase our level of
xed charter coverage.
DRY DOCKING
The Bulk Sandeord and Bulk Sanago
completed their ve year special surveys in
March 2024. Total cost was US$2.2 million
for both vessels. The Company incurred 13
days of oire per vessel in conjuncon
with the special surveys.
The Company expects to complete ve
year special surveys for Bulk Shenzhen,
Bulk Sydney, Bulk Sao Paulo and Bulk
Santos during the rst half of 2025. The
esmated total cost for all vessels is
approximately US$5 million which will be
funded from cash.
MARKET COMMENTARY
The Balc 5TC Capesize index averaged
US$22,593 in 2024, up from US$16,389
in 2023. The index today (March 7, 2025)
stands at US$20,084 having averaged
US$9,954 year to date, down from
US$22,326 during the same period in
2024.
2024 as a whole, generally saw good trade
growth with Capesize ton-miles increasing
3.1%, compared to 2023. The year started
out strong with Q1 averaging about USD
17,000 per day. The solid trend connued
throughout the second and third quarter
with a total tonne mile increase from
Q1-Q3 of 5.5%. Albeit record China import
of iron ore and bauxite for the total of
2024, the historical seasonality favouring
Q4 contracted due to weak panamax mar-
kets, where capesize coal volumes were
cannabilized by the smaller segments. The
Balc 5 TC index dropped from average of
US$24,909 in the third quarter to average
US$18,301 in the fourth quarter. The solid
bauxite volumes have connued into 2025,
and aer two large cyclones in Australia in
January and February, Australia is export-
ing iron ore again reecng the yearly
guided volumes.
The total increase in Capesize ton-miles
in 2024 was driven by a 5.2% increase in
Brazilian iron ore exports, while Australian
export volumes grew 1% year over year.
Bauxite export volumes have connued to
grow, showing a 17% increase year over
year, following more than 25% growth in
2023.
So far in 2025, Capesize ton-miles have
been supported by a 48% increase in
Guinea bauxite exports, compared to the
same period last year. Iron-ore exports are
at compared to the same period last year,
while coal tonne-miles are down 36%.
Global crude steel producon for 2024 was
down 1.5% year over year. The World ex.
China had an 0.3% increase, while Chinese
steel producon decreased 2.5%.
Chinese iron ore imports were up by 4%,
from 1,244 million tonnes in 2023 to 1,297
million tonnes in 2024.
BOARD OF
DIRECTORS’
REPORT
Charter
Ship name Delivery Charterer Rate US$ expiry
Bulk Sandeord Aug-19 Koch Index linked + premium + scrubber benet Dec 26 – Dec 27
Bulk Sanago Sep-19 Koch Index linked + premium + scrubber benet Dec 26 – Dec 27
Bulk Shenzhen Jan-20 Koch Index linked + premium + scrubber benet Dec 26 – Dec 27
Bulk Sydney Jan-20 Koch Index linked + premium + scrubber benet Dec 26 – Dec 27
Bulk Sao Paulo Jun-20 European charterer Index linked + premium a + scrubber benet Apr 25 – Jun 25
Bulk Santos Jun-20 European charterer Index linked + premium + scrubber benet Apr 25 – Jun 25
2020 BULKERS LTD.
ANNUAL REPORT 2024
7
Chinese iron ore port inventories have
increased both in nominal and seasonal
terms, and currently stand at 148 million
tons, compared to 125 million tons a year
ago. The last three months shows that the
iron ore stockpiles are decreasing and the
iron ore consumpon in terms of days are
sll about the historical average.
Growth in vessel supply will be moderate in
the coming years with expected Capesize
deliveries of 7.8 million dwt. in 2025,
10.4 million dwt. in 2026 and 13 million
dwt. aer 2026. 11.4 million dwt. were
delivered in 2024. As a consequence of the
high ordering in other shipping segments,
Chinese yards are believed to have very
limited capacity for ordering of large
drybulk vessels before 2028, with orders
recently having been placed for delivery
as late as 2029. This gives good visibility
for limited supply growth in the coming
years. New ordering is expected to remain
subdued in part driven by uncertaines as
it relates to the opmal propulsion systems
to meet the shipping industry’s ambions
for de-carbonizaon. The fact that large
bulk carriers are a relavely low margin
product for the shipyards also means the
yards favor building container ships, tankers
and gas carriers. Current newbuilding costs
for a scrubber ed Newcastlemax in China
is believed to be just under US$80 million.
We reiterate upside to the future
development in the Capesize market from
current levels, relate to connued strong
exports of iron ore and bauxite from Brazil
and West Africa. The Simandou project in
Guinea is reportedly progressing well, with
the rst shipment expected in second half
2025, followed by a 24-month ramp-up
to 60 million tonnes per annum for Phase
1 and an addional 60 million tonnes per
annum for Phase 2. Furthermore, Vale
aims to increase capacity by 50 million
tonnes per annum by 2026 from its Var-
gem Grande, Capanema, and S11D mines.
The aging Capesize eet will enter a large
Special Survey year in 2025, where 23%
of the eet will have to drydock. This is a
52% increase compared to dry dockings
completed in 2024. Historical drydock data
from 2015 to date shows that a 5, 10 and
15 year Special Survey on average takes 13,
16 and 19 days to complete, respecvely.
Key downside risks to the Capesize market
include a connued economic slowdown
in China, as well as heightened geopolical
tensions, now also with trade wars includ-
ing higher tolls and taris.
CAPESIZE FLEET DEVELOPMENT
The global Capesize eet stands at 400
million dwt. as of March 2025, up from
394 million dwt. in March 2024.
The current orderbook for Capesize dry
bulk vessels currently stands at 7.2% of the
exisng eet, up from 6.5% in March 2024.
14.2 million dwt. was ordered in 2024,
compared to 11.4 million dwt in 2023
0.84 million dwt. has been scrapped in
2024, compared to 1.0 million dwt. in
2023.
CORPORATE GOVERNANCE REPORT
AND ENVIRONMENTAL, SOCIAL AND
GOVERNANCE REPORT
The Company has prepared a Corporate
Governance Report which is included as
a separate secon of this Annual Report.
The Environmental Social and Governance
Report can be found on the Company’s
website. The Company has based its corpo-
rate governance principles on the Norwe-
gian Code of Pracce for Corporate Gov-
ernance published on October 14, 2021
(the “Code”). There are, however, some
areas where the Company’s governance
principles dier from those of the Code,
primarily due to dierences between the
Bermuda Companies Act and/or the Com-
pany’s Bye-laws and the Norwegian Public
Limited Companies Act which are detailed
in the Corporate Governance Report.
RISK FACTORS
The Company is exposed to a variety of
risks, including market, operaonal and
nancial risks.
The most signicant risk to the Company is
the cyclicality of the dry bulk market with
aendant volality in freight rates, vessel
values and consequently, protability. Fluc-
tuaons in rates result from imbalances
between the supply and demand for vessel
capacity and changes in the supply and
demand for the commodies carried by
water internaonally. The supply of and
demand for shipping capacity determine
the freight rates. Because the factors
aecng the supply and demand dynamics
of the shipping segment the Group is
invested in are outside of the Group’s
control and are unpredictable, the nature,
ming, direcon and degree of changes
they inuence in business condions are
also unpredictable.
Other key risks are outlined below, which
are not meant to be exhausve:
The Company’s vessels will be subject to
perils parcular to marine operaons,
including capsizing, grounding, collision
and loss and damage from severe weather
or storms. The vessels may also be subject
to other unintended accidents. Such
circumstances may result in loss of or
damage to the relevant vessel, damage
to property (including other vessels) and
damage to the environment or persons or
for acons for damages connected with
BOARD OF
DIRECTORS’
REPORT
2020 BULKERS LTD.
ANNUAL REPORT 2024
8
exisng and future contracts which cannot
be fullled. Such events may lead to the
Group being held liable for substanal
amounts by contractual counterpares,
injured pares, their insurer and public
governments. In the event of polluon,
the Group may be subject to strict liability.
Environmental laws and regulaons appli-
cable in the countries in which the Group
operates have become more stringent in
recent years. Such laws and regulaons
may expose the Group to liability for the
conduct of or condions caused by others,
or for acts by the Group that were in com-
pliance with all applicable laws at the me
such acons were taken.
The occurrence of the aforemenoned
events may have a material adverse eect
on the Group’s business, nancial condi-
on, results of operaon and liquidity, and
there can be no assurance that the Group’s
insurance will fully compensate any such
potenal losses and/or expenses. Further,
the Company’s management will monitor
the performance of each investment,
however, the Company will rely upon third
party technical and day-to-day manage-
ment of the assets, and there can be no
assurance that such management will
operate successfully.
The operaon of dry bulk vessels has
certain unique operaonal risks and the
cargo itself and its interacon with the
vessel can be a risk factor. By their nature,
dry bulk cargoes are oen heavy and may
shi in a hold unless carefully distributed
and stowed causing loss of vessel stability.
High moisture bulk cargoes may cause free
water surface on-top with subsequent loss
of stability during a voyage, and certain
cargoes may react badly to water expo-
sure. In addion, dry bulk vessels are oen
subjected to baering treatment during
unloading operaons with grabs, and use
of bulldozers to maximize cargo ouurn.
This harsh handling may cause structural
weakness or damage to the vessels and
thus render them more suscepble to a
hull breach at sea. Hull breaches in dry
bulk vessels may lead to the ooding of
cargo holds. If a dry bulk vessel suers
ooding, the combinaon of cargo and
sea water may result in very high shear
force and bending moment and eventually
cause catastrophic buckling or collapse of
vessel’s bulkheads leading to the loss of
the vessel.
If the Group is unable to adequately
maintain or safeguard its vessels, it may
be unable to prevent such events. Any of
these circumstances or events could neg-
avely impact the Group’s business, nan-
cial condion or results of operaons. In
addion, the loss of any of its vessels could
harm the Group’s reputaon as a safe and
reliable vessel owner and operator.
The Group’s success depends, to a signi-
cant extent, upon the abilies and eorts of
a small number of key personnel, employed
in 2020 Bulkers Management AS and
providing services to the Group under the
terms of the Management Agreement, and
there can be no assurance that such indi-
viduals will connue to be employed by the
Group and involved in the management of
the Group in the future, or that their conn-
ued involvement will guarantee the future
success of the Group. If the Group does not
retain such key competence, and/or if it is
unable to aract new talent or competen-
cies relevant for the future development
of the Group, this may have a negave
eect on the success of the Group, and the
Group’s ability to expand its business and/
or to maintain and develop its compeve
skill set, which will correspondingly have an
adverse eect on the Group’s compeve
posion and nancial performance.
The Company generates revenues and
incurs operang expenses in U.S. dollars
and the majority of the general and
administrave expenses are denominated
in NOK. The Company has not hedged any
foreign currency exposure.
The interest rate on the term loan facility
is based on SOFR + a margin. In April 2020
the Company entered into interest swap
arrangements for the outstanding loan
amount under the term loan unl August/
September 2024. In March 2024, the Com-
pany terminated the interest rate swaps
and is currently exposed to interest rate
uctuaons.
The Company has chartered out four
vessels to Koch Shipping Pte. Ltd. and
two vessels to a European charterer. The
two customers are large internaonal
companies, and 2020 Bulkers assess the
companies as reputable counterpares
with low credit risk.
There is a concentraon of credit risk with
respect to cash and cash equivalents to the
extent that all of the amounts are carried
with Danske Bank and Nordea. However,
we believe this risk is remote, as Danske
Bank and Nordea are established nancial
instuons.
The availability of nancing alternaves for
future investment opportunies may be
unavailable at suciently aracve terms.
The Company is also exposed to general
movements on the Oslo Børs, which may
limit the possibility of raising new equity at
aracve prices.
With the increased use of technologies
such as the internet to conduct business,
the Group, service providers to the Group
and Oslo Børs are suscepble to opera-
onal, informaon security and related
BOARD OF
DIRECTORS’
REPORT
2020 BULKERS LTD.
ANNUAL REPORT 2024
9
“cyber” risks both directly and indirectly,
which could result in material adverse
consequences for the Group and the share-
holders, such as causing disrupons and
impacng business operaons, potenally
resulng in nancial losses. Unlike many
other types of risks faced by the Group,
these risks are typically not covered by any
insurance. In general, cyber incidents can
result from deliberate aacks or uninten-
onal events. Cyber incidents include, but
are not limited to, gaining unauthorized
access to digital systems (e.g., through
“hacking” or malicious soware coding)
for purposes of misappropriang assets or
sensive informaon, corrupng data, or
causing operaonal disrupon. Cyberaacks
may also be carried out in a manner that
does not require gaining unauthorized
access, such as causing denial-of-service
aacks on websites (i.e., eorts to make
network services unavailable to intended
users).
2020 Bulkers maintains Directors & O-
cers liability insurance against liabilies
incurred in their capacity as Director or
Ocer. The insurance is capped at US$20
million.
OUTLOOK
2020 Bulkers has a robust nancial struc-
ture with moderate nancial leverage and
a solid cash posion. Our operang cash
breakeven is esmated at approximately
US$11,500 per vessel per day. The current
FFA curve for the balance of 2025 implies
earnings of approximately US$32,000 per
day for a scrubber ed Newcastlemax.
The Company will connue its strong cap-
ital discipline and will remain focused on
returning the majority of free cash ow to
shareholders as monthly dividends.

This report includes forward looking
statements. Forward looking statements
are, typically, statements that do not
reect historical facts and may be
idened by words such as “ancipate”,
“believe”, “connue”, “esmate”, “expect”,
“intends”, “may”, “should”, “will” and
similar expressions. The forward-looking
statements in this report are based upon
various assumpons, many of which are
based, in turn, upon further assumpons.
Although 2020 Bulkers Ltd. believes that
these assumpons are reasonable, they
are, by their nature, uncertain and subject
to signicant known and unknown risks,
conngencies and other factors which are
dicult or impossible to predict and which
are beyond our control. Such risks, uncer-
taines, conngencies and other factors
could cause actual events to dier mate-
rially from the expectaons expressed or
implied by the forward-looking statements
included herein.
The informaon, opinions and for-
ward-looking statements contained herein
speak only as of the date hereof and are
subject to change without noce.
ABOUT 2020 BULKERS LTD.
2020 Bulkers Ltd. is a limited liability
company incorporated in Bermuda on 26
September 2017. The Company’s shares
are traded on Oslo Børs under the cker
“2020”. 2020 Bulkers is an owner and
operator of large dry bulk vessels. The
Company has six Newcastlemax dry bulk
vessels in operaon.
BOARD OF
DIRECTORS’
REPORT
March 10, 2025
/s/ Lori Wheeler Naess /s/ Viggo Bang-Hansen /s/ Magnus Halvorsen
Lori Wheeler Naess Viggo Bang-Hansen Magnus Halvorsen
Director Director Chairperson
2020 BULKERS LTD.
ANNUAL REPORT 2024
10
We conrm that, to the best of our
knowledge, the consolidated nancial
statements for 2024, which have been
prepared in accordance with US GAAP,
give a fair presentaon of the Company’s
consolidated assets, liabilies, nancial
posion and result of operaons, and that
the 2024 Board of Directors report includes
a fair review of the informaon required
under the Norwegian Securies Trading Act
secon 5-6 fourth paragraph.
RESPONSIBILITY
STATEMENT
March 10, 2025
/s/ Lori Wheeler Naess /s/ Viggo Bang-Hansen /s/ Magnus Halvorsen
Lori Wheeler Naess Viggo Bang-Hansen Magnus Halvorsen
Director Director Chairperson
2020 BULKERS LTD.
ANNUAL REPORT 2024
11
CORPORATE
GOVERNANCE
REPORT
2020 Bulkers Ltd. (“2020 Bulkers” or “the
Company”) is a company organized and
exisng under the laws of Bermuda. The
corporate governance principles applicable
to the Company are set out in the Ber-
muda Companies Act 1981, its bye-laws
(the “Bye-laws”) and its memorandum of
associaon.
As a consequence of the lisng of the
Company’s shares on the Oslo Børs (Oslo
Stock Exchange, the “OSE”), certain
aspects of Norwegian law, notably the
Norwegian Securies Trading Act and the
Norwegian Stock Exchange Regulaons are
also relevant for its corporate governance
policy.
1. 2020 BULKERS CORPORATE
GOVERNANCE POLICY
The overall corporate governance policy
of 2020 Bulkers is the responsibility of its
board of directors (the “Board”).
In dening this policy, the Board will
observe the requirements set out in
applicable laws, cf. above, relevant recom-
mendaons and the specic requirements
arising from the Company’s business
acvies.
The most important recommendaon of
relevance to the Company’s corporate gov-
ernance is the Norwegian Code of Pracce
for Corporate Governance of 14 October
2021 (the “Code”).
The Board recognizes that the Code
represents an important standard for cor-
porate governance for companies whose
shares are listed on the OSE. Most of the
principles and recommendaons in the
Code are included in the Company’s cor-
porate governance policy. There are, how-
ever, some areas where the Company’s
governance principles dier from those
of the Code, primarily due to dierences
between the Bermuda Companies Act and/
or the Bye-laws and the Norwegian Public
Limited Companies Act. These dierences
are described below.
The Board has codied certain corporate
governance principles in a “Code of Con-
duct,” applicable to all employees in the
Company and its subsidiaries (the “2020
Bulkers Group”).
The Code of Conduct can be found on the
Company’s website (hps://2020bulkers.
com/company/).
The Board has formulated the Company’s
overall mission and the core values on
which all of the acvies of the 2020
Bulkers Group shall be based. These can be
found on the Company’s website.
The Board has, in line with the Code’s
recommendaons, prepared this report
in order to disclose those of its corporate
governance principles which do not comply
with the recommendaons of the Code.
2. THE BUSINESS
The Company’s memorandum of associ-
aon describes the Company’s objecves
and purposes as unrestricted. This deviates
from the recommendaon in the Code
but is in line with the requirements of the
Bermuda Companies Act.
The Company has clear objecves and
strategies for its business. These are
described in the Company’s annual report
and on its website.
3. EQUITY AND DIVIDENDS
The Board strives to idenfy and pursue
clear business goals and strategies for the
Company, to assess and manage the risks
associated with these, and to maintain an
equity capital and liquidity posion which
are sucient to match the same.
Under the Bye-laws, the Board may declare
dividends and cash distribuons without
the approval of the shareholders in general
meengs. This diers from the recommen-
daon in the Code.
The Company’s aim is to provide its
shareholders with a compeve return
on their investment through a posive
development in the price of the Company’s
shares and, when the Company’s cash ow
allows, dividends or cash distribuons to
its shareholders.
The Company’s shareholders may, by way
of a resoluon in a general meeng of
all shareholders (a “General Meeng”)
increase the Company’s authorized share
capital, reduce the authorized share capital
(by reducing the number of unissued but
authorized shares) and increase or reduce
the issued share capital. The procedures
for such corporate acons are set out in
the Bye-laws and the Bermuda Companies
Act.
The Board has, under Bermuda law, wide
powers to issue authorized but unissued
shares in the Company. The Board is also
authorized in the Bye-laws to purchase
the Company’s shares and hold these in
treasury. These powers are not restricted
to any specic purposes nor to a specic
period as the Code recommends.
4. EQUITABLE TREATMENT OF SHARE
HOLDERS AND TRANSACTIONS WITH
CLOSE ASSOCIATES
The Company has one class of shares only.
Each share carries one vote. All shares
have equal rights. All shares give a right to
parcipate in General Meengs.
Under the Bermuda Companies Act, no
shareholder has a pre-empve right to
subscribe for new shares in a limited
company unless (and only to the extent
2020 BULKERS LTD.
ANNUAL REPORT 2024
12
that) the right is expressly granted to the
shareholder under the bye-laws of such
company or under any contract between
the shareholder and such company. The
Bye-laws do not provide for pre-empve
rights.
The Board will only transact in the Compa-
ny’s shares at their market value.
Members of the Board (each a “Director”)
and the Company’s senior management
shall nofy the Board if they have any
material interest, whether direct or indi-
rect, in any transacon which the 2020
Bulkers Group intends to conclude.
Following these guidelines, any Directors
and/or members of the Company’s senior
management who have an interest in any
such transacon shall always refrain from
parcipang in the discussions on whether
to conclude such transacon or not in
the relevant corporate bodies in the 2020
Bulkers Group.
Further, the Board shall always consider
whether it is appropriate to obtain an inde-
pendent third-party valuaon of the object
of any material transacon between the
Company and any of its close associates.
5. FREELY NEGOTIABLE SHARES
The Company’s shares are freely tradable.
6. GENERAL MEETINGS
The Code requires that noce of General
Meengs, (including any supporng docu-
ments for the resoluons to be considered
therein) is made available on the Compa-
ny’s website no later than 21 days prior to
the date of the General Meeng.
The Bye-laws allow, in accordance with
Bermuda law, for noce to be given no
less than seven days (excluding the day
on which the noce is served and the day
on which the General Meeng to which
it relates is to be held) prior to a General
Meeng. This diers from the recommen-
daon of the Code.
The Board aspires to maintain good rela-
ons with its shareholders and possible
investors in its shares, and to have an
investor relaon policy which complies
with the OSE’s Code of Pracce for Investor
Relaons.
The Board shall ensure that as many share-
holders as possible are able to parcipate
in the General Meengs. To achieve a high
rate of shareholder aendance therein the
Company shall:
provide, on its website, the date of
and, if possible, further informaon
on each General Meeng as early as
possible, and at the latest seven days in
advance thereof;
provide, together with or before the
noce is given, sucient supporng
documentaon for any resoluon pro-
posed to be made therein in order for
the shareholders to prepare;
ensure that any registraon deadline is
set as close to the General Meeng as
possible; and
ensure that the shareholders may vote
for each and all of the candidates for
the Board.
7. NOMINATION COMMITTEE
The Code recommends that the Company
has a nominaon commiee.
The Company is not, under Bermuda law,
obliged to establish a nominaon commit-
tee. The Board is of the opinion that there
are, for the me being, not sucient rea-
sons to establish a nominaon commiee.
The Board will consult with the Company’s
main shareholders prior to proposing
candidates for Directors and will ensure
that the Board consists of Directors with
the experse and competence as shall be
required by the Company from me to
me.
8. CORPORATE ASSEMBLY AND BOARD
OF DIRECTORS, COMPOSITION AND
INDEPENDENCE
The Company does not have a corporate
assembly.
According to the Bye-laws the Board shall
consist of not less than two Directors.
Currently the Board consists of three Direc-
tors.
It is the view of the Board that at least two
of its Directors are independent of the
Company’s main shareholders. Further, it
is the view of the Board that a majority of
the Directors are independent of the Com-
pany’s senior managers and main business
partners. Although the Chair performs
certain execuve funcons, no Director is
employed by the 2020 Bulkers Group.
The Board will, in accordance with normal
procedures for Bermuda companies, elect
its chairman. This diers from the recom-
mendaon in the Code that the General
Meeng shall elect the chairman of the
Board.
The Directors shall, subject to applicable
law and the Bye-laws, hold oce unl
the rst General Meeng following such
Director’s elecon. The Directors may be
re-elected.
A short descripon of the current Directors
is available on the Company’s website –
hps://2020bulkers.com/team/.
CORPORATE
GOVERNANCE
REPORT
2020 BULKERS LTD.
ANNUAL REPORT 2024
13
9. THE WORK OF THE BOARD
The Code recommends that the Board
develops and approves wrien guidelines
for its own work as well as the work of
the Company’s senior managers with
parcular emphasis on establishing clear
internal allocaon of responsibilies and
dues.
The Bermuda Companies Act does not
require the Board to prepare such guide-
lines. The Board is of the opinion that
there are no reasons to issue such guide-
lines at present.
The Code recommends that the Board
establishes an audit commiee and a
remuneraon commiee.
Although the Bermuda Companies Act
does not require the Company to establish
such commiees, the Board has estab-
lished an Audit Commiee, but the Board
is of the opinion that there is no reason
to establish a remuneraon commiee at
present.
10. RISK MANAGEMENT AND
INTERNAL CONTROL
The Board is focused on ensuring that the
2020 Bulkers Group’s business pracces
are sound and that adequate internal
control rounes are in place. The Board
connuously assesses the possible con-
sequences of and the risks related to the
2020 Bulkers Group’s operaons.
The 2020 Bulkers Group is commied to
protecng the health and safety of its
employees and contractors in their acvi-
es for the 2020 Bulkers Group and is com-
mied to ensure generally accepted QHSE
principles are integrated in everything the
2020 Bulkers Group does.
The Board supervises the Company’s
internal control systems. These cover both
the 2020 Bulkers Group’s operaons and
its guidelines for ethical conduct and social
responsibility.
11. REMUNERATION OF
THE DIRECTORS
The remuneraon of the Directors is set
by the General Meeng. The Company
may, on occasion, pay Directors their fee in
the Company’s shares and/or grant Direc-
tors under the Company’s share opon
scheme.
Secon 11 of the Code requires that
Directors should not take on specic
assignments for the Company in addion
to their appointment as Directors.
The 2020 Bulkers Group will not refrain
from engaging Directors for specic
assignments for the Company if such
engagement is considered benecial to the
Company. This diers from the recommen-
daon in the Code. However, such assign-
ments will be disclosed to the Board and
the Board shall approve the assignment, as
well as the remuneraon.
12. REMUNERATION OF
LEADING EMPLOYEES
The remuneraon of the 2020 Bulkers
Group’s senior managers is based on four
components. The rst component is each
individual’s xed salary. This is set based on
the individual’s posion and responsibility
and the internaonal salary level for com-
parable posions.
The second component is local com-
pensaon such as mandatory pension
payments.
The third component is a variable, discre-
onary bonus. Bonuses will be granted
based on the performance of the 2020
Bulkers Group as a whole and each individ-
ual in relaon to targets set annually.
The fourth component is a share opon
scheme established by the Company
where share opons can be issued to
senior managers in the 2020 Bulkers
Group.
The Code recommends that guidelines for
the remuneraon of execuve personnel
are prepared and approved by the General
Meeng. Such guidelines should set forth
an absolute limit to performance related
remuneraon. The 2020 Bulkers Group’s
remuneraon policy does not require such
a procedure, nor does it contain any such
limit. This diers from the recommenda-
on in the Code.
The Bye-laws permits the Board to
issue share opons to the Company’s
employees, including members of the
2020 Bulkers Group’s senior management
team, without requiring that the General
Meeng approves the number of opons
granted or the terms and condions of
such. In addion, the share opon scheme
is an incenve program rather than remu-
neraon directly limited to the Company’s
results.
13. INFORMATION AND
COMMUNICATION
The Company is commied to provide
informaon on its nancial situaon,
ongoing projects and other circumstances
relevant for the valuaon of the Company’s
shares to the nancial markets on a regular
basis.
The Company is also commied to disclose
all informaon necessary to assess the
value of its shares on its website. Inter-
ested pares will nd the Company’s latest
news releases, nancial calendar, company
presentaons, share and shareholder
informaon, informaon about analyst
coverage and other relevant informaon
here.
CORPORATE
GOVERNANCE
REPORT
2020 BULKERS LTD.
ANNUAL REPORT 2024
14
Such informaon may also be found on
the website of the OSE – hps://www.
euronext.com/nb/markets/oslo.
Informaon to the 2020 Bulkers Group’s
shareholders shall be published on the
Company’s website at the same me as it
is sent to the shareholders.
14. TAKEOVER OFFER
The Code recommends that the board
of directors should establish guiding
principles for how it will act in the event of
a take-over bid. The same is not a require-
ment under Bermuda law and the Board
has not xed specic, wrien guidelines
for such scenario other than as set out
herein. In the event of a takeover oer, the
Board will seek to ensure that the Compa-
ny’s business acvies are not disrupted
unnecessarily in the event a general oer is
made for the Company’s shares. The Board
will, furthermore, strive to ensure that
shareholders are given sucient informa-
on and me to form a view of the terms
of such oer.
If a takeover oer is made, the Board will
issue a statement on its merits in accor-
dance with statutory requirements and the
recommendaons in the Code.
The Board will consider obtaining a valua-
on of the Company’s equity capital from
an independent expert if a takeover oer
is made in order to provide guidance to its
shareholders as to whether to accept such
oer or not.
15. AUDITOR
The Board will, each year, agree a plan
for the audit of the 2020 Bulkers Group’s
accounts with its auditor. The Board will
furthermore interact regularly with the
auditor within the scope of this plan.
CORPORATE
GOVERNANCE
REPORT
2020 BULKERS LTD.
For the years ended December 31, 2024
and 2023
CONSOLIDATED
FINANCIAL
STATEMENTS
2020 BULKERS LTD.
ANNUAL REPORT 2024
16
12 months to 12 months to
(In millions of US$ except per share data) December 31, 2024 December 31, 2023

Time charter revenues 71.7 69.7
Other operang income 1.5 3.3
Gain on sale of vessels 40.9 -
  

Vessel operang expenses (16.1) (19.4)
Voyage expenses and commission (0.9) (0.9)
General and administrave expenses (3.9) (3.4)
Depreciaon and amorzaon (9.5) (11.6)
  
  
Financial expenses, net
Interest expense (6.8) (11.2)
Other net nancial income (expense) 0.1 0.6
  
Net income before income taxes 77.0 27.1
Income tax (0.7) (1.5)
  

Basic earnings per share 3.34 1.13
Diluted earnings per share 3.34 1.13
Consolidated Statements of Comprehensive Income
  
Unrealized gain (loss) on interest rate swaps (0.7) (5.2)
Reclassicaon for gains included in the statements of operaons
due to hedge disconnuance (3.3) -
  
  
CONSOLIDATED
STATEMENTS OF
OPERATIONS
See accompanying notes that are an integral part of these Audited Consolidated Financial Statements.
2020 BULKERS LTD.
ANNUAL REPORT 2024
17
(In millions of US$) December 31, 2024 December 31, 2023
ASSETS

Cash and cash equivalents 16.1 30.7
Restricted cash 0.1 0.1
Trade receivables 0.8 0.9
Accrued revenues 0.3 0.2
Other current assets 1.9 6.8
  

Vessels and equipment, net and drydocking 247.4 337.4
  
Total assets 266.6 376.1
LIABILITIES AND EQUITY

Current poron of long-term debt - 14.8
Accounts payable 0.5 0.6
Accrued expenses 3.1 3.5
Declared cash distribuon - 4.1
Other current liabilies 1.0 3.0
  

Long-term debt 110.1 189.1
  


Common shares of par value US$1.0 per share: authorized 75,000,000
(2023:75,000,000). Issued and outstanding 22,870,906 (2023: 22,870,906) 22.9 22.9
Addional paid-in capital 1.0 1.5
Contributed surplus 12.1 11.2
Non-controlling interest 0.1 -
Accumulated other comprehensive income - 4.0
Retained earnings 115.8 121.4
  
  
CONSOLIDATED
BALANCE SHEETS
See accompanying notes that are an integral part of these Audited Consolidated Financial Statements.
March 10, 2025
/s/ Lori Wheeler Naess /s/ Viggo Bang-Hansen /s/ Magnus Halvorsen
Lori Wheeler Naess Viggo Bang-Hansen Magnus Halvorsen
Director Director Chairperson
2020 BULKERS LTD.
ANNUAL REPORT 2024
18
12 months to 12 months to
(In millions of US$) December 31, 2024 December 31, 2023
Net income 76.3 25.6
Gain on sale of vessels (40.9) -
Cash received from selement of interest rate swaps 2.9 -
Share based compensaon 0.2 0.1
Depreciaon and amorzaon 9.5 11.6
Change in trade receivables 0.1 1.3
Change in accrued revenues (0.1) -
Change in accounts payable (0.1) (0.4)
Change in other current assets and liabilies (3.2) 3.1
Change in other long-term liabilies - (0.1)
  
  
Proceeds from sale of shares subsidiary 0.3 -
Net proceeds from sale of vessels 125.8 -
Cash paid for drydocking (2.6) -
  

Repayment of long-term debt and fees paid for renancing and debt selement (96.8) (14.8)
Net proceeds from share issuances - 3.2
Dividends and cash distribuons paid (86.0) (14.5)
  
Net increase (decrease) in cash and cash equivalents and restricted cash (14.6) 15.1
Cash and cash equivalents and restricted cash at beginning of period 30.8 15.7
  

Interest paid (9.0) (10.8)
Income taxes paid (1.3) (0.1)
CONSOLIDATED
STATEMENTS OF
CASH FLOWS
See accompanying notes that are an integral part of these Audited Consolidated Financial Statements.
2020 BULKERS LTD.
ANNUAL REPORT 2024
19
Other

    
(In millions of US$,        
except number of shares)        
Consolidated balance
        
Issue of common shares 650 000 0.7 2.5 - - - - 3.2
Transfer(1) - - (1.6) 1.6 - - - -
Share based compensaon - - 0.1 - - - - 0.1
Cash distribuons - - - (18.6) - - - (18.6)
Total comprehensive income
for the period - - - - - (5.2) 25.6 20.4
Consolidated balance
        
Transfer(2) - - (0.9) 0.9 - - - -
Share based compensaon - - 0.2 - - - - 0.2
Sale of shares in subsidiary (3) - - 0.2 - 0.1 - - 0.3
Dividends - - - - - - (81.9) (81.9)
Total comprehensive income
for the period - - - - - (4.0) 76.3 72.3
Consolidated balance
        
(1) At the 2023 Annual General Meeng held May 9, 2023, it was approved to reduce the Share Premium Account (Recognized as Addional paid-in capital in the Consolidated
Statements of Changes in Shareholders’ Equity) of the Company by US$1,594,000 and to credit the same amount resulng from the reducon to the Company’s Contributed
Surplus account, with eect from May 9, 2023.
(2) At the 2024 Annual General Meeng held May 7, 2024, it was approved to reduce the Share Premium Account (Recognized as Addional paid-in capital in the Consolidated
Statements of Changes in Shareholders’ Equity) of the Company by US$889,250 and to credit the same amount resulng from the reducon to the Company’s Contributed
Surplus account, with eect from May 7, 2024.
(3) In August 2024, the Company sold 40% of the shares in 2020 Bulkers Management AS to Himalaya Shipping.
CONSOLIDATED
STATEMENTS OF
CHANGESINSHARE
HOLDERS’ EQUITY
See accompanying notes that are an integral part of these Audited Consolidated Financial Statements.
2020 BULKERS LTD.
ANNUAL REPORT 2024
20
1. GENERAL INFORMATION
2020 Bulkers Ltd. (together with its subsidiaries, the “Company” or the “Group” or “2020 Bulkers”) is a limited liability company
incorporated in Bermuda on September 26, 2017. The Company’s shares are traded on Oslo Børs under the cker “2020”.
2020 Bulkers is an owner and operator of large dry bulk vessels. The Group has six Newcastlemax dry bulk vessels in operaon.
Basis of presentaon
Our consolidated nancial statements are prepared in accordance with accounng principles generally accepted in the United States of
America (U.S. GAAP).
2. ACCOUNTING POLICIES
Principle of Consolidaon
The consolidated nancial statements include the assets and liabilies of the parent company and subsidiaries where we have control. All
intercompany balances and transacons have been eliminated upon consolidaon.
Use of esmates
The preparaon of nancial statements in conformity with U.S. GAAP requires us to make esmates and assumpons that aect the
amounts reported in our nancial statements and accompanying notes. Actual results could dier from those esmates.
Fair value measurement
We have determined the esmated fair value amounts presented in these consolidated nancial statements using available market
informaon and appropriate methodologies. However, considerable judgment is required in interpreng market data to develop the
esmates of fair value. The esmates presented in these consolidated nancial statements are not necessarily indicave of the amounts
that we could realize in a current market exchange. The use of dierent market assumpons and/or esmaon methodologies may have
a material eect on the esmated fair value amounts.
We account for fair value measurement in accordance with the accounng standards guidance using fair value to measure assets and
liabilies. The guidance provides a single denion for fair value, together with a framework for measuring it, and requires addional
disclosure about the use of fair value to measure assets and liabilies.
Reporng and funconal currency
The Company and the majority of its subsidiaries have the US$ as their funconal currency because the majority of their revenues,
expenses and nancing are denominated in US$. Accordingly, the Company’s reporng currency is also U.S. dollars. Foreign currency
gains or losses on consolidaon are recorded as a separate component of other comprehensive income (loss) in shareholders’ equity for
subsidiaries that have funconal currencies other than US$.
Foreign currency
Transacons in foreign currencies during the year are recognized at the rates of exchange in eect at the date of the transacon. Foreign
currency monetary assets and liabilies are revalued using rates of exchange at the balance sheet date. Foreign currency transacon
gains or losses are included in the consolidated statements of operaons.
Revenue and expense recognion
Our shipping revenues are primarily generated from me charters. In a me charter, the vessel is hired by the charterer for a specied period of
me in exchange for consideraon which is based on a daily hire rate. The charterer has full discreon over the ports visited, shipping routes and
vessel speed. In a me charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance,
repairs and maintenance and lubes. Costs incurred by the Company in connecon with me charters are recognized on an accruals basis.
The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance
NOTES TO THE
CONSOLIDATED
FINANCIAL
STATEMENTS
ANNUAL REPORT 2024
21
NOTES
2020 BULKERS LTD.
NOTES
obligaons in a me charter contract are sased over the term of the contract beginning when the vessel is delivered to the charterer unl it
is redelivered back to the Group. The me charter contracts are considered operang leases and therefore do not fall under the scope of ASC
606 Revenue from Contracts with Customers because (i) the vessel is an idenable asset (ii) we do not have substanve substuon rights and
(iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benets from such use.
Time charter contracts are accounted for as operang leases in accordance with ASC 842 Leases and related interpretaons. For arrangements
where the Company is the lessor, we intend to elect the praccal expedient which allows the Company to treat the lease and non-lease compo-
nents as a single lease component for the leases where the ming and paern of transfer for the non-lease component and the associated lease
component to the lessees are the same and the lease component, if accounted for separately, would be classied as an operang lease.
Income from me charters is recognized on a straight-line basis over the period of the me charter contract (or lease contract) and at the
prevailing rate for the relevant assessment period for variable or index-linked me charter contracts.
Variable lease payments included into our me-charter agreements, such as prot sharing for fuel savings from scrubbers, that do not depend
on an index or rate are excluded from the calculaon of lease payments and recognized in the period in which the variability is resolved.
In a voyage charter contract, which we consider in scope of ASC 606, the charterer hires the vessel to transport a specic agreed upon
cargo for a single voyage. The consideraon in such a contract is determined on the basis of a freight rate per metric ton of cargo carried
or occasionally on a lump sum basis. Esmates and judgments are required in ascertaining the most likely outcome of a parcular voyage
and actual outcomes may dier from esmates. In a voyage charter contract, the performance obligaons begin to be sased once
the vessel begins loading the cargo. We have determined that our voyage charter contracts consist of a single performance obligaon of
transporng the cargo within a specied me period. Therefore, the performance obligaon is met evenly as the voyage progresses, and
the revenue is recognized on a straight-line basis over the voyage days from the commencement of loading to compleon of discharge.
During 2024 and 2023, the Company had revenues from me charter contracts.
The guidance also species treatment for certain contract related costs, being either incremental costs to obtain a contract, or costs to
fulll a contract. Under the guidance, an enty shall recognize as an asset the incremental costs of obtaining a contract with a customer if
the enty expects to recover those costs. The guidance also provides a praccal expedient whereby an enty may recognize the incremen-
tal costs of obtaining a contract as an expense when incurred if the amorzaon period of the asset that the enty otherwise would have
recognized is one year or less. Costs to fulll a contract must be capitalized if they meet certain criteria. In a voyage contract, the Company
bears all voyage related costs such as fuel costs, port charges and canal tolls. These costs are considered contract fulllment costs because
the costs are direct costs related to the performance of the contract and are expected to be recovered. The costs incurred during the
period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and are recorded as a
current asset and are subsequently amorzed on a straight-line basis as we sasfy the performance obligaons under the contract.
Share-based compensaon
The cost of equity seled transacons is measured by reference to the fair value at the date on which the share opons are granted.
The fair value of the share opons issued under the Company’s employee share opon plans is determined at the grant date taking into
account the terms and condions upon which the opons are granted, and using a valuaon technique that is consistent with generally
accepted valuaon methodologies for pricing nancial instruments, and that incorporates all factors and assumpons that knowledge-
able, willing market parcipants would consider in determining fair value. The fair value of the share opons is recognized in General and
administrave expense in the Consolidated Statements of Operaons, with a corresponding increase in equity over the period during
which the employees become uncondionally entled to the opons. Compensaon cost is inially recognized based upon opons
expected to vest, excluding forfeitures, with appropriate adjustments to reect actual forfeitures.
Impairment of vessels
We connually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be
recoverable. Among other indicators we look at the market capitalizaon of the Company against the net book value of equity and market
condions in the dry bulk freight market. In assessing the recoverability of our vessels carrying amounts, we make assumpons regarding
esmated future cash ows and esmates in respect of residual or scrap value. When such events or changes in circumstances are pres-
ent, we assess the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through
undiscounted expected future cash ows. If the total of the future cash ows is less than the carrying amount of those assets, we recog-
nize an impairment loss based on the excess of the carrying amount over the lower of the fair market value of the assets, less cost to sell,
and the net present value (“NPV”) of esmated future undiscounted cash ows from the employment of the asset (“value-in-use”).
As of December 31,2024, and December 31, 2023, the Company had no indicaons that the carrying amount of a parcular vessel may
not be fully recoverable.
ANNUAL REPORT 2024
22
NOTES
Sale lease-back transacons
When a sale and leaseback transacon does not qualify for sale accounng, the transacon is accounted for as a nancing transacon by
the seller-lessee. To account for a failed sale and leaseback transacon as a nancing arrangement, the seller-lessee does not derecognize
the underlying asset; the seller-lessee connues depreciang the asset as if it was the legal owner. The sales proceeds received from the
buyer-lessor are recognized as a nancial liability. A seller-lessee will make rental payments under the leaseback. These payments are allo-
cated between interest expense and principal repayment of the nancial liability. The amount allocated to interest expense is determined
by the incremental borrowing rate or imputed interest rate. The sale and lease back transacons that the Company entered into for Bulk
Seoul and Bulk Shanghai, involved purchase obligaons and was therefore treated as nancing arrangements. Please refer to note 11.
Deferred charges
Costs associated with long-term nancing, including debt arrangement fees, are deferred and amorzed over the term of the relevant
loan using the straight-line method as this approximates the eecve interest method. Amorzaon of loan costs will be included in
“Interest expense” in the Consolidated Statements of Operaons. If a loan is repaid early, any unamorzed poron of the related deferred
charge is charged against “Other nancial expenses” in the period in which the loan is repaid. Deferred charges are presented as a deduc-
on from the corresponding liability in the Consolidated Balance Sheet.
Vessels and equipment, net
Vessels and equipment are recorded at historical cost less accumulated depreciaon and, if appropriate, impairment charges. Depreciaon
is calculated on a straight-line basis over the useful life of the assets based on cost less esmated residual values. The esmated useful life
for our vessels is 25 years. The esmated residual values are based on ten year average steel price and lightweight ton of the vessels.
Drydocking
Maintenance of class cercaon requires expenditure and can require taking a vessel out of service from me to me for survey, repairs
or modicaons to meet class requirements. When delivered, the Group’s vessels can generally be expected to have to undergo a class
survey once every ve years. The Group’s vessels are being built to the classicaon requirements of American Bureau of Shipping
(ABS) and the Liberian Ship Register. Normal vessel repair and maintenance costs will be expensed when incurred. We will recognize the
cost of a drydocking at the me the drydocking takes place. The Group will capitalize a substanal poron of the costs incurred during
drydocking, including the survey costs and depreciates those costs on a straight-line basis from the me of compleon of a drydocking or
intermediate survey unl the next scheduled drydocking or intermediate survey.
Earnings per share
Basic earnings per share (“EPS”) is computed based on the income available to common stockholders and the weighted average number
of shares outstanding. Diluted earnings per share includes the eect of the assumed conversion of potenally diluve instruments, which
for the Company includes share opons. The determinaon of diluve EPS may require us to make adjustments to net income and the
weighted average shares outstanding used to compute basic EPS unless an-diluve.
Trade receivables
Trade receivables are presented net of allowances for doubul balances. At each balance sheet date, all potenally uncollecble accounts
are assessed individually for purposes of determining the appropriate provision for doubul accounts.
Cash and cash equivalents
Cash compromises cash on hand and cash at bank. All demand and me deposits and highly liquid, low risk investments with original
maturies of three months or less at the date of purchase are considered equivalent to cash. Cash and cash equivalents that are
restricted as to their use are classied as Restricted cash in the Consolidated Balance Sheets.
Interest-bearing debt
Interest-bearing debt is recognized inially at fair value less directly aributable transacon costs. Subsequent to inial recognion, inter-
est-bearing borrowings are stated at amorzed cost. Transacon costs are amorzed over the term of the loan.
Current and long-term classicaon
Assets and liabilies are classied as current assets and liabilies respecvely, if their maturity is within one year of the balance sheet
date. Otherwise, they are classied as non-current assets and liabilies.
Related pares
Pares are related if one party has the ability, directly or indirectly, to control the other party or exercise signicant inuence over the
other party in making nancial and operang decisions. Pares are also related if they are subject to common control or common signi-
cant inuence.
ANNUAL REPORT 2024
23
NOTES
Interest rate hedging
The interest rate swaps are recognized at fair value. All the interest rate swaps are designated for hedge accounng. Gains or losses on
the hedging instrument are recognized in other comprehensive income (loss), to the extent that the hedge is determined to be eecve.
All other gains or losses are recognized immediately in the consolidated statements of operaons.
The fair values of the interest rate swaps are disclosed in note 12. The fair value of the interest rate swaps is recognized and presented
as a current asset or liability for maturity equal to or less than twelve months and a non-current asset or liability for maturity exceeding
twelve months.
3. RECENTLY ISSUED ACCOUNTING STANDARDS
Adopon of new accounng standards
Segment Reporng (Topic 280): Improvements to Reportable Segment Disclosures
US FASB ASU 2023-07
The amendments in this Update improve nancial reporng by requiring disclosure of incremental segment informaon on an annual and
interim basis for all public enes to enable investors to develop more decision-useful nancial analyses.
Currently, Topic 280 requires that a public enty disclose certain informaon about its reportable segments. For example, a public enty
is required to report a measure of segment prot or loss that the CODM uses to assess segment performance and make decisions about
allocang resources. Topic 280 also requires other specied segment items and amounts, such as depreciaon, amorzaon, and deple-
on expense, to be disclosed under certain circumstances. The amendments in this Update do not change or remove those disclosure
requirements.
The amendments in this Update also do not change how a public enty idenes its operang segments, aggregates those operang
segments, or applies the quantave thresholds to determine its reportable segments.
The amendments in this Update are eecve for scal years beginning aer December 15, 2023, and interim periods within scal years
beginning aer December 15, 2024. Early adopon is permied.
4. INCOME TAXES
2020 Bulkers Ltd. is incorporated in Bermuda. 2020 Bulkers Ltd. transferred tax domicile from Bermuda to Norway eecve August 9,
2022. Our vessel owning subsidiaries are taxed under the Norwegian Tonnage Tax Regime. The esmated income tax expense for the
twelve months ended December 31, 2024, is US$0.7 million (US$1.5 million for the twelve months ended December 31, 2023) and is
related to taxable net nancial income (under the Norwegian Tonnage Tax Regime) primarily due to realized gains on interest rate swaps.
The Group does not have any accrued interest or penales relang to income taxes.
5. SEGMENT INFORMATION
Our chief operang decision maker, or the CODM, being our Board of Directors, measures performance based on our overall return to
shareholders based on consolidated net income. The CODM does not review a measure of operang result at a lower level than the con-
solidated group and we only have one reportable segment. Our vessels operate worldwide and therefore management will not evaluate
performance by geographical region as this informaon is not meaningful.
The CODM does review operang expenses on a quarterly basis. Of total vessel operang expenses of US$16.1 million (US$19.4 million
for the twelve months ended December 31, 2023), crew costs amount to US$8.2 million (US$9.9 million for the twelve months ended
December 31, 2023) for the twelve months ended December 31, 2024.
For the year ended December 31, 2024, two customers accounted for 10 percent or more of our consolidated revenues in the amounts
of US$49.0 million and US$22.7 million, respecvely. For the year ended December 31, 2023, three customers accounted for 10 percent
or more of our consolidated revenues in the amounts of US$51.6 million, US$10.3 million and US$7.8 million, respecvely.
ANNUAL REPORT 2024
24
NOTES
7. EARNINGS PER SHARE
12 months to 12 months to
December 31, December 31,
(In US$, except share numbers) 2024 2023
Basic earnings per share 3.34 1.13
Diluted earnings per share 3.34 1.13
Issued ordinary shares at the end of the period 22 870 906 22 870 906
Weighted average number of shares outstanding - basic 22 870 906 22 574 933
Weighted average number of shares outstanding - diluted 22 874 248 22 574 933
The computaon of basic EPS is based on the weighted average number of outstanding shares during the period. Diluted EPS includes the
potenal eect of conversion of 60,000 of share opons (2023: none) outstanding issued to employees since the average share price for
the twelve months to December 31, 2024, was above the strike price. Diluted EPS excludes the potenal eect of conversion of 115,000
of share opons (2023: 60,000) outstanding issued to directors and employees since the average share price for the twelve months to
December 31, 2024, was below the strike price.
8. LEASES
Lessor
The Company had the following vessels on operang lease contracts as of December 31, 2024:
Vessel Charterer Charter expiry Gross rate/day, USD
Bulk Sandeord Koch Shipping Dec 26 - Dec 27 Index linked + premium + scrubber benet
Bulk Sanago Koch Shipping Dec 26 - Dec 27 Index linked + premium + scrubber benet
Bulk Shenzhen Koch Shipping Dec 26 - Dec 27 Index linked + premium + scrubber benet
Bulk Sydney Koch Shipping Dec 26 - Dec 27 Index linked + premium + scrubber benet
Bulk Sao Paulo European charterer Apr - Jun 25 Index linked + premium + scrubber benet
Bulk Santos European charterer Apr - Jun 25 Index linked + premium + scrubber benet
6. REVENUES
The Company recognized revenues from me charter contracts (described in note 8) during the twelve months ended December 31,
2024. The Company has recognized US$0.3 million (US$0.2 million as of December 31, 2023) of revenues which was not invoiced as of
December 31, 2024, and the amount is recognized as Accrued revenues. In addion, the Company has invoiced US$0.7 million (US$2.3
million as of December 31, 2023) to customers which was not earned as of December 31, 2024, and the amount is recognized as Other
current liabilies. During the twelve months ended December 31, 2024, the Company recognized US$1.5 million (US$1.1 million during
the twelve months ended December 31, 2023) in management fee as Other operang income. During the twelve months ended Decem-
ber 31, 2023, the Company recognized US$2.2 million in insurance selement as Other operang income.
ANNUAL REPORT 2024
25
NOTES
9. VESSELS AND EQUIPMENT, NET
Vessels and
(In millions of US$)   
   
Capital expenditures - - -
   
Capital expenditures - 2.6 2.6
Asset disposals (95.5) - (95.5)
Cost as of December 31, 2024 287.9 2.6 290.5
   
Depreciaon 11.6 - 11.6
   
Depreciaon 9.2 0.3 9.5
Asset disposals - accumulated depreciaon (12.4) - (12.4)
   
   
Balance as of December 31, 2024 245.1 2.3 247.4
See note 11 for informaon on sale of the vessels Bulk Shanghai and Bulk Seoul.
10. RELATED PARTY TRANSACTIONS
In March 2023, Magnus Halvorsen, Chairperson of the Company, exercised 400,000 share opons at a strike price of US$4.985.
In November 2023, Kate Blankenship, previous Director of the Company, exercised 75,000 share opons at a strike price of US$4.445.
Kate Blankenship resigned as a Director on September 11, 2024, and consequently is not considered a related party.
In December 2023, Vidar Hasund, Chief Financial Ocer of the Company, exercised 75,000 share opons at a strike price of US$4.445.
ANNUAL REPORT 2024
26
NOTES
Term loan facility
In April 2024, the Company signed an agreement to renance and amend its US$162.5 million Term Loan Facility maturing in March 2027.
Pursuant to the new agreement, the Company repaid US$27.5 million of the outstanding amount under the Term Loan Facility, which was
replaced with a new non-amorzing US$112.5 million Loan Facility maturing in April 2029. The new Loan Facility has an interest rate of
SOFR+195 bps in margin.
The term loan facility contains the following nancial covenants for the Group (i) value adjusted equity shall be equal to or greater than
30% of value adjusted total assets, (ii) working capital (dened as consolidated current assets minus consolidated current liabilies
(excluding current poron of long term debt and subordinated shareholder loans)) shall at all mes be no less than US$0 and (iii) free
and available cash shall at all mes be the greater of (a) US$1.25 million per delivered vessel and (b) 5% of total debt. In addion, the
fair market value of our vessels shall at all mes be at least 140% of the aggregate outstanding loans. As of December 31, 2024, we were
compliant with the covenants and our obligaons under the term loan facility agreement. The vessels are pledged upon draw down of
the loan facility, with cross collateral agreements in place for each vessel within the term loan facility.
In March 2024, the Company terminated the interest rate swaps and received a cash selement of approximately US$2.9 million. The
amount was transferred to the statements of operaons reducing interest expense unl original maturity of the interest rate swaps in
August and September 2024.
Sale and leaseback arrangement
In October 2019, the Company entered into a sale and leaseback arrangement with Ocean Yield for its two Newcastlemax vessels, Bulk
Seoul and Bulk Shanghai. The vessels were delivered from the yard on October 30, 2019, and November 6, 2019, respecvely, and were
at delivery sold to Ocean Yield for a price per vessel of US$42 million, net of a US$5 million sellers’ credit. The vessels were chartered
back to the Company on thirteen year bareboat charters which included a purchase obligaon at the end of the respecve charter peri-
ods and certain opons to either sell or acquire the vessels during the charter periods. The bareboat charter hire was US$6,575 per day
plus an adjustment based on LIBOR plus a margin of 450 basis points. Since the Company had purchase obligaons at the end of the char-
ter periods, the Company accounted for the transacon as a nancing arrangement. The Company pledged the shares in the subsidiaries
chartering the vessels back from Ocean Yield and issued certain guarantees in line with standard terms contained in sale and leaseback
transacons.
11. DEBT
(In millions of US$) December 31, 2024 December 31, 2023
Pledged
Term loan Tranche I (“Bulk Sandeord”), balloon payment April 2029 17.9 22.9
Term loan Tranche II (“Bulk Sanago”), balloon payment April 2029 18.3 23.3
Term loan Tranche V (“Bulk Shenzhen”), balloon payment April 2029 18.7 23.8
Term loan Tranche VI (“Bulk Sydney”), balloon payment April 2029 18.8 23.7
Term loan Tranche VII (“Bulk Sao Paulo”), balloon payment April 2029 19.2 24.2
Term loan Tranche VIII (“Bulk Santos”), balloon payment April 2029 19.6 24.6
Other long term debt
Vessel nancing (“Bulk Seoul”) - 32.0
Vessel nancing (“Bulk Shanghai”) - 32.0
  
Less current poron long term debt - (14.8)
Less deferred loan costs (2.4) (2.6)
  
ANNUAL REPORT 2024
27
NOTES
12. FINANCIAL ASSETS AND LIABILITIES
Foreign currency risk
The majority of our transacons, assets and liabilies are denominated in United States dollars. However, we incur expenditure in cur-
rencies other than United States dollars, mainly in Norwegian kroner. There is a risk that currency uctuaons in transacons incurred in
currencies other than the funconal currency will have a negave eect on the value of our cash ows. We are then exposed to currency
uctuaons and we may enter into foreign currency swaps to migate such risk exposures.
Fair values
The guidance for fair value measurements applies to all assets and liabilies that are being measured and reported on a fair value basis.
This guidance enables the reader of the nancial statements to assess the inputs used to develop those measurements by establishing a
hierarchy for ranking the quality and reliability of the informaon used to determine fair values. The same guidance requires that assets
and liabilies carried at fair value should be classied and disclosed in one of the following three categories based on the inputs used to
determine its fair value:
Level 1: Quoted market prices in acve markets for idencal assets or liabilies;
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data;
Level 3: Unobservable inputs that are not corroborated by market data.
The carrying value and esmated fair value of our cash and nancial instruments are as follows:
December 31, 2024 December 31, 2023
   
(In millions of US$)     
Assets
Cash and cash equivalents 1 16.1 16.1 30.7 30.7
Restricted cash 1 0.1 0.1 0.1 0.1
Other current assets (interest rate swaps) 2 - - 4.0 4.0

Current poron of long-term debt 2 - - 14.8 14.8
Long-term debt 2 112.5 110.1 193.4 189.1
Financial instruments included in the consolidated nancial statements within ‘Level 1 and 2’ of the fair value hierarchy are valued using
quoted market prices, broker or dealer quotaons or alternave pricing sources with reasonable levels of price transparency. There have
been no transfers between dierent levels in the fair value hierarchy during the periods presented.
Concentraons of risk
There is a concentraon of credit risk with respect to cash and cash equivalents to the extent that all of the amounts are carried with Dan-
ske Bank and Nordea Bank. However, we believe this risk is remote, as Danske Bank and Nordea Bank are established nancial instuons.
In February 2024, the Company signed an agreement to sell the vessels Bulk Shanghai and Bulk Seoul to an unaliated third party for a
total consideraon of US$127.5 million. The Company exercised its opon with Ocean Yield to eectuate the sale. Bulk Shanghai and Bulk
Seoul were delivered to the new owner on March 20, 2024, and April 4, 2024, respecvely, and the sale and leaseback arrangements
were seled. The Company recognized a total gain of US$40.9 million for the sale of Bulk Shanghai and Bulk Seoul during the twelve
months ended December 31, 2024.
The outstanding long-term debt as of December 31, 2024, is repayable as follows:
(In millions of US$)
April 2029 112.5
ANNUAL REPORT 2024
28
NOTES
13. SHARE BASED PAYMENT COMPENSATION
In April 2022, the Board approved a grant of 60,000 share opons to employees. Each share opon gives the holder the right to
purchase one share in the Company at an exercise price of US$18 per share. The exercise price will be reduced by any dividends and
cash distribuons paid. The share opons vest equally over a three year vesng period, commencing one year from date of grant and
will expire ve years aer the grant date. The total esmated cost is approximately US$321k and will be expensed over the requisite
service period. US$107k has been expensed in the twelve months ended December 31, 2024 (US$107k during the twelve months ended
December 31, 2023).
In September 2024, the Board approved a grant of 115,000 share opons to directors and employees. Each share opon gives the holder
the right to purchase one share in the Company at an exercise price of US$16.7 per share. The exercise price will be reduced by any
dividends and cash distribuons paid. The share opons vest equally over a three year vesng period, commencing one year from date
of grant and will expire ve years aer the grant date. The total esmated cost is approximately US$345k and will be expensed over the
requisite service period. US$70k has been expensed in the twelve months ended December 31, 2024.
   
   
   
    
    
Granted - - - -
Exercised (650 000) 0.5 4.8 9.5
Exercisable 20 000 4.0 16.8 13.3
Forfeited - - - -
    
    
Granted 115 000 5.0 16.7 12.9
Exercised - - - -
Exercisable 20 000 3.0 15.7 13.3
Forfeited - - - -
    
    
The exercise price of US$18 per share for the share opons granted in April, 2022 was reduced with total cash distribuons and dividends
of US$3.58, US$0.82 and US$1.12 for 2024, 2023 and 2022, respecvely. The exercise price of US$16.7 per share for the share opons
granted in September 2024, was reduced with total dividends of US$0.66 for 2024.
The fair value of the share opons granted in September 2024 and April 2022 was calculated using the Black-Scholes method. The signi-
cant assumpons used to esmate the fair value of the share opons are set out below:
2024 2022
Grant date September 1 April 7
Risk-free rate 3.84% 2.66%
Expected life 4.5 years 4 years
Expected future volality 32% 61%
ANNUAL REPORT 2024
29
NOTES
14. COMMITMENTS AND CONTINGENCIES
The Company insures the legal liability risks for its shipping acvies with Assuranceforeningen SKULD and Assuranceforeningen Gard
Gjensidig, both mutual protecon and indemnity associaons. As a member of these mutual associaons, the Company is subject to
calls payable to the associaons based on the Company’s claims record in addion to the claim records of all other members of the
associaons. A conngent liability exists to the extent that the claims records of the members of the associaons in the aggregate show
signicant deterioraon, which result in addional calls on the members.
To the best of our knowledge, there are no legal or arbitraon proceedings exisng or pending which have had or may have signicant
eects on our nancial posion or protability and no such proceedings are pending or known to be contemplated.
15. COMPENSATION
During the year ended December 31, 2024, we paid our execuve ocers (CEO, CFO, CTO, COO and CCO) aggregate compensaon of
US$1.8 million (2023: US$1.3 million). In addion to cash compensaon, we recognized US$150k during the year ended December 31,
2024 (2023: 89k), relang to share opons granted to execuve ocers. As of December 31, 2024, the members of Management and
Directors that hold shares and share opons of the Company are set out below:
   
Lori Wheeler Naess Director - 7 500
Viggo Bang-Hansen Director - 7 500
Magnus Halvorsen* Chairperson 2 032 118 20 000
Herman Billung CEO 10 000 50 000
Vidar Hasund CFO 90 000 20 000
Lars-Chrisan Svensen CCO 4 700 30 000
Chrisan Dahll COO 15 130 15 000
Peer Lalic CTO - 15 000
* 1,527,026 shares held through his controlled company MH Capital AS, and 505,092 shares held privately.

12 months to 12 Months to
(In millions of US$) December 31, 2024 December 31, 2023
Statutory audit fee 0.2 0.2
Other non-auding services - -
Total fees 0.2 0.2
ANNUAL REPORT 2024
30
NOTES

  
The Bank of New York Mellon SA/NV (nominee) 1 892 855 8.28
Avanza Bank AB (nominee) 1 580 927 6.91
J.P. Morgan Securies LLC (nominee) 1 554 327 6.80
MH Capital AS 1 527 026 6.68
Brown Brothers Harriman & Co. (nominee) 1 433 428 6.27
State Street Bank and Trust Comp (nominee) 708 277 3.10
Clearstream Banking S.A. (nominee) 683 047 2.99
Cibank, N.A. (nominee) 602 615 2.63
Verdipapirfondet Alfred Berg Gamba 573 077 2.51
Magnus Halvorsen 505 092 2.21
Skandinaviska Enskilda Banken AB (nominee) 436 147 1.91
DNB Bank ASA 417 031 1.82
Nordnet Bank AB (nominee) 407 506 1.78
Verdipapirfondet DNB Smb 405 679 1.77
Danske Bank A/S (nominee) 368 870 1.61
DNB Luxembourg S.A. (nominee) 357 340 1.56
Nordnet Livsforsikring AS 345 188 1.51
Masira Inversion SIL 330 756 1.45
DZ Privatbank S.A. (nominee) 293 286 1.28
Svenska Handelsbanken AB (nominee) 289 590 1.27
Total 14 712 064 64.33
Other shareholders 8 158 842 35.67
Total 22 870 906 100.00
16. SHAREHOLDERS’ EQUITY
At the 2023 Annual General Meeng held May 9, 2023, it was approved to reduce the Share Premium Account (Recognized as Addional
paid-in capital in the Consolidated Statements of Changes in Shareholders’ Equity) of the Company by US$1,594,000 and to credit the
same amount resulng from the reducon to the Company’s Contributed Surplus account, with eect from May 9, 2023.
At the 2024 Annual General Meeng held May 7, 2024, it was approved to reduce the Share Premium Account (Recognized as Addional
paid-in capital in the Consolidated Statements of Changes in Shareholders’ Equity) of the Company by US$889,250 and to credit the same
amount resulng from the reducon to the Company’s Contributed Surplus account, with eect from May 7, 2024.

 
Share issue on exercise of opons March: US$4.985 per share 400 000
Share issue on exercise of opons September: US$4.725 per share 100 000
Share issue on exercise of opons November: US$4.445 per share 30 000
Share issue on exercise of opons December: US$4.445 per share 45 000
Share issue on exercise of opons December: US$4.445 per share 75 000
 
 
ANNUAL REPORT 2024
31
NOTES
17. SUBSEQUENT EVENTS
Dividends and cash distribuons
In January 2025, the Company declared a cash distribuon of US$0.05 per share for December 2024.
In February 2025, the Company declared a dividend of US$0.03 per share for January 2025.
In March 2025, the Company declared a cash distribuon of US$0.01 per share for February 2025.
2020 BULKERS LTD.
ANNUAL REPORT 2024
32
RECONCILIATION OF
ALTERNATIVE PERFOR
MANCE MEASURES
12 months to 12 months to
(In millions of US$) December 31, 2024 December 31, 2023
  
Depreciaon and amorzaon (9.5) (11.6)
EBITDA 93.2 49.3
12 months to 12 months to
(In millions of US$, except per day data) December 31, 2024 December 31, 2023
  
Address commission (2.5) (2.5)
  
Fleet operaonal days 2 328 2 920
  
The European Securies and Markets Authority (“ESMA”) issued guidelines on Alternave Performance Measures (“APMs”) that came
into force on July 3, 2016. The Company has dened and explained the purpose of the following APMs:
EBITDA, when used by the Company, means operang prot (loss) excluding depreciaon and amorzaon. The Company has included
EBITDA as a supplemental disclosure because the Company believes that the measure provides useful informaon regarding the Compa-
ny’s ability to service debt and pay dividends and provides a helpful measure for comparing its operang performance with that of other
companies.
Average me charter equivalent rate, gross, when used by the Company, means me charter revenues and voyage charter revenues
excluding address commission, less voyage charter expenses and adjusted from “load to discharge” basis to “discharge to discharge” basis
and divided by operaonal days. The Company has included Average me charter equivalent rate, gross, as a supplemental disclosure
because the Company believes that the measure provides useful informaon regarding the eets’ daily income performance.
ANNUAL REPORT 2024
33
AUDITORS’
REPORT
PricewaterhouseCoopers AS, Dronning Eufemias gate 71, Postboks 748 Sentrum, NO-0106 Oslo
T: 02316, org. no.: 987 009 713 MVA, www.pwc.no
Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap
To the shareholders and Board of Directors of 2020 Bulkers Ltd.
Independent Auditor’s Report
Report on the Audit of the Financial Statements
Opinion
We have audited the consolidated financial statements of 2020 Bulkers Ltd. and its subsidiaries (the
Group), which comprise the balance sheets as at December 31, 2024, statements of operations,
comprehensive income, cash flows and changes in shareholders’ equity for the year then ended, and notes
to the financial statements, including a summary of material accounting policies.
In our opinion the accompanying consolidated financial statements give a fair presentation of the financial
position of the Group as at December 31, 2024, and its financial performance and its cash flows for the year
then ended in accordance with the accounting principles generally accepted in the United States of America
(USGAAP).
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Group as required by relevant laws and
regulations in Norway and the International Ethics Standards Board for Accountants’ International Code of
Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and
we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation
(537/2014) Article 5.1 have been provided.
We have been the auditor of the Group for 8 years from the incorporation of the Group on September 26,
2017, for the accounting year 2017.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the consolidated financial statements of the current period. This matter was addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on this matter.
The Group’s business activities are largely unchanged compared to last year. We have not identified
regulatory changes, transactions or other events that qualified as new key audit matters. The Impairment
Assessment for Vessels and Equipment has the same characteristics and risks this year as the previous
year and consequently have been an area of focus also for the 2024 audit.
ANNUAL REPORT 2024
34
2 / 5
Key Audit Matters
How our audit addressed the Key Audit Matter
Impairment Assessment for Vessels and
Equipment
Refer to note 2 (Accounting policies) and note 9
(Vessels and equipment, net) where
management explains how they assess the
value of the vessels.
The Group holds
six Newcastlemax vessels on
the balance sheet within Vessels and equipment,
net, which transport dry cargoes globally. The
vessels have a combined carrying amount of
USD 247.4 million. The Group has not
recognized an impairment on the Newcastlemax
vessels in 2
024.
Indicators of impairment for the vessels were
assessed and not considered present during
2024. As explained in the notes, management
considered, among others, the conditions in the
dry bulk freight market, estimated fair value of
the vessels, less cost of
sale, and the market
capitalization of the
Group against the net book
value of equity, which gave no indication of
impairment. As a result of the above factors,
management has not performed an impairment
test.
In their assessment of impairment indicators,
management considers each vessel to be the
lowest level for which an entity can separately
identify cash flows that are largely independent
of the cash flows of other assets and liabilities,
and consequently we
assessed indicators for
impairment on the same basis.
We focused on this area due to the significant
carrying value of the vessels and the judgement
inherent in the assessment of indicators of
impairment.
We evaluated and challenged management’s
assessment of indicators of impairment and the
process by which this was performed. We
assessed management’s accounting policy against
US GAAP and obtained explanations from
management as to how the specific require
ments
of the standards, in particular ASC 360, were met.
We also assessed the consistency year on year of
the application of the accounting policy.
To assess the estimates for fair value less costs of
disposal as an indicator of impairment,
management compiled broker valuation certificates
for the vessels. We satisfied ourselves that the
external brokers had both the objectivity and the
competence to
provide the estimate. To assess
this, we corroborated that, under the terms of the
bank lending facilities, specific brokers are
identified as being approved for use, for purposes
of minimum value clause covenant reporting.
Management used brokers from thi
s approved list.
We interviewed selected brokers to understand
how the estimates for fair value were compiled. We
also satisfied ourselves that the brokers were
provided with relevant facts in order to determine
such an estimate, by testing key inputs such
as
build date, build location and certain key
specifications back to the ships register. We found
that management sufficiently understood the
valuations from third party brokers, including the
methodology used in arriving at the valuations,
performing sen
sitivity analysis, and performing
comparisons to other available market data where
possible. Management has also used the market
intelligence obtained from the sale of two vessels to
confirm the valuations obtained.
In order to assess each of the assumptions in the
impairment indicator assessment, we interviewed
management and challenged their assumptions.
For certain key assumptions we specifically used
current and historical external market data to
corroborate the f
reight rates assessed by
management. We challenged management on their
assessment of market rates. We also corroborated
management’s assessment with external market
reports where possible. We considered that freight
rates used by management were within an
AUDITORS’
REPORT
ANNUAL REPORT 2024
35
3 / 5
appropriate range and changes did not lead to any
indication of impairment.
We read note 2 (Accounting policies) and note 9
(Vessels and equipment, net) and assessed these
to be in line with the requirements.
No matters of consequence arose from the
procedures above.
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information in the
Board of Directors’ report and the other information accompanying the consolidated financial statements.
The other information comprises information in the annual report, but does not include the financial
statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the
information in the Board of Directors’ report nor the other information accompanying the financial
statements.
In connection with our audit of the consolidated financial statements, our responsibility is to read the Board
of Directors’ report and the other information accompanying the consolidated financial statements. The
purpose is to consider if there is material inconsistency between the Board of Directors’ report and the other
information accompanying the consolidated financial statements and the consolidated financial statements
or our knowledge obtained in the audit, or whether the Board of Directors’ report and the other information
accompanying the consolidated financial statements otherwise appears to be materially misstated. We are
required to report if there is a material misstatement in the Board of Directors’ report or the other information
accompanying the consolidated financial statements. We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
● is consistent with the consolidated financial statements and
● contains the information required by applicable statutory requirements.
Our opinion on the Board of Director’s report applies correspondingly to the statements on Corporate
Governance and Corporate Social Responsibility.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of consolidated financial statements that give a true and fair
view in accordance with accounting principles generally accepted in the United States of America, and for
such internal control as management determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless management either intends to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
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36
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As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
● identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error. We design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
● obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group's internal control.
● evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
● conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group's ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor's report. However, future events or conditions may cause the Group to
cease to continue as a going concern.
● evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves a fair presentation.
● obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, actions taken to
eliminate threats or safeguards applied.
From the matters communicated with the Board of Directors, we determine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
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Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the consolidated financial statements of 2020 Bulkers Ltd., we have performed an
assurance engagement to obtain reasonable assurance about whether the financial statements included in
the annual report, with the file name 2020 Bulkers Ltd. Annual Report 2024.xhtml, have been prepared, in
all material respects, in compliance with the requirements of the Commission Delegated Regulation (EU)
2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section
5-5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the
annual report in XHTML format.
In our opinion, the consolidated financial statements, included in the annual report, have been prepared, in
all material respects, in compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation.
This responsibility comprises an adequate process and such internal control as management determines is
necessary.
Auditor’s Responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material
respects, the consolidated financial statements included in the annual report have been prepared in
compliance with ESEF. We conduct our work in compliance with the International Standard for Assurance
Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial
information”. The standard requires us to plan and perform procedures to obtain reasonable assurance
about whether the financial statements included in the annual report have been prepared in compliance with
the ESEF Regulation.
As part of our work, we have performed procedures to obtain an understanding of the Group’s processes
for preparing the financial statements in compliance with the ESEF Regulation. We examine whether the
financial statements are presented in XHTML-format. We believe that the evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Oslo, March 10, 2025
PricewaterhouseCoopers AS
Peter W. Wallace
State Authorised Public Accountant
(This document is signed electronically)
ANNUAL REPORT 2024
38
AUDITORS’
REPORT
Signers:
Name
This document package contains:
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This le is sealed with a digital signature.
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Method
Date
2025-03-10 13:13BANKIDWallace, Peter William
Auditor's report
2020 BULKERS LTD.
OSLO OFFICE
2020 Bulkers Management AS
Tjuvholmen allé 3,
9th oor,
0252 Oslo,
Norway
+47 22 83 30 00
BERMUDA OFFICE
2020 Bulkers Ltd.
S.E. Pearman Bldg., 2nd oor,
9 Par-la-Ville Road
Hamilton HM 11,
Bermuda
+1 441 542 9329
2020bulkers@2020bulkers.com
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