2020 Bulkers Ltd

Thank you very much. If you require any further assistance, please press star zero. I'd now like to hand the conference over to your speaker today, Magnus Holvesson. Please go ahead.

Thank you, operator. Welcome, everyone, to the fourth quarter 2021 earnings conference call for 2020 Bulkers. As usual, I'm also joined here today by our chief executive officer, Mr. Vidar Hasun. Before we start the presentation, I would like to remind you that we will be discussing matters that are forward-looking in nature. These forward-looking assumptions are based on the company's current views with regards to future events, which are uncertain. Actual results may differ materially. And with that, I'll go over to the highlights for the quarter. 2020 Bulkers generated a record net profit of 26.3 million in the fourth quarter. We maintain track record of having been profitable every quarter since we got our first vessel in operation in the third quarter of 2019. We continue to outperform the Cape size index during Q4, and we achieved time chart equivalent earnings of 52,900 per day. This compares to the Baltic Cape size index, which was approximately 42,600 during the quarter. For the month of October through December, we announced a total of $1.20 for share and cash distribution. This equals an analyzed yield of around 45% based on yesterday's closing share price. For the year as a whole, we paid $3.18 back to shareholders, which equals around 30% of our current market cap. During Q4, we refinanced our bank debt, thereby extending the maturity from August 2024 to March 2027. The refinancing was done at LIBOR plus 210 basis points down from LIBOR plus 250 basis points under the previous facility. We also extended time charges for two ships during the quarter, the bulk Seoul and the bulk Shanghai, which will continue on indexing charters with Coke for 10 to 13 months. At the end of the quarter, we also announced some organizational changes. Jens Martin Jensen resigned as the director of the board to pursue new ventures. The board would like to thank Jens Martin for his contribution, having been a valuable board member since the company was started. At the same time as Jens resigned from the board, I was appointed chairman of the board and will consequently pass on the role as CEO to Herman Billung on February 1st. Herman brings decades of shipping experience and we look forward to working with him. He will also be acting CEO of Himalaya Shipping, for which 2020 Boker's managements have taken on a management agreement. Lastly, so far in the quarter, we have so far earned around 22,400 per day gross. And with that, I'll leave it over to Vidar. Thank you, Magnus.

2020 Bulkers reports a net profit of $26.3 million for the fourth quarter of 2021. Operating profit was $28.5 million and EBITDA was $31.4 million for the quarter. Earnings per share was $1.18. Revenues were $37.7 million for the fourth quarter and the average time charter equivalent rate was approximately $52,900 per day gross. Best operating expenses were $4.8 million in the fourth quarter, which includes approximately $0.6 million in COVID-19-related costs and $0.15 million in additional insurance deductible for the Bulk Janssen incident. Average operating expenses per ship per day was approximately $6,600. G&A for the fourth quarter was $0.9 million and included approximately $0.1 million in legal fees incurred in connection with refinancing of the term loan facility. Interest expense was $2.3 million in the fourth quarter. Shareholders' equity was $151.7 million at the end of the quarter. An interest-bearing debt decreased from $239 million at the end of the third quarter to $236.1 million at the end of the fourth quarter, reflecting scheduled repayments. The company reports cash flow from operations of $26.8 million for the fourth quarter. Cash and cash equivalents were $24 million at the end of the quarter. The company declared total cash distributions to shareholders of $1.20 per share for the months of October, November and December 2021. That completes the financial section and now back to you Magnus.