2020 Bulkers Ltd

Welcome to the 2020 Bulkers Q2 conference call. For the first part of this call, all participants are in a listen-only mode. Afterwards, there will be a question-and-answer session. To ask a question, please press 5-star on your telephone keypad. I'll now hand the door to the chairman, Magnus Alvors. Please begin.

Thank you, operator. Welcome, everyone, to the second quarter 2023 earnings conference call for 2020 Bulkers. As usual, I'm also joined here today by our CFO, Vidar Hasund. Before we start the presentation, we 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, and therefore subject to risk and assumptions subject to uncertainties. Actual results may differ materially. And with that, I'll move over to the highlights for the quarter. 2020 bulkers generated a net profit of $4.8 million in the second quarter, continuing our unbroken track record of profitability since we took delivery of our first vessel. We again outperformed the Cape Size Index and achieved average time chart equivalent earnings of $23,800 per day compared to the Baltic Cape Size Index, which averaged out at approximately $15,600. For the months of April through June, we made total cash distributions of 19 cents per share. This represents an annualized yield of around 8% based on the current stock price. Last week, we also announced cash distribution of 4 cents per share for the month of July. So far in the quarter, we started off July with average time track equivalent earnings of 21,200 per day gross. And during August, we also amended and extended our time charter with Coke for Burk Sandefjord. And with that, I will leave it over to Vidar for the financial highlights.

Thank you, Magnus. 2020 Bulkers reports a net profit of $4.8 million for the second quarter of 2023. Operating profit was $8.1 million and EBITDA was $11.1 million for the quarter. Earnings per share was 21 cents. Revenues were $17.1 million for the second quarter, and the average time charted equivalent rate was approximately $23,800 per day gross. Vessel operating expenses were $5 million, and the average operating expenses per ship per day was approximately $6,900 in the second quarter. G&A for the second quarter was $0.8 million. 2020 Bulkers charged Himalaya Shipping $0.3 million in management fee for the second quarter, which is recognized as other operating income in the financial statements. Net financial expenses was $2.6 million, including interest expense of $2.8 million in the second quarter. Shareholders' equity was $155.5 million at the end of the quarter. Interest-bearing debt was $213.9 million at the end of the second quarter, down from $217.6 million at the end of the first quarter, reflecting scheduled debt repayments. Cash flow from operations was $6.8 million for the second quarter. Cash and cash equivalents were $15.1 million at the end of the quarter. The company declared total cash distributions to shareholders of 21 cents per share for the months of April, May, and June 2023. That completes the financial section, and now back to you, Magnus.