2020 Bulkers Ltd

Hi everyone and welcome to 2020 Bulkers QFE report. 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. This call is being recorded. I'll now hand it over to speakers. Please begin.

Thank you, Operator. Welcome everyone to the fourth quarter 2023 Earnings Conference Call for 2020 Bulkers. As usual, I'm also joined here today by our CFO, Vidar Hallsson. 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 are subject to risk and assumptions subject to uncertainties. actual results may differ materially. And with that, I will move over to the highlights for the quarter. 2020 buckles generated net profit of $14.8 million in the fourth quarter. This reflects the strong improvements in rates from the third quarter. We again outperformed the Cape size index and achieved average TCE earnings of around 36,500 per day compared to the Baltic Cape size index, which was around 28,100 per day. For the months of October through December, we made total cash distributions of 59 cents per share, reflecting an approximate 17% annualized yield on today's share price. Today, we also announced a cash dividend of 10 cents for the month of January. That's up from one cent in January last year. Trading so far has been good, with average earnings for the fleet at 27,100 per day in January. And with that, I will lead over to Vidar.

Thank you, Magnus. 2020 Bulkers reports a net profit of $14.8 million for the fourth quarter of 2023. Operating profit was $17.9 million, and EBITDA was $20.7 million for the quarter. Earnings per share was 65 cents. Revenues were $26.3 million for the fourth quarter, and the average time charted equivalent rate was approximately $36,300 per day gross. The company recognized additional $0.3 million in insurance settlement as other operating income in the fourth quarter. Vessel operating expenses were $4.5 million, and the average operating expenses per ship per day was approximately $6,000 in the fourth quarter. G&A for the fourth quarter was $0.8 million. 2020 Bulkers charged Himalaya Shipping $0.2 million in management fee for the fourth quarter, which is recognized as other operating income in the financial statements. Net financial expenses were $2.5 million, including interest expense of $2.8 million in the fourth quarter. Shareholders' equity was $161 million at the end of the quarter. Interest bearing debt was $206.5 million at the end of the fourth quarter, down from $210.2 million at the end of the third quarter, reflecting scheduled debt repayments. Cash flow from operations was $22.9 million for the fourth quarter. Cash and cash equivalents were $30.7 million at the end of the quarter. The company declared total cash distributions and dividend to shareholders of 59 cents per share for the months of October, November and December 2023. That completes the financial section and now back to you, Magnus.