2020 Bulkers Ltd

Welcome to 2020 Bolgus 2024 Q2 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. And I will now hand it over to CEO Magnus Halvorsen. Please begin.

Thank you, operator. Welcome, everyone, to the second quarter 2024 Earnings Conference Call for 2020 Bulkers. As usual, I'm also joined here by Vidar Hasun, our CFO. Before we start the presentation, we would like to remind you that we will be discussing forward-looking matters. These forward-looking assumptions are based on the company's current views with regard to future events, and they're subject to risk and assumptions subject to uncertainties. Following the actual results may differ materially. And with that, I'll move it over to the highlights for the quarter. For the second quarter, we report a net profit of $31.5 million and EPS of $1.36. This includes a $20.4 million gain from the sale of bulk soil, which was booked during the quarter. Trading-wise, we performed well, achieving time chart equivalent earnings of around 34,300 per day. This compares to the Baltic 5TC index, which averaged 22,650. We did declare total dividends of 52 cents per share for the months of April through June. Then over to the subsequent events. For July, we announced we achieved time chart equivalent earnings of of approximately 37,600 per day gross. This compares to the Baltic five TC average, which was 25,542. We've also declared a dividend of 20 cents per share for the month of July 24. And with that, I would leave it over to Vidar.

Thank you, Magnus. 2020 Bulkers reports a net profit of $31.1 million for the second quarter of 2024. Operating profit was $32.1 million and EBITDA was $34.4 million for the quarter. Earnings per share was $1.36. Revenues were $38.9 million for the second quarter and included a gain of $20.4 million for the sale of bulk sole. The average time charter equivalent rate was approximately $34,300 per day gross. Basel operating expenses were $3.4 million, and the average operating expenses per ship per day was approximately $6,200 in the second quarter. G&A for the second quarter was $0.9 million. 2020 Burkus charged Himalaya Shipping $0.4 million in management fee for the second quarter, which is recognized as other operating income in the financial statements. Net financial expenses were $0.9 million, including interest expense of $0.8 million. Net of $1.6 million transferred from other comprehensive income relating to amortization of realized gain of interest rate swaps. Shareholders' equity was $160.2 million at the end of the quarter. Interest-bearing debt was $112.5 million at the end of the second quarter. down from $140 million at the end of the first quarter, reflecting the $27.5 million debt repayment in connection with the refinancing of the term loan in April. The sale leaseback financing for BULK Shanghai and BULK Seoul were both settled during the first half of 2024. Cash flow from operations was $10.5 million for the second quarter. Cash and cash equivalents were $19.2 million at the end of the quarter. The company declared total dividends to shareholders of 52 cents per share for the months of April, May and June 2024. That completes the financial section. And now back to you, Magnus.