2020 Bulkers Ltd

At this time, I would like to welcome everyone to this 2020 Volkos earnings call for Q3 2024. Today's call is being recorded. If you have any objections, please disconnect at this time. All participants will be in a listen-only mode throughout the presentation, and afterwards, there will be a question-and-answer session. I'll now turn the call over to the chairman, Magnus Halvorsen. You may now begin.

Thank you, operator. Welcome to the Q3 2024 conference call for 2020 Bulkers. I'm joined here today by our chief financial officer, Vidar Halsund, as well as our chief commercial officer, Lars Christian Svensson. 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 thereby subject to risk assumptions that are subject to uncertainties. Actual results may differ materially. And with that, I'll start with the highlights for the quarter. We reported net profit of $11.6 million and an EPS of 50 cents. Trading-wise, we achieved time chart equivalent earnings of approximately 36,000 per day gross This compares to the Baltic 5TC index average of 24,900. During the quarter, we declared total dividends of 57 cents per share for the months of July through September. This represents an annualized yield of approximately 16% compared to our current share price. For October, we have achieved time chart requirement earnings of 31,400 per day gross. And today, we declared a dividend of 15 cents per share based on the earnings for October. And with that, I will lead over to Vidar.

Thank you, Magnus. 2020 Bulkers reports a net profit of $11.6 million for the third quarter of 2024. Operating profit was $12.5 million and EBITDA was $14.7 million for the quarter. Earnings per share was 50 cents. Revenues were $19.9 million for the third quarter. The average time charter equivalent rate was approximately 8%. $36,600 per day gross. Vessel operating expenses were $3.9 million, and the average operating expenses per ship per day was approximately $7,000 in the third quarter. G&A for the third quarter was $1 million. 2020 Bulkers charged Himalaya Shipping $0.4 million in management fee for the third quarter, which is recognized as other operating income in the financial statements. Net financial expenses were $0.7 million, including interest expense of $1.1 million. The interest expense is impacted by $1.2 million transferred from other comprehensive income relating to amortization of realized gain on interest rate swaps. As of September 30th, the realized gain on interest rate swaps have been fully amortized through interest expense. Shareholder's equity was $157.9 million at the end of the quarter. Interest-bearing debt was $112.5 million at the end of the third quarter and is non-amortizing until maturity in April 2029. Cash flow from operations was $14.8 million for the third quarter. Cash and cash equivalents were $21.2 million at the end of the quarter. The company declared total dividends to shareholders of 57 cents per share for the months of July, August and September 2024. That completes the financial section. And now back to you, Magnus.