2020 Bulkers Ltd

Welcome to 2020 Volga's Q2 2025 presentation. 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 will now turn the call over to CEO Lars Christian Svensson. Please begin.

Thank you, operator. Welcome to the Q2 2025 conference call for 2020 Bulkers. My name is Lars-Christian Svensson, and I'm joined here today by our CFO, Vidar Hasen. Before we begin the presentation, I would like to remind you that we will be discussing matters that are forward-looking. These statements reflect the company's current views regarding future events and are subject to risks and uncertainties. Actual results may differ materially from those anticipated. And with that, I will now proceed with the highlights of the quarter. We reported a net profit of $5.8 million and an EBITDA of $9.6 million. Earnings per share was $0.25 for the second quarter. The gross time chart for equivalent earnings for the quarter were approximately $29,700 per day, including gains on realized forward freight agreements. We declared a total of 37 cents in dividends for the months of April until June 2025. The dry docks for Bulk Sao Paulo and Bulk Santos were completed at a total cost of $2.6 million, which completes the company's dry dock commitments. We also realized a gain on FFA of $1.4 million for Q2 2025. In subsequent events, we entered into hedging transactions through FFAs, securing an average fixed rate of approximately $33,700 per day for two of our six vessels from 1st of August until 31st of December 2025. We announced this morning an achieved time charter equivalent of about $31,700 per day and a dividend payout of 15 cents per share for the month of July. And with that, I will now pass the floor to Vidal.

Thank you, Lars Christian. 2020 Bölkens reports a net profit of $5.8 million and earnings per share of 25 cents for the second quarter of 2025. Operating profit was $7.2 million and EBITDA was $9.6 million for the quarter. Operating revenues and other income were $14.7 million for the second quarter. The average time charted equivalent rate was approximately $29,700 per day gross, including realized gains on forward freight agreements. Vessel operating expenses were $3.8 million, and the average operating expenses per ship per day were approximately $7,000 in the second quarter. G&A for the quarter was $1 million. 2020 bulkers recognized approximately $0.4 million in management fee recorded as other operating income in the financial statements. Interest expenses were $1.9 million for the quarter. Shareholders' equity was $149.7 million at the end of the quarter. Interest-bearing debt was $112.5 million at the end of the second quarter and is non-amortizing until maturity in April 2029. Cash flow from operations was $3.8 million for the quarter, net of $2 million paid for dry docking. Cash and cash equivalents were $14.6 million at the end of the quarter. The company declared total dividends to shareholders of 37 cents per share for the months of April, May, and June 2025. That completes the financial section, and now back to you, Lars Christian.