The Company will retain the vessels’ respective operating cashflows until closing of each vessel transaction, each of which is agreed to take place during Q1 2026.

The Company expects to recognize a net book gain of approximately US$61 million upon completion of the transactions.

The Board of Directors of the Company will, subject to completion of the sales, determine the allocation of the net proceeds from the transactions.

Chairman of 2020 Bulkers, Magnus Halvorsen, comments:

“The sales of Bulk Sydney and Bulk Santos for an average price of US$72.75 million per vessel conclude the monetization of the Company’s newbuilding program, which was initiated in September 2017. Between August 2019 and June 2020, we took delivery of eight scrubber-fitted Newcastlemax vessels at an average all-in delivered cost of US$47.6 million per ship. Driven by a prudent capital structure and active commercial risk management, the Company has been profitable every quarter since the first vessel was delivered.
The newbuilding program was financed with US$142 million in equity in addition to the required debt financing. Since inception, the Company has returned US$238 million to shareholders through capital distributions and dividends and expects to realize US$312 million in net proceeds from the sale of the six remaining vessels, following repayment of outstanding debt. In addition, the Company holds US$17 million in cash as of today and will retain the cash flow from the vessels until they are delivered to their respective buyers.”