2020 Bulkers Ltd. · OSL:2020
2020 Bulkers — Q3 2021 Earnings Presentation
16 slides from 2020 Bulkers's earnings presentation, Oct 27, 2021
Slide 1: 2020 Bulkers Ltd. Q3 2021 Results presentation
2020 Bulkers Ltd. Q3 2021 Results presentation October 27, 2021 |
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") has been prepared by 2020 Bulkers Ltd. (the "Company") and is made October 27, 2021 solely for information purposes. The Presentation does not constitute any recommendation to buy, sell or otherwise transact with any securities issued by the Company.
Slide 3: Highlights
Highlights Key events during the third quarter of 2021: • Net profit of US$21.6 million, EPS of US$0.98 • Achieved average time charter equivalent earnings of approximately US$46,000 per day, gross • Declared total cash distributions of US$0.97 per share for the months of July – September 2021 • Inc
Slide 4: Key Financials Q3 2021
Key Financials Q3 2021 Income Statement Comments Net profit of US$21.6 million USD million, except per share data Q3 2021 Operating profit of US$24.1 million EBITDA of US$27.1 million Operating Revenues 32.8 Vessel operating expenses (4.5) Earnings per share of US$0.98 Voyage expenses and co
Slide 5: Key Financials Q3 2021
Key Financials Q3 2021 Balance Sheet Summary Comments Shareholders’ equity of US$152.2 million September 30, Interest bearing debt decreased from US$242.7 million to USD million 2021 US$239.0 million during the quarter reflecting scheduled repayments during the quarter Total assets 396.6 Equity
Slide 6: Dividends and cash distributions
Dividends and cash distributions Monthly dividends and cash distributions 0.45 0.4 0.35 0.3 USD per share 0.25 0.2 0.15 0.1 0.05 0 jul.20 aug.20 sep.20 okt.20 nov.20 des.20 jan.21 feb.21 mar.21 apr.21 mai.21 jun.21 jul.21 aug.21 sep.21 - 2020 Bulkers has returned free cash flow to shareholders on a
Slide 7: Our dividend potential is significant
Our dividend potential is significant Balance of 2021 indicative dividend capacity (annual run-rate)1) 70 64 60 57 54 50 50 50 46 43 43 NOK per share 39 40 36 35 32 28 28 30 21 20 14 10 0 10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000 Standard Capesize rate OCT NOV & DEC 4 vessels fixed at
Slide 8: Our dividend potential is significant
Our dividend potential is significant 2022 Indicative dividend capacity (annual run-rate)1) 120 99 100 85 80 71 NOK per share 60 57 43 40 29 20 15 0 0 10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000 Standard Capesize rate 8 vessels on index linked time charters with scrubber profit share 202
Slide 9: Capesize rates year to date are the strongest in a decade
Capesize rates year to date are the strongest in a decade 100 000 90 000 80 000 70 000 60 000 50 000 40 000 30 000 20 000 10 000 0 02.01.2015 02.02.2015 02.03.2015 02.04.2015 02.05.2015 02.06.2015 02.07.2015 02.08.2015 02.09.2015 02.10.2015 02.11.2015 02.12.2015 2015-20 max-min range 2020 2021 2015-
Slide 10: Chinese steel market
Chinese steel market China monthly steel production China rebar inventories China rebar prices 105 1 600 1000 100 1 400 900 95 1 200 800 90 1 000 700 USD per ton 85 Million tons 800 600 80 600 500 75 400 400 70 200 300 65 60 - 200 jan. 16 jan. 17 jan. 18 jan. 19 jan. 20 jan. 21 jan. 16 jan. 17 jan.
Slide 11: Global steel market
Global steel market 2021 Expected growth in steel demand World ex-China steel output 13% 80 11% 10.70% 75 10% 9% 70 7% 5.80% 65 5% 4.50% 3% 60 3% 1% 55 Total China Rest of the world -1% -1% 50 Prior Current jan. 16 jan. 17 jan. 18 jan. 19 jan. 20 jan. 21 Source: World Steel Association, Arrow Shipbr
Slide 12: Iron ore
Iron ore Global iron ore exports Chinese iron ore imports Chinese iron ore inventories 1290 120 50 110 1285 45 100 1280 90 40 Days of consumption 1275 Million tons 80 Million tons 35 1270 70 1265 60 30 1260 50 25 40 1255 30 20 jan. 09 jan. 10 jan. 11 jan. 12 jan. 13 jan. 14 jan. 15 jan. 16 jan. 17 j
Slide 13: Coal
Coal Global coal exports China coal inventories India coal inventories 1160 50 35 1140 45 30 1120 40 25 1100 35 Days of consumption Days of consumption 20 Million tons 1080 30 15 1060 25 10 1040 20 1020 15 5 1000 10 0 2020 YTD 2021 YTD jan. 16 jan. 17 jan. 18 jan. 19 jan. 20 jan. 21 jan. 16 jan. 17
Slide 14: Most favorable supply side in decades
Most favorable supply side in decades Capesize orderbook as % of fleet Capesize bulk newbuild contracts Capesize scrapping 120% 80 10 9 70 100% 8 60 7 80% 50 6 Million DWT Million DWT 60% 40 5 4 30 40% 3 20 2 20% 10 1 0 0 0% 2017 2018 2019 2020 2021 ytd* 1996 1998 2000 2002 2004 2006 2008 2010 2012
Slide 15: New IMO regulations to reduce CO2 emissions
New IMO regulations to reduce CO2 emissions Summary Emission reduction through goal-based measure The IMO targets reduction in CO2 intensity from international shipping by 40% from 2008 levels by 2030 and will implement EEXI (Energy Efficiency Existing Ship Index) and CII (Carbon Intensity Indicat
Slide 16: 2020 Bulkers Summary
2020 Bulkers Summary Fleet of 8 Newcastlemax vessels, average age 1,5 year, the most modern fleet among listed peers Our index vessels earn ~ US$ 60,000 per day at today’s spot rates* 2021 CBE budget of USD 14,500/ship/day Six ships fixed for November & December at an average of US$47,400 per day FF