2020 Bulkers Ltd. · OSL:2020
2020 Bulkers — Q4 2021 Earnings Presentation
17 slides from 2020 Bulkers's earnings presentation, Jan 26, 2022
Slide 1: 2020 Bulkers Ltd. Q4 2021 Results presentation
2020 Bulkers Ltd. Q4 2021 Results presentation January 26, 2022 |
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") has been prepared by 2020 Bulkers Ltd. (the "Company") and is made January 26, 2022 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 Highlights: • Q4 2021 Net profit of US$26.3 million, EPS of US$1.18 • Q4 2021 time charter equivalent earnings of approximately US$52,900 per day, gross • Declared total cash distributions of US$1.2 per share for the months of October – December 2021 • Total cash distributions for 2021 of
Slide 4: Key Financials Q4 2021
Key Financials Q4 2021 Income Statement Comments Net profit of US$26.3 million USD million, except per share data Q4 2021 Operating profit of US$28.5 million EBITDA of US$31.4 million Operating Revenues 37.7 Vessel operating expenses (4.8) Earnings per share of US$1.18 Voyage expenses and co
Slide 5: Key Financials Q4 2021
Key Financials Q4 2021 Balance Sheet Summary Comments Shareholders’ equity of US$151.7 million December 31, Interest bearing debt decreased from US$239.0 million to USD million 2021 US$236.1 million during the quarter reflecting scheduled repayments Total assets 390.6 Equity 151.7 Cash flow fr
Slide 6: Dividends and cash distributions
Dividends and cash distributions Monthly dividends and cash distributions 0.6 0.5 0.4 USD per share 0.3 0.2 0.1 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 okt.21 nov.21 des.21 - 2020 Bulkers has returned free cash flow to shareholders o
Slide 7: Our dividend potential is significant
Our dividend potential is significant 2022 Indicative dividend capacity (annual run-rate)1) 80 75 70 68 60 60 53 50 45 NOK per share 40 38 30 30 23 20 15 10 8 1 - 10 000 15 000 20 000 25 000 30 000 35 000 40 000 45 000 50 000 55 000 60 000 Standard capesize rates 8 vessels on index linked time chart
Slide 8: Capesize rates
Capesize rates 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 2015-21 max-min range 2022 2021 2015-21 average YTD comments: - Q1 seasonal weakness in
Slide 9: Chinese steel market
Chinese steel market China monthly steel production China rebar inventories China rebar prices 105 1400 1050 100 950 1200 95 850 1000 90 750 800 85 Million tons 650 80 600 550 75 400 450 70 200 65 350 60 0 250 jan. 16 jan. 17 jan. 18 jan. 19 jan. 20 jan. 21 jan. 16 jan. 17 jan. 18 jan. 19 jan. 20 ja
Slide 10: Global steel market
Global steel market Expected growth in steel demand World ex-China steel output 12% 80 10% 10% 75 8% 70 6% Million tons 65 4.50% 4% 4% 60 2.2 % 2% 0% 55 0% Total China Rest of the world -1% 50 -2% Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Oct-16 Oct-17 Oct-1
Slide 11: Iron ore
Iron ore Global iron ore exports Chinese iron ore imports Chinese iron ore inventories 1340 120 170 110 1320 160 100 1300 150 90 1280 140 Million tons 80 Million tons 1260 130 70 1240 120 60 1220 110 50 1200 100 40 1180 30 90 2020 2021 jan. 09 jan. 11 jan. 13 jan. 15 jan. 17 jan. 19 jan. 21 Source:
Slide 12: Coal
Coal Global coal exports China thermal coal inventories India coal inventories 1340 70 35 1320 65 30 1300 60 25 Days of consumption 1280 55 Million Tons 20 Million tons 1260 50 15 1240 10 45 1220 5 40 1200 0 jan.17 jul.17 okt.17 jan.18 jul.18 okt.18 jan.19 jul.19 okt.19 jan.20 jul.20 okt.20 apr.17 j
Slide 13: Increased infrastructure stimulus leading to an uptick in investments
Increased infrastructure stimulus leading to an uptick in investments China Local Government Special Bond Issuance China fixed asset infrastructure investment 3 000 40 2640 30 2 500 20 2 000 10 Billion Yuan % YOY growth 1 500 1102 0 jan. 16 jan. 17 jan. 18 jan. 19 jan. 20 jan. 21 1 000 -10 500 -20 0
Slide 14: China building sales recovered to six month high in December 2021
Trillion Yuan 0 1 2 3 0.5 1.5 2.5 jan.20 feb.20 mar.20 apr.20 Source: Commodore Research mai.20 jun.20 jul.20 aug.20 sep.20 okt.20 nov.20 des.20 jan.21 feb.21 mar.21 apr.21 mai.21 Sale of commercial buildings jun.21 jul.21 aug.21 sep.21 okt.21 nov.21 des.21 Trillion Yuan 0 1 2 0.5 1.5 2.5 jan.20 feb
Slide 15: Most favorable supply side in decades
Most favorable supply side in decades Capesize orderbook as % of fleet Capesize bulk newbuild contracts Capesize scrapping 140% 90 18 80 16 120% 70 14 100% 60 12 80% Million DWT 50 10 60% 40 8 30 6 40% 20 4 20% 10 2 0% 0 0 jan. 96 jan. 98 jan. 00 jan. 02 jan. 04 jan. 06 jan. 08 jan. 10 jan. 12 jan.
Slide 16: 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 17: 2020 Bulkers Summary
2020 Bulkers Summary Fleet of 8 Newcastlemax vessels, average age 2 years 2022 CBE budget of USD 14,900/ship/day 8 vessels on index linked time charters with scrubber profit share Index linked charters can be converted to fixed rates on the basis of the FFA curve FFA curve implies TCE for a scrubber