2020 Bulkers Ltd.

2020 Bulkers reported Q4 2025 operating revenues and other income of $21.4 million, EBITDA of $16.5 million, operating profit of $15.8 million, net profit of $13.8 million, and EPS of $0.60. Average gross TCE was about $39,300 per day, vessel operating expenses were $3.5 million, average operating expenses were about $6,300 per ship per day, G&A was $1.1 million, interest expense was $1.9 million, and cash flow from operations was $15.5 million. At quarter-end, shareholders’ equity was $148.4 million, interest-bearing debt was $112.5 million, and cash and cash equivalents were $22.1 million. Looking ahead, the company said it had signed vessel sales totaling $218.25 million across three ships, expects Q1 2026 deliveries for all three, reported January 2026 net TCE earnings of about $30,800 per day, and declared a $0.15 dividend for January; management also said it expects around $311 million in net proceeds after debt repayment and plans to distribute most of that plus most cash on hand.

The CEO framed the quarter as the close of the company’s long-running story and emphasized the strong cumulative returns delivered to shareholders. He said the company has remained profitable every quarter since its last vessels were delivered and highlighted the plan to return all sale proceeds and most cash to shareholders, while retaining only a small amount to support G&A and keep the listing alive for possible strategic opportunities. His tone was celebratory and reflective, with repeated thanks to investors, employees, banks, brokers, and charterers.

The CFO gave a detailed quarter-end financial summary: $21.4 million of operating revenues and other income, $13.8 million of net profit, $0.60 EPS, $16.5 million EBITDA, and $15.5 million in operating cash flow. He noted vessel operating expenses of $3.5 million, average OPEX of about $6,300 per ship per day, G&A of $1.1 million, interest expense of $1.9 million, equity of $148.4 million, debt of $112.5 million, and cash of $22.1 million. He also stated the debt is nonamortizing until maturity in April 2029 and confirmed the $0.63 total dividend for October through December 2025.

There was no analyst Q&A, as no questions were queued. Instead, management used the time to elaborate on the company’s capital return plan, expected net proceeds from the vessel sales, and the long-term shareholder returns generated since inception. The main additional point was that 2020 Bulkers expects to stay listed with a small cash buffer while it evaluates strategic or other opportunities.