2020 Bulkers Ltd. Nordnet Webcast Presentation 2 July, 2020 | - PowerPoint PPT Presentation

2020 Bulkers Ltd. Nordnet Webcast Presentation 2 July, 2020 |

Disclaimer This presentation (the " Presentation ") has been prepared by 2020 Bulkers Ltd. (the " Company ") and is made 2 July, 2020 solely for information purposes. The Presentation does not constitute any recommendation to buy, sell or otherwise transact with any securities issued by the Company. No representation, warranty or undertaking, express or implied, is made by the Company and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. The Company shall have no responsibility or liability whatsoever (for negligence or otherwise) for any loss arising from the use by any person or entity of the information set forth in the Presentation. All information set forth in the Presentation may change materially and without notice. In making the Presentation public the Company undertakes no obligation to provide additional information or to make updates thereto. The information set forth in the Presentation should be considered in the context of the circumstances prevailing at the date hereof and has not been and will not be updated to reflect material developments which may occur after such date unless specifically stated in such update(s). Matters discussed in the Presentation include "forward looking statements". "Forward looking statements" are statements that are not historical facts and are usually identified by words such as "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" etc. These "forward looking statements" reflect the Company's beliefs, intentions and current expectations concerning, among other things, the Company's results, financial condition, liquidity position, prospects, growth and strategies. "Forward looking statements" include statements regarding: objectives, goals, strategies, outlook and growth prospects, future plans, events or performance and potential for future growth, liquidity, capital resources and capital expenditures, economic outlook and industry trends, developments in the Company's market, the impact of regulatory initiatives and the strength of the Company's competitors. "Forward looking statements" involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The "forward looking statements" included herein are based upon various assumptions, many of which, in turn, are based upon further assumptions. This includes, without limitation, the Company's review of historical operating trends, data contained in the Company's records and data available from third parties. Although the Company believes that these assumptions were reasonable when the relevant statements were made, they are inherently subject to significant known and unknown risks, uncertainties, contingencies and other factors which are difficult or impossible to predict and which are beyond the Company's control. "Forward looking statements" are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors which are inherent thereto could cause the actual results of operation, financial condition and liquidity position of the Company or the industry in which it operates to differ materially from those results which, expressed or implied, are contained herein. No representation to the effect that at any of the "forward looking statements" or forecasts will come to pass or that any forecasted result will be achieved are made. The Presentation and the information contained herein does not constitute or form a part of and should not be construed as an offer for sale or subscription or of solicitation or invitation of any offer to subscribe for or purchase any securities issued by the Company. | 2

Our business model Invest at attractive entry point Full alignment of interest as The right assets - 8 Scrubber founders & management are fitted Newcastlemax with largest shareholders proven premium vs Capesize Low cost Stop investing as asset values and risk increases corporate structure Attractive financing / moderate Free cash flow to be paid as leverage => low cash breakeven monthly dividends | 3

Unique fleet of 8 scrubber fitted Newcastlemax High Performing assets with proven earnings premium Larger cargo intake vs. standard Capesize 1) 15% + Lower fuel consumption than standard Capesize 1) 20% + Fuel saving vs. non-scrubber fitted Newcastlemax 2) 35% All our ships are now delivered and are on contract to strong customers Ship name Delivery Charterer Rate Charter expiry Bulk Sandefjord Aug 19 Koch 14 378 + scrubber benefit until Dec 20. Index linked + scrubber benefit thereafter Aug 22 Bulk Santiago Sep 19 Koch 19 525 until Dec 20, index linked + scrubber benefit thereafter Nov 21 - Jan 22 Bulk Seoul Oct 19 Koch 22 250 until Dec 20, index linked + scrubber benefit thereafter Dec 21 - Feb 22 Bulk Shanghai Nov 19 Glencore 22 673 Dec 20 Bulk Shenzhen Jan 20 Glencore 21 919 Dec 20 Bulk Sydney Jan 20 Koch 14 002 + scrubber benefit until Dec 20. Index linked thereafter + scrubber benefit thereafter Jan 23 Bulk Sao Paulo Jun 20 Glencore Index linked + scrubber benefit Jun 23 Bulk Santos Jun 20 Glencore Index linked + Scrubber benefit Jun 23 1) Baltic 5TC index vessel | 4

Strong commercial performance since inception 45 000 14 000 40 000 12 000 35 000 Outperformance in USD per day 10 000 30 000 TCE in USD per day 8 000 25 000 20 000 6 000 15 000 4 000 10 000 2 000 5 000 0 0 aug. 19 sep. 19 okt. 19 nov. 19 des. 19 jan. 20 feb. 20 mar. 20 apr. 20 mai. 20 2020 Bulkers Fleet Average Baltic 5 TC 2020 Bulkers Outperformance ▪ 2020 Bulkers has outperformed the Baltic Capesize index every month since delivery of the first vessel ▪ Outperformance has been driven by Newcastlemax earnings premium as well as well timed charter coverage | 5

Attractive cash breakeven and strong dividend potential 2H 2020 2021 2022 Available ship days 1 472 2920 2920 • Operating cash breakeven for the balance of Days on fixed timecharter 1 106 2020 is estimated at US$14,056 per day Open/index linked days 366 2920 2920 • Fixed charter coverage on 6 ships covers 97% G&A (USD mill) 1,1 2,2 2,2 of estimated operating cash breakeven for the OPEX (USD mill) 7,1 14,6 15,2 full fleet of 8 vessels Debt Ammortization (USD mill) 7,4 14,8 14,8 Interest 5,0 9,2 8,7 Operating Cash breakeven (USD mill) 1) 20,7 41 41 Fixed Charter coverage (USD mill) 20,1 Costs to be covered by open/index ships (USD mill) 0,6 41 41 Operating Cash breakeven (USD/ship/day) 14 056 13 983 13 991 Operating Cash breakeven for open/index ships (USD/ship/day) 1 729 13 983 13 991 Potential cash flow available for dividends 1) 50 POtential cash per share available for • 2020 Bulkers has a policy to over time pay out 45 40 the majority of all free cash flow from operations 35 as monthly dividends 30 25 dividends 20 15 10 5 0 10 000 15 000 20 000 25 000 30 000 35 000 40 000 Standard Capesize rate 2H 2020 2021 1) Based on current budgets and estimates, actual costs and and restults may vary | 6

MARKET UPDATE | 7

Source: Clarksons Chinese Iron Ore inventories are at historically low levels 20 25 30 35 40 45 50 jan. 09 apr. 09 jul. 09 okt. 09 jan. 10 apr. 10 jul. 10 okt. 10 jan. 11 apr. 11 China Iron Ore Ports Inventories, days of consumption jul. 11 okt. 11 jan. 12 apr. 12 jul. 12 okt. 12 jan. 13 apr. 13 jul. 13 okt. 13 jan. 14 apr. 14 jul. 14 okt. 14 jan. 15 apr. 15 jul. 15 okt. 15 jan. 16 apr. 16 jul. 16 okt. 16 jan. 17 apr. 17 jul. 17 okt. 17 jan. 18 apr. 18 jul. 18 okt. 18 jan. 19 apr. 19 jul. 19 okt. 19 jan. 20 apr. 20 8 |

Brazilian iron ore exports are picking up in line with Vale’s guiding for significant increase in production in 2Q-4Q vs Q1 2020 Brazil exports have been recovering in recent weeks Strong correlation between Vale production and Capesize rates Brazil iron ore shipments Million tonnes, 3-week moving average 105 35 000 Volumes estimated 9 100 based on lastest Vale 30 000 95 guidance 8 90 25 000 85 7 20 000 80 6 75 15 000 70 5 10 000 65 60 5 000 4 3 jan jan feb mar mar apr mai mai jun jul jul aug sep okt okt nov des des Vale production Capesize rate 2018 2019 2020 - Vale produced 59,6 million tons of iron ore in Q1 2020 Vale’s guidance of 310 – 330 million tons for 2020 implies that run - rate production in Q2-Q4 2020 will be almost 50% above the Q1 2020 production volumes There has historically been a strong correlation between Vale’s - production, Brazilian exports and observed Capesize rates Sources: Vale, Arrow Shipbroking Group | 9

Limited supply growth on the horizon and high scrapping activity Dry bulk orderbook as % of fleet Capesize bulk newbuild contracts (1) Capesize scrapping (2) 80% 16 120 70% 14 100 60% 12 80 50% Orderbook as % of fleet 10 DWT m Million DWT 40% 60 8 30% 6 40 20% 4 20 10% 2 0% 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 0 2017 2018 2019 2020 Bulkcarrier Orderbook % Fleet annualized Capesize Bulker Contracting (1) For vessels larger than 20,000 dwt (2) Drybulk vessels larger than 100,000 dwt, Source: Clarkson Research Services Limited, Arrow Shipbroking Group, Tradewinds | 10