Q4 2024 2020 Bulkers Ltd Earnings Call Transcript
Key Points
- 2020 Bulkers Ltd (TTBKF) reported a net profit of $5.1 million for Q4 2024, with an EPS of $0.23.
- The company achieved time charter equivalent earnings of approximately $27,100 per day, significantly higher than the Baltic 5TC average of $18,300.
- Declared total dividends of $0.34 per share for Q4 2024, corresponding to a 12% annualized yield based on the current share price.
- The company has a competitive cash break-even point of around $11,500 per day, allowing it to sustain trading in a weaker spot market.
- 2020 Bulkers Ltd (TTBKF) has one of the youngest Newcastlemax fleets, with plans to upgrade vessels to enhance performance and exceed emission regulations.
- Vessel operating expenses were $4 million, with an average operating expense per ship per day of approximately $7,300.
- Net financial expenses were $2.1 million, primarily consisting of interest expenses.
- Interest-bearing debt stood at $112.5 million, with no amortization until maturity in April 2029.
- The company faces mandatory dry dockings for 25% of its fleet in 2025, which could impact operations.
- The coal demand on Capesizes slowed down significantly in Q4 2024, affecting overall market activity.
At this time, I would like to welcome everyone to this 2020 Bulkers earnings call for Q4 2024. This call is being recorded. (Operator instructions) I'd now like to hand it all to the speakers. Please go ahead.
Thank you, operator. Welcome to the Q4 2024 conference call for 2020 Bulkers.
As last time, I'm joined here today with our CFO Vidar Hasund, and our Chief Commercial Officer Lars Christian Svensen, who will be taking over as CEO on April 1.
Before we start the presentation, we would like to remind you that we will be discussing matters that are forward-looking. These forward-looking assumptions are based on the company's current views with regards to future events and subject to risk and assumptions subject to uncertainties. Actual results may differ materially. And with that, I'll move over to the highlights for the quarter.
We reported the net profit of $5.1 million and EPS of $0.23. Trading wise, we achieved time charter equivalent earnings of approximately $27,100
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