Q1 2025 2020 Bulkers Ltd Earnings Call Transcript
Key Points
- 2020 Bulkers Ltd (STU:0FF) reported a net profit of $0.2 million for Q1 2025, indicating a positive financial performance.
- The company achieved a time charter equivalent rate of approximately $27,100 per day gross in April 2025, showing an improvement from the previous quarter.
- A dividend of $0.10 per share was declared for April, continuing the company's policy of monthly dividend payments.
- The company has a competitive cash break-even point of $11,500 per day, allowing for profitability even in weaker markets.
- Bauxite ton miles grew 43% year over year, contributing positively to the company's shipping volumes and market position.
- Net financial expenses were $1.8 million, primarily due to interest expenses, impacting overall profitability.
- The Australian iron ore exports experienced a year-over-year decline of 10% in Q1 2025 due to cyclones, affecting shipping volumes.
- Global coal ton miles contracted by 30% year over year, with significant reductions in exports from Colombia.
- The dry docking program has been challenging, with increased dry docking times and congestion, potentially impacting operational efficiency.
- Interest-bearing debt stood at $112.5 million, which could pose a financial burden if market conditions worsen.
Welcome to 2020 Bulkers Q1 2025 caller report.
[operator instruction] I will now hand it over to speakers. Please begin.
Thank you, operator. Welcome to the Q1 2025 conference call for 2020 Bulkers. My name is Lars-Christian Svensen, and I will be joined here today by our CFO Vidar Hasund. Before we start the presentation, I would like to remind you that we will be discussing matters that are forward-looking. These assumptions reflect the company's current views regarding future events and are subject to risks and uncertainties. Actual results may differ materially from those anticipated.
With that squared away, I will now continue with the highlights of the quarter. We reported a net profit of $0.2 million and that earnings per share of $0.01 and cheap time charge of equivalent earnings of approximately $19,000 per day gross. Total dividends and cash distributions for the quarter, total $0.10 per share for the month of January to March. During this period, we
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