2020 BULKERS (2020) Q1 2026 earnings summary

Executive summary

• All vessels were sold, with five delivered in Q1 2026 and one in April 2026, marking a significant shift in operations.

• Net income for Q1 2026 was $154.1 million, driven by gains on vessel sales.

• Special dividend and share repurchases distributed most cash to shareholders, retaining $4 million for future opportunities.

Financial highlights

• Total operating revenues and other income reached $161.8 million in Q1 2026, up from $9.5 million in Q1 2025, mainly due to $149.2 million gain on vessel sales.

• Operating profit was $157.3 million, compared to $2.0 million in Q1 2025.

• Basic and diluted EPS were $6.73, up from $0.01 year-over-year.

• Cash and cash equivalents rose to $274.2 million as of March 31, 2026, from $244.9 million at year-end 2025.

Outlook and guidance

• Retained cash of approximately $4 million post-dividend and buybacks to pursue strategic opportunities.