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24/05-2019 10:09:16: (2020.OTC) 2020 BULKERS LTD. – COMPLETED PRIVATE PLACEMENT (2020)

Hamilton, Bermuda, May 24, 2019

Reference is made to the announcement made on May 22, 2019 concerning a contemplated equity offering of up to 7,800,000 new shares in 2020 Bulkers Ltd. (“2020 Bulkers” or the “Company”).

The Company is pleased to announce that it closed the book building period on May 23, 2019 having received binding orders for subscription of 7,800,000 shares at the price of US$ 9.00 per share, corresponding to gross proceeds of US$ 70.2 million (the "Equity Offering") with the support from new and existing investors.

Net proceeds from the Equity offering will be used to fully finance the Vessels and working capital purposes.

Notification of the allocation will be sent out following a Board of Directors meeting today. Payment and delivery of new shares is expected to take place on May 31, 2019. The new shares to be issued in the Equity Offering will be listed on NOTC on May 31, 2019.

Clarksons Platou Securities AS, Danske Bank, DNB Markets, Fearnley Securities AS, Nordea Bank, Pareto Securities AS and Skandinaviska Enskilda Banken AB (publ) acted as Joint Lead Managers (the ”Managers”) for the Private Placement.

About 2020 Bulkers: 2020 Bulkers has 8 Newcastlemax drybulk vessels under construction at New Times Shipyard in China. All vessels will be fitted with exhaust scrubber systems. The vessels are expected to be delivered from the yard between September 2019 and May 2020.

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.



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