Q1 2022 2020 Bulkers Ltd Earnings Call Transcript
Welcome, everyone to the second-quarter 2022 earnings conference call for 2020 Bulkers. I'm joined here today as usual by our CFO, Vidar Hasund.
Before we start the presentation, we'd like to remind you that we will be discussing matters that are forward looking today. These forward-looking assumptions are based on the Company's current views with regards to future events and hence, subject to risk and assumptions that are subject to uncertainties. Actual results may differ materially.
And with that, I'll move over to the highlights for the quarter. We generated net profits of $5.9 million in the first quarter. This is slightly above our net profit of $5.8 million for the first quarter last year. As we'd like to remind you, we maintain the track record having been profitable every quarter since we got our first vessel in operation in Q3 2019. We again outperformed the Capesize index this quarter and achieved average time charter equivalent earnings of $24,000 per day.
This compares to the Baltic Capesize Index, which
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