Q3 2022 2020 Bulkers Ltd Earnings Call Transcript
Welcome, everyone, to the third-quarter 2022 earnings call for 2020 Bulkers. As usual, I'm also joined here today by our CFO, Vidar Hasund.
Before we start the presentation, I'd like to remind you that we will be discussing matters that are forward looking in nature. These forward-looking assumptions are based on the company's current views with regards to future events and are 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.
2020 Bulkers generated a net profit of $7.3 million in the third quarter. We still have an unbroken track record of profitability every quarter since we got our first vessel in operation in Q3 2019. We again outperformed the Capesize index during the quarter, and we achieved average time charter equivalent earnings of $25,800 per day compared to the Baltic Capesize index which was approximately $13,700 per day during the quarter. This comes from a combination of some fixed charter coverage as well as our
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