Welcome to 2020 Bulkers Q4 2025 financial presentation. For the first part of this call, all participants are in a listen-only mode. Afterwards there'll be a question-and-answer session. To ask a question during the Q&A, please press five star on your telephone keypad. This call is being recorded. I'll now turn the call over to CEO Lars-Christian Svensen. Please begin.
Thank you, Operator. Welcome to the Q4 2025 conference call for 2020 Bulkers. My name is Lars-Christian Svensen, and I will be joined here today by our Chairman Magnus Halvorsen and 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. I will now continue with the highlights of the quarter. We reported a net profit of $13.8 million and an EBITDA of $16.5 million for the fourth quarter of 2025. We achieved an average time-charter rate of about $39,300 per day in the same period. Our total dividends amounted to $0.63 for the months of October, November, and December 2025.
In October 2025, we signed an agreement to sell the Bulk Sao Paulo for a total of $72.75 million with Q1 2026 delivery. In November 2025, we signed further agreements to sell the Bulk Sydney and the Bulk Santos for a total of $145.5 million. These two vessels will also be delivered to new owners within Q1 2026. In subsequent events, we report an average net TC earnings of about $30,800 per day for the month of January 2026, and this morning we also announced a dividend of $0.15 for the same month. With that, I will now pass the word to Vidar.
Thank you, Lars-Christian. 2020 Bulkers reports a net profit of $13.8 million and earnings per share of $0.60 for the fourth quarter of 2025. Operating profit was $15.8 million and EBITDA was $16.5 million for the quarter. Operating revenues and other income were $21.4 million for the fourth quarter. The average time charter equivalent rate was approximately $39,300 per day gross. Vessel operating expenses were $3.5 million and the average operating expenses per ship per day were approximately $6,300 in the fourth quarter. G&A for the fourth quarter was $1.1 million. 2020 Bulkers recognized approximately $0.5 million in management fee as other income in the financial statements. Interest expense were $1.9 million for the quarter. Shareholders' equity was $148.4 million at the end of the quarter. Interest-bearing debt was $112.5 million at the end of the fourth quarter and is non-amortizing until maturity in April 2029.
Cash flow from operations was $15.5 million for the quarter. Cash and cash equivalents were $22.1 million at the end of the quarter. The company declared total dividends to shareholders of $0.63 per share for the months of October, November, and December 2025. That completes the financial section, and now over to you, Magnus.
Thank you, Vidar. As our remaining ships will now soon be delivered to their new owners, I just wanted to reflect and summarize a little bit the 2020 Bulkers history and the financial returns we've generated for our loyal shareholders. We started out in 2017 by ordering eight scrubber-fitted Newcastlemax vessels at New Times Shipyard, paying at the time all-inclusive $47.6 million. We believed at the time there was a very interesting risk-reward given the attractive new building prices and falling order book. As we became an operating company, we remained profitable every single quarter from the delivery of our last vessels. Looking at what this has meant in terms of returns, the company was initially financed by $142 million in equity through a number of share issues.
As of and including the declaration we made today, we have declared a total of $251 million in dividends and distributions to other shareholders. As we've reported today and Vidar went through, we expect to have net proceeds from the sale of the last vessels amounting to around $311 million after all debt has been repaid. Additionally, we have around $50 million in cash on the balance sheet as of today. What this means for the investors who supported us throughout the whole story, participating pro rata in every equity offering since November 2017, we've generated an IRR of 28% per annum measured in dollars. For those and perhaps more relevant who came in on the IPO on the then Oslo Axess in June 2019, the annual return including dividends has been 31% measured in US dollars.
This compares to 17% for the S&P 500 and just under 16% for the Oslo Stock Exchange measured in dollars for apples-to-apples comparison. As we stated in the release today, our intention is to, as soon as possible, return all the proceeds from the sales to shareholders as well as the majority of cash on hand. We will retain a small amount in the company to support G&A, which will enable us to stay listed while we can evaluate potential strategic or other opportunities. Before I go to the Q&A, I'd like to thank everyone who's been part of the story so far. We obviously wouldn't have been able to do this without the investors, and I think particularly the ones that supported us in the very challenging share offering in May 2019.
At the time, dry bulk was not exactly in fashion. It was very tough to get it done. Also a big thanks to the employees, the board, the banks, brokers, New Times Shipyard, and of course, very importantly, our very good charterers, which we have remained very loyal to. With that, I'll leave it over to the operator for questions.
Thank you. We'll now start the Q&A session. If you wish to ask a question, please press five star on your telephone keypad. To withdraw your question, you may do so by pressing five star again. There'll be a brief pause while questions are being registered. As a reminder, if you want to ask a question, please press five star on your telephone keypad. As there appears to be no questions in the queue, I'll hand it back to the speakers for any closing remarks.
Okay. I think we've said what we want to do. So thank you, everyone, for dialing in. And if you have any questions that you didn't ask, feel free to reach out to us. Thank you very much.