Marine Link
Tuesday, October 23, 2018

GoodBulk Opts for Six More CarVal Capesizes

Maritime Activity Reports, Inc.

December 27, 2017

Photo: GoodBulk Ltd.

Photo: GoodBulk Ltd.

 Greek dry bulk owner Goodbulk  informed that it expects to exercise the options to buy six more Capesize vessels for a price of USD 134.2 million. 

The purchase option was part of an agreement signed between Goodbulk and Carval Investors in October this year for a total of 13 Capezsize bulkers. 
"The option exercise is expected to be funded by a combination of cash on hand, availability under existing and new credit facilities, and issuance of $80.4 million of new shares, including 3,727,513 shares to be issued to funds managed by CarVal Investors, and the 1,680,441 Offer Shares in the Rights Offering. Net debt as a percentage of gross asset value is expected to remain below 30%," said a press release from the company.
Upon delivery of the Option Vessels, the Company will control a fleet of 25 dry bulk vessels consisting of 22 Capesize vessels, 1 Panamax vessel and 2 Supramax vessels. The Option Vessels are expected to be delivered in the 1st quarter 2018.
The Company will issue 494,131 Offer Shares in the first settlement, with 1,186,310 Offer Shares expected to be issued in subsequent settlements, to coincide with vessel acquisition closings. 
GoodBulk, incorporated in Bermuda and headquartered in Monaco, is an owner and operator of dry bulk vessels formed in December 2016 for the purpose of owning high quality second hand dry bulk vessels between 50,000 – 210,000 DWT. 
Maritime Reporter Magazine Cover Oct 2018 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News