Goodbulk News

Monaco-based international owner and operator of dry bulk vessels GoodBulk has announced that Andrew Garcia has resigned from his position of president and director.The provider of marine transportation services said in a press release that its board has approved Brentwood Shipping and Trading’s appointment of Carlos Pena, Chief Commercial Officer of C Transport Maritime S.A.M. (CTM), as incoming Director.Pena has over 16 years’ experience in shipping across various areas and within CTM, GoodBulk’s commercial, operational and technical manager, he is responsible for overseeing all commercial activities.The company said that it is confident Pena will bring a wealth of knowledge and insight helping to further GoodBulk’s goals.

The market for Initial public offerings (IPOs) across the global shipping industry has remained understandably muted in recent years but secondary offerings continue to be an important funding mechanism, according to a recent report from Drewry Maritime Financial Research.Despite low interest in shipping IPOs in the US over the last few years, listed shipping companies continue to raise money through secondary/additional offerings and bond offerings in the US market with Oslo emerging as the preferred platform for shipping companies to raise equity.Investor appetite for shipping sector IPOs has remained weak as earnings have remained negative or sub-par at best…

The bulk investment company focusing on vessels in the second hand market GoodBulk entered into a new credit facility with ING Bank for up to $73.0 million. This facility has an initial term of five years, profile of sixteen years.GoodBulk took delivery of the M/V Aquasalwador, a 2012 built Capesize vessel of 180,012 dwt built by Daehan, KR o 4 September 2018.The Company entered into an agreement to purchase the vessel on 27 July 2018 for consideration of $34.7 million which was financed by a combination of cash on hand and $24.5 million of availability under the ING Bank credit facility. Consistent with Company policy, the LIBOR rate…

Bermuda-based owner and operator of dry bulk vessels GoodBulk entered into an agreement to sell the M/V Aquapride, a 2012 built Supramax vessel of 61,465 dwt built by Imabari, JPN at $20.0 million to Suisse Bulkers, an unrelated party.The vessel is expected to be delivered to its new owner between September and November 2018. The M/V Aquapride was acquired by GoodBulk, for a total consideration of $17.0 million and is expected to contribute net profit of approximately $2.3 million between being delivered into the Company’s fleet on 1 June 2017 and assuming delivery to the vessel’s new owners on 30 September 2018, resulting in a levered IRR of 51.0%.Separately…

GoodBulk, incorporated in Bermuda and headquartered in Monaco, announced that it has launched its initial public offering of 8,500,000 common shares at an anticipated initial offering price between $15.50 to $17.50 per common share. In connection with the Offering, the Company intends to grant the underwriters the option to purchase up to 1,275,000 additional common shares. The Company intends to use the net proceeds of the Offering, together with cash on hand and additional borrowings under the Company’s credit facilities, to fund the cash portion of the purchase price for the acquisition of up to five secondhand Capesize dry bulk vessels and for general corporate purposes.

GoodBulk, an owner and operator of dry bulk vessels, announced that it has filed a registration statement on Form F-1 with the United States Securities and Exchange Commission (SEC) relating to a proposed initial public offering (IPO) of its common shares.Morgan Stanley and Credit Suisse are acting as lead book-runners, Clarksons Platou Securities, Evercore ISI, Pareto Securities and UBS Investment Bank are also acting as book-runners, and ABN AMRO is acting as co-manager for the proposed offering.A registration statement relating to these securities has been filed with the SEC but has not yet become effective.GoodBulk, incorporated in Bermuda and headquartered in Monaco…

GoodBulk an owner and operator of dry bulk vessels announced that it took delivery of the Aquasurfer, a 2013 built Capesize vessel of 178,854 dwt built by South Korean Sungdong. The purchase – which is the sixth to deliver of the seven initial Capesize vessels acquired from funds managed by CarVal Investors pursuant to an agreement entered into on October 26, 2017 – was financed with a combination of cash on hand, availability under existing credit facilities and the issuance of 1,547,000 new common shares to funds managed by CarVal. The vessel is expected to be employed in the spot market via the Capesize Revenue Sharing Agreement (Capesize RSA) managed by C Transport Maritime SAM (CTM).

Greek dry bulk owner Goodbulk announced that in January it took delivery of two Capesize vessels and sold another one Capesize. The Company took delivery of the Aquaproud, a 2009 built Capesize vessel of 178,057 dwt built by Shanghai Waigaoqiao Shipbuilding (SWS), China on On January 24, 2018. The purchase, which is the third to deliver of six option Capesize vessels acquired from funds managed by CarVal Investors on December 20, was financed with a combination of cash on hand, availability under existing credit facilities and the issuance of 1,144,123 new common shares to funds managed by CarVal. The vessel is expected to be employed in the spot market via the Capesize Revenue Sharing Agreement managed by C Transport Maritime SAM.

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.

GoodBulk, an owner and operator of dry bulk vessels announced that it has entered into an agreement to acquire 7 to 13 Capesize dry bulk carriers from entities managed by CarVal Investors. Delivery of the vessels is expected to occur during the 4th Quarter of 2017 and the 1st  Quarter of 2018. “We are excited to partner with CarVal Investors in this transaction as we continue to execute upon the Company’s strategy of building an industry leading platform for investment in dry bulk vessels,” commented Chairman and CEO John Michael Radziwill. “Not only does this transaction provide GoodBulk’s shareholders with increased Capesize exposure at what we believe to be an opportune time in a recovering market…