Goodbulk Ends Its First Business Year in Black

Mar 9, 2018

GoodBulk, a recently formed owner and operator of dry bulk vessels, concluded its first year of business with a net income of USD 3.1 million.

Reported revenues and other income for the full year stood at USD 34.1 million.

During the year the company’s fleet, which currently stands at 25 bulkers, earned an average gross time charter equivalent of USD 13,399.

For the fourth quarter, GoodBulk reported revenues and other income of USD 18.4 million, and net income of USD 2.6 million.

The newly formed company availed of the attractive asset prices on the market to acquire 13 second-hand ships from funds managed by CarVal Investors bringing the total fleet to twenty-five dry bulk vessels.

Two more ships remain to be delivered from the batch as of March 7.

The ships were mostly financed from credit facilities the company entered into last year, which include two loans for a total of USD 105 million with ABN Amro, one with Credit Suisse for USD 50 million and one with Danish Ship Finance for USD 37 million.

Separately, in January this year, the company entered into an agreement to sell the Aquabeauty, a 2003-built Capesize vessel of 171,014 dwt built by Sasebo, JPN to Greek buyers for USD 15 million.

GoodBulk, currently listed on the Norwegian OTC list, said that it continues to pursue a full listing of its shares on a major stock exchange.