GoodBulk in Fleet Build-Up Mode

GoodBulk Ltd., a recently formed owner and operator of dry bulk vessels, has entered into an agreement to buy a 2007-built Capesize vessel, bringing the total number of vessels acquired since its formation to twelve.

The 177,000 DWT MV IVS Cabernet was built by Namura shipyard in Japan and is expected to be delivered in September 2017 when it would be renamed Aquahop.

The company’s growing fleet includes nine Capesize vessels bought at an average purchase price of USD 16.5 million, one Panamax, and two Supramax dry bulk vessels.

During the first six months of this year, GoodBulk, which started operations in December 2016, took delivery of ten vessels which are currently employed in the spot market and expects to take delivery of an additional two vessels in Q3 2017.

“GoodBulk continues to execute upon its strategy of building a leading owner of dry bulk assets and to acquire high-quality second-hand dry bulk tonnage at historically attractive valuations,” the company said announcing results for the second quarter of the year.

With respect to financing, the company said that in August 2017, it secured a USD 50 million credit facility with Credit Suisse in order to partially finance the acquisition of its fleet. Some USD 45 million is still available under the credit facility, the Monaco-based company added.

“GoodBulk expects to use availability under this credit facility, along with cash available on its balance sheet, to fund the announced acquisitions. It is anticipated that when all vessels have been delivered the company will have drawn down USD 65 million of the USD 110 million available under the company’s two credit facilities,” the shipowner further noted.

For the six-months ended June 30, 2017, the company reported revenues and other income of USD 6.3 million, and net income of USD 0.1 million.

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Posted on September 8, 2017 with tags .

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