GoodBulk

Monaco based shipowner and operator GoodBulk Ltd anticipates a stabilization in dry bulk markets after the coronavirus recession. John Michael Radziwill-led GoodBulk Ltd plans to pay notable capital dividends to investors. Oslo OTC (Over-the-Counter) listed GoodBulk Ltd reported $7.2 million in EBITDA in Q2 2020 and strong cash reserves. GoodBulk Ltd reported a net loss of $5.8 million in Q2 2020. GoodBulk Ltd is not planning to sell any ships at these levels. In Q2 2020, GoodBulk Ltd’s fifteen (15) bulk carriers average earnings were below the Baltic Index due to the lag created by fixing bulk carriers during a rising spot market. GoodBulk Ltd is optimistic about the dry bulk market. According to Monaco based shipowner and operator GoodBulk Ltd, supply and demand for dry bulk shipping seem compelling for the rest of 2020. 16-August-2020

 

Monaco based shipowner and operator GoodBulk Ltd has reported a net loss of $5.8 million in Q2 2020 versus $228K profit in Q2 2019. Oslo OTC (over-the-counter market) listed GoodBulk Ltd has refinanced almost all of its existing loans. GoodBulk Ltd has reported a net loss due to a weak dry bulk market plus a $10 million depreciation charge. In Q2 2020, GoodBulk Ltd booked $2 million net profit when the company sold 2003 built capesize bulk carrier 171K DWT MV Alam Cetus (ex MV Aquajoy). John Michael Radziwill led GoodBulk Ltd halted the company’s quarterly dividend due to coronavirus recession. However, GoodBulk Ltd endeavors to deliver funds to shareholders at the earliest convenient time. In 2019, GoodBulk Ltd distributed $100 million to shareholders. GoodBulk Ltd reported TCE (Average Time-Charter Equivalent) of $8,912 per ship per day in Q2 2020. GoodBulk Ltd’s 15 capesize bulk carriers are traded in the spot market in the Capesize Chartering pool in Q2 2020. GoodBulk Ltd’s 8 capesize bulk carriers are employed on period charters. GoodBulk Ltd’s bulk carriers are managed by John Michael Radziwill controlled C Transport Maritime (CTM). GoodBulk Ltd made early terminations of IRS (Interest Rate Swap) agreements with ABN AMRO. GoodBulk Ltd has also agreed with two other bankers, Credit Suisse and ING Bank, to combine and extend existing IRS (Interest Rate Swap) agreements. In Q3 2020, GoodBulk Ltd has chartered out around half of its capesize bulk carriers. 6-August-2020

 

John Michael Radziwill led GoodBulk Ltd is the first mainstream shipowner to complete a traditional IPO (Initial Public Offering) in New York in 3 years. GoodBulk IPO (Initial Public Offering) would be the first successful shipping IPO (Initial Public Offering) since Gener8 Maritime floated in June 2015. Monaco based GoodBulk Ltd is seeking to sell 8.5 million shares in a range between $15.50 and $17.50 on the Nasdaq exchange, which would value IPO (Initial Public Offering) around $140 million if it prices at the midpoint. Underwriters have the option to purchase a further 1.275 million shares, which would bring a further $21 million on the same basis. John Michael Radziwill led GoodBulk Ltd unveiled its first public prospectus on 1 June as it looks to bring a fleet of 25 dry bulk carriers (22 capesize dry bulk carriers) on the Nasdaq through an offering led by Morgan Stanley and Credit Suisse. GoodBulk will buy a further 5 second-hand capesize dry bulk carriers for $178.75 million from private company CTM. CarVal Investors is the largest current GoodBulk holder at 49.6% of shares. CarVal Investors would remain as the largest shareholder after the IPO but at 38.5%. Other shareholders include financial fund Lantern (12.9%), Radziwill (12.4%), Brentwood Shipping (11.6%), and Fidelity (9.8%). 19-June-2018

 

GoodBulk CEO John Michael Radziwill is aiming to acquire 11 dry bulk carrier fleet of Rewood Ocean Shipping Co (Rosco) for $185 million. Chinese shipowner and operator Rewood Ocean Shipping Co (Rosco) has a fleet of 1 capesize, 3 kamsarmax and 7 panamax dry bulk carriers. Chinese shipowner and operator Rewood Ocean Shipping Co (Rosco) has a parent company Sanhe Hopefull Grain & Oil Group. John Michael Radziwill led GoodBulk, which is listed on Oslo’s OTC (Over The Counter) Market, is planning for a listing in New York Stock Exchange. In 2017, GoodBulk was the largest single buyer of second-hand dry cargo ships. CarVal holds a 44% stake in GoodBulk, with anchor investors Lantern Asset Management, Mangrove Partners, Fidelity and CTM Holding a combined 41%. Brentwood Group owns 14%. John Michael Radziwill’s private company C Transport Maritime (CTM) manages dry bulk carrier fleet of GoodBulk. 27-February-2018

 

Oslo over the counter market listed GoodBulk is planning to apply to be listed in New York in 2018. John Michael Radziwill led GoodBulk was offered to public in Norway earlier in 2017 and grew in a very fast way. GoodBulk is combining powers with CarVal. CarVal dry bulk carriers will bring down the average age of the GoodBulk fleet while adding additional earnings power. GoodBulk reported seven (7) firm capesize 180K DWT dry bulk carriers secured from CarVal:

  • M/V RS Iron Range (2011)
  • M/V Maka Franz (2009)
  • M/V Belle Taine (2010)
  • M/V Minnetonka (2012)
  • M/V Minnehaha (2012)
  • M/V Itasca (2012)
  • M/V Silver Surfer (built 2013)

Oslo listed GoodBulk reported a net profit of $414,000 in Q3 2017. Market analysts estimate that GoodBulk will complete 2017 with a profit of $8 million. 10-November-2017

 

John Michael Radziwill led GoodBulk bought 2007 Japanese built panamax dry bulk carrier for $13 million. Norwegian OTC listed GoodBulk has a fleet of 10 dry bulk carriers. In February 2017, Norwegian OTC listed GoodBulk bought 2007 built supramax dry bulk carrier 55K DWT MV Aquakula. 22-April-2017