GoodBulk to exercise six capesize options

GoodBulk to exercise six capesize options

Greek dry bulk owner Goodbulk has announced its intention to exercise options to acquire an additional six capesize vessels for a total price of $134.2m.

The purchase option was part of an agreement signed between GoodBulk and CarVal Investors in October for a total of 13 capesize bulk carriers. GoodBulk has already acquired the initial seven vessels.

The option is expected to be funded by a combination of cash on hand, availability under existing and new credit facilities, and issuance of $80.4m of new shares.

The option vessels are expected to be delivered in the first quarter of 2018, which will increase the company’s fleet to 25 vessels consisting of 22 capesizes, one panamax and two supramax vessels.

Following completion of the entire transaction, funds managed by CarVal Investors will be GoodBulk’s largest shareholder.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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