Dry CargoEuropeMaritime CEO

GoodBulk: ‘In this market, it seems you are almost the bad guy because you made money’

John Michael Radziwill has hit out at shipping’s naysayers, arguing that there’s plenty of money to be made, even in dry bulk.

The extravert boss of Monaco-based GoodBulk announced a $10.9m net profit yesterday for the fourth quarter, resulting in earnings per share (EPS) of $0.36 and a dollar dividend to his shareholders, something Radziwill argues in conversation with Maritime CEO today that sets his company significantly apart from all his competitors.

The dollar dividend, GoodBulk’s eighth consecutive quarterly handout, is many times more than anyone else, Radziwill claims, saying his company has been “massively outperforming” the cape market as a result of the performance of its capesize pool and the ability to properly time market swings.

“The platform we have should be recognised as best in class,” Radziwill says, clearly irked at some of the reporting of how his company is faring.

“In this market, it seems you are almost the bad guy because you made money,” Radziwill says, adding: “We can show our industry is a profitable one if operated with discipline and in the right manner.”

The GoodBulk results also confirm reports carried by Splash that the company sold two capes last month – the Aquacarrier and the Aquajoy.

With Fearnleys this week calling the bottom of the cape market and the Baltic Capesize Index picking itself off the floor, Radziwill, who tends to exude bullishness, is confident the worst is over for dry bulk.

“We think there is light in the cape market for 2020 and beyond,” he says, going on to describe what he terms as the “coiled spring effect” that ought to manifest the market in the coming months as the coronavirus eases, something similar to what happened in 2019 after the disastrous start to the year with Vale’s myriad production woes.

As well as demand coming back, the orderbook remains low with Radziwill saying any owner would have to be “very brave” to contract today and scrapping levels are increasing.

“Once things normalise after the coronavirus, the world will play catch up with iron ore and also coal,” Radziwill predicts, hoping for a ninth consecutive dividend.


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