Dry CargoEuropeFinance and Insurance

GoodBulk seals $200m deal to refinance fleet

Monaco-based GoodBulk has made a significant step to improving its profitability with the sealing of a $200m refinancing of its fleet.

GoodBulk has received approval from its banks for a $200m loan to refinance the outstanding amounts under five of its six existing facilities. The new loan, which is expected to be finalised next month, will have a tenor of five years

“This arrangement will allow GoodBulk to further reduce its already competitive all-in cash breakeven for the second half of 2020 to $6,922 per day from a current $10,507 per day, for 2021 to $9,947 per day from a current $10,305 per day and for 2022 to $9,810 per day from a current $9,878 per day,” the company revealed.

GoodBulk chairman and CEO John Michael Radziwill recently told Splash he believed that capes are headed for a sweet spot earnings-wise.

“Industrial activity is picking up. Commodity buying is back. Brazil iron ore exports are coming back this week and is reflected in day rates and the forward curve,” Radziwill said, adding: “Supply and demand is getting a lot tighter for now and for the rest of the year.”

GoodBulk currently has a fleet of 24 dry bulk vessels, made up of 23 capsizes and a panamax.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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