GoodBulk Ltd. Announces Delivery of Capesize Vessel and Updates on Capital Formation

GoodBulk Ltd. Announces Delivery of Capesize Vessel and Updates on Capital Formation

GoodBulk Ltd. Announces Delivery of Capesize Vessel and Updates on Capital Formation

Hamilton, Bermuda – (February 16, 2018) – GoodBulk Ltd. (“GoodBulk” “Company”) (N-OTC: BULK) an owner and operator of dry bulk vessels announced that yesterday, February 15, 2018 it took delivery of the Aquahaha, a 2012 built Capesize vessel of 179,023 dwt built by Hanjin, PH. The purchase – which is the fourth to deliver of the seven initial Capesize vessels acquired from funds managed by CarVal Investors, LLC (“CarVal”) pursuant to an agreement entered into on October 26, 2017 – was financed with a combination of cash on hand, availability under existing credit facilities and the issuance of 1,379,560 new common shares to funds managed by CarVal. Following the share issue to CarVal the Company will have 22,337,927 outstanding common shares. The vessel is on a fixed-rate charter with estimated redelivery date towards the end of the 1st quarter 2018.

Upon delivery of the Aquahaha and the sale of the Aquabeauty (announced in the Company’s press release dated 31 January 2018), GoodBulk will have a fleet of 16 Capesize vessels, 1 Panamax vessel, and 2 Supramax vessels on the water, with an additional 5 Capesize vessels expected to be delivered within the beginning of the 2nd quarter of 2018.

Capital Formation:

  • On February 14, 2018 the Company completed a third closing of the December 20, 2017 Rights Offering (“Rights Offering”) issuing 329,775 common shares for gross proceeds of $5,022,473.
  • Upon delivery of the Aquahaha and the third closing of the Rights Offering the Company will have 22,667,702 outstanding common shares.
  • Upon settlement of all anticipated issuances, the Company is expected to have approximately 29,560,432 common shares outstanding.

 

About GoodBulk Ltd.

GoodBulk, incorporated in Bermuda and headquartered in Monaco, is an owner and operator of dry bulk vessels founded in October 2016 for the purpose of owning high quality second hand dry bulk vessels between 50,000 – 210,000 DWT. Upon delivery of announced vessel acquisitions and dispositions GoodBulk will control a fleet of 24 dry bulk vessels, including 21 Capesize vessels, 1 Panamax vessel, and 2 Supramax vessels. Designed to provide an efficient vehicle for investors to access the dry bulk market, all assets are externally managed by C Transport Maritime S.A.M. a leading third-party manager of dry bulk vessels. GoodBulk is listed on the Norwegian OTC market under the symbol BULK. More information can be found online at www.goodbulk.com.

Company contact:
Andrew Garcia
President and Director
GoodBulk Ltd.
+377 97 98 59 87
ag@goodbulk.com