On May 14, 2018, GoodBulk Ltd. (GoodBulk) (N-OTC: BULK) took delivery of the Aquacarrier, a 2011 built Capesize vessel of 175,935 dwt built by Jinhai, CHN.

GoodBulk Ltd. Announces Delivery of Capesize Vessel and Updates on Capital Formation
Caption: Bulk carrier Aquacarrier (ex Angel) - Image courtesy of Marcel Coster

The purchase – which is the final one to deliver out of the six option Capesize vessels acquired from funds managed by CarVal Investors, LLC (“CarVal”) on December 20, 2017 – was financed with a combination of cash on hand, availability under existing credit facilities and the issuance of 1,150,689 new common shares to funds managed by CarVal. The vessel is expected to be employed in the spot market via the Capesize Revenue Sharing Agreement (“Capesize RSA”) managed by C Transport Maritime SAM (“CTM”).

Capital Formation:

On May 8, 2018 the Company completed the fifth, and final, closing of the December 20, 2017 Rights Offering (“Rights Offering”) issuing 268,577 shares for gross proceeds of $4,090,428.

As of May 15, 2018, the Company has 29,537,993 shares outstanding.

Source: GoodBulk