GoodBulk to Make Its Capesize Ships BWMC Compliant

Dry bulk vessel owner and operator GoodBulk plans to equip eleven of its Capesize vessels with ballast water treatment systems (BWTS) in the coming period. 

BWTS will be installed on three Capesize bulkers in 2019 and on eight ships in 2020 during their scheduled drydocks, the company said.

The installation of the systems will be evaluated on a case by case basis depending upon age of each ship and the market conditions. The estimated drydock expense and off hire days for 2019 and 2020 will be USD 21.9 million and 296 days.

“This capital expenditure is necessary to ensure the proper, safe and efficient operation of our vessels and to comply with international shipping standards and environmental laws and regulations,” the company explained.

The investment has been unveiled in GoodBulk’s financial results for the three-month period ended December 31, 2018, in which the company announced its seventh profitable quarter.

GoodBulk generated USD 10.6 million of net profit and USD 26 million of EBITDA in Q4 2018. In addition, the company reported revenues and net other operating income of USD 56.2 million during the quarter.

The company earned an average gross TCE of USD 17,747 per day on its Capesize vessels, USD 10,303 per day on its Panamax vessel and USD 12,480 per day on its Supramax vessels for the three months ended December 31, 2018.

In November 2018, the company delivered M/V Aquapride, one of its Supramax vessels, to its new owners. The disposal was followed by the addition of three new vessels, M/V Aquasalwador, M/V Aquaexplorer and M/V Aquanavigator, to the GoodBulk’s fleet in the third quarter of the year.

With regards to the market development in 2019, GoodBulk said it is subject to China’s policies and trade relations, the availability of longhaul iron ore cargoes from Brazil, disruptions caused by the upcoming implementation of IMO 2020 regulations and fleet growth. The company expects the IMO regulations to effectively reduce fleet supply through vessels exiting the market to retrofit scrubbers and undergo fuel testing.

GoodBulk currently controls a fleet of twenty-five Capesize, one Panamax and one Supramax dry bulk vessels with an average age of 9.9 years.