GoodBulk Ltd., a leading owner and operator of dry bulk vessels, announced that it has come to an agreement with its banks to refinance its fleet:
In June 2020, GoodBulk received credit committee approval from its banks for a loan of $200 million to refinance the full amounts outstanding under five of its six existing facilities for approximately the same total amount. The new $200 million loan is subject to the execution of customary definitive documentation and GoodBulk expects to finalize it within the first half of July 2020. The loan will have a tenor of five years, bear interest at LIBOR plus 2.35%, which is about 0.15% below the present spread and include a non – amortizing period up until January 2021. This arrangement will allow GoodBulk to further reduce its already competitive all-in cash break – even 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 new fleet-wide cash break-even would be as follows:
Furthermore, taking into consideration the revenues deriving from the chartered-out vessels, the cash break-even is further reduced to $2,785 per day in the third quarter of 2020 for 17 open vessels (70% of our ownership days) and to $5,299 for the fourth quarter of 2020 for 19 open vessels (80% of our ownership days).