GoodBulk president John Michael Radziwill has taken majority control of the former bulker owner after the exit of US-owned CarVal Investors.
The company said in a filing to the Oslo over-the-counter exchange that CarVal-managed funds had offloaded their entire 54.1% of 14.65m shares to Radziwill’s Bretta Navigation Corp.
The boss now has a 56% stake in GoodBulk, the public arm of the C Transport Maritime (CTM) group.
This holding is worth NOK 11m ($1m), based on a share price of NOK 0.73.
“We are happy to have purchased their shares as it allows [us] to streamline and have a more balanced external shareholding,” Radziwill told TradeWinds.
“At Goodbulk we are exploring our options and opportunities via CTM to find the right investment at the right time,” he added.
“Currently CTM is augmenting its capacities through new technologies to better advise their clients on making the most well-founded decisions.”
As a result of the sale, CarVal principal Gregory Belonogoff has resigned from his position as a director.
Belonogoff leads CarVal’s London office and its transport investments.
In 2019, CarVal was reported to have sold two handysize bulk carriers, sealing its exit from direct shipowning.
Brokers said the 37,300-dwt handysizes Alpine and Summit (both built 2015) went to White Lake Shipping for $14.65m each.
Like many other private equity funds, CarVal made its entry into shipowning in 2013 with a flurry of vessel acquisitions.
But unlike many others, CarVal stayed involved with shipping.
The firm had focused mainly on investing in other shipping companies in more recent times, however.
Exited shipowning
In 2019, CarVal held a 6.5% stake in Diamond S Shipping and 0.5% of John Fredriksen’s Golden Ocean Group.
CarVal acquired its GoodBulk investment after selling 13 capesizes to the Monaco-based operation in 2017.
GoodBulk divested its last 11 capesizes in 2023, returning all the proceeds to shareholders.
Radziwill has told TradeWinds there will be a GoodBulk comeback in the future and it could well make its way to public markets.
A listing could happen in New York, Oslo, Singapore or even London, he said.
GoodBulk has sold 23 vessels since the start of 2022.
Radziwill has been contacted for comment.
