GoodBulk voiced confidence in a dry bulk market recovery as it set out dividend payment plans and continued to focus its investment in the capesize market.
It came as John Michael Radziwill-led GoodBulk saw its third quarter profit extended by a stronger market and a larger fleet.
“Management remains optimistic that supply and demand fundamentals in the capesize market will remain strong supported by historically low fleet growth and growth in tonne miles,” GoodBulk told investors today.
The company has built up a fleet of 27 ships, including 25 capesize bulkers – three of which were purchased from JP Morgan this summer after plans to list in the US were pulled.
GoodBulk, which can invest in bulkers from supramax to newcastlemax, said it sees the most attractive risk reward opportunities in the capesize segment, where it will continue to focus its capital. This is in line with commentary from the previous quarter.
GoodBulk today posted a profit of $14.5m for the third quarter, up from a profit of $700,000 in the same period of 2017.
A dividend of $0.24 per share will be paid for the quarter, with a new floating dividend formula introduced.
“Going forward, GoodBulk will seek to distribute 25–50% of net income to shareholders on a quarterly basis by dividend or stock repurchases, subject to the sole discretion of our board of directors,” its third quarter report said.
