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GoodBulk seals $200m refinancing for its fleet

Dry bulk owner GoodBulk has reached an agreement with its banks to seal a $200m refinancing deal for its fleet.

The Oslo-listed company has received credit committee approval from its banks for a loan of $200m to refinance the full amounts outstanding under five of its six existing facilities for approximately the same total amount.

The new five-year tenor $200m loan is expected to be finalised within the first half of July 2020.

“This arrangement will allow GoodBulk to further reduce its already competitive all-in cash breakeven 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,” GoodBulk stated.

“Furthermore, taking into consideration the revenues deriving from the chartered-out vessels, the cash breakeven 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),” it added.

At present, GoodBulk controls a fleet of 24 dry bulk vessels, including 23 capesize vessels and one panamax vessel.

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