The third-quarter bull market for capesize and panamax bulkers has helped GoodBulk post its best-ever quarterly result, topping the company’s record from the previous three months. The bulker owner is paying out $1 per share to its shareholders — or $30m in total — as capital repatriation for the period. This matches the dividend GoodBulk paid out during the second quarter, which was the most the company had ever distributed to shareholders. GoodBulk’s securities are registered on Oslo’s over-the-counter market.

The company said the positive results came on the back of sustained high demand for the transport of coal and iron-ore cargoes during the period. GoodBulk logged net profit of $32m — or $1.06 per share — during the third quarter of 2021, compared to a loss of $1.2m during the same period last year. Third-quarter revenue totaled $77.9m, up from $44.7m a year ago, underpinned by strong earnings for GoodBulk’s 22 capesizes and one panamax bulker.

Sixteen of GoodBulk’s capesize vessels were traded in the spot market during the third quarter, employed with Capesize Chartering Ltd via the CTH Capesize Revenue Sharing Agreement. GoodBulk’s lone panamax vessel — the 75,395-dwt Aquaknight (built 2007) — was also traded in the spot market during the quarter. Six capesize vessels were employed on period charters.

GoodBulk’s capesize fleet logged an average gross time-charter equivalent (TCE) rate of $29,083 per day during the third quarter and its panamaxes earned $28,997 per day. Average direct vessel operating expenses for the period came in at $5,872 per vessel per day. A year ago, GoodBulk’s capesizes earned $15,908 per day on average and its panamax had income of $6,412 per day.

The company observed that the Baltic Capesize Index averaged $42,379 per day during the third quarter this year, around double the level seen during the same period in 2020. The third-quarter results mean that GoodBulk has had a profitable first nine months of 2021. Its net profit for the period totaled $55.6m, compared to a $12.2m loss in the same period of 2020. Earnings per share during the nine months totaled $1.85, compared to a loss of $0.37 per share in the the first half of 2020.