The seasonally weaker capesize market and a smaller fleet weighed on shipowner GoodBulk’s first-quarter results, but the shipowner has still managed to pay out over $1 per share in distributions.

The capesize owner, which has its shares registered on Oslo’s over-the-counter market, recorded a net profit of $700,000, equating to $0.03 in earnings per share for the first three months of 2023.