GPRT.L Regulatory News (GPRT)

1 Dec 2006 07:01

Goldenport Holdings Inc01 December 2006 Goldenport Holdings Inc. Athens, 1st December 2006 Fleet Expansion Acquisition of One Sub-Panamax Container Vessel Goldenport Holdings Inc. ("Goldenport" or "the Company") announces that it hasagreed to acquire one sub-panamax container vessel, with 40,928 MT deadweightand nominal intake of 3,032 TEU. The vessel was first delivered in 1986 to Kawasaki Heavy Industries, Japan and will be purchased from the unaffiliatedthird party Kawasaki Kisen Kaisha Ltd of Japan for an aggregate purchase priceof US$ 17.0 million. The vessel will be delivered to Goldenport in March 2007,at which time further details of the charter contract to be entered into, willbe announced. Captain Paris Dragnis, Chief Executive Officer of Goldenport Holdings Inc, said:"This is the third container vessel that we have acquired since our IPO inApril 2006. This high spec vessel is a valuable addition to our well diversifiedfleet. The vessel's fuel efficiency at trading speeds of 22 knots and goodcontainer intake will allow her to trade competitively for many more years. Thevessel acquisition is in line with our strategy of enlarging our fleet with wellmaintained second hand vessels." - ENDS- For further information, please contact Goldenport Holdings Inc. Christos Varsos, Chief Financial Officer +30 210 8910500 John Dragnis, Commercial Director +30 210 8910500 Smithfield: John Kiely / Will Swan +44 (0)20 7360 4900 Further Information Overview of Goldenport Goldenport is an international shipping company that owns and operates a fleetof dry bulk and container vessels that transport cargo worldwide. The fleetconsists of ten dry bulk carriers and eleven container vessels (including the vessel mentioned above). Goldenport is listed on the London Stock Exchange underticker GPRT. Selected Financial Information Goldenport reported revenues of US$39.8 million, EBITDA of US$25.1 million andnet income of US$21.7 million for the six months ended 30 June 2006. Goldenportalso declared interim dividend of 5.6 pence per share (making an interim payoutof £ 3.9 million), which was paid on October 4th 2006. Goldenport's strategy Goldenport's primary objective is to manage its fleet in a manner that allows itto maximise returns for shareholders and maintain profitability across theshipping cycle. To accomplish this objective, Goldenport has identified the following strategies, which build upon its existing strengths: - Employment of vessels in a manner that provides stable cash flows - Effective management of the size and nature of the fleet with a view to expansion of the company - Maintain exposure to both the dry bulk and container sectors - Attraction and retention of blue-chip customers - Capitalise on established reputation - Maintenance of a strong balance sheet with low leverage This information is provided by RNS The company news service from the London Stock Exchange