27 Apr 2010 07:00
Goldenport Holdings Inc.
Athens, 27 April 2010
Acquisition of a Handymax Bulk Carrier Vessel
Goldenport Holdings Inc. ("Goldenport" or "the Company"), (LSE: GPRT) the international shipping company that owns and operates a fleet of container and dry bulk vessels announces today that it has agreed to acquire the geared Handymax bulk carrier vessel 'Arctic-Trader', with 48,170 MT deadweight. The vessel was first delivered in 1994 from Brodosplit Shipyard, in Split, Croatia and will be purchased from an unaffiliated third party, 'NB Three Shipping Limited S.A.', of Panama, for an aggregate purchase price of US$ 17.25 million.
The Company will finance the acquisition by drawing-down in full the existing committed credit line of US$ 20 million.
The vessel is expected to be delivered to the Company in May 2010, at which time it will commence operations. Upon delivery the vessel will be immediately employed under a new time charter already arranged at the daily rate of US$ 18,600 for a minimum period of 18 months.
Following this acquisition, Goldenport's fleet grows to twenty-five container and dry bulk vessels, consisting of eleven container vessels (including one new-build vessel with delivery scheduled for 2011) and fourteen dry bulk carriers (including six new-build vessels with deliveries scheduled for 2010 and 2011).
Captain Paris Dragnis, Founder and Chief Executive Officer of Goldenport, commented: "Goldenport continues to take advantage of market opportunities to grow our fleet through accretive acquisitions. At the same time, we maintain a strong balance sheet and adequate access to bank financing that enable us to seek additional opportunities as these may arise.
"Pursuing a prudent fleet expansion strategy, we are pleased to add a second hand bulk carrier to the fleet which will be accretive both in terms of profitability and cash flow generation. The acquisition of the 'Arctic-Trader' is in line with our strategy of acquiring reasonably priced second hand tonnage and arranging period employment to provide stable and predictable cash flows.
"To fund the acquisition we plan to draw-down in full the committed bank facility that we had previously arranged for such growth opportunities. Even after utilising this credit facility we still have available another facility which allows us to fuel further fleet expansion.
"We believe that our expansion in our preferred sub-segment of the dry cargo market reinforces our position in this segment of strategic focus for our Company and enhances our earning potential for the longer term. It also enables us to improve our service to the major clients we have been serving through the years.
"We continue to evaluate and consider a number of additional opportunities for the acquisition of second hand or new building tonnage, to further enhance our fleet in accordance with our investment strategy and objectives".
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For further information, please contact
Goldenport Holdings Inc.:
Christos Varsos, Chief Financial Officer +30 210 8910500
John Dragnis, Commercial Director +30 210 8910500
Investor Relations Coordinators:
Capital Link:
Annie Evangeli - London +44 203 206 1320
Nicolas Bornozis - New York +1 212 661 7566
E-mail: goldenport@capitallink.com
info@goldenport.biz
Further Information:
Overview of Goldenport
Goldenport is an international shipping company that owns and operates a fleet of twenty-five container and dry bulk vessels that transport cargo worldwide. The fleet consists of eleven container vessels (including one new-build vessel with delivery scheduled for 2011) and fourteen dry bulk carriers (including six new-build vessels with deliveries scheduled for 2010 and 2011). Goldenport is listed on the London Stock Exchange under the ticker GPRT.
Website: www.goldenportholdings.com or www.goldenport.biz