8 Nov 2010 07:00
Goldenport Holdings Inc.
Athens, 8 November 2010
Delivery of Second COSCO Supramax New-Build Bulk Carrier
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 that it took delivery of the second new build geared bulk carrier vessel with 57,000 DWT capacity from the COSCO (Zhousan) Shipyard Co Ltd., in China. The vessel was named 'Sifnos' and commenced its agreed time charter following delivery.
For the period between the delivery of the vessel and January 2011 at the earliest or April 2011 at the latest, the vessel will be earning US$18,250 per day.
Following this period the vessel will commence a three year time charter with a floor rate of US$ 17,700 per day plus a profit sharing arrangement. Above US$ 18,200 per day the Company and the charterer will split on a 50/50 basis the difference between US$ 18,200 and 105% of the average monthly rate indicated by the Baltic Supramax Index (BSI). The 105% rate reflects the adjustment for the larger size of "Sifnos", compared to the base vessel described in the BSI.
Captain Paris Dragnis, Chief Executive Officer of Goldenport, commented: "We are pleased with the delivery of our second COSCO new build bulk carrier, sister ship to "Milos" which was added to our fleet last week. With the addition of these two vessels, we have significantly enhanced the operational versatility of our fleet and expanded our revenue and profit generation capacity. Both vessels are immediately accretive to net income and per share earnings.
Implementing prudent financing and fleet deployment strategies, we secured debt financing at attractive terms when the new-build order was placed, and we secured period employment with a profit sharing structure which enhances our forward cover and enables us to share in the market upside.
We remain on track with our fleet renewal and expansion strategy and by year end we expect to take delivery of another new-build Supramax further expanding our fleet and our capacity to generate value for our shareholders."
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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-six container and dry bulk vessels that transport cargo worldwide. The fleet consists of twelve container vessels (including one new-build vessel with delivery scheduled for 2011) and fourteen dry bulk carriers (including four 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