27 Oct 2010 07:00
Goldenport Holdings Inc.
Athens, 27 October 2010
Delivery of 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 on 25 October 2010 it took delivery of a new build geared bulk carrier vessel with 57,000 DWT capacity from the COSCO (Zhousan) Shipyard Co Ltd., in China. The vessel was named 'Milos' and commenced its agreed three year time charter immediately following delivery.
The time charter has a floor rate of US$ 15,650 per day plus a profit sharing arrangement. Above the minimum rate the Company and the charterer split on a 50/50 basis the difference between the floor rate 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 "Milos", 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 first COSCO new build bulk carrier. This high spec geared vessel with its extensive trading flexibility is a valuable addition to our fleet as it will enhance its versatility and operational performance.
Our conservative strategy of arranging the debt financing for the vessel when it was ordered, allowed us to weather the financial crisis and to take advantage of attractive financing terms not available in the current market.
Our proactive chartering strategy of matching the vessel order with forward time-charter employment enables us to benefit from an accretive transaction immediately following the vessel's delivery. We not only enhance our forward employment coverage, expanding our secure cash flows, but with the profit sharing arrangement we also have the ability to share in the market's upside and increase our profitability.
By the end of the year, we are on schedule to take delivery of another two new build Supramax vessels, which will further expand our revenue and profit generation capacity."
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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-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 five 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