GPRT.L Regulatory News (GPRT)

8 Jun 2006 07:00

Goldenport Holdings Inc08 June 2006 Goldenport Holdings Inc. Athens, 8th June 2006 Fleet Expansion Acquisition of Two Container Vessels Goldenport Holdings Inc. ("Goldenport" or "the Company") announces that it hasagreed to acquire two container vessels. The first vessel, the MV 'Bengal Sea', has 47,120 deadweight with nominal intakeof 3007 TEU. The vessel was delivered in 1992 to HDW shipyards Germany and willbe purchased from the unaffiliated third party Kumer Maritime Inc, Liberia foran aggregate purchase price of US$ 29.1 million. Upon delivery, Bengal Sea willimmediately be employed under the currently existing time-charter at a dailyrate of US $22,500 until August 2006. Thereafter the vessel will be renamed asthe MSC Scotland and will be employed with Mediterranean Shipping Company (MSC)for a period of three years at a daily rate of US$ 20,770. Goldenport has also successfully participated in the tender process, invited byHuyndai Marine & Fire and Insurance Co.Ltd., for the acquisition of the firedamaged 'Hyundai Fortune' of Hyundai Merchant Marine (HMM) 68,537 deadweightwith nominal intake of 5551 TEU. The vessel was delivered in 1996 at HyundaiUlsan, Korea and suffered cargo fire damage on March 21st, 2006. The bid for theacquisition was US$ 13 million to be paid to EMF International SA, Panama.Repairs will commence immediately and the vessel is expected to becomeoperational within a period of 14 to 18 months. Captain Paris Dragnis, Chief Executive Officer of Goldenport Holdings Inc,stated: "The 'Bengal Sea' is the first vessel to be acquired by the company,after our Initial Public Offering in early April 2006. It represents thecontinuation of our strategy of fixing long term contracts to provide long termgrowth and stable cash flows. The 'Hyundai Fortune' is an exciting project perfectly suited to our expertisein maintaining and operating second-hand vessels. After the completion ofrepairs we will take delivery of an extensively renovated vessel at a total costwhich we believe will be materially below market value." - ENDS - For further information, please contact Goldenport Holdings Inc. Christos Varsos Chief Financial Officer +30 210 8910500 John Dragnis Commercial Manager +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 nine dry bulk carriers and ten container vessels (including the twovessels mentioned above). Goldenport is listed on the London Stock Exchangeunder ticker GPRT. Selected Financial Information Goldenport reported revenues of US$83.6 million, EBITDA of US$53.8m and netincome from continuing operations of US$43.3 million for the year ended 31December 2005. 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 thefollowing 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