19 Nov 2013 07:00
Goldenport Holdings Inc.
Athens, 19 November 2013
INTERIM MANAGEMENT STATEMENT
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 the update on the trading of its fleet as of 19 November 2013 and the Interim Management Statement covering the quarter to 30 September 2013.
Operational Fleet Forward Coverage:
The percentage of available days of the fleet already fixed under contracts as of 19 November 2013 assuming the earliest charter expiration is as follows:
| 2013(1) | 2014 (1) |
Total Fleet | 93% (78%) | 9% (3%) |
Containers | 98% (84%) | 16% (5%) |
Bulk Carriers | 88% (71%) | 2% (0%) |
(1) Percentage of available days of the fleet fixed under contract as reported on 30 August 2013, being the date of the last trading update, is given in brackets
Fleet Employment Profile:
| Operational fleet |
|
|
|
|
|
| Vessel | Type | Capacity | Built | Rate (US$) per day | Earliest |
|
|
|
|
|
| Expiration (1) |
| Dry Bulk |
| DWT |
|
|
|
|
|
|
|
|
|
|
1 | D Skalkeas | Post Panamax | 93,000 | 2011 | 15,250 | Nov-13 |
2 | Eleni D | Supramax | 59,000 | 2010 | 8,500 | Dec-13 |
3 | Milos | Supramax | 57,000 | 2010 | 13,000 | Dec-13 |
4 | Sifnos | Supramax | 57,000 | 2010 | 10,000 | Jan-14 |
5 | Pisti | Supramax | 57,000 | 2011 | 11,000 | Jan-14 |
6 | Sofia | Supramax | 57,000 | 2011 | 13,000 | Nov-13 |
7 | Marie Paule (2) | Supramax | 53,800 | 2009 | 12,750 | Dec-13 |
8 | Alpine Trader (2) | Supramax | 53,800 | 2009 | 10,500 | Dec-13 |
9 | Golden Trader | Handymax | 48,170 | 1994 | 8,000 | Nov13 |
|
|
|
|
|
|
|
| Containers |
| TEU |
|
|
|
|
|
|
|
|
|
|
1 | MSC Fortunate | Post Panamax | 5,551 | 1996 | 14,250 | Jan-14 |
2 | MSC Socotra | Post Panamax | 4,953 | 1995 | 6,500 | Mar-14 |
3 | Erato | Sub Panamax | 2,500 | 2011 | 7,200 | Dec-13 |
4 | Thasos | Sub Panamax | 2,452 | 1998 | 6,975 | May-14 |
5 | MSC Anafi | Sub Panamax | 2,420 | 1994 | 6,100 | Dec-13 |
6 | Thira | Sub Panamax | 2,100 | 1997 | 6,750 | Mar-14 |
7 | Paris Jr | Handy | 1,129 | 1996 | 6,000 | Feb-14 |
8 | Gitte | Handy | 976 | 1992 | 6,150 | Feb-14 |
9 | Brilliant | Handy | 976 | 1992 | 6,150 | Feb-14 |
|
|
|
|
|
|
|
| ||||||
Boldface indicates new charters or extension of the existing charter, arranged since the last update on 30 August 2013.
| ||||||
(1) Represents earliest day on which the charterer may redeliver the vessel | ||||||
(2) Vessel owned under a 50:50 joint venture with Glencore International AG | ||||||
Third Quarter 2013, Selected Financial and Operating Data:
Balance Sheet Data (in US$ million): | 30 September 2013 (Unaudited) | |
Gross Debt |
| 192.7 |
Cash and cash equivalents |
| 17.2 |
Net Debt |
| 175.5 |
Net Debt to book capitalization |
| 48.7% |
|
|
|
FLEET DATA: | Quarter 3, 2013 | |
Average number of vessels in operation |
| 20 |
Number of vessels at end of period: |
| 18 |
- Operating |
| 18 |
Ownership days |
| 5,440 |
Available days |
| 5,313 |
Operating days |
| 5,117 |
Fleet utilization |
| 96% |
|
|
|
Third Quarter 2013, Review of Operations:
During the third quarter of 2013 the Company concluded the sale of the 1990-built bulk carrier 'Vasos', to an unaffiliated third party for a cash consideration of US$ 7.3 million. The vessel was delivered to the new owners on 20 August 2013. Goldenport realized a book profit of US$0.1 million after accounting for brokerage commission and the residual book value of the vessel.
In addition the Company concluded the sale of the 1985-built container vessel 'MSC Accra', to an unaffiliated third party for a cash consideration of US$3.6 million. The vessel was delivered to the new owners on 20 September 2013. The Company realised a book profit of US$2 million after accounting for brokerage commission and the residual book value of the vessel.
The Company's fleet achieved average utilisation of 96% compared to 89% in the third quarter of last year.
Net debt, as of 30 September 2013, was US$ 175.5 million (US$ 189.9 million as of 31 December 2012) and net debt to book capitalisation was 49% (49% as of 31 December 2012).
- ENDS -
For further information, please contact
Goldenport Holdings Inc.:
John Dragnis, Chief Executive Officer +30 210 8910500
Alexis Stephanou, Chief Investment Officer and Head of IR +30 210 8910500
Investor Relations Coordinators:
Capital Link:
Ioanna Messini - London +44 203 206 1322
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 container and dry bulk vessels that transport cargo worldwide. Goldenport is listed on the London Stock Exchange under the ticker GPRT.
Website: www.goldenportholdings.com or www.goldenport.biz