GPRT.L Regulatory News (GPRT)

8 May 2008 07:01

Goldenport Holdings Inc08 May 2008 Goldenport Holdings Inc. Athens, 8th May 2008 INTERIM MANAGEMENT STATEMENT Goldenport Holdings Inc. ("Goldenport" or "the Company"), (LSE: GPRT) theinternational shipping company that owns and operates a fleet of containers anddry-bulk vessels, releases today the update on trading of its fleet as of 7thMay 2008 and the first Interim Management Statement for the period from 1January 2008 to 31 March 2008. Operational Fleet Forward Coverage: The percentage of available days of the fleet already fixed under contracts(assuming latest charter expiration and exercise of all additional hire periodsunder charter) is as follows, as of 7th May: 2008(1) (2) 2009(1) (2) 2010(1) (2)Total Fleet 95% (93%) 74% (61%) 49% (33%)Containers 96% (93%) 89% (70%) 67% (43%)Bulk Carriers 93% (94%) 50% (50%) 21% (21%) (1) Percentage of available days of the fleet fixed under contract as reportedon 25 February 2008 is given in brackets (2) The percentages above include only the currently operational fleet of 23vessels (after the sale of 'Ios') and exclude the nine vessels for which weexpect delivery in the future. Estimated Revenue Coverage from Operational Fleet: The estimated total revenue for the years 2008, 2009 and 2010 deriving fromcontracts already fixed for the operational part of the fleet is US$ 308 million(US$ 285 million as of 25th February), assuming latest charter expiration andexercise of all additional hire periods under charter. The calculation is afterthe sale of 'Ios' and excludes the nine vessels for which we expect delivery inthe future. Fleet Employment Profile: Operational fleet Vessel Type Capacity Rate (US$) Charter Expiration per day Earliest Latest (1) Containers TEU 1 Bosporus Bridge Sub Panamax 3,720 14,750 Feb-12 Aug-12 2 MSC Finland (2) Sub Panamax 3,032 16,500 Feb-10 Apr-10 3 MSC Scotland Sub Panamax 3,007 20,770 Sep-09 Nov-09 4 MSC Anafi (6) Sub Panamax 2,420 20,500 Apr-09 Apr-09 23,000 Jun-11 Jul-11 5 MSC Socotra (2) Sub Panamax 2,258 14,350 Mar-13 May-13 6 Howrah Bridge Sub Panamax 2,257 14,180 Jul-09 Sep-09 7 MSC Himalaya Sub Panamax 2,108 12,700 Dec-08 Dec-08 14,500 Jul-10 Sep-10 8 MSC Accra Sub Panamax 1,889 14,200 Jun-12 Aug-12 9 Gitte (3) Handy 976 Euro 9,300 Aug-09 Dec-10 10 MOL Brilliant Handy 976 10,280 May-08 May-08 11 MSC Mekong Handy 962 6,150 Mar-09 Mar-09 7,000 Jan-11 Mar-11 12 MSC Emirates Handy 934 7,000 Feb-09 Feb-09 7,000 Dec-11 Feb-12 13 Glory D Handy 946 9,600 Feb-09 Apr-09 14 Achim Handy 930 8,000 Oct-08 Dec-08 15 Tuas Express Feeder 485 8,900 May-08 May-08 6,750 Nov-08 Dec-08 Dry Bulk DWT 16 Vasos Capesize 152,065 23,950 Feb-11 Aug-12 17 Samos Capesize 136,638 32,000 Oct-08 Dec-08 18 Gianni D (2) Panamax 69,100 51,500 Dec-08 Apr-09 19 Athos Panamax 67,515 19,300 Apr-10 Aug-10 20 Alex D Handymax 52,315 57,000 May-09 Jun-09 21 Limnos Handymax 52,266 50,000 Jan-09 Apr-09 22 Lindos Handymax 52,266 14,500 Jul-09 Nov-09 23 Tilos Handymax 52,266 45,000 Jun-08 Jun-08 Vessels under construction Vessel / Yard name Type Capacity Scheduled Delivery Containers TEU 24 Fortune (4) Post 5,551 2008 Panamax 25 Jiangsu Yangzijiang Sub Panamax 2,500 2010 26 Jiangsu Yangzijiang Sub Panamax 2,500 2011 Vessel or Yard name Type Capacity Scheduled Rate (US$) per day Delivery Dry Bulk DWT 27 COSCO (7) Supramax 57,000 2009 17,650+50% profit share at BSI + 5% 28 COSCO (7) Supramax 57,000 2009 17,700+50% profit share at BSI + 5% over 18,200 29 COSCO Supramax 57,000 2009 - 30 COSCO Supramax 57,000 2009 - 31 JES (5) Supramax 53,800 2008 18,000 32 JES (5) (7) Supramax 53,800 2009 Commercially managed by Glencore AG (1) Represents last day on which the charterer may redeliver the vessel assumingexercise of all additional hire periods under charter(2) The vessels MSC Finland and Gianni D are undergoing scheduled dry-docking withinthe second quarter of 2008. The vessel MSC Socotra continued in dry-docking for partof the second quarter.(3) The new charter of the vessel Gitte will be received in Euros(4) The vessel Fortune is under reconstruction(5) Both vessels owned under a 50:50 joint venture with Glencore AG(6) MSC Anafi (ex-Anafi): the charterer has an option to extend at US$23,000 per dayfor 24-25 months from April 2009(7) The time charter duration is three years from delivery First Quarter 2008, Selected Financial and Operating Data: Balance Sheet Data (in US$ million): 31 March 2008 (Unaudited)Total Assets 387.9Net Debt 135.5Net Debt to book capitalisation 38.8% FLEET DATA: Quarter 1, 2008Average number of vessels in operation (1) 24Vessels on dry-docking within the period (2) 7Number of vessels at end of period: -Operating (1) 24 -Under reconstruction 1 -New Buildings under construction 8Ownership days (1) (3) 2,184Available days (1) (3) 1,929Operating days (1) (3) 1,907Fleet utilisation 98.9% (1): Number of vessels in operation, ownership, available and operating days infirst quarter, include the vessel 'Ios' that was sold on 5th May 2008. (2): The vessels MSC Mekong, MSC Socotra, MSC Scotland, Bosporus Bridge, Athos,Ios, Lindos were in scheduled dry-docking within first quarter. (3): Ownership, available and operating days exclude the vessel Fortune and the8 vessels that will be delivered in a future date. First Quarter 2008, Review of Operations: During the first quarter, trading was in line with management's expectations. During the quarter, seven vessels underwent scheduled dry-docking, thus reducingthe fleet available days. The Company utilised the dry-docking period to performadditional maintenance to all vessels, which has been accounted for as part ofoperating expenses. Up to 31st March, the Company has repaid US$ 8.6 million of scheduled loaninstalments and has drawn-down US$ 8.0 million of loans in relation to theconstruction of the two supramax vessels from Jiangsu Eastern Shipyard. As of31st March the net debt was US$ 135.5 million and net debt to bookcapitalisation was 38.8% in line with the Company's conservative gearing policy. CEO Statement: Captain Paris Dragnis, Chief Executive Officer of Goldenport, commented: "Ourdefensive chartering strategy of employing our vessels on time charters allowsus to provide to our shareholders high visibility of earnings and sustainablecash flows. We have already secured under period employment 95% of the availabledays for 2008, 74% for 2009 and 49% for 2010 with some contracts also extendingout to 2013, especially in the containers segment. During the first quarter of the year seven vessels underwent scheduled dry-dockings which reduced our operating days. As we have limited dry-dockings forthe rest of the year and based on the high forward charter coverage of thefleet, we maintain our belief for another year of strong results. On 5th May we took advantage of the firm second-hand market in the dry-bulksector by selling the fully depreciated bulk carrier 'Ios' and realising US$12.8 million of profit on the disposal. The proceeds from the sale will beutilised to expand the fleet with younger tonnage, thereby expanding theeconomic life of the Company's asset base. We continue to evaluate and consider a number of opportunities to enhance ourfleet in accordance with our investment strategy". - ENDS - For further information, please contact: Goldenport Holdings Inc.: Christos Varsos, Chief Financial Officer +30 210 8910500John Dragnis, Commercial Director +30 210 8910500 Investor Relations Coordinators:Capital link: Nicolas Bornozis - New York +1 212 661 7566 E-mail: goldenport@capitallink.com Further Information: Overview of Goldenport Goldenport is an international shipping company that owns and operates a fleetof thirty-two container and dry bulk vessels that transport cargo worldwide. Thefleet consists of eighteen container vessels (including two new-build vesselswith deliveries scheduled for 2010 and 2011) and fourteen dry bulk carriers(including six new-build vessels with deliveries scheduled for 2008 and 2009).Goldenport is listed on the London Stock Exchange under the ticker GPRT. Website: www.goldenportholdings.com or www.goldenport.biz This information is provided by RNS The company news service from the London Stock Exchange