14 Nov 2012 07:00
Goldenport Holdings Inc.
Athens, 14 November 2012
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 13 November 2012 and the Interim Management Statement covering the period from 30 June 2012.
Operational Fleet Forward Coverage:
The percentage of available days of the fleet already fixed under contracts as of 13 November 2012 assuming the earliest charter expiration is as follows:
2012 (1) | 2013 (1) | |
Total Fleet | 86% (78%) | 20% (12%) |
Containers | 88% (88%) | 24% (10%) |
Bulk Carriers | 83% (68%) | 16% (15%) |
(1) Percentage of available days of the fleet fixed under contract as reported on 31 August 2012, being the date of the previous trading update, is given in brackets
Fleet Employment Update:
New charters arranged since the last update on 31 August, are as follows:
Operational fleet | |||||
Vessel | Type | Capacity | Built | Rate (US$) per day | Earliest |
Expiration (1) | |||||
Dry Bulk | DWT | ||||
D Skalkeas | Post Panamax | 93,000 | 2011 | 11,000 | Dec-12 |
Marie Paule | Supramax | 53,800 | 2009 | 7,000 | Dec-12 |
Pisti | Supramax | 57,000 | 2011 | 5,500 | Dec-12 |
Eleni D | Supramax | 59,000 | 2010 | 9,000 | Nov-12 |
Limnos | Supramax | 52,266 | 1992 | 7,000 | Nov-12 |
(1) Represents earliest day on which the charterer may redeliver the vessel | |||||
Vessel | Type | Capacity | Built | Rate (US$) per day | Earliest Expiration (1) |
Containers | TEU | ||||
Brilliant | Handy | 976 | 1992 | 5,400 | Jul-13 |
Gitte | Handy | 976 | 1992 | 5,400 | Jul-13 |
Paris Jr | Handy | 1,129 | 1996 | 5,500 | Jul-13 |
(1) Represents earliest day on which the charterer may redeliver the vessel
Third Quarter 2012, Selected Financial and Operating Data:
Balance Sheet Data (in US$ million): | 30 September 2012 (Unaudited) |
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Gross Debt | 239.5 |
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Cash and cash equivalents (incl. restricted cash) | 21.9 |
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Net Debt | 217.6 |
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Net Debt to book capitalization | 51% |
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FLEET DATA: | Quarter 3, 2012 |
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Average number of vessels in operation | 24.6 |
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Number of vessels at end of period: | 24 |
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- Operating | 22 |
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- Non Operating | 2 |
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Ownership days | 6,752 |
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Available days | 6,333 |
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Operating days | 5,637 |
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Fleet utilization | 89% |
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Third Quarter 2012, Review of Operations:
During the third quarter of 2012 the Company concluded the sale of the 1990 built vessel "Lindos", to an unaffiliated third party for a cash consideration of US$ 5.4 million. The vessel was delivered to the new owners on 5 July 2012. Goldenport realized a profit of US$1.5 million after accounting for brokerage commission, book value and the unamortized balance of dry-docking expenditure.
In addition the Company concluded the acquisition of the 2,100 TEU, 1997 built sub-panamax container vessel "Conti Seattle" for a cash consideration of US$ 5.2 million. The acquisition was financed by cash reserves. The vessel was delivered to the Company on 29 August 2012.
In October 2012 the Company sold the 1991 built supramax vessel "Tilos" to an unaffiliated third party for a cash consideration of US$5.9 million. The disposal was concluded on 31 October 2012. Goldenport incurred a net loss of US$2.2 million after accounting for brokerage commission, book value and the unamortised balance of dry docking expenditure.
The Company's fleet achieved utilisation of 89%. When the two vessels that are currently laid up (the vessels Bosporus Bridge and Conti Seattle) are excluded from the calculations the trading fleet achieved average utilisation of 91%. The Company's strategy is to continue to keep new vessel employment short term unless they are EBITDA accretive.
The Company repaid US$12.5 million of bank debt in this period.
Following the above repayments net debt as of 30 September 2012 was US$ 217.6 million (US$ 238.6 million as of 31 December 2011) and the net debt to book capitalisation was 51% (47% as of 31 December 2011).
- ENDS -
For further information, please contact
Goldenport Holdings Inc.:
John Dragnis, Chief Executive Officer +30 210 8910500
Konstantinos Kampanaros, Interim Chief Financial Officer +30 210 8910500
Investor Relations Coordinators:
Capital Link:
Eleni Theodoropoulou - 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 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