GPRT.L Regulatory News (GPRT)

27 Aug 2009 07:00



Goldenport Holdings Inc.

Athens, 27 August 2009

Interim results for the six months ended 30 June 2009

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, today is announcing the interim  results for the six months ended 30 June, 2009.

Financial Highlights (amounts in US$ '000 except per share data):

Revenue of US$ 53,395, (2008: US$ 80,131) 

EBITDA of US$ 27,670, (2008: US$ 46,378)

Including gain from vessels' disposal

Net Income of US$ 8,510, (2008: US$ 60,871)

Earnings per Share of US$ 0.12 calculated on 70,141,640 shares (2008: US$ 0.87 calculated on 69,910,651 shares)

Excluding gain from vessels' disposal

Net income of US$ 6,607, (2008: US$ 27,645);

Earnings per Share of US$ 0.09 calculated on 70,141,640 shares (2008: US$ 0.40 calculated on 69,910,651 shares);

Gain from vessels' disposal of US$ 1,903 realised within the period (2008: US$ 33,226);

Available cash of US$ 18,713, including US$ 2,000 being the deposit for the sale of 'Gianni D' (31 December 2008: US$ 33,257);

Available cash was increased by US$ 18,000 on July 27 from the balance of the sale proceeds of the   'Gianni D';

Net debt to book capitalisation as of 30 June 2009, 32.6% (31 December 2008: 30.5%);

No impairment losses incurred in any vessel of the fleet;

Compliance with debt covenants; 

During the period, waivers were granted by the financing bank in respect of a number of loans relating to the container fleet; these waivers were in respect of loan to value covenants and were granted with effect until 2011;

Interim dividend of 0.7 pence per share or £ 494 in total with scrip alternative;

Dividend payout ratio in line with 2008 total dividend payout ratio of 25% of operating profits

CEO Statement:

Captain Paris Dragnis, Founder and Chief Executive Officer of the Company commented: 

"Despite the highly volatile environment that has prevailed in the global financial and shipping markets since the last quarter of 2008, Goldenport has delivered strong results and continues to reward its shareholders with a regular dividend, a significant accomplishment in current market conditions. As the result of the proactive strategy we have implemented Goldenport is today in a strong position to weather the current storm and to come out of this turmoil stronger and larger.

"As we mentioned in previous reports, since the last quarter of 2008, we swiftly adapted our strategy to the rapidly declining market conditions. Our objective has been and still remains to safeguard the value created and at the same time to position our Company to take advantage of accretive fleet expansion opportunities that usually arise in periods of weak markets. 

"In this context we took several proactive measures to optimize our fleet utilization and cash flow and to enhance our operational flexibility while we continued with our fleet renewal and expansion program. 

"We enhanced the forward coverage of our container fleet beyond 2010 by shifting contracts fixed during 2008 on three older and fully depreciated vessels to younger vessels that were opening for re-chartering. This strategy enabled us to maintain profitable employment for our younger tonnage and dispose of the three older fully depreciated vessels for scrap during the second quarter of 2009 realising total gross proceeds of US$ 7.9 million which further strengthened our balance sheet.

"We took advantage of the rebound in the dry-bulk rates to fix our bulk carrier vessels that opened for re-chartering at higher rates and to fix for two years our new build bulk carrier 'Alpine Trader' which is expected to be delivered to us in September 2009.

"In addition, we optimized our capital expenditures and cash flow utilization by reaching an agreement with the COSCO Shipyard, at no additional cost to delay the deliveries of our four dry bulk new-buildings currently under construction there while keeping intact the pre-agreed time charter contracts and the committed bank financing. 

"Finally, we  took advantage of the recent rebound in the dry cargo market and  sold 'Gianni D', a 1998-built Panamax dry bulk carrier for US$ 20 million realising a profit  of US$ 11.2 million further adding to our cash reserves.

"As of today, our fleet consists of 26 vessels, of which 13 are containers and 13 are dry-bulk carriers. Out of the total, 8 vessels (2 containers and 6 bulk-carriers) are new-building orders with expected deliveries between 2010 and 2011. For our combined operational fleet of containers and dry bulk carriers we have secured strong forward coverage with 92% of the fleet available days for 2009, 65% for 2010 and 45% for 2011 fixed under time charter employment, assuming earliest charter expiration. This translates into strong and visible cash flows. 

"Our Company is in a strong financial condition given that as of 30 June 2009 our net debt was only US$ 127.2 million and our net debt to book capitalisation was 32.6%, a moderate figure for our industry. Our cash balance on 30 June 2009 was US$ 18.7 and was further increased by the receipt of the remaining US$ 18 million sale proceeds of the vessel 'Gianni D' in late July 2009.

"We are in compliance with our bank covenants. For a portion of our container fleet where we could potentially have a breach, we have obtained the required waivers until 2011. This is evidence of our strong financial condition and the excellent relationship we have with our bankers. We also maintain adequate access to financing, as evidenced by the fact that we have just obtained a new loan facility of US$ 20 million for new acquisitions of bulk carriers by refinancing existing debt free vessels, and we refinanced US$38.1 million of our debt during the first quarter of the year, of which $33.1 million was maturing in 2009.

"In the current environment we have to remain particularly vigilant and alert. Given the weak conditions still prevailing at least in one of the two segments in which we operate the Board has, for the time being, decided to maintain the dividend payout ratio at the same levels as in 2008 of c. 25% of the operating profits. One third of this will be paid as interim dividend to which we will provide a scrip alternative. This is a testimony of Goldenport's financial strength and commitment to its shareholders. Furthermore, management will elect for the scrip dividend alternative in respect of at least 50% of our holdings which is indicative of our belief in the long term prospects of the business and our Company. As soon as the financial markets improve providing alternatives for the funding of our expansion programme, the dividend payout ratio will be increased to the normal 50% payout ratio of operating profits. 

"Our strong forward time charter coverage in both segments in which we operate, our new-building program which progresses on track and our strong balance sheet, enable us to feel confident about the future growth prospects of our Company even in today's difficult environment and puts us in a strategic position to take advantage of accretive fleet expansion opportunities as these may occur."

Debt Refinancing (amounts in US$ '000):

Compliance with Debt Covenants:

Impairment:

Interim dividend:

Fleet Developments 

Profitable Vessel disposals (amounts in US$ '000):

Vessel Deliveries:

Vessel Acquisition (amounts in US$ '000):

Rescheduling of Deliveries:

The fleet as of today consists of 26 vessels, of which 13 are containers and 13 are dry-bulk carriers. Out of the total, 8 vessels (2 containers and 6 bulk-carriers) are new-building orders with expected deliveries between 2010 and 2011.

Operational Fleet Forward Coverage: 

The percentage of available days of the fleet already fixed under contracts as of 26 August 2009 assuming the earliest charter expiration is as follows: 

	2009(1) (2)	2010(1) (2)	2011 (1) (2)
Total Fleet	92% (94%)	65% (67%)	45% (45%)
Containers	93% (96%)	75% (78%)	63% (63%)
Bulk Carriers	92% (92%)	45% (45%)	17% (17%)

(1) Percentage of available days of the fleet fixed under contract as reported on 29 July 2009, being the date of the last trading update, is given in brackets

(2) The percentages above include the currently operational fleet, the vessel 'Alpine Trader' which is expected to be delivered in September 2009 and exclude the eight new-build vessels for which we expect delivery from 2010 onwards, although four of them are already chartered. 

Assuming earliest charter expiration, the estimated total revenue for the years 2009, 2010 and 2011 deriving from contracts already fixed for the operational part of the fleet (including 'Alpine Trader' that is expected to be delivered in September 2009) is US$ 189 million (US$ 192 million as of 29 July 2009). This calculation excludes the eight new-build vessels for which we expect delivery from 2010 onwards, even though four of them are already chartered.

2009 Financial Calendar:

Ex-dividend date:	9 September 2009
Record date:	11 September 2009
Calculation period for scrip dividend:	9-15 September 2009
Despatch Scrip Election Documentation:	22 September 2009
Last day of elections for the scrip dividend:	13 October 2009
Dividend payment:	3 November 2009

Conference Call and Webcast:

The company's management will hold a conference call today Thursday 27 August at 1:30 P.M. (BST), 3:30 P.M. (Athens), 8:30 A.M. (EDT), to discuss the results.

Conference Call details

Participants should dial into the call 10 minutes prior to the scheduled time using the following numbers: 0800-953-0329 (from the UK), 1-866-819-7111 (from the US) or +44 (0)1452-542-301 (all other callers). Please quote "Goldenport Holdings" to the operator.

A telephonic replay of the conference call will be available until 3 September 2009 by dialling 0800-953-1533 (from the UK), 1-866-247-4222 (from the US) or +44 (0)1452-550-000 (all other callers). Access Code: 6906584#

Slides and audio Webcast

There will also be a live and then archived webcast of the conference call, accessible through the Goldenport Holdings website (www.goldenportholdings.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Enquiries:

Goldenport:

Christos Varsos, Chief Financial Officer: +30 210 8910 500

John Dragnis, Commercial Director +30 210 8910 500

Investor Relations Co-ordinators:

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

Current Market Outlook:

Containers:

Since the middle of 2009 the charter market has clearly reached its bottom with freight rates remaining steadily below running costs. As of early August about 1.4 million TEU (representing 10.5% of the world's cellular fleet and approximately 540 vessels) remain idle, therefore there are at least 1,000 potential charter candidates to cover Charterers' requirements over a six month period. On the supply side it is worth to note that the new-building orders are minimal with no new order being placed for almost one year and at the same time more than 150 vessels with capacity of 275,000 TEU have already been taken to the breaking yards. As a result the current order-book represents about 42% of the existing fleet and is at the lowest level since 2006. For comparison purposes please note that back in November 2007 the order-book accounted for 64% of the existing fleet at the time. The order-book is heavily weighted towards the bigger sizes, whereas in the sub 4,000 TEU sector where Goldenport mainly operates the current order-book represents only around 11% of the existing fleet as opposed to the over 4,000 TEU sector where the order-book represents 63% of the existing fleet.

As of late August 2009, the Howe Robinson Containers Index (HRCI) stands at 344 units or about 20% below its level six months ago. The charter market for the small and the largest vessels remained squeezed within a range of less than US$3,000 per day (from US$3,000 per day to US$6,000 per day for vessels between 500 and 3,500 TEU). One has to distinguish though the feeder trades (500-1,500 TEU) where a slight improvement in rates as well as in charter requirements has already been noticed especially in niche markets such as the Caribbean reefer trades, the Baltic Ice trades, and the West African restricted port trades. We believe this trend will continue in the coming months at an accelerated pace and will progressively benefit the medium sizes as well (2,000-3,500 TEU).

By shifting contracts fixed during 2008 on three older and fully depreciated vessels to younger vessels that were opening for re-chartering in 2009, the Company, despite the current market environment, has managed to enjoy a healthy forward coverage of the containers fleet of 93% of the available days for 2009 and 75% of the available days for 2010 at rates much higher compared to the prevailing charter market.

Bulk-Carriers:

During 2009 the dry-bulk charter market has provided mixed emotions. On the one hand it is currently 75% below the same period of 2008 but on the other hand it has regained 33% of the ground lost over the second half of 2008 (the average Baltic Dry Index - BDI - for the first quarter of 2009 was 1,562 units, for the second quarter it was 2,714 units and for July-August 2009 it reached 3,129 units). It is obvious however that across all segments, the daily earnings are healthy enough to allow owners to operate their vessels profitably.

Once more the market recovery has relied heavily on China's growth of steel related imports. At the same time we had a balance in the growth of the dry bulk fleet with  223 new-build vessels delivered and 207 sent for demolition, keeping net fleet growth in DWT terms below 2.5%. New-build deliveries are expected to accelerate in the second half of 2009 and the question is whether Chinese demand will be able to absorb the additional supply. It should be noted that the Chinese steel industry is still working below its capacity.

Goldenport continues to be well placed to maintain the visibility of its cash flows with 92% of the dry-bulk fleet available days for 2009 already fixed under period employment. The second new-build Supramax will be delivered in September from the yard directly to the agreed profitable time charter.

Summary of Selected Financial and Operating Data:

	6 months ended
INCOME STATEMENT DATA (in US$ thousand except share data):	30 June 2009		30 June 2008
Revenue	53,395		80,131
EBITDA	27,670		46,378
Including gain from vessels disposals:
EBIT	10,114		63,807
Net Income	8,510		60,871
Earnings per share (basic and diluted)	0.12		0.87
Excluding gain from vessels disposals:
EBIT	8,211		30,581
Net Income	6,607		27,645
Earnings per share (basic and diluted)	0.09		0.40
Weighted average number of shares	70,141,640		69,910,651
FLEET DATA:
Average number of vessels	20.0		23.6
Number of vessels at end of period
- Operating	17	(1)	22	(1)
- Non-operating	1		-
- Under reconstruction	-		1
- New Buildings under construction	9		8
Vessels performed or completed dry-docking in the period	2		9
Ownership days	3,622		4,296	(2)
Available days	3,474		3,870	(2)
Operating days	3,314		3,772	(2)
Fleet utilisation	95.4%		97.5%
AVERAGE DAILY RESULTS (in US$):
Time Charter Equivalent (TCE) rate	14,372		19,173	(2)
Average daily vessel operating expenses	5,217	(2)	5,561	(2)
Average daily vessel operating expenses (excluding expenses while on dry-dockings not capitalised)	5,134	(3)	5,028	(3)
Average daily vessel operating expenses Full Year 2008			5,786	(2)

(1): Number of vessels in operation at the end of period for 2009 excludes the vessels 'Athos', 'MSC Socotra', 'MSC Himalaya', 'MSC Emirates' and for 2008 'Samos' and 'Ios' that were sold and delivered to the new owners before 30 June. 

(2): Ownership days, available days, operating days, TCE and average daily vessel operating expenses in 2009 exclude all of the new-build vessels that will be delivered in a future date and in  2008 exclude the vessel 'Fortune' which was not operating within the periods and all of the new-build vessels that will be delivered in a future date. 

(3) During the first half of 2009 only two vessels underwent scheduled dry-docking (2008, nine vessels underwent dry-docking)

See Appendices, for Notes on the Summary of Selected Financial and Operating Data, for detailed Fleet Employment profile, for Notes on the Summary of Selected Financial and Operating Data, for forward looking statements and for full set of financial statements.

Financial review (amounts in US$ '000, except the per day Opex data):

Time and Voyage Charter Revenues: Revenues decreased by US$ 26,736 or 33.4% to US$ 53,395 for the six months ended 30 June 2009 (2008: US$ 80,131). The main reasons for this decrease were: (i) a decline in freight rates in the last quarter of 2008 and the six months period to 30 June 2009, in both sectors in which we operate, compared with record high rates in the same period of 2008 especially in the bulk carriers segment and (ii) the difference in available days between the two periods (2009: 3,474 days; 2008: 3,870 days), as a result of the disposal of vessels exceeding the new operational vessels. The vessels 'Samos' 'Ios', 'Achim', 'Glory D', 'Tuas Express' were sold in during 2008 and the vessel 'Athos' in the first months of 2009. The vessels 'Marie-Paule' and 'MSC Fortunate became operational in the first quarter of 2009 and the vessel 'MSC Socotra (ex. Procyon)' was acquired and became operational in the second quarter of 2009. The vessels 'MSC Emirates', 'MSC Himalaya' and 'MSC Socotra' were sold in June so they contributed to the revenue for most of the six months period to 30 June 2009.

 

Voyage expenses total: The voyage expenses decreased by US$ 2,482 or 41.9% to US$ 3,443 for the period ended 30 June 2009 (2008: US$ 5,925) mainly due to the decreased revenue figure to which commission rates applied. 

Vessel operating expenses: Vessel operating expenses decreased by US$ 4,993 or 20.9% to US$ 18,898 for the six months ended 30 June 2009 (2008: US$ 23,891). The decrease in absolute numbers is attributable to the decrease of the fleet in terms of numbers of vessels but also to the change of mix as the vessels sold were older compared to the existing vessels. 

On a per day basis operating expenses decreased by US$ 344 per day or 6.2% to US$ 5,217 per day (2008: US$ 5,561 per day) reflecting the change in mix after the sale of specific vessels and the reduction in the prices of lubricants and insurance cost due to the change of the insured values.

Depreciation: The vessels' depreciation charge increased by 19.2% to US$ 13,709 for the six months ended 30 June 2009 (2008: US$ 11,504) due to the incremental depreciation of the vessels 'MSC Fortunate', 'Marie-Paule' and 'MSC Socotra (ex. Procyon)' that became operational during the period compared to the disposed vessels that were fully depreciated. 

Depreciation of dry-docking costs: Depreciation of dry-docking costs increased by 33.9% to US$ 5,750 for the six months ended 30 June 2009 (2008: 4,293) mainly due to: (i) dry-docking of 11 vessels in 2008 the expense of which affected in full the period in 2009; and (ii) dry-docking of two vessels that took place within the period.

Gain from vessel disposals: The Company realised profit of US$ 1,903 from the sale during the six months of one fully depreciated bulk carrier and three fully depreciated container vessels; in the same period last year the Company realised US$ 33,226 from the sale of the fully depreciated bulk carrier vessels 'Samos' and 'Ios'.

Financing costs: Interest expense decreased by US$ 1,467 or 44.6% to US$ 1,825 for the six months ended 30 June 2009 (2008: US$ 3,292), reflecting the significant drop of the interest rates. Interest income decreased by US$ 585 to US$ 106 due to lower cash balance available during the period and time deposits fixed at lower rates.

Cash and cash equivalents: The Company as of 30 June 2009 had US$ 16,713 of cash and cash equivalents (2008: US$ 33,257). The Company at the same date also had restricted cash of US$ 2,000 relating to the deposit received for the sale of the vessel 'Gianni D'. Upon the delivery of the vessel to the new owners in late July 2009 the Company received the remaining US$ 18,000 from the sale proceeds and the US$ 2,000 was released to cash reserves increasing further the cash reserves. The Company is expected to utilise these to strengthen the balance sheet and acquire vessels selectively if and when the right opportunities arise.

  APPENDIX 1:

Fleet Employment Profile:

	Operational fleet
	Vessel	Type	Capacity	Rate (US$) per day	Earliest
					Expiration (1)
	Containers		TEU
1	MSC Fortunate (2)	Post Panamax	5,551	28,500	Feb-13
2	MSC Socotra (ex. Procyon)	Post Panamax	4,953	12,350	Apr-13
3	Bosporus Bridge	Sub Panamax	3,720	14,750	Feb-12
4	MSC Finland (3)	Sub Panamax	3,032	16,500	Apr-10
				6,800	Apr-11
5	MSC Scotland (3)	Sub Panamax	3,007	20,770	Sep-09
				14,500	Mar-11
				6,800	Mar-12
6	Anafi	Sub Panamax	2,420	Note 4
7	Howrah Bridge	Sub Panamax	2,257	4,850	Mar-10
8	MSC Accra	Sub Panamax	1,889	14,200	Jun-12
9	Gitte	Handy	976	Note 9
10	Brilliant (5)	Handy	976	6,000	Jun-12
11	MSC Mekong	Handy	962	7,000	Jan-11
	Dry Bulk		DWT
12	Vasos	Capesize	152,065	23,950	Feb-11
13	Marie-Paule (6)	Supramax	53,800	18,000	Jan-12
14	Alpine-Trader (6)(8)	Supramax	53,800	15,300	Aug-11
15	Alex D	Supramax	52,315	26,000	Nov-09
16	Limnos	Supramax	52,266	14,900	Oct-09
17	Lindos	Supramax	52,266	10,000	Aug-09
18	Tilos	Supramax	52,266	20,500	Aug-10
	Vessels under construction
	Vessel / Yard name	Type	Capacity	Scheduled Delivery
	Containers		TEU
19	Jiangsu Yangzijiang	Sub Panamax	2,500	2011
20	Jiangsu Yangzijiang	Sub Panamax	2,500	2011
	Vessel or Yard name	Type	Capacity	Scheduled Delivery	Rate (US$) per day
	Dry Bulk		DWT
21	COSCO (7)	Supramax	57,000	2010	17,650+50% profit share at BSI(10) + 5%
22	COSCO	Supramax	57,000	2010	-
23	COSCO (7)	Supramax	57,000	2011	25,000
24	COSCO (7)	Supramax	57,000	2011	17,700+50% profit share at BSI(10) + 5% over 18,200
25	QINGSHAN (7)	Supramax	57,000	2010	27,000
26	QINGSHAN	Supramax	57,000	2010	-
(1) Represents earliest day on which the charterer may redeliver the vessel
(2) The rate stated is the average rate per day over the duration of the time charter
(3) The vessels will continue with the same charterer with the rates as stated in direct continuation
(4) The vessel is currently laid-up minimising the operating expenses
(5) The vessel's previous name was 'Tiger Star'
(6) Both vessels owned under a 50:50 joint venture with Glencore International AG
(7) The charter term is for three years from delivery
(8) The vessel 'Alpine Trader' is scheduled for delivery in September 2009
(9) The Company removed the vessel 'Gitte' from the previous charter in Spain due to delay of the Charterer to fulfill its contractual obligations. A claim has been filed against the Charterer. The Company is in negotiations to commence a new charter. More information on the new charter will be included in the next trading update.
(10) BSI: Baltic Supramax Index

APPENDIX 2:

Notes on Summary of Selected Financial and Operating Data: 

(1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in the period. 

(2) Ownership days are the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period. 

(3) Available days are the number of our ownership days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and the aggregate amount of time that we spend positioning our vessels. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues. 

(4) Operating days are the number of available days in a period less the aggregate number of days that our vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues. 

(5) We calculate fleet utilisation by dividing the number of our operating days during a period by the number of our available days during the period. The shipping industry uses fleet utilisation to measure a company's efficiency in finding suitable employment for its vessels and minimising the amount of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or vessel positioning. 

(6) Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period. 

(7) TCE rates are defined as our time and voyage charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and commissions. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts.

(8) Net debt to book capitalisation is defined as total debt minus cash over the carrying amount of vessels and vessels under construction

APPENDIX 3:

Forward-Looking Statement

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect the current views of Goldenport Holdings Inc. ("the Company") with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. 

The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. 

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in the Company's operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. The Company does not assume, and expressly disclaims, any obligation to update these forward-looking statements. 

This press release is not an offer of securities for sale in the United States. The Company's securities have not been registered under the U.S.Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. person absent registration pursuant to, or an applicable exemption from, the registration requirements under U.S. securities laws.

APPENDIX 4:

Financial Statements

GOLDENPORT HOLDINGS INC.

Interim Condensed Consolidated 

Financial Statements

30 June 2009

The interim condensed consolidated financial statements are presented in US dollars and all financial values are presented and rounded to the nearest thousand ($000), except for the per share information.

INDEPENDENT REVIEW REPORT

To the Shareholders of Goldenport Holdings Inc.

Introduction

We have reviewed the accompanying condensed consolidated statement of financial position as at 30 June 2009 and the related consolidated statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, as well as the selected explanatory notes and a summary of significant accounting policies. Management is responsible for the preparation and presentation of these interim consolidated condensed financial information in accordance with International Financial Reporting Standards applicable to interim financial reporting as adopted by the European Union and apply to interim financial reporting (IAS 34). Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquires, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing. Consequently, it does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion 

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34.

Ernst & Young 

26 August 2008Athens

 

 

		Notes		6 months Ended  30 June 2009 U.S.$'000		6 months Ended  30 June 2008 U.S.$'000
				Unaudited		Unaudited
Revenue				53,395		80,131
Expenses:
Voyage expenses		3		(3,443)		(5,925)
Vessel operating expenses		3		(18,898)		(23,891)
Management fees - related party		14		(1,519)		(1,953)
Depreciation		6		(13,709)		(11,504)
Depreciation of dry-docking costs		6		(5,750)		(4,293)
General and administration expenses				(1,865)		(1,984)
Operating profit before disposal of vessels				8,211		30,581
Gain from disposal of vessels		6		1,903		33,226
Operating profit including disposal of vessels				10,114		63,807
Finance expense				(1,825)		(3,292)
Finance income				106		691
Foreign currency gain/(loss), net				115		(335)
Profit for the period attributable to Goldenport Holdings Inc. shareholders				8,510		60,871
Earnings per share (U.S.$):
- Basic EPS for the period		12		0.12		0.87
- Diluted EPS for the period		12		0.12		0.87
Weighted average number of shares		12		70,141,640		69,910,651

The accompanying notes 1-16 form an integral part of the financial statements.

AT 30 JUNE 2009

		Notes		30 June  2009 U.S.$'000		31 December 2008 U.S.$'000
				Unaudited		Audited
ASSETS
Non-current assets
Vessels at cost, net		6		283,393		221,587
Advances for vessels acquisition / construction		7		107,529		101,510
Vessel under reconstruction		8		-		57,215
				390,922		380,312
Current assets
Inventories				577		266
Trade receivables				3,589		1,098
Insurance claims		10		2,733		2,012
Due from related parties		14		2,958		3,342
Prepaid expenses and other assets				2,249		1,054
Restricted cash				2,000		-
Cash and cash equivalents		5		16,713		33,257
				30,819		41,029
TOTAL ASSETS				421,741		421,341
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Issued share capital		11		704		699
Share premium		11		108,358		107,354
Retained earnings				136,583		130,264
TOTAL EQUITY				245,645		238,317
Non-current liabilities
Long-term debt		13		123,829		116,858
Deferred revenue				4,344		5,649
Other non-current liabilities, net		9		711		801
				128,884		123,308
Current liabilities
Trade payables				10,638		12,993
Current portion of long-term debt		13		22,121		32,564
Accrued liabilities and other payables				10,597		8,990
Other current liabilities		9		-		257
Deferred revenue				3,856		4,912
				47,212		59,716
TOTAL LIABILITIES				176,096		183,024
TOTAL EQUITY AND LIABILITIES				421,741		421,341 421,341 3374,398

The accompanying notes 1-16 form an integral part of the financial statements.

		Number of shares		Par value U.S.$		Issued share capital U.S.$'000		Share premium U.S.$'000		Retained earnings U.S.$'000		Total Equity U.S.$'000
As of 31 December 2007		69,885,106		0.01		699		106,991		73,757		181,447
Profit for the period		-		-		-		-		60,871		60,871
AIP shares		52,239		0.01		0		363		-		363
Dividends to equity shareholders		-		-		-		-		(20,790)		(20,790)
As of 30 June 2008 (unaudited)		69,937,345		0.01		699		107,354		113,838		221,891
		Number of shares		Par value U.S.$		Issued share capital U.S.$'000		Share premium U.S.$'000		Retained earnings U.S.$'000		Total Equity U.S.$'000
As of 31 December 2008		69,937,345		0.01		699		107,354		130,264		238,317
Profit for the period		-		-		-		-		8,510		8,510
AIP shares		175,014		0.01		0		238		-		238
Dividends to equity shareholders		479,294		-		5		766		(2,191)		(1,420)
As of 30 June 2009 (unaudited)		70,591,653		0.01		704		108,358		136,583		245,645

The accompanying notes 1-16 form an integral part of the financial statements.

 

 

		Notes		6 months ended  30 June 2009 U.S.$'000		6 months ended  30 June 2008 U.S.$'000
				Unaudited		Unaudited
Operating activities
Profit for the period				8,510		60,871
Adjustments for:
Depreciation		6		13,709		11,504
Depreciation of dry-docking costs		6		5,750		4,293
Gain from disposal of vessels		6		(1,903)		(33,226)
Finance expense				1,825		3,292
Finance income				(106)		(691)
AIP shares				(15)		13
Foreign currency  (gain)/loss				(115)		335
Operating profit before working capital changes				27,655		46,391
Inventories				(311)		154
Trade receivables, prepaid expenses & other assets				(3,710)		(1,605)
Insurance claims				(721)		1,030
Trade payables, accrued liabilities & other payables				(3,148)		2,562
Deferred revenue				(2,361)		(1,561)
Net cash flows from operating activities before movement in amounts due from related parties				17,404		46,971
Due from related parties				384		(281)
Net cash flows provided by operating activities				17,788		46,690
Investing activities
Acquisition/Improvements of vessels		6		(10,522)		(12)
Proceeds from disposal of vessels net of commissions		6		11,333		40,964
Advances for vessel under reconstruction		8		(5,385)		(4,225)
Advances for vessels under construction		7		(22,110)		(3,675)
Dry-docking costs		6		(283)		(10,325)
Interest received				122		710
Net cash flows (used in)/provided by investing activities				(26,845)		23,437
Financing activities
Proceeds from issue of long - term debt				26,850		7,729
Repayment of long-term debt				(30,370)		(25,378)
Interest paid				(2,636)		(4,361)
Dividends paid		4		(1,420)		(20,790)
Net cash flows used in financing activities				(7,576)		(42,800)
Net (decrease)/increase  in cash and cash equivalents				(16,633)		27,327
Exchange gains on cash and cash equivalents				89		446
Cash and cash equivalents at beginning of period				33,257		19,947
Cash and cash equivalents at end of period		5		16,713		47,720

The accompanying notes 1-16 form an integral part of the financial statements.

 

1. Formation and General Information

Goldenport Holdings Inc. (Goldenport or the Company) was incorporated under the laws of Marshall Islands, as a limited liability company, on 21 March 2005. On 5 April 2006, Goldenport Holdings Inc. was admitted in the Official List and started trading on the London Stock Exchange at a price of GBP2.35 per share. On 11 April 2006, the over allotment option was exercised at a price of GBP 2.35 per share. In total, the Company received GBP66 million (or U.S.$115,500) in order to partially repay debt and to fund further fleet expansion.

Goldenport as of 30 June 2009 is the Holding Company for seventeen intermediate holding companies, each in turn owning a vessel-owning company, as listed in the table below. Goldenport is also the Holding Company of eight more intermediate holding companies; Abyss Maritime Ltd., Seaward Shipping Co., Jubilant Marine Company, Alacrity Maritime Inc., Chanelle Shipping Company, Clochard Maritime Limited., Dryades Maritime Limited. and Leste Shipholding Inc., which will be the holding companies of four new built bulk carriers ordered at Cosco Zhoushan Shipyard, two new built containers ordered at Jiangsu Yangzijiang Shipyard and two new built bulk carriers ordered at Qingshan Shipyard of China upon delivery of the vessels. Also, as of 30 June 2009 Goldenport is the holding Company of a fully owned subsidiary named Goldenport Marine Services, which provides the Company and its affiliates a wide range of shipping services, such as insurance consulting, legal, financial and accounting services, quality and safety, information technology (including software licences) and other administrative activities in exchange for a daily fixed fee, per vessel (see note 14a). Goldenport Marine Services has been registered in Greece under the provisions of Law 89/1967. As of 30 June 2009 Fairland Trading S.A., Hampton Trading S.A.,  Borealis Shipping Co. Ltd and Wild Orchid Shipping Ltd.,  the vessel-owning companies of the disposed vessels "Athos", "MSC Socotra", "MSC Himalaya", and "MSC Emirates" (see note 6), have become dormant. 

Goldenport and its subsidiaries will be hereinafter referred to as the "Group". 

The interim condensed consolidated financial statements comprising the financial statements of the Company and its wholly owned subsidiaries (see (a) below) and the proportionally consolidated financial statements of the joint venture (see (b) below) were authorised for issue in accordance with a resolution of the Board of Directors on 26 August 2009. 

a) The wholly owned subsidiaries of the Company are:

Intermediate holding company	Vessel - owning company	Country of Incorporation of vessel-owning company	Name of Vessel owned by Subsidiary	Year of acquisition of vessel	Type of Vessel
Aloe Navigation Inc.	Karana Ocean Shipping Co. Ltd.	Malta	Alex D	1999	Bulk Carrier
Dumont International Inc.	Black Rose Shipping Ltd.	Malta	MSC Mekong	2001	Container
Platinum Shipholding SA	Coral Sky Marine Ltd.	Malta	Gianni D	2002	Bulk Carrier
Blaze Navigation Corp.	Nilwood Comp. Inc.	Panama	Howrah Bridge	2003	Container
Carrier Maritime Co.	Black Diamond Shipping Ltd.	Malta	Lindos	2003	Bulk Carrier

  

Intermediate holding company	Vessel - owning company	Country of Incorporation of vessel-owning company	Name of Vessel owned by Subsidiary	Year of acquisition of vessel	Type of Vessel
Medina Trading Co.	Carina Maritime Co. Ltd.	Malta	Tilos	2004	Bulk Carrier
Savannah Marine Inc.	Serena Navigation Ltd.	Malta	Limnos	2004	Bulk Carrier
Sirene Maritime Co.	Alvey Marine Inc.	Liberia	MSC Scotland	2006	Container
Kariba Shipping SA	Kosmo Services Inc.	Marshall Islands	MSC Fortunate (ex. Fortune)	2006	Container
Muriel Maritime Co.	Ipanema Navigation Corp.	Marshall Islands	Vasos	2006	Bulk Carrier
Baydream Shipping Inc.	Hinter Marine S.A.	Liberia	MSC Finland	2007	Container
Knight Maritime S.A.	Mona Marine S.A.	Liberia	MSC Anafi	2007	Container
Foyer Marine Inc.	Ginger Marine Company	Marshall Islands	MSC Accra	2007	Container
Genuine Marine Corp.	Breaport Maritime S.A	Panama	Bosporus Bridge	2007	Container
Jaxon Navigation Ltd.	Hampson Shipping Ltd.	Liberia	Gitte	2007	Container
Tuscan Navigation Corp.	Longfield Navigation S.A.	Liberia	Tiger Star (ex. MOL Brilliant)	2007	Container
Oceanrace Maritime Limited	Seasight Marine Company	Marshall Islands	MSC Socotra (ex.Procyon)	2009(8)	Container
Abyss Maritime Ltd.	Moonglade Maritime S.A.	Liberia	ZS07036	2011(5)	Bulk Carrier
Seaward Shipping Co.	Valaam Incorporated	Liberia	ZS07037	2010(5)	Bulk Carrier
Jubilant Marine Company	Cheyenne Maritime Company	Marshall Islands	ZS07038	2011(5)	Bulk Carrier
Alacrity Maritime Inc.	Giga Shipping Ltd.	Marshall Islands	ZS07039	2010(5)	Bulk Carrier
Chanelle Shipping Company	Loden Maritime Co.	Marshall Islands	YZJ-815	2010(6)	Container
Clochard Maritime Limited	Shila Maritime Corp.	Marshall Islands	YZJ-816	2011(6)	Container
Dryades Maritime Limited	Ingle Trading Co.	Liberia	QS20060384	2010(7)	Bulk Carrier
Leste Shipholding Inc.	Sundown International Inc.	Liberia	QS20060385	2010(7)	Bulk Carrier
Oates Trading Corp.	Risa Maritime Co. Ltd.	Malta	Dormant Company
Nemesis Maritime Inc.	Samos Maritime Ltd.	Malta	Dormant Company
Meredith Trading Corporation	Guilford Marine S.A.	Panama	Dormant Company
Marta Trading Co.	Superb Maritime S.A.	Panama	Dormant Company
Royal Bay Marine Ltd	Opal Maritime Limited	Malta	Dormant Company
Daphne Marine Corp.	Dancing Waves Co. Ltd.	Malta	Dormant Company
Portia Navigation Co.	Borealis Shipping Co. Ltd.	Malta	Dormant Company(2)
Audrey Marine Corp.	Wild Orchid Shipping Ltd.	Malta	Dormant Company(4)
Sicuro Shipmanagement SA	Hampton Trading S.A.	Liberia	Dormant Company(3)
Rawlins Trading Ltd	Fairland Trading S.A.	Panama	Dormant Company(1)
Goldenport Marine Services		Marshall Islands
(1) Fairland Trading S.A. was the ship owning company of MV "Athos", which was disposed of on 12 February 2009 (see note 6)
(2) Borealis Shipping Co. Ltd. was the ship owning company of MV "MSC Himalaya", which was disposed of on 9 June 2009 (see note 6)
(3) Hampton Trading S.A. was the ship owning company of MV "MSC Socotra", which was disposed of on 4 June 2009 (see note 6)
(4) Wild Orchid Shipping Ltd. was the ship owning company of MV "MSC Emirates.", which was disposed of on 16 June 2009 (see note 6)
(5) New building bulk carriers (see note 7) with delivery dates between the second quarter of 2010 and the second quarter of 2011.
(6) New building container vessels (see note 7) with delivery dates in second quarter 2011.
(7) New building bulk carriers (see note 7) with delivery dates in late 2010.
(8) Vessel MSC Socotra was delivered on 4 March 2009 ( see note 6)

 

Sentinel Holdings Inc.	Citrus Shipping Corp.	Marshall Islands	Marie Paule (ex.JES041)	2009	Bulk Carrier
Sentinel Holdings Inc.	Barcita Shipping S.A.	Marshall Islands	Alpine Trader (ex.JES042)	2009	Bulk Carrier

   2. Basis of presentation and summary of significant accounting policies 

(a) Basis of preparation: The Group's interim condensed consolidated financial statements for the six months ended 30 June 2009 have been prepared using the same accounting policies and methods of computation used in the preparation of the Group's annual financial statements for the year ended 31 December 2008. The interim consolidated financial statements are presented in US dollars and all financial values are rounded to the nearest thousand ($000), except the per share information.

(b) Statement of compliance: The interim condensed consolidated financial statements for the six months ended 30 June 2009 have been prepared in accordance with International Financial Reporting Standards applicable to interim financial reporting as adopted by the European Union (IAS 34). The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements as at 31 December 2008. 

(c) IFRS and IFRIC Interpretations that became effective in the period ended 30 June 2009: The following Standards and Interpretations became effective within the period ended 30 June 2009. None of the Standards and Interpretations had an impact in the interim condensed consolidated financial statements for the six months ended 30 June 2009

(a) IFRIC 15, "Agreements for the Construction of Real Estate", was issued on 3 July, 2008 and is effective for annual periods beginning on or after 1 January 2009 and must be applied retrospectively. This interpretation is expected to have no impact on the Group's financial statements. This Interpretation has not yet been endorsed by the European Union.

(b) IFRS 1, "First-time Adoption of International Financial Reporting Standards" and IAS 27, "Consolidated and Separate Financial Statements" (Amended), effective for annual periods beginning on or after 1 January 2009. The amendments to IFRS 1 allows an entity to determine the 'cost' of investments in subsidiaries, jointly controlled entities or associates in its opening IFRS financial statements in accordance with IAS 27 or using a deemed cost. The amendment to IAS 27 requires all dividends from a subsidiary, jointly controlled entity or associate to be recognised in the income statement in the separate financial statement. The amendment to IAS 27 will have to be applied prospectively. The Group concluded that this amendment has no impact on its interim financial statements.

 

(c) IFRS 2, "Share-based Payments" (Amended), effective for annual periods beginning on or after 1 January 2009. The amendment clarifies two issues. The definition of 'vesting condition', introducing the term 'non-vesting condition' for conditions other than service conditions and performance conditions. It also clarifies that the same accounting treatment applies to awards that are effectively cancelled by either the entity or the counterparty. The Group concluded that this amendment has no material impact on its interim financial statements.

(d) IFRS 8, "Operating Segments", effective for annual periods beginning on or after 1 January 2009. IFRS 8 replaces IAS 14 'Segment reporting'. IFRS 8 adopts a management approach to segment reporting. The information reported would be that which management uses internally for evaluating the performance of operating segments and allocating resources to those segments. This information may be different from that reported in the balance sheet and income statement and entities will need to provide explanations and reconciliations of the differences. As the Group does not report any operating segment, this standard has no impact on the Group. 

(e) IFRS 7, "Financial Instruments: Disclosures" (Amended), effective for annual periods beginning on or after 1 January 2009. The amendment requires fair value measurements to be disclosed by the source of inputs, using the following three-level hierarchy: a) Quoted prices (unadjusted) in active markets for identical assets and liabilities (Level 1). (b) Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2) (c) Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3). This information must be given by class of financial instrument. The amendment also revises specified minimum liquidity risk disclosures. This amendment has no significant impact on the Group or the Company.  This amendment has not yet been endorsed by the EU.

(f) IAS 1, "Presentation of Financial Statements" (Revised), effective for annual periods beginning on or after 1 January 2009. IAS 1 has been revised to enhance the usefulness of information presented in the financial statements. Of the main revisions are the requirement that the statement of changes in equity includes only transactions with shareholders; the introduction of a new statement of comprehensive income that combines all items of income and expense recognised in profit or loss together with "other comprehensive income"; and the requirement to present restatements of financial statements or retrospective application of a new accounting policy as at the beginning of the earliest comparative period, i.e. a third column on the balance sheet. The Group concluded that this amendment has no material impact on its interim financial statements as the Group's other comprehensive income is not significant. 

(g) IAS 32 and IAS 1, "Puttable Financial Instruments" (Amended), effective for annual periods beginning on or after 1 January 2009. The amendment to IAS 32 requires certain puttable financial instruments and obligations arising on liquidation to be classified as equity if certain criteria are met. The amendment to IAS 1 requires disclosure of certain information relating to puttable instruments classified as equity. This amendment has no significant impact on the Group.

(h) IAS 23, "Borrowing Costs" (Revised), effective for annual periods beginning on or after 1 January 2009. The benchmark treatment in the existing standard of expensing all borrowing costs to the income statement is eliminated in the case of qualifying assets. All borrowing costs that are directly attributable to the acquisition or construction of a qualifying asset must be capitalised. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use or sale.

In May 2008 the IASB issued its first omnibus of amendments to its standards, primarily with a view to removing inconsistencies and clarifying wording. The effective dates of the improvements are various and the earliest is for the financial year beginning 1 January 2009.

(d) Standards issued but not yet effective: The following new standards, amendments to standards and interpretations have been issued but are not effective for the financial year beginning 1 January 2009 and have not been early adopted: 

IFRS 2, "Share-based Payments" (Amended), effective for annual periods beginning on or after 1 January 2010. This amendment clarifies the accounting for group cash-settled share-based payment transactions and withdraws IFRIC 8 and IFRIC 11. More specifically, it clarifies how an individual subsidiary in a group should account for share-based payment arrangements in its own financial statements. In these arrangements, the subsidiary receives goods or services from employees or suppliers but its parent or another entity in the group must pay those suppliers. The amendments make clear that an entity that receives goods or services in a share-based payment arrangement must account for those goods or services no matter which entity in the group settles the transaction, and no matter whether the transaction is settled in shares or cash. Also, it clarifies that in IFRS 2 a 'group' has the same meaning as in IAS 27 Consolidated and Separate Financial Statements, that is, it includes only a parent and its subsidiaries. This amendment must be applied retrospectively. The amendment has not yet been endorsed by the EU. The Company has concluded that the amendment will have no significant impact on the financial position or performance of the Company.

In April 2009 the IASB issued its second omnibus of amendments to its standards, primarily with a view to removing inconsistencies and clarifying wording. The effective dates of the improvements are various and the earliest is for the financial year beginning 1 July 2009. This annual improvements project has not yet been endorsed by the EU.

(e) Reclassifications: Certain prior period/year amounts have been reclassified for presentation purposes.

3. Voyage & vessel operating expenses

The amounts in the accompanying consolidated income statement are analysed as follows:

Voyage expenses		30 June 2009 U.S.$'000		30 June 2008 U.S.$'000
		Unaudited		Unaudited
Port charges		(288)		(274)
Bunkers (fuel costs), net		(280)		(703)
Commissions		(2,875)		(4,948)
Total voyage expenses:		(3,443)		(5,925)

Commissions include an amount of U.S.$1,049 (30 June 2008: U.S.$1,603) charged by a related party (see note 14).

Vessel Operating Expenses		30 June 2009 U.S.$'000		30 June 2008 U.S.$'000
		Unaudited		Unaudited
Crew expenses		(7,903)		(8,708)
Stores & Consumables		(551)		(1,252)
Spares		(1,213)		(3,036)
Repairs & Maintenance		(1,681)		(2,858)
Lubricants		(3,165)		(2,423)
Insurance		(2,521)		(3,080)
Taxes (other than income tax)		(337)		(324)
Other operating expenses		(1,527)		(2,210)
Total vessel operating  expenses:		(18,898)		(23,891)

4. Dividends 

Dividend rights: Under the Company's by-laws, each ordinary share is entitled to dividends if and when dividends are declared by the Board of Directors. There are no restrictions on the Company's ability to transfer funds in and out of Marshall Islands. The payment of final dividends is subject to the approval of the Annual General Meeting ("AGM") of Shareholders. The final dividend proposed by the Board of Directors for 2008, was approved by the AGM held on 7 May 2009. The final dividend was 2 pence per share and included a share alternative resulting in a total dividend amount of US$ 1,420. On 15 May 2009 the cash payment was made for the shares that elected cash totalling GBP 907 and on 20 May 2009 479,294 shares were issued and admitted to the official list representing the share element. 

  5. Cash and cash equivalents - Restricted cash

For the purpose of the interim condensed consolidated cash flow statement, cash and cash equivalents comprise the following:

		30 June, 2009 U.S.$'000		30 June, 2008 U.S.$'000
		Unaudited		Unaudited
Cash at bank		3,113		2,998
Time deposits		13,600		44,722
		16,713		47,720

On 29 May 2009, the company agreed the sale of the 69,100 DWT, 1998-built bulk carrier 'Gianni D.' to an unaffiliated third party. An advance payment of U.S.$2,000, equal to the 10% of the gross consideration, was made on 2 June 2009 by the buyers. The amount of U.S.$2,000 was deposited in a joint account and will be released to the Company upon delivery of vessel (see note 16). 

6. Vessels at cost, net 

Vessels are analysed as follows: 

		30 June 2009 U.S. $'000		31 December 2008 U.S.$'000
		Unaudited		Audited
Cost
At beginning of period/year		260,110		272,518
Additions		10,522		12
Reclassifications		79,109		-
Initial expenses deduction		-		(248)
Disposals		(7,644)		(12,172)
At end of period/year		342,097		260,110
Depreciation
At beginning of period/year		(58,841)		(40,900)
Depreciation charge for the period/ year		(13,709)		(23,183)
Disposals		1,177		5,242
At end of period/year		(71,373)		(58,841)
Net carrying amount of vessels		270,724		201,269
Cost of dry-dockings
At beginning of period/year		42,981		28,270
Additions		1,672		19,783
Deduction of cost		(608)		-
Disposals		(5,144)		(5,072)
At end of period/year		38,901		42,981
Depreciation
At beginning of period/year		(22,663)		(15,194)
Depreciation charge for the period/year		(5,750)		(9,213)
Disposals		2,181		1,744
Accumulated depreciation		(26,232)		(22,663)
Net carrying amount of dry-docking costs		12,669		20,318
Total net carrying amount		283,393		221,587

The gross carrying amount of vessels, which have been fully depreciated to their residual value and are still in use after the sale of vessels 'Athos' 'MSC Socotra', 'MSC Himalaya', and 'MSC Emirates', is U.S.$810 (2008: U.S.$9,449).

All of the Group's operating vessels having a total net carrying value of U.S. $283,393 at 30 June 2009 (U.S.$221,587 at 31 December 2008), have been provided as collateral to secure the loans discussed in Note 13. 

Operational vessel acquisition

On 4 March 2009, the Company took delivery of the M/V Procyon (renamed to MSC Socotra), a container vessel of 4,953 TEU built in 1995 for U.S.$10,500 (including U.S.$86 of unamortized dry-docking component).

Delivery of new build bulk carrier 

On 11 February 2009 the Company took delivery of the 53,800 DWT new build bulk carrier 'Marie Paule'. The Group's 50% portion of the total construction cost of vessel amounted to U.S.$16,490 (the remaining 50% was paid by the joint venture partners). Upon delivery the vessel commenced its agreed three-year time charter.

Delivery of vessel under reconstruction

On 23 February 2009 the Company took delivery of the 68,537 DWT and 5,551 TEU container 'MSC Fortunate' which was reconstructed in Cosco Zhousan shipyard of China. The total reconstruction cost amounted to U.S.$62,619 (see note 8).

Disposals

On 6 February 2009, the company agreed the sale of the 67,515 DWT, 1977-built vessel "Athos", to an unaffiliated third party. The sale was concluded at a gross consideration of US $3,895 in cash and the vessel was delivered to the new owners on 12 February 2009. As of delivery date, M/V "Athos" had a net carrying value of U.S.$3,351, which was equal to her scrap value along with the unamortized balance of the latest dry-docking. A commission of 4% on the gross consideration was paid for this disposal. The gain resulting from the sale of the vessel after deducting other expenses. was U.S.$339 and is included in the interim consolidated income statement for the six months ended 30 June 2009.

On 22 May 2009, the company agreed the sale of the 2,258 TEU, 1980-built vessel "MSC Socotra", to an unaffiliated third party. The sale was concluded at a gross consideration of US $3,513 in cash and the vessel was delivered to the new owners on 4 June 2009. As of delivery date, M/V MSC Socotra had a net carrying value of U.S.$3,129, which was equal to her scrap value along with the unamortized balance of the latest dry-docking. A commission of 3% on the gross consideration was paid for this disposal. The gain resulting from the sale of the vessel after deducting other expenses. was U.S.$275 and is included in the interim consolidated income statement for the six months ended 30 June 2009.

On 22 May 2009, the company agreed the sale of the 2,108 TEU, 1978-built vessel "MSC Himalaya", to an unaffiliated third party. The sale was concluded at a gross consideration of US $3,093 in cash and the vessel was delivered to the new owners on 9 June 2009. As of delivery date, MSC Himalaya had a net carrying value of U.S.$2,134, which was equal to her scrap value along with the unamortized balance of the latest dry-docking. A commission of 3% on the gross consideration was paid for this disposal. The gain resulting from the sale of the vessel was U.S.$867 and is included in the interim consolidated income statement for the six months ended 30 June 2009.

On 3 June 2009, the company agreed the sale of the 934 TEU, 1979-built vessel "MSC Emirates", to an unaffiliated third party. The sale was concluded at a gross consideration of US $1,276 in cash and the vessel was delivered to the new owners on 16 June 2009. As of delivery date, MSC Emirates had a net carrying value of U.S.$816, which was equal to her scrap value. A commission of 3% on the gross consideration was paid for this disposal. The gain resulting from the sale of the vessel was U.S.$422 and is included in the interim consolidated income statement for the six months ended 30 June 2009.

7. Advances for vessels construction

The balances as at 30 June 2009 and 31 December 2008 are analysed as follows:

		30 June 2009 U.S. $'000		31 December 2008 U.S.$'000
		Unaudited		Audited
4 Bulk Carriers (Cosco Zhousan Shipyard, China)		46,603		30,922
2 Containers (Jiangsu Yangzijiang Shipbuilding Co. Ltd, China		19,331		19,276
2 Bulk Carriers (Qingshan Shipyard, China)		27,989		27,630
Joint Venture ("JV") - 2 Bulk Carriers		30,096		23,682
		124,019		101,510
Reclassified to vessels (M/V 'Marie Paule')		(16,490)		-
		107,529		101,510

a) New Buildings

4 Bulk Carriers

On 27 November 2007, the Group paid to the shipyard an aggregate amount of U.S.$30,200 representing the 20% deposit in respect of the four contracts for the vessels to be delivered in 2010 (ZS07037 and ZS07039) and 2011 (ZS07036 and ZS07038) (note 15). As of 30 June 2009, the Group paid to the shipyard an aggregate amount of U.S.$15,100 representing the 20% deposit in respect of the second installment for ZS07037 and ZS07039.Payments will be made to the yard based on the construction progress schedule in tranches of 20% of the total value. The last 20% will be paid upon delivery of the vessels.

2 Containers

On 7 August 2007, the Group separately agreed the specification terms with Jiangsu Yangzijiang Shipbuilding Co. Ltd and Anhui Technology Imp. & Exp. Co. Ltd for the construction of two new-build geared container vessels of 2,500 TEU nominal capacity each (the "YZJ Contracts"), the first of which is to be delivered in October 2010 and the second in March 2011. The total combined cost payable by the Group for these two vessels is estimated to be approximately U.S. $94,000, which is payable in five equal instalments. 

On 31 October 2007, the Group paid U.S.$18,730, representing the 20% deposit for the two vessels, as per contract. Payments will be made to the yard based on the construction progress schedule in tranches of 20% of the total value. The last 20% will be paid upon delivery of the vessels.

2 Bulk Carriers (Qingshan Shipyard of China)

On 27 June 2008 the Group entered into contracts for the construction of two bulk carrier vessels of 57,000 DWT each, with Qingshan Shipyard of China (member of Changjiang National Shipping Group), for a total consideration of U.S.$ 91,660, with estimated delivery in December 2010.

The initial deposit of U.S.$ 27,360 was paid during 2008 with U.S.$ 18,820 from cash reserves and U.S.$ 8,540 through the draw-down of a loan facility (note 13).

The remaining payments will be made to the yard based on the construction process schedule and will be financed by a mixture of cash reserves and the new loan facility, as follows: steel cutting stage with total cost U.S.$13,680 will be financed by U.S.$9,000 from cash reserves and the remaining from the loan facility and keel laying stage with total cost U.S.$18,240, launching stage with total cost U.S.$13,680 and delivery instalment of U.S$ 18,700 will be financed in total by the loan facility.

b) New Buildings-Joint Venture

On 15 January 2009 the Group paid U.S.$2,700, representing the 50% portion of the delivery instalment for vessel 'Marie Paule', payable to the shipyard as per the contract. Vessel became operational on 11 February 2009.

On 15 January 2009 the Group paid U.S.$3,200, representing the 50% portion of the fourth instalment for vessel 'Alpine Trader', payable to the shipyard as per the contract. Vessel is expected to become operational by the end of September 2009.

The Group's 50% portion of assets and liabilities per the stand alone Financial Statements of Sentinel Holdings Inc., as of 30 June 2009 is as follows:

SENTINEL HOLDINGS INC.		Notes		30 June  2009  U.S.$'000		31 December 2008 U.S.$'000
				Unaudited		Audited
ASSETS
Non-current assets
Vessels				16,254		-
Advances for vessels construction				13,606		23,682
				29,860		23,682
Current assets
Prepaid expenses and other assets				98		87
Cash and cash equivalents				1,094		-
				1,192		87
TOTAL ASSETS				31,052		23,769
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Retained earnings				137		-
TOTAL EQUITY				137		-
Non-current liabilities
Long-term debt				19,809		14,340
				19,809		14,340
Current liabilities
Current portion of long-term debt				706		-
Other liabilities				10,400		9,429
				11,106		9,429
TOTAL LIABILITIES				30,915		23,769
TOTAL EQUITY AND LIABILITIES				31,052		23,769

8. Vessel under reconstruction 

The balances as at 30 June 2009 and 31 December 2008 are analysed as follows:

	30 June 2009 U.S. $'000		31 December 2008 U.S. $'000
	Unaudited		Audited
Purchase Price	13,000		13,000
Capital expenditure for reconstruction	47,328		41,944
Capitalised interest and other borrowing costs	2,291		2,271
Total cost and expenditure for vessel under reconstruction	62,619		57,215
Reclassified to vessels	(62,619)		-
	-		57,215

On 16 June 2006, the Group acquired the M/V Fortune, a container vessel of 5,551 TEU and 68,537 DWT, built in 1996, for U.S.$13,000. The vessel was damaged in a fire on 21 March 2006. The Group paid additional instalments to the yard as follows: a) on 8 January 2009 the amount of U.S.$1,000, b) on 30 January 2009 the amount of U.S.$ 250 and c) on 23 April 2009 the amount of U.S.$1,250. The remaining U.S.$2,000 of the total reconstruction cost is to be paid periodically in 2009. The vessel concluded its reconstruction process and became operational on 23 February 2009, under the name 'MSC Fortunate'.

9. Other non-current liabilities, net

The amounts in the accompanying balance sheets as at 30 June 2009 and 31 December 2008 are analysed as follows:

	2009  U.S.$'000		2008  U.S.$'000
	Unaudited		Audited
Fair value of derivative instrument - asset(1)	-		8
Fair value of derivative instrument - liability(2)	(711)		(1,058)
Net fair value of derivative instruments	(711)		(1,051)
(1): interest rate swap for the loan of vessel Gianni D., which was fully repaid in 2005. The swap expired within the period to 30 June 2009.
(2): interest rate swap for the loan of vessel Bosporus Bridge.

The Group did not designate the swap agreements above as accounting hedges and accordingly, gains or losses resulting from changes in the fair values of these derivative instruments, which approximated U.S.$340 gain for the period ended 30 June 2009 (30 June 2008:U.S.$78 loss) are recorded in finance expense or income, accordingly, in the consolidated income statement.

 10. Insurance claims

	30 June 2009 U.S. $'000		31 December 2008 U.S.$'000
	Unaudited		Audited
Balance as of beginning of period/year	2,012		3,268
Additions	1,760		1,594
Collections	(1,039)		(2,731)
Amounts written off	-		(119)
Balance as of end of period/year	2,733		2,012

  

11. Share capital and Share premium

Share capital consists of the following:

		30 June 2009 U.S. $'000		31 December 2008 U.S.$'000
		Unaudited		Audited
Authorised
Common stock of $0.01 each		1,000		1,000
Issued and paid
Common stock of $0.01 each		704		699
Total issued share capital		704		699

Annual Incentive Plan (AIP):

The Remuneration Committee in its meeting on 17 December 2008 proposed and the Board of Directors approved the base award for each participant under the terms of the AIP. All the participants selected the full shares award (FSA).

On 23 March 2009, 175,014 shares (52,239 shares were issued in 2008 for 2007 FSA) were issued to the participants that selected the FSA. On the same date, an amount of U.S.$237 (U.S.$363 for 2007 FSA), representing the fair value of the award as of the grant date, was transferred from Current Liabilities into the Share Premium.

The analysis of the Share premium is as follows:

		U.S. $'000
Balance 31 December 2007		106,991
AIP shares issued in 2008		363
Balance 31 December 2008		107,354
AIP shares issued in 2009		238
Scrip dividend shares (note 4)		766
Balance 30 June 2009		108,358

12. Earnings per share

Basic earnings per share ("EPS") of USD 0.12 ( 2007: 0.78) are calculated by dividing the profit for the period attributable to Goldenport Holdings Inc. shareholders (U.S.$8,510 and U.S.$60,871 for the periods ended 30 June 2009 and 30 June 2008, respectively), by the weighted average number of shares outstanding (70,141,640 and 69,910,651 for the periods ended 30 June 2009 and 30 June 2008, respectively).

The weighted average number of shares outstanding reflects the weighted average of the shares existed on 31 December 2008, the shares issued on 23 March 2009 relating to the Full Share Award under the provisions of AIP and the shares issued on 20 May 2009 relating to the scrip dividend program (as approved by the AGM on 7 May 2009). 

Diluted EPS reflects the potential dilution that could occur if share options or other contracts to issue shares were exercised or converted into shares. 

Date	Number of shares as of year / period end
31 December 2008 (audited)	69,924,071
30 June 2009 (unaudited)	70,591,653
Weighted average number of shares in the six month period ended 30 June 2009 (unaudited)	70,141,640

13. Long-term Debt

The amounts in the accompanying balance sheets are analysed as follows:

		30 June 2009		31 December 2008
		U.S.$'000		U.S.$'000
Bank Loan	Vessel(s)	Amount	Rate %	Amount	Rate %
a. Issued 13 February 2003, maturing 30 May 2009	Lindos	-	-	1,750	3.40%
a. Issued 31 March 2004, maturing 30 September 2010	Tilos, Limnos	3,900	2.72%	4,600	5.05%
c. Issued 17 May 2005, maturing 17 August 2009	MSC Mekong, Alex D, Gianni D, Howrah Bridge	-	-	5,526	3.45%
d. Issued 26 June 2006, maturing 26 September 2011	MSC Scotland	7,900	1.90%	9,500	2.77%
e. Issued 19 July 2006, maturing 16 July 2011.	Vasos	10,750	2.50%	12,200	3.99%
f. Issued 16 December 2008, maturing 29 July 2013	MSC Fortunate	30,185	3.55%	38,100	1.77%
g. Issued 14 March 2007, maturing 14 March 2012.	MSC Finland, MSC Socotra (ex. NYK Procyon)	12,550	5.89%	6,800	5.89%
h. Issued 19 July 2007, maturing 19 July 2014	Anafi	13,950	2.21%	15,125	5.30%
i. Issued 17 August 2007, maturing 17 August 2012	MSC Accra	5,265	1.60%	6,075	3.30%
j. Issued 18 October 2007, maturing 18 October 2014	Bosporus Bridge, YZJ-815, YZJ-816	10,498	1.90%	11,165	5.60%
k. Issued 11 November 2007, maturing 11 November 2014	Gitte, Tiger Star	15,300	2.11%	16,450	3.24%
l. Issued 22 January 2008, maturing 10 years after delivery	Marie Paule	11,773	2.87%	8,800	3.01%
m. Issued 22 January 2008, maturing 10 years after delivery	Alpine Trader	8,800	3.10%	5,600	3.01%
n. Issued 18 August 2008, maturing 12 years after delivery	QS20060384	4,270	4.23%	4,270	4.23%
o. Issued 18 August 2008, maturing 12 years after delivery	QS20060385	4,270	4.23%	4,270	4.23%
p. Issued 6 March 2009, maturing 12 years after delivery	ZS07039	3,775	2.38%	-	-
q. Issued 22 April 2009, maturing 12 years after delivery	ZS07037	3,775	2.97%	-	-
Total		146,961		150,231
Less: initial financing costs		(1,011)		(809)
Less: current portion		(22,121)		(32,564)
Long-term portion		123,829		116,858

Debt refinancing

On 4 March 2009 the Group refinanced the outstanding debt of the vessel 'MSC Finland' amounting U.S.$6,800 and proceeded with the drawdown of additional U.S.$6,400 to cover the acquisition cost of the vessel 'MSC Socotra'. Both vessels have been provided as collateral to the new loan amounting U.S.$13,200 in total.

Drawdown of loans:

On 15 January 2009 and as part of the loan agreement concluded between the vessel owning company of the JV new-build bulk carrier 'Marie Paule' and a bank,(see note 7b) the vessel owning company proceeded with the drawdown of U.S.$6,300, representing the delivery instalment payable to the shipyard as per the contract. 

On 15 January 2009 and as part of the loan agreement concluded between the vessel owning company of the JV new-build bulk carrier 'Alpine Trader' and a bank, (see note 7b) the vessel owning company proceeded with the drawdown of U.S.$6,400, representing the fourth instalment paid directly to the shipyard as per the contract. 

On 6 March 2009 and as part of the loan agreement concluded between the vessel owning company of the new-built bulk carrier 'ZS07039' and a bank (see note 7a) the vessel owning company proceeded with the drawdown of U.S.$3,775, representing the bank's portion of the steel cutting instalment, which was paid along with the Group's equity portion of U.S.$3,775, as per contract.

On 22 April 2009 and as part of the loan agreement concluded between the vessel owning company of the new-built bulk carrier 'ZS07037' and a bank, the vessel owning company proceeded with the drawdown of U.S.$3,775, representing the bank's portion of the steel cutting instalment, which was paid along with the Group's equity portion of U.S.$3,775, as per contract.

Prepayment of loans:

On 30 January 2009 a prepayment of U.S.$1,300 was applied towards the outstanding amount of loan c reducing the amortisation on a prorata basis. 

On 17 February 2009 a prepayment of U.S.$3,739 was applied towards the outstanding balance of loan f reducing the amortisation on a prorata basis.

On 10 June 2009 a prepayment of U.S.$2,566 was applied towards the outstanding amount of loan c.

On 10 June 2009 a prepayment of U.S.$3,000 was applied towards the outstanding amount of loan f reducing the amortisation on a prorata basis. 

Loans (a-n) are denominated in U.S. dollars, and bear interest at LIBOR plus a margin. Loan (g) is also denominated in U.S. dollars. For the first 10 instalments the loan bears fixed interest of 5.85% and for the last eight instalments the loan bears interest at LIBOR plus a margin. In 2007 the Company has entered into an interest rate swap agreement for loan (j) to exchange variable to fixed interest rate at 4.64%, for a notional amount equal to the loan amount concluded.

Total interest paid was U.S.$2,636 and U.S.$4,361 for the periods ended 30 June 2009 and 30 June 2008, respectively.

The loan agreements contain covenants including restrictions as to changes in management and ownership of the vessels, additional indebtedness and mortgaging of vessels without the bank's prior consent as well as minimum requirements regarding hull cover ratio and corporate guarantees of the Company.

In relation to loans (d), (f), (h), (i),and (k) the financing bank has consented to waive for the period between 30 June 2009 and 28 February 2011 the security requirement under which the charter-free market value of the mortgaged vessels should be at least 120% (in loan (d), 125%) of the outstanding balance of each loan.

14. Related party transactions and balances

Transactions with related parties consist of the following:

		Six months  ended		Six months ended
		30 June 2009		30 June 2008
		U.S.$'000		U.S.$'000
		Unaudited		Unaudited
Voyage expenses - related Party
Goldenport Shipmanagement Ltd (Note 3)		1,049		1,603
Management fees - related party
Goldenport Shipmanagement Ltd		1,519		1,953
Total		2,568		3,556

Directors and management team remuneration amounts to U.S.$556 (30 June 2008: U.S.$878).

Balances due from related parties consist of the following:

		30 June 2009		31 December 2008
		U.S.$'000		U.S.$'000
		Unaudited		Audited
Due from related parties -Current
Goldenport Shipmanagement Ltd		2,958		3,342
Total		2,958		3,342

Goldenport Shipmanagement Ltd. ("GSL"): All vessel-operating companies included in the consolidated financial statements have a management agreement with GSL, a Liberian corporation directly controlled by Captain Paris Dragnis, to provide, in the normal course of business, a wide range of shipping managerial and administrative services, such as commercial operations, chartering, technical support and maintenance, engagement and provision of crew, financial and accounting services and cash handling in exchange for a management fee. On 1 January 2008, all the activities of accounting and legal department were transferred from GSL to the new subsidiary Goldenport Marine Services which is a company 100% owned by Goldenport Holdings. On 1 July 2008, all the activities of the quality and safety, information technology (including software licences) and other administrative activities were transferred from GSL to Goldenport Marine Services. The respective monthly management fee payable to GSL was reduced accordingly to U.S.$12.5 (30 June 2008: U.S.$13.75) per vessel per month in order to reflect this transfer of services. 

For the period ended 30 June 2009 commission charged by GSL amounted to U.S.$ 1,049 (30 June 2008: U.S.$1,603) and is included in "Voyage expenses-related party". GSL has a branch office registered in Greece under the provisions of Law 89/1967. 

The amounts receivable from GSL, shown in the table above, represent the vessel-operating companies' cash surplus handled by GSL. 

(b) Although two incentive plans: 'The Goldenport Discretionary Share Option Plan' and the 'Goldenport Share Award Plan' were approved prior to official admittance to the London Stock Exchange, none of them has been activated.  A new plan ("Annual Incentive Plan") was approved in the AGM held on 17 May 2007 which applies to the executive directors.

Annual Incentive Plan and other remuneration of Directors and Management team

The Board of Directors on 8 March 2009 approved the financial statements and authorised the issuance of the shares relating to the full share award under the provisions of AIP. Under these provisions the AIP shares would have to be calculated by reference to the closing market value of the Company's shares on the date of announcement of full year results for 2008. By reference to the closing market value of the Company's shares on 9 March 2009, 175,014 shares were granted and then registered to the participants' names on 23 March 2009.

The participant shall have the right to receive dividends for 2009 and the right to vote in respect of AIP shares but during a restricted period of one calendar year from registration the participant is not allowed to sell, assign, exchange, transfer, pledge, hypothecate or otherwise dispose of or encumber any of the AIP shares.

The amounts included in the financial statements under AIP and other remuneration of Directors and Management team as of 30 June are as follows:

		30 June 2009 U.S.$'000		30 June 2008 U.S.$'000
Directors and management team remuneration		556		664
AIP bonus		-		214
		556		878

(c) The Interests of the Directors, the Senior Management and their respective immediate families in the share capital of the Company (all of which are beneficial unless otherwise stated), were as at 30 June 2009 as follows:

Name		Number of shares as at 31 Dec 2008		Shares issued under AIP 2008		Shares issued under scrip dividend 2008		Number of shares as at 30 June 2009		Percentage of shares as at 30 June 2009
Captain Paris Dragnis (1)		41,830,444		81,998		408,508		42,320,950		59.952%
Chris Walton(2)		2,128		-		41		2,169		0.003%
John Dragnis(3)		456,549		25,624		4,500		486,673		0.689%
Christos Varsos(4)		13,412		36,899		261		50,572		0.072%
Konstantinos Kabanaros(5)		-		30,493		-		30,493		0.043%

(1) Captain Paris Dragnis is the founder and Chief Executive Officer of the Company 

(2) Chris Walton is the non-executive Chairman of the Board of Directors

(3) John Dragnis is the Commercial Director of the Company

(4) Christos Varsos is the Chief Financial Officer of the Company

(5) Konstantinos Kabanaros is the Chief Accounting Officer of the Company

(d) Rental of office space: On 1 January 2008 a monthly rental of EUR14.5 was agreed to be charged by the owner of the building (a related party under common control) to Goldenport Marine Services for the rental of the head offices. From 1 July 2008 the Company rents a larger space in the same building due to the expansion of its operations. A monthly rental of EUR17.2 was agreed to be charged by the owner of the building from 1 July 2008 to 2 September 2008 and subsequently the rental was agreed to be EUR17.8. Total rent expense for the period ended 30 June 2009 is $119 (U.S.$138 for the period ended 30 June 2008) and is included in General and administration expenses in the accompanying financial statements.

The future minimum lease (rental) payments under the above agreement as at 30 June 2009 are as follows:

	U.S.$'000
Within one year	299
After one year but not more than five years	1,127
More than five years	383
	1,809

15. Commitments and contingencies

	30 June 2009 U.S.$'000		31 December 2008 U.S.$'000
	Unaudited		Audited
Within one year	68,389		87,797
1-5 years	181,864		199,941
> 5 years	-		3,775
	250,253		291,513

16. Events after the balance sheet date 

Loan repayments: On 14 July 2009, U.S.$1,450 was repaid in relation to loan (e), on 16 July 2009, U.S.$353 was repaid in relation to loan (m), on 20 July 2009 U.S.$500 was repaid in relation to the outstanding balance of loan (h), on 20 July 2009 U.S.$334 was repaid in relation to the outstanding balance of loan (j), on 29 July 2009 U.S.$1,105 was repaid in relation to the outstanding balance of loan (f), on 11 August 2009 U.S.$575 was repaid in relation to the outstanding balance of loan (k) and on 16 August 2009 U.S.$405 was repaid in relation to the outstanding balance of loan (i).

Drawdown: On 14 August 2009, the Company paid US$ 5,915 and EUR 2,475, being settlement of the second instalment due under the shipbuilding contract for the construction of YZJ-815 container vessel. An amount of US$ 4,400 was drawn from the committed bank financing.

New Loan:  On 21 August 2009, the Group proceeded to obtain a loan of U.S.$20,000 for the acquisition of Bulk Carriers build after 1990.

Dividends: On 26 August 2009 the Board of Directors approved an interim dividend of 0.7 pence per share amounting in total to GBP 494. The dividend approved has a share alternative allowing the shareholders to select between cash and shares for the respective amount of 0.7 pence. The interim dividend is expected to be paid in November 2009. The respective interim dividend of 2008 amounted to GBP 5,595 (8.0 pence per share) or U.S.$ 10,284 (14.1 cents per share) and was paid in October 2008.

Disposal of vessel 'Gianni D': The sale of vessel 'Gianni D' was concluded at a gross consideration of US $20,000 in cash and the vessel was delivered to the owners on 27 July 2009. A commission of 1% on the gross consideration was charged for this disposal resulting in a gain of US $11,244.

ENDIR PUUBARUPBGQQ