GPRT.L Regulatory News (GPRT)

14 Mar 2007 07:01

Goldenport Holdings Inc14 March 2007 Goldenport Holdings Inc. Athens, 14 March 2007 Fleet Expansion Joint Venture Agreement to acquire two new-build vessels Goldenport Holdings Inc. ("Goldenport" or "the Company") announces that it hasentered into a joint venture agreement with a subsidiary of GlencoreInternational AG ("Glencore") to acquire, two new-building vessels from JiangsuEastern Heavy Industry Co., Ltd and Jiangsu Holly Corporation. The jointventure company ('JV Company') will be owned and controlled on a strictly 50:50basis by Goldenport and Glencore. The vessels to be acquired are both double-hull bulk carriers with 53,800 DWT('Diamond 53' design) and the total consideration payable will be US$64million, equating to US$32 million per vessel. Goldenport will finance itsportion of the total consideration for the two vessels through a mix of equityand debt financing. It is expected that the vessels will be completed and delivered in the secondpart of 2008. The first vessel will be chartered to first-class South Koreancharterers for a three year period starting from delivery at a daily rate ofUS$18,000. The second vessel, upon delivery, will be commercially managed byGlencore. Captain Paris Dragnis, Chief Executive Officer of Goldenport Holdings Inc,commented: "In today's volatile markets, with the second-hand vessel prices being atextreme levels, strategic partnerships support healthy expansion and weatheringof the cycle. We welcome Glencore in this partnership and we expect that their depth ofcommercial knowledge together with our long standing ship-owning and managementexpertise will benefit the aligned interests of the partnership, supporteconomies of scale and create the base to exploit further opportunitiestogether." ENDS - For further information, please contact Goldenport Holdings Inc. Christos Varsos, Chief Financial Officer: Today: +30 694 429 4839 Thereafter: +30 210 8910 500John Dragnis, Commercial Director Today: +30 694 668 8180 Thereafter: +30 210 8910500 Smithfield: John Kiely / Will Swan +44 (0) 20 7360 4900 Glencore International AG:Lotti Grenacher +41 41 709 2000 Overview of Goldenport: Goldenport is an international shipping company that owns and operates a fleetof dry bulk and container vessels that transport cargo worldwide. The fleetconsists of ten dry bulk carriers and eleven container vessels, (including the vessel West Gate Bridge to be delivered in March 2007). Goldenport is listed onthe London Stock Exchange under the ticker GPRT. Overview of Glencore: Glencore is a leading privately held, diversified natural resources company withworldwide activities in the smelting, refining, mining, processing, purchasing,selling and marketing of metals and minerals, energy products and agriculturalproducts. Glencore operates on a global scale, marketing physical commoditiesproduced in its industrial assets or purchased from third parties to industrialconsumers, such as those in the automotive, steel, power generation, oil andfood processing industries. Glencore also provides financing, logistics andother services to producers and consumers of commodities. These activities aresupported by substantial strategic industrial assets relating to Glencore's corecommodities. Energy products and commodities are marketed and coordinatedprimarily in Glencore's headquarters in Baar, Switzerland and through theoffices of its subsidiaries in London, Stamford and Singapore This information is provided by RNS The company news service from the London Stock Exchange