16 Dec 2009 10:01
Goldenport Holdings Inc.
Athens, 16 December 2009
One New-Build Dry Bulk Carrier Contract
Goldenport Holdings Inc. ("Goldenport" or "the Company"), (LSE: GPRT) the international shipping company that owns and operates a fleet of containers and dry-bulk vessels, announced today that it has entered into an agreement with an unaffiliated third party, Bonitas Maritime Co. of Marshall Islands, to acquire a contract for a new-building geared Supramax bulk carrier vessel. The vessel which is being built at SPP Shipbuilding Co. Ltd. of Korea will have a carrying capacity of 59,000 DWT and is expected to be delivered in the last quarter of 2010.
The aggregate cost for the contract is US$31.8 million and the Company has the option to elect for additional items of equipment with a total value of $2 million to be added until the delivery date.
The initial deposit of US$ 4.76 million is funded by cash reserves. The remaining payments will be made to the yard based on the construction process schedule and will be financed by cash reserves and the draw-down of a loan facility already committed for this project for an amount of US$ 21.7 million.
Captain Paris Dragnis, Founder and Chief Executive Officer of Goldenport, commented:
"We continue our selective fleet expansion and renewal program taking advantage of attractive opportunities for high quality assets. Given the resilience of the demand for dry bulk services, the acquisition of this modern Supramax vessel enhances our operational flexibility and versatility, enabling us to better service our client requirements. Our conservative strategy and our sound financial condition allowed us to finance the project at favourable terms despite the limited availability in the global credit markets. "
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For further information, please contact
Goldenport Holdings Inc.:
Christos Varsos, Chief Financial Officer +30 210 8910500
John Dragnis, Commercial Director +30 210 8910500
Investor Relations Coordinators:
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
Further Information:
Overview of Goldenport
Goldenport is an international shipping company that owns and operates a fleet of twenty-six container and dry bulk vessels that transport cargo worldwide. The fleet consists of twelve container vessels (including two new-build vessels with deliveries scheduled for 2011) and fourteen dry bulk carriers (including seven new-build vessels with deliveries scheduled for 2010 and 2011). Goldenport is listed on the London Stock Exchange under the ticker GPRT.
Website: www.goldenportholdings.com or www.goldenport.biz