25 May 2012 07:00
Goldenport Holdings Inc.
Athens, 25 May 2012
Profitable Sale of a Container Vessel
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 that it has concluded the sale of the 1986-built container 'MSC Finland', to the unaffiliated third party "Karnak Holdings Limited" of Tortola, British Virgin Islands, for a cash consideration of US$ 7.2 million. The vessel was delivered to the new owners on 24 May 2012.
"MSC Finland" was fully depreciated to her scrap value with a net book value in the financial statements as at the date of the sale of US$ 2.8 million including the unamortised balance of dry-docking costs. Consequently, Goldenport Holdings is expected to realize a profit of US$ 4.2 million, net of commissions.
The vessel was initially acquired in 2007 for a total consideration of US$16.9 million. The vessel has traded successfully with the Company for the last five years and upon its sale it materializes a strong profit.
Following the completion of the initial renewal program of the fleet with the delivery of the remaining new-buildings in 2011, the Company decided to take advantage of the current strong scrap prices and profitably sell one of its oldest container vessels.
This is a cash accretive disposal and the net proceeds will be used as equity for a replacement acquisition thus materializing our replacement strategy and expanding the economic life of our fleet.
- 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 (following the sale mentioned above) a fleet of twenty-four container and dry bulk vessels that transport cargo worldwide. The fleet consists of eleven container vessels and thirteen dry bulk carriers. Goldenport is listed on the London Stock Exchange under the ticker GPRT.
Website: www.goldenportholdings.com or www.goldenport.biz