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Sale of a Container Vessel and Trading Update

20 Jul 2015 17:49

RNS Number : 5704T
Goldenport Holdings Inc
20 July 2015
 

Goldenport Holdings Inc.

Athens, 20 July 2015

 

 

Sale of a Container Vessel and Trading Update

 

 

Goldenport Holdings Inc. ("Goldenport" or "the Company"), (LSE: GPRT) the international shipping company that owns and operates a fleet of dry bulk and container vessels, announces today the sale of a container vessel and the update on the trading of its fleet as of 17 July 2015.

 

 

Sale of a Container Vessel

 

The Company has agreed the sale of the 1997 built container vessel 'Thira' to an unaffiliated third party, "BSL Thira Shipping Limited", for a cash consideration of US$6.85 million. The vessel's delivery is due to take place on 21 July 2015.

 

Goldenport expects to realize a book profit of approximately US$2.4 million on the disposal, after accounting for brokerage commission and book value.

The net sale proceeds will be applied towards the repayment of debt secured against the vessel and increasing the level of corporate liquidity.

 

Trading Update

 

Fleet Employment Profile

Vessel

Type

Capacity

Built

Rate (US$) per day

Earliest Expiration (1)

Dry Bulk

DWT

1

D Skalkeas

Post Panamax

93,000

2011

13,000

Sep-15

2

Eleni D

Supramax

59,000

2010

6,500

Sep-15

3

Milos

Supramax

57,000

2010

6,350

Aug-15

4

Sifnos

Supramax

57,000

2010

Drydocking

5

Pisti

Supramax

57,000

2011

8,200

Sep-15

6

Sofia

Supramax

57,000

2011

9,500 + 100K Ballast Bonus

Aug-15

7

Ermis

Supramax

53,800

2009

5,350

Aug-15

8

Alpine Trader

Supramax

53,800

2009

7,500

Sep-15

Containers

TEU

1

MSC Fortunate

Post Panamax

5,551

1996

13,025

Aug-15

2

Erato

Sub Panamax

2,500

2011

9,725

Apr-16

3

Paris Jr

Handy

1,129

1996

7,590

Jan-16

4

Gitte

Handy

976

1992

6,410

Oct-15

5

Brilliant

Handy

976

1992

6,565

Sep-15

 

(1) Represents earliest day on which the charterer may redeliver the vessel

 

 

 

 

 

Estimated net debt position

 

The estimated gross debt position of the Company as of 30 June 2015 amounted to US$157.5 million, reflecting inter alia the consolidation of US$25.1 million of debt associated with M/V Alpine Trader and M/V Ermis following the assumption of 100% ownership of the two vessels on 22 May 2015 and the US$9.4 million voluntary prepayment to RBS on 5 June 2015 as disclosed in the consolidated financial statements for the year ended 31 December 2014.

 

The estimated net debt position of the Company as of 30 June 2015 amounted to US$148.5 million, taking into account US$9.0 million of cash and cash equivalents (including US$0.6 million of restricted cash).

 

The estimated gross and net debt position have been derived using the same accounting policies and procedures as in the consolidated financial statements for the year ended 31 December 2014.

 

 

Interim Results Announcement

 

The Company's Interim Results for the six months ended 30 June 2015 are expected to be announced on Monday 31 August 2015.

 

 

- ENDS -

 

For further information, please contact:

Goldenport Holdings Inc.

John Dragnis, Chief Executive Officer +30 210 8910 500

Alexis Stephanou, Chief Financial Officer +30 210 8910 542

finance@goldenport.biz

Tavistock Communications

Jos Simson / Emily Fenton +44 (0) 20 7920 3150

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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