20 Jul 2015 17:49
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 |
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(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