10 Apr 2015 07:00
Goldenport Holdings Inc.
Athens, 10 April 2015
Sale of a Dry Bulk Vessel and Notice of Results
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 dry bulk vessel and the date of announcement of its final results for the year ended 31 December 2014.
Sale of a Dry Bulk Vessel
The Company has sold the 1994-built 48,170 DWT dry bulk vessel 'Golden Trader' to an unaffiliated third party, "OPES Shipping Limited" of Essex, United Kingdom, for a gross consideration of US$4.0 million in cash. The vessel's delivery to the new owners took place on 9 April 2015.
Goldenport has taken a non-cash impairment charge of US$5.5 million against the book value of the vessel in its financial statements for the year ended 31 December 2014. It expects to realize a book loss of US$0.2 million on the sale in its 2015 results after accounting for brokerage commission and the vessel's residual book value.
The sale by Goldenport of its oldest bulk carrier is in line with its strategy to phase out older vessels over time, thereby further reducing the average age of its fleet and enhancing operating and cash flow generating efficiency. The net sale proceeds will be applied towards the repayment of debt secured against the vessel and increasing the level of corporate liquidity.
Full Year 2014 Results
The Company's final results for the year ended 31 December 2014 will be announced on 30 April 2015.
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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