GPRT.L Regulatory News (GPRT)

11 Jan 2007 07:00

Goldenport Holdings Inc11 January 2007 Goldenport Holdings Inc. Athens, 11th January 2007 PRE-CLOSE STATEMENT The Board of Directors of Goldenport Holdings Inc ("Goldenport" or "theCompany") is pleased to report that trading for the full year to 31st December2006 is expected to be at least in line with market expectations. The Company'sfinal results for the year ending 31 December 2006 will be announced onWednesday 14th March. The recovery in the dry bulk market, combined with our long-standing andextensive relationships with top tier charter counterparties and our enhancedfleet have enabled us to take on first class bulk carrier charters at rates significantly improved from those prevailing during the first half of the year. The capesize bulk carrier 'Vasos' and the sub-panamax container 'MSC Scotland'have contributed in the profitability of the second half of the year and theywill contribute in full in 2007, whereas the newly acquired sub-panamaxcontainer 'West Gate Bridge' will contribute after her delivery in March 2007.The post-panamax container 'Fortune' has already reached the shipyard for thefinal repairs phase of the project in accordance with the initial plan and willcontribute to 2008 profitability. Our forward looking model of employing our vessels on time charters is allowingus to weather the expected decline in the container segment of the market in2007 and creates opportunities for acquisition growth. The strong free cash flow generated from the business in 2006 and the unutilisedproceeds of the IPO provide the resources for the continued expansion of thefleet with the objective of continuing to reduce the average age of the fleetwhilst maintaining an appropriate balance between the two sectors of dry cargoand containers. We continue to evaluate and consider a number of opportunities to enhance ourfleet in accordance with our investment strategy. FORWARD COVERAGE The percentage of available days of the fleet already fixed under contracts(assuming latest charter expiration and exercise of all additional hire periodsunder charter) is as follows: 2007(1) (2) 2008(1) (2) 2009(2)Total Fleet 75% (69%) 60% (49%) 37%Containers 90% (84%) 91% (71%) 54%Bulk Carriers 58% (53%) 25% (24%) 24% (1)Percentage of available days of the fleet fixed under contract as reported on11 October 2006 is given in brackets (2)The percentages above do not include the vessel 'Fortune' which is under repairs TRADING UPDATE The update on trading of the fleet as of 11th January 2007: Rate (US$)Vessel Type Capacity per day Charter ExpirationContainers TEU Earliest Latest(1) Fortune Post 5,551 Under repairs PanamaxWest Gate Bridge (2) Sub 3,032 Rate to be announced PanamaxMSC Scotland Sub 3,007 20,770 Sep-09 Nov-09 PanamaxMSC Socotra Sub 2,258 8,000 Jan-08 Mar-08 PanamaxHowrah Bridge Sub 2,257 14,400 Feb-07 Feb-07 Panamax 14,180 Jul-09 Sep-09MSC Himalaya Sub 2,108 12,700 Dec-08 Jan-09 PanamaxAchim Handy 930 9,600 Feb-09 Apr-09Beauty Handy 962 7,300 Feb-07 Feb-07MSC Emirates Handy 934 7,000 Jan-09 Feb-09Glory D Handy 946 9,600 Feb-09 Apr-09Tuas Express Feeder 485 8,900 Dec-07 Dec-08 Dry Bulk DWT Vasos (3) Capesize 152,065 16,000 Feb-07 May-07 23,950 Dec-10 Jun-12Samos Capesize 136,638 15,750 Apr-07 Jun-07Ios Panamax 69,737 12,500 Feb-07 Jun-07Gianni D Panamax 69,100 26,000 Sep-07 Nov-07Athos Panamax 67,515 16,750 Jun-07 Sep-07Vana Handymax 53,522 16,250 Feb-07 Feb-07Alex D (4) Handymax 52,315 26,250 Jan-07 Jan-07 26,500 Feb-07 Feb-07Limnos (4) Handymax 52,266 19,200 Feb-07 Feb-07Lindos Handymax 52,266 14,500 Jul-09 Nov-09Tilos(4) Handymax 52,266 22,500 Feb-07 Feb-07 (1) Represents last day on which the charter may redeliver the vesselassuming exercise of all additional hire periods under charter(2) Rate to be announced upon delivery of the vessel(3) Charterer has an option to extent for another 12 months after theinitial period of 45 to 51 months(4) Goldenport is in advanced negotiations to extend or re-charter thevessels Tilos, Alex D and Limnos APPOINTMENT OF JOINT FINANCIAL ADVISER & CORPORATE BROKER The Company is also pleased to announce the appointment of Panmure Gordon & Co.,to act as Joint Financial Adviser and Corporate Broker to the Company (jointlywith HSBC Bank plc.) with immediate effect. HSBC Bank plc will remain the Sole Sponsor. - ENDS - For further information, please contact Goldenport Holdings Inc. Christos Varsos, Chief Financial Officer +30 210 8910500 John Dragnis, Commercial Director +30 210 8910500 Smithfield: John Kiely / Will Swan +44 (0)20 7360 4900 Further Information Overview of Goldenport Goldenport is an international shipping company that owns and operates a fleetof dry bulk and container vessels that transport cargo worldwide. The fleetconsists of ten dry bulk carriers and eleven container vessels. Goldenport is listed on the London Stock Exchange under ticker GPRT. Selected Financial Information Goldenport reported revenues of US$39.8 million, EBITDA of US$25.1 million andnet income of US$21.7 million for the six months ended 30 June 2006. Goldenportalso declared interim dividend of 5.6 pence per share (making an interim payoutof £ 3.9 million), which was paid on October 4th 2006. Goldenport's strategy Goldenport's primary objective is to manage its fleet in a manner that allows itto maximise returns for shareholders and maintain profitability across theshipping cycle. To accomplish this objective, Goldenport has identified the following strategies, which build upon its existing strengths: • Employment of vessels in a manner that provides stable cash flows • Effective management of the size and nature of the fleet with a view to expansion of the company • Maintain exposure to both the dry bulk and container sectors • Attraction and retention of blue-chip customers • Capitalise on established reputation • Maintenance of a strong balance sheet with low leverage This information is provided by RNS The company news service from the London Stock Exchange