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Trading Update and IMS

13 May 2009 07:00

RNS Number : 1340S
Goldenport Holdings Inc
13 May 2009
 



Goldenport Holdings Inc.

Athens13 May 2009

INTERIM MANAGEMENT STATEMENT

Goldenport releases today the update on the trading of its fleet as of 12 May 2009 and the Interim Management Statement covering the period from 1 January 2009.

Operational Fleet Forward Coverage:

The percentage of available days of the fleet already fixed under contracts as of 12 May 2009 assuming the earliest charter expiration is as follows: 

2009(1) (2)

2010(1) (2)

2011 (2)

Total Fleet

87% (77%)

53% (46%) 

33% (29%) 

Containers

94% (81%)

63% (52%)

46% (39%) 

Bulk Carriers

75% (70%)

34% (33%) 

11(11%)

(1) Percentage of available days of the fleet fixed under contract as reported on 9 March 2009 is given in brackets

(2) The percentages above include only the currently operational fleet and exclude the nine new-build vessels for which we expect delivery in the future. 

Assuming earliest charter expiration, the estimated total revenue for the years 2009, 2010 and 2011 deriving from contracts already fixed for the operational part of the fleet is US$ 176 million (US$ 174 million as of 9 March 2009). This calculation excludes the nine new-build vessels for which we expect delivery in the future.

CEO Statement:

Captain Paris Dragnis, Founder and Chief Executive Officer of the Company, commented: 

"The crisis that commenced in the fourth quarter of 2008 continued into the first quarter of 2009, which was one of the most challenging periods for the global economy, the financial markets and for the shipping industry.

"We are pleased to report that our proactive and defensive management initiatives safeguarded our Company during this difficult period and positioned it to benefit from the eventual market recovery. 

"During the first months of 2009 we optimized the employment of our container fleet by shifting contracts fixed during 2008 on older vessels of our fleet to younger vessels that were re-opening for rechartering. This strategy enabled us to maintain profitable employment for our younger tonnage in a period where a large portion of the global fleet is idle. The older and fully depreciated vessels, on which we exchanged their charters, are likely to be sold for scrap further strengthening our balance sheet with the relevant proceeds.

"We also continued with our planned fleet expansion, taking delivery of two vessels, a new-build dry-bulk and a reconstructed container vessel, both of which commenced their pre-agreed time charters. Taking advantage of the weak market conditions, we acquired a 1995 built container vessel which commenced its operation within April. The addition of these three vessels to our operational fleet expands our revenue base and profit generation potential. Finally, we also sold at a profit a 1977 built and fully depreciated dry-bulk carrier further adding to our cash reserves.

 

"In the present environment of market volatility and uncertainty, we are particularly pleased to report strong forward coverage for our fleet especially in the container segment where, assuming earliest charter expiration, 94% of the available days for 2009 and 63% for 2010 are already fixed under period employment with first class charterers.

"In the next few months several of our existing vessels become debt free. This will enable us to seek refinancing for these vessels enhancing our cash position and reinforcing our ability to seek attractive acquisition opportunities, as in today's market we could acquire second hand vessels at much more reasonable prices compared to before. Our Company is in a strong financial condition given that as of 31 March 2009 our net debt was only US$ 134.7 million and our net debt to book capitalisation was 33.9%, a moderate figure for our industry." 

Fleet Employment Profile:

Operational fleet

Vessel

Type

Capacity

Rate (US$) per day

Earliest 

Expiration (1) 

Containers

TEU

1

MSC Fortunate(2)

Post Panamax

5,551

28,500

Feb-13

2

Procyon (3)

Post Panamax

4,953

12,350

Apr-13

3

Bosporus Bridge 

Sub Panamax

3,720

14,750

Feb-12

4

MSC Finland

Sub Panamax

3,032

16,500

Mar-10

5

MSC Scotland

Sub Panamax

3,007

20,770

Oct-09

6

MSC Anafi 

Sub Panamax

2,420

20,500

May-09

7

MSC Socotra (4)

Sub Panamax

2,258

14,350

May-09

8

Howrah Bridge 

Sub Panamax

2,257

14,180

Jul-09

4,850

Mar-10

9

MSC Himalaya

Sub Panamax

2,108

14,500

Jul-10

10

MSC Accra

Sub Panamax

1,889

14,200

Jun-12

11

Gitte (5)

Handy

976

Euro 5,250

Aug-09

Euro 6,950

Apr-10

12

Tiger Star 

Handy

976

4,000

May-09

6,000

Jun-12

13

MSC Mekong

Handy

962

7,000

Jan-11

14

MSC Emirates (4

Handy

934

7,000

May-09

Dry Bulk

DWT

15

Vasos

Capesize

152,065

23,950

Feb-11

16

Gianni D 

Panamax

69,100

16,150

Jun-09

17

Marie-Paule (6)(8)

Supramax

53,800

18,000

Jan-12

18

Alex D 

Supramax

52,315

26,000

Oct-09

 

19

Limnos 

Supramax

52,266

10,300

May-09

20

Lindos 

Supramax

52,266

14,500

Jul-09

21

Tilos

Supramax

52,266

20,500

Aug-10

Vessels under construction

Vessel / Yard name

Type

Capacity

Scheduled Delivery

Containers

TEU

22

Jiangsu Yangzijiang 

Sub Panamax

2,500

2010

23

Jiangsu Yangzijiang 

Sub Panamax

2,500

2011

Vessel or Yard name

Type

Capacity

Scheduled Delivery

Rate (US$) per day

Dry Bulk

DWT

24

COSCO (7)

Supramax

57,000

2010

17,650+50% profit share at BSI + 5%

25

COSCO

Supramax

57,000

2010

-

26

COSCO (7)

Supramax

57,000

2011

25,000

27

COSCO (7)

Supramax

57,000

2011

17,700+50% profit share at BSI + 5% over 18,200

28

QINGSHAN (7)

Supramax

57,000

2010

27,000

29

QINGSHAN

Supramax

57,000

2010

-

30

Alpine-Trader (8)

Supramax

53,800

2009

Commercially managed by Glencore International AG

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

(2) The rate stated is the average rate per day over the duration of the charter

(3) The vessel will be renamed to MSC Socotra

(4) Upon completion of the existing charters the vessels MSC Socotra and MSC Emirates are likely to be sold for scrap

(5) The charter of the vessel Gitte is received in Euros

(6) Effectively the charter rate remains at US$18,000 per day. For the first six months the rate will be US$ 14,000 per day and for the remaining period to the end of the contract the rate will be US$18,000. The opportunity cost of the difference between the two rates for the first six months has been obtained from the yard as a discount from the final vessel's value 

(7) The charter term is for three years from delivery

(8) Both vessels owned under a 50:50 joint venture with Glencore

First Quarter 2009, Selected Financial and Operating Data:

Balance Sheet Data (in US$ million):

 

31 March 2009 (Unaudited)

Gross Debt

154.9

Cash

20.2

Net Debt

134.7

Expected Net Debt to book capitalization 

33.9%

FLEET DATA:

 

Quarter 1, 2009 

Average number of vessels in operation

(1)

19.7

Number of vessels at end of period:

 - Operating

20

 - Non-Operating

1

 - New Buildings under construction

9

Ownership days

(1) (2)

1,774

Available days

(1) (2)

1,747

Operating days

(1) (2)

1,645

Fleet utilization

94.2%

(1): Number of vessels in operation, ownership, available and operating days in first quarter, include the vessel 'Athos' that was sold on 12 February 2009 and the vessels 'Marie-Paule', 'MSC Fortunate' and 'Procyon'  that were delivered on 11 February, 23 February and 4 March respectively

(2): Ownership, available and operating days exclude the 9 vessels that will be delivered in a future date.

First Quarter 2009, Review of Operations:

Fleet utilisation for the period of 94.2% (97.5for 2008) would have been higher, but  the vessel 'Procyon' was delivered to the Company on 4 March 2009 and was not  operational as at the end of the quarter and the vessel 'MSC Socotra'  experienced a technical problem which although claimable still affects the utilisation.

Given that the 'Procyon' commenced operation during April 2009 and that the vessel 'MSC Socotra' was operational during the second quarter and is likely to be sold for scrap after May 2009, the Company expects the fleet utilisation to rise

The Company has repaid US$ 10.8 million of scheduled loan instalments and has drawn-down US$ 10.1 million of previously committed bank debt in order to finance the new building programme and US$ 6.2 million in order to finance the acquisition of the vessel 'Procyon'.

In January 2009, the Company also refinanced existing debt of US$38.1 million, of which US$33.1 million was maturing within 2009. 

As of 31 March the net debt was US$ 134.7 million (US$ 116.2 million as of 31 December 2008) and net debt to book capitalisation was 33.9(30.5% as of 31 December 2008). 

Vessel Deliveries

On 11 February 2009 the Company took delivery of the 53,800 DWT new bulk carrier 'Marie-Paule' which commenced its agreed three-year time charter;
On 23 February 2009 the Company delivered the reconstructed vessel 'MSC Fortunate' to the charterer to commence a four-year time charter.

Vessel Acquisitions - Rescheduling of Deliveries 

On 26 January 2009 the Company announced that it had reached an agreement with COSCO (Zhoushan) Shipyard Co., Ltd, to reschedule the delivery dates of the four new-build 57,000 DWT bulk carriers on order with the yard, at no additional cost. Pursuant to the rescheduling, the delivery dates for those four vessels will now take place between four and eighteen months after their originally agreed delivery dates in late 2009. Two vessels are now expected to be delivered in the first half 2010 and the other two in the first half of 2011. The existing charter contracts remain valid and will commence upon delivery of the respective vessels. The already secured bank financing remains in place
On 4 March 2009, the Company acquired the vessel NYK Procyon, a 1995-built container vessel with carrying capacity of 4,953 TEU, for a total consideration of US$ 10.5 million. 

Vessel disposal

On 12 February 2009 the fully depreciated bulk carrier vessel 'Athos' (built 1977) was sold at a profit. The Company has arranged with the charterer to terminate the charter contract earlier than initially agreed and received for this a considerable cash consideration.

- ENDS -

For further information, please contact:

Goldenport Holdings Inc.

Christos Varsos, Chief Financial Officer  +30 210 8910500

John Dragnis, Commercial Director  +30 210 8910500

Investor Relations Coordinators

Capital Link

Annie Evangeli - London +44 (0) 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 a fleet of thirty container and dry bulk vessels that transport cargo worldwide. The fleet consists of sixteen container vessels (including two new-build vessels with deliveries scheduled for 2010 and 2011) and fourteen dry bulk carriers (including  seven new-build vessels with deliveries scheduled for 2009, 2010 and 2011). Goldenport is listed on the London Stock Exchange under the ticker GPRT.

Website: www.goldenportholdings.com or www.goldenport.biz

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