1 Mar 2013 07:00
Goldenport Holdings Inc.
Athens, 1 March 2013
TRADING UPDATE
Goldenport Holdings Inc. ("Goldenport" or "the Company"), (LSE: GPRT) the international shipping company that owns and operates a fleet of container and dry bulk vessels announces today the update on the trading of its fleet as of 28 February 2013.
Operational Fleet Forward Coverage:
The percentage of available days of the fleet already fixed under contracts as of 28 February 2013 assuming the earliest charter expiration is as follows:
2013 (1) | 2014 | |
Total Fleet | 39% (20%) | 5% |
Containers | 42% (24%) | 0% |
Bulk Carriers | 36% (16%) | 10% |
(1) Percentage of available days of the fleet fixed under contract as reported on 14 November 2012, being the date of the previous trading update, is given in brackets
Fleet Employment Update:
New charters arranged or extensions of existing charters since the last update on 14 November 2012, are as follows:
Operational fleet |
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Vessel | Type | Capacity | Built | Rate (US$) per day | Earliest |
Expiration (1) | |||||
Dry Bulk | DWT | ||||
Vasos | Capesize | 152,065 | 1990 | 11,000 | Feb-13 |
6,000 | Mar-13 | ||||
D Skalkeas | Post Panamax | 93,000 | 2011 | 6,300 | Mar-13 |
Marie Paule | Supramax | 53,800 | 2009 | 7,250 | Mar-13 |
Pisti | Supramax | 57,000 | 2011 | 8,000 | Apr-13 |
Sofia | Supramax | 57,000 | 2011 | 8,500 | Feb-13 |
7,300 | Mar-13 | ||||
Eleni D | Supramax | 59,000 | 2010 | 7,000 | Mar-13 |
Alpine Trader | Supramax | 53,800 | 2009 | 8,000 | Mar-13 |
Golden Trader | Handymax | 48,170 | 1994 | 6,000 | Apr-13 |
(1) Represents earliest day on which the charterer may redeliver the vessel | |||||
Vessel | Type | Capacity | Built | Rate (US$) per day | Earliest Expiration (1) |
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Containers | TEU | ||||
MSC Fortunate | Post Panamax | 5,551 | 1996 | 14,250 | Dec-13 |
MSC Accra | Sub Panamax | 1,889 | 1985 | 5,800 | Mar-13 |
Erato | Sub Panamax | 2,500 | 2011 | 6,900 | Apr-13 |
(1) Represents earliest day on which the charterer may redeliver the vessel
CEO Statement:
John Dragnis, Chief Executive Officer of the Company commented:
"While trading conditions remain challenging in the container and dry bulk sectors our focus is one of continuing to maximise fleet employment (fleet utilisation was 90% in 2012) but fixing the vessels on relatively short term contracts. This temporary employment strategy will impact our fleet's forward employment coverage and consequently the visibility of cash flows but we will revert to more medium term employment coverage but only based upon stronger freight rates.
The lack of liquidity in the ship finance market during 2012, mainly driven by the exit of a number of shipping banks from the sector, declining asset values and the regulations stipulating increased capital requirements for banks, has not significantly affected the Company, as we have avoided committing capital in new vessels over the last two years.
Moving forward our intention is to continue to take advantage of current scrap rates, which have remained at high levels over the last twelve months, by selling additional older vessels thus continuing with our fleet renewal strategy and taking advantage of the prevailing low asset values in the market through targeted acquisitions.
FULL YEAR 2012 RESULTS
Goldenport would also like to report that the results for the full year ended 31 December 2012 are expected to be in line with management expectations. The Company's final results for the year ended 31 December 2012 will be announced on Thursday 21 March 2013.
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For further information, please contact
Goldenport Holdings Inc.:
John Dragnis, Chief Executive Officer +30 210 8910500
Konstantinos Kampanaros, Interim Chief Financial Officer +30 210 8910500
Investor Relations Coordinators:
Capital Link:
Ioanna Messini - London +44 203 206 1322
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 10 container and 10 dry bulk vessels that transport cargo worldwide. Goldenport is listed on the London Stock Exchange under the ticker GPRT.
Website: www.goldenportholdings.com or www.goldenport.biz