GPRT.L Regulatory News (GPRT)

RNS Number : 4010Q

Goldenport Holdings Inc

03 August 2010

 

Goldenport Holdings Inc.

Athens, 3 August 2010

 

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 2 August 2010.

 

Operational Fleet Forward Coverage:

 

The percentage of available days of the fleet already fixed under contracts as of 2 August 2010, assuming the earliest charter expiration and excluding the new build vessels not yet delivered, is as follows:

 

	2010(1) (2)	2011 (1) (2)	2012 (1)
Total Fleet	94% (89%)	66% (63%)	25% (25%)
Containers	99% (99%)	89% (89%)	45% (45%)
Bulk Carriers	87% (73%)	35% (29%)	1% (1%)

 

(1) Percentage of available days of the fleet fixed under contract as reported on 24 June 2010, being the date of the previous trading update, is given in brackets

(2) The percentages above include only the current operational fleet and exclude the seven new-build vessels for which we expect delivery in 2010 and 2011.

 

CEO Statement:

 

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

 

"Following our successful capital raising of GBP 23.5 million (US$ 35 million) in July 2010, we have enhanced our ability to continue our prudent growth strategy taking advantage of accretive fleet expansion opportunities in the two market segments of our strategic focus, the container and dry bulk markets. We monitor both markets closely, and especially the container market, where signs of recovery have been apparent recently.

 

"We continue with our strategy of seeking stable and predictable cash flows with upside potential that enable us to continue with our growth plans while rewarding our shareholders with a regular dividend. In this context, we have secured strong forward period employment for the majority of our combined operational fleet of containers and dry bulk carriers with 94% of the fleet available days for 2010 and 66% for 2011 fixed under time charter employment, assuming earliest charter expiration.

 

"Our strong cash flow visibility based on the forward time charter coverage in both segments we operate, our new-building program which progresses on track and our healthy balance sheet enable us to be confident about the future growth prospects of our Company and put us in a strategic position to benefit from accretive fleet expansion opportunities as these may occur."

    

Fleet Employment Profile:

 

	Operational fleet
	Vessel		Type	Capacity	Built	Rate (US$) per day	Earliest
							Expiration (1)
	Containers			TEU
1	MSC Fortunate (2)	Post Panamax		5,551	1996	28,500	Feb-13
2	MSC Socotra	Post Panamax		4,953	1995	12,350	Apr-13
3	Bosporus Bridge	Sub Panamax		3,720	1993	14,750	Feb-12
4	MSC Finland	Sub Panamax		3,032	1986	6,800	Apr-11
5	MSC Scotland (3)	Sub Panamax		3,007	1992	14,500	Mar-11
						6,800	Mar-12
6	Grand Vision	Sub Panamax		2,986	1991	6,500	Nov-10
7	MSC Anafi	Sub Panamax		2,420	1994	9,000	Jan-12
8	MSC Accra	Sub Panamax		1,889	1985	14,200	Jun-12
9	Gitte	Handy		976	1992	7,350	May-12
10	Brilliant	Handy		976	1992	6,000	Jun-12
	Dry Bulk			DWT
11	Vasos	Capesize		152,065	1990	23,950	Feb-11
12	Marie-Paule (4)	Supramax		53,800	2009	18,000	Jan-12
13	Alpine-Trader (4)	Supramax		53,800	2009	15,300	Oct-11
14	Alex D	Supramax		52,315	1989	14,200	Nov-10
15	Limnos	Supramax		52,266	1992	14,500	May-11
16	Lindos	Supramax		52,266	1990	17,500	Aug-10
17	Tilos	Supramax		52,266	1991	20,500	Aug-10
						14,000	Sep-10
18	Golden-Trader	Handymax		48,140	1994	18,600	Nov-11
	Vessels under construction
	Vessel / Yard name	Type		Capacity	Scheduled Delivery
	Container			TEU
19	Jiangsu Yangzijiang	Sub Panamax		2,500	2011
	Vessel or Yard name	Type		Capacity	Scheduled Delivery	Rate (US$) per day
	Dry Bulk			DWT
20	Jiangsu Yangzijiang	Post Panamax		93,000	2011
21	SPP (5)	Supramax		59,000	2010	23,000
22	COSCO (5)	Supramax		57,000	2010	15,650+50% profit share at BSI(6) + 5%
23	COSCO	Supramax		57,000	2010	-
24	COSCO (5)	Supramax		57,000	2011	25,000
25	COSCO (5)	Supramax		57,000	2011	17,700+50% profit share at BSI(6) + 5% over 18,200
(1) Represents earliest day on which the charterer may redeliver the vessel
(2) The rate stated is the average rate per day over the duration of the time charter
(3) The vessel will continue with the same charterer with the rates as stated in direct continuation
(4) Both vessels owned under a 50:50 joint venture with Glencore International AG
(5) The charter term is for three years from delivery
(6) BSI: Baltic Supramax Index

 

INTERIM RESULTS ANNOUNCEMENT

 

The Company's Interim Results for the six months ended 30 June 2010 are expected to be announced on Tuesday 31 August 2010.

 

- END -

 

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 +44 203 206 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 twenty-five container and dry bulk vessels that transport cargo worldwide. The fleet consists of eleven container vessels (including one new-build vessel with delivery scheduled for 2011) and fourteen dry bulk carriers (including six new-build vessels with deliveries scheduled for 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