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Trading Update

3 Aug 2010 07:00

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
 
END
 
 
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