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4 Aug 2011 07:00
Goldenport Holdings Inc.
Athens, 4 August 2011
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 fleet forward coverage as of 3 August 2011.
Operational Fleet Forward Coverage:
The percentage of available days of the fleet already fixed under contracts as of 3 August 2011, assuming the earliest charter expiration and without the exercise of charterers' options for extension, is as follows:
2011(1) | 2012 (1) | 2013 (1) | |
Total Fleet | 90% (85%) | 32% (33%) | 10% (11%) |
Containers | 99% (99%) | 47% (47%) | 5% (5%) |
Bulk Carriers | 81% (71%) | 18% (20%) | 14% (15%) |
(1) Percentage of available days of the fleet fixed under contract as reported on 17 May 2011, being the date of the previous trading update, is given in brackets
CEO Statement:
Captain Paris Dragnis, Founder and Chief Executive Officer of Goldenport commented:
"Following the delivery of our last two remaining new building vessels, we have now successfully completed our initial new building program that commenced in 2007 and this has been achieved without sacrificing the strength of our balance sheet. Moving forward the Company is now in position to utilise an expanded and modern fleet optimising our ability to serve the transportation requirements of our customers. The extended life and high quality of our asset base improves our operational and revenue generation capabilities and enhances long-term shareholder value.
"The present market environment, with a weaker dry bulk and a healthier container market, validates our business model of operating in both market segments as well as our strategy to seek predominantly fixed employment for our fleet, as it enhances our overall cash flow stability and our ability to take advantage of any market opportunities that may arise in either segment.
"Our mixed fleet strategy partially insulates us from the weakness in the bulker rates with our containers fleet coverage being 99% for 2011. This allows us to safeguard the value we have created for our shareholders, which it is still within our fleet dynamics, but is not currently reflected in the share price. It also provides upside potential as we can benefit from the improved container rates for our vessels opening up for rechartering in late 2011 and early 2012.
"We continue to closely monitor the developments in our industry as we believe the weak freight market in the bulk carriers segment may offer us acquisition opportunities at reduced prices. On the other hand, the healthier rates evidenced in the container market may allow for acquisitions that can provide better current yields."
INTERIM RESULTS ANNOUNCEMENT
The Company's Interim Results for the six months ended 30 June 2011 are expected to be announced on Wednesday 31 August 2011.
- ENDS -
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-six container and dry bulk vessels that transport cargo worldwide. The fleet consists of twelve container vessels and fourteen dry bulk carriers. Goldenport is listed on the London Stock Exchange under the ticker GPRT.
Website: www.goldenportholdings.com or www.goldenport.biz
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