10 Jul 2006 07:30
Goldenport Holdings Inc10 July 2006 Goldenport Holdings Inc. Athens, 10th July 2006 Bulk Carrier Fleet Expansion Acquisition of One Cape Size Bulk Carrier Goldenport Holdings Inc. ("Goldenport" or "the Company") announces that it hasagreed to acquire the capesize bulk carrier MV 'Orient Alliance', 152,065deadweight. The vessel was delivered in 1990 to Mitsui Tamano Shipyards Japanand will be purchased from the unaffiliated third party Orient Steamship, HongKong for an aggregate purchase price of US$ 27.3 million. Upon delivery, theOrient Alliance will immediately be employed under the existing time-charterwith Bocimar NV at a daily rate of US $16,000 until February 2007 (or May 2007at latest). Thereafter the vessel will be employed with Glencore InternationalAG for a period of forty-five to fifty-one months at a daily rate of US$ 23,950. Captain Paris Dragnis, Chief Executive Officer of Goldenport Holdings Inc,stated: "The 'Orient Alliance' is the first bulk carrier to be acquired by thecompany, after our Initial Public Offering in early April 2006. The vessel acquisition is in line with our strategy of fixing long term contracts toprovide long term growth and stable cash flows. The long term charter agreementwith Glencore is part of the Company's evolving strategy to conduct business with first class charterers by sourcing quality tonnage for their transportationrequirements." Trading Update An update on current trading will be released on Wednesday 12th July. - ENDS - For further information, please contact Goldenport Holdings Inc. Christos Varsos Chief Financial Officer +30 210 8910500 John Dragnis Commercial Manager +30 210 8910500 Smithfield: John Kiely / Will Swan +44 (0)20 7360 4900 Further Information Overview of Goldenport Goldenport is an international shipping company that owns and operates a fleetof dry bulk and container vessels that transport cargo worldwide. The fleetconsists of ten dry bulk carriers and ten container vessels (including thevessel mentioned above). Goldenport is listed on the London Stock Exchangeunder ticker GPRT. Selected Financial Information Goldenport reported revenues of US$83.6 million, EBITDA of US$53.8m and netincome from continuing operations of US$43.3 million for the year ended 31December 2005. Goldenport's strategy Goldenport's primary objective is to manage its fleet in a manner that allows itto maximise returns for shareholders and maintain profitability across theshipping cycle. To accomplish this objective, Goldenport has identified the following strategies, which build upon its existing strengths: • Employment of vessels in a manner that provides stable cash flows • Effective management of the size and nature of the fleet with a view to expansion of the company • Maintain exposure to both the dry bulk and container sectors • Attraction and retention of blue-chip customers • Capitalise on established reputation • Maintenance of a strong balance sheet with low leverage This information is provided by RNS The company news service from the London Stock Exchange