16 Feb 2009 07:00
Goldenport Holdings Inc.
Athens, 16 February 2009
Delivery of the First New-Build Supramax Dry Bulk Carrier
and Acquisition of a Container Vessel
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 that it has taken delivery of is first new-build dry bulk carrier (hull JES-41) from the Jiangsu Eastern Heavy Industry Co. Ltd. Shipyard in China. The vessel which was named "Marie-Paule" is a double hull geared Supramax bulk carrier with a carrying capacity of 53,800 dwt. Upon delivery it commenced its agreed three-year time charter.
Furthermore, the Company announces that it has agreed to acquire one second-hand container vessel, from the unaffiliated third party Cosmo Shipholding SA, of Panama for an aggregate purchase price of US$ 10.5 million. The acquisition initially is to be financed by cash reserves, but the Company is in advanced negotiations to secure finance for at least half of the vessel's value. The vessel is expected to be delivered within March 2009.
Following these transactions, Goldenport's fleet expands to a total of thirty container and dry bulk vessels that transport cargo worldwide. The fleet consists of sixteen container vessels (including two new-build vessels with deliveries scheduled for 2010 and 2011) and fourteen dry bulk carriers (including seven new-build vessels with deliveries scheduled for 2009, 2010 and 2011).
Captain Paris Dragnis, Chief Executive Officer of Goldenport, commented: "We are pleased with the delivery of our first new-build dry bulk carrier. Our prudent strategy of matching the vessel order with time charter employment translates into an accretive transaction at rates which are better than the currently prevailing market conditions.
"This high spec double hull geared vessel has significant trading flexibility and is a valuable addition to our versatile and diversified fleet. The vessel is the first of two to be delivered in 2009 to our joint venture with the Glencore Group. Such joint venture between a global natural resources company and Goldenport with its long-standing ship-owning and management expertise provides a thriving combination for growth. The joint venture company was initially created in 2007 and contracted the two vessels at US$32 million each one, a price which is competitive even at today's market conditions. We are also pleased to take advantage of current market conditions and add a second-hand container vessel to our fleet at an attractive acquisition price".
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Goldenport Holdings Inc.:
Christos Varsos, Chief Financial Officer +30 210 8910 500
John Dragnis, Commercial Director +30 210 8910 500
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
Website: www.goldenportholdings.com or www.goldenport.biz