22nd Jan 2016 17:35
LONDON (Alliance News) - Goldenport Holdings Inc on Friday said it has suspended the servicing of its debt, after a tough year for the dry shipping market meant the cash generated from its operations was only sufficient to cover the operating expenses of its fleet.
The international shipping company said its cash flow was down after its containership freight rates plummeted in the second half of the year and as the Baltic Dry Index - a shipping and trade index watched by investors for clues to global supply and demand - fell to all time lows.
Goldenport Holdings said it is in talks with its lenders to restructure its loan facilities.
Shares in the company closed down 0.3% at 26.18 pence.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
GPRT.L