17th May 2013 07:00
Goldenport Holdings Inc.
Athens, 17 May 2013
INTERIM MANAGEMENT STATEMENT
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 16 May 2013 and the Interim Management Statement covering the quarter to 31 March 2013.
Operational Fleet Forward Coverage:
The percentage of available days of the fleet already fixed under contracts as of 16 May 2013 assuming the earliest charter expiration is as follows:
2013(1) | 2014 (1) | |
Total Fleet | 63% (51%) | 5% (5%) |
Containers | 69% (60%) | 0% (0%) |
Bulk Carriers | 57% (42%) | 10% (10%) |
(1) Percentage of available days of the fleet fixed under contract as reported on 21 March 2013, being the date of the last trading update, is given in brackets
Fleet Employment Update:
New charters arranged since the last update on 21 March, are as follows:
Operational fleet | |||||
Vessel | Type | Capacity | Built | Rate (US$) per day | Earliest |
Expiration (1) | |||||
Dry Bulk | DWT | ||||
Vasos | Capesize | 152,065 | 1990 | 7,050 | Jun-13 |
Sofia | Supramax | 57,000 | 2011 | 9,500 | Aug-13 |
Pisti | Supramax | 57,000 | 2011 | 8,000 | Jun-13 |
Eleni D | Supramax | 59,000 | 2010 | 19,250 | Jun-13 |
Alpine-Trader | Supramax | 53,800 | 2009 | 10,000 | Jun-13 |
Marie Paule | Supramax | 53,800 | 2009 | 12,500 | May-13 |
4,200 | Jun-13 | ||||
Golden Trader | Handymax | 48,170 | 1994 | 8,250 | Jun-13 |
(1) Represents earliest day on which the charterer may redeliver the vessel | |||||
Vessel | Type | Capacity | Built | Rate (US$) per day | Earliest |
Expiration (1) | |||||
Containers | TEU | ||||
Thasos (ex. Gallia) | Sub Panamax | 2,452 | 1998 | 6,800 | Oct-13 |
MSC Accra | Sub Panamax | 1,889 | 1985 | 5,800 | Jun-13 |
Erato | Sub Panamax | 2,500 | 2011 | 6,900 | Aug-13 |
MSC Anafi | Sub Panamax | 2,420 | 1994 | 6,100 | Nov-13 |
(1) Represents earliest day on which the charterer may redeliver the vessel | |||||
First Quarter 2013, Selected Financial and Operating Data:
Balance Sheet Data (in US$ million): | 31 March 2013 (Unaudited) | |
Gross Debt | 207.0 | |
Cash and cash equivalents | 20.1 | |
Net Debt | 186.9 | |
Net Debt to book capitalization | 48.8% | |
FLEET DATA: | Quarter 1, 2013 | |
Average number of vessels in operation | 20 | |
Number of vessels at end of period (1): | 20 | |
- Operating | 20 | |
Ownership days | 1,800 | |
Available days | 1,768 | |
Operating days | 1,671 | |
Fleet utilization | 95% | |
(1) MV Thasos was delivered on 12 April 2013 | ||
First Quarter 2013, Review of Operations:
Following the implementation of the plan to dispose of older less efficient tonnage, which was initiated at the beginning of 2012 and is expected to be concluded by the end of this year, the Company's fleet achieved average utilisation of 95% compared to 89% in the first quarter of last year.
During the first quarter of 2013 the Company concluded the acquisition of the 2,500 TEU, 1998 built container vessel "Thasos" for a cash consideration of US$ 6 million. The acquisition was financed by cash reserves. The vessel was delivered to the Company on 12 April 2013.
In May 2013 the Company sold the 1992 built container vessel "MSC Scotland" to an unaffiliated third party for a cash consideration of US$6.5 million. Goldenport incurred a net loss of US$1.8 million after accounting for brokerage commission, book value and the unamortised balance of dry docking expenditure.
Net debt, as of 31 March 2013, was US$ 186.9 million (US$ 189.9 million as of 31 December 2012) and net debt to book capitalisation was 49% (49% as of 31 December 2012).
- ENDS -
For further information, please contact
Goldenport Holdings Inc.:
John Dragnis, Chief Executive Officer +30 210 8910500
Konstantinos Kampanaros, Interim Chief Financial Officer +30 210 8910500
Investor Relations Coordinators:
Capital Link:
Ioanna Messini - London +44 203 206 1322
Nicolas Bornozis - New York +1 212 661 7566
E-mail: [email protected]
Further Information:
Overview of Goldenport
Goldenport is an international shipping company that owns and operates a fleet of container and dry bulk vessels that transport cargo worldwide. Goldenport is listed on the London Stock Exchange under the ticker GPRT.
Website: www.goldenportholdings.com or www.goldenport.biz
Related Shares:
GPRT.L