9th Nov 2011 07:00
Goldenport Holdings Inc.
Athens, 9 November 2011
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 8 November 2011 and the Interim Management Statement covering the period from 30 June 2011.
Operational Fleet Forward Coverage:
The percentage of available days of the fleet already fixed under contracts as of 8 November 2011 assuming the earliest charter expiration is as follows:
2011(1) | 2012 (1) | 2013 (1) | |
Total Fleet | 100% (94%) | 34% (34%) | 10% (10%) |
Containers | 100% (99%) | 47% (47%) | 5% (5%) |
Bulk Carriers | 100% (89%) | 23% (22%) | 14% (14%) |
(1) Percentage of available days of the fleet fixed under contract as reported on 31 August 2011, being the date of the last trading update, is given in brackets
CEO Statement:
Captain Paris Dragnis, Founder and Chief Executive Officer of the Company commented:
"Our Company is strategically positioned in today's uncertain environment.
"Following the completion of our new-building program, with the last two vessels delivered during the third quarter, we have a modern operational fleet of 26 vessels. This enhances both our ability to serve our clients and deliver long-term shareholder value through the extended life of our assets and potential for increased revenue streams.
"Our Company is in a sound financial condition with strong liquidity and moderate leverage, which are critical competitive advantages in today's challenging marketplace. The long established relationships with major international charterers and international shipping banks enable us to maintain employment for our fleet and take advantage of market opportunities further enhancing our ability to generate shareholder value for the longer term.
"Our business strategy has always been that of prudent growth without adversely impacting our balance sheet. While we remain focused on safeguarding the value we have created for our shareholders, we continue to be alert to take advantage of accretive fleet expansion opportunities as these may occur."
Fleet Employment Update:
New charters arranged since the last update on 31 August, are as follows:
Operational fleet | |||||
Vessel | Type | Capacity | Built | Rate (US$) per day | Earliest |
Expiration (1) | |||||
Dry Bulk | DWT | ||||
D Skalkeas | Post Panamax | 93,000 | 2011 | 12,500 | Dec-11 |
Lindos | Supramax | 52,266 | 1990 | 12,800 | Dec-11 |
Tilos | Supramax | 52,266 | 1991 | 11,000 | Nov-11 |
(1) Represents earliest day on which the charterer may redeliver the vessel | |||||
Vessels, whose existing charter arrangements have been extended since the last update, are as follows:
Operational fleet | ||||
Vessel | Type | Capacity | Built | Expiration |
Containers | TEU | |||
Grand Vision | Sub Panamax | 2,986 | 1991 | Dec-11 |
Dry Bulk | DWT | |||
Vasos | Capesize | 152,065 | 1990 | Jan-12 |
Eleni D | Supramax | 59,000 | 2010 | Dec-11 |
Marie-Paule | Supramax | 53,800 | 2009 | Dec-11 |
Alpine-Trader | Supramax | 53,800 | 2009 | Nov-11 |
Alex D | Supramax | 52,315 | 1989 | Nov-11 |
Third Quarter 2011, Selected Financial and Operating Data:
Balance Sheet Data (in US$ million): | 30 September 2011 (Unaudited) | |
Gross Debt | 292.0 | |
Cash | 43.2 | |
Restricted cash | 4.0 | |
Net Debt | 244.8 | |
Net Debt to book capitalization | 47% | |
FLEET DATA: | Quarter 3, 2011 | |
Average number of vessels in operation | 25.6 | |
Number of operating vessels at end of period | 26 | |
Ownership days | 2,355 | |
Available days | 2,304 | |
Operating days | 2,247 | |
Fleet utilization | 97.5% |
Third Quarter 2011, Review of Operations:
Following the delivery of the last two new building vessels in the third quarter of 2011, the fleet grew to 26 operational vessels.
During the third quarter of 2011:
i) the Company drew down US$21.93 million of debt in relation to the shipyard delivery instalment for the geared container vessel 'Erato' of US$18.969 million on order from Yangzijiang Shipbuilding Co Ltd., in China. The remaining US$2.961 million was used to partially refinance the previous instalments and retained in cash reserves;
ii) the Company drew down US$3.525 million representing the bank's portion of the delivery instalment of the vessel 'Sofia';
iii) in September the Company drew down US$13 million on a new loan with collateral the vessels 'MSC Scotland' and 'Vasos' which were debt free. The full amount is retained in cash reserves.
iv) in September the Company utilised restricted cash of US$2.275 million to prepay the relevant loan in an equal amount.
Including the early prepayment the Company has repaid US$14.3 million of bank debt during this period.
Following the above mentioned debt draw-downs and payment of scheduled loan instalments, the net debt, as of 30 September 2011, was US$ 244.8 million (US$ 232.1 million as of 30 June 2011) and the net debt to book capitalisation was 47% (46% as of 30 June 2011).
Share buy-back program
On 26 September the Company initiated a share buy-back program. As of 8 November the Company has purchased 326,350 shares which are held in treasury and has 90,962,204 Shares in issue (excluding Shares held in treasury).
- ENDS -
For further information, please contact
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: [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