4th Nov 2009 07:00
Goldenport Holdings Inc.
Athens, 4 November 2009
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 3 November 2009 and the Interim Management Statement covering the period from 30 June 2009.
Operational Fleet Forward Coverage:
The percentage of available days of the fleet already fixed under contracts as of 3 November 2009 assuming the earliest charter expiration is as follows:
|
2009(1) (2) |
2010(1) (2) |
2011 (1) (2) |
|
|
Total Fleet |
94% (92%) |
67% (65%) |
49% (45%) |
|
Containers |
93% (93%) |
80% (75%) |
69% (63%) |
|
Bulk Carriers |
96% (92%) |
45% (45%) |
18% (17%) |
(1) Percentage of available days of the fleet fixed under contract as reported on 26 August 2009, being the date of the last trading update, is given in brackets
(2) The percentages above include the current operational fleet and exclude the eight new-build vessels for which we expect delivery in 2010 and 2011, although four of them are already chartered.
CEO Statement:
Captain Paris Dragnis, Founder and Chief Executive Officer of the Company commented:
"We continue to closely monitor the developments in both markets in which we operate and take advantage of opportunities that arise. In this respect, we took advantage of the recent strength in scrap rates and agreed to profitably sell the 1985-built container vessel 'Howrah Bridge' for demolition realising proceeds of US$ 3.8 million. These proceeds will be applied against the loan of the container vessel 'MSC Fortunate' to which 'Howrah Bridge' was collateral.
"Within the context of our continued fleet expansion, we are very pleased with the delivery from the yard of our new-build Supramax bulk carrier vessel 'Alpine-Trader' in October which commenced its pre-agreed two year time charter at US$ 15,300 per day.
"In the present environment of weak market conditions in the container segment, we are particularly pleased to report strong forward coverage for our containers fleet where, assuming earliest charter expiration, 93% of the available days for 2009, 80% for 2010 and 69% for 2011 are already fixed under period employment enhancing the visibility of our cash flows.
"As of today, we have secured strong forward coverage for our combined fleet of containers and dry bulk carriers with 94% of the fleet available days for 2009, 67% for 2010 and 49% for 2011 fixed under time charter employment, assuming earliest charter expiration. This translates into strong and visible cash flows.
"Our Company is in a strong financial condition given that as of 30 September 2009 our net debt was only US$ 115.7 million and our net debt to book capitalisation was 30.2%, a moderate figure for our industry.
"During the third quarter we have arranged new financing of US$ 20 million to fund accretive bulk carriers' acquisitions by refinancing existing debt free vessels. Given our low gearing we have the opportunity to use our balance sheet further in order to fuel accretive acquisitions.
"Our strong forward time charter coverage in both segments in which we operate, our new-building program which progresses on track and our strong balance sheet, enable us to feel confident about the future growth prospects of our Company."
Fleet Employment Profile:
|
Operational fleet |
||||||
|
Vessel |
Type |
Capacity |
Rate (US$) per day |
Earliest |
||
|
Expiration (1) |
||||||
|
Containers |
TEU |
|||||
|
1 |
MSC Fortunate (2) |
Post Panamax |
5,551 |
28,500 |
Feb-13 |
|
|
2 |
MSC Socotra (ex. Procyon) |
Post Panamax |
4,953 |
12,350 |
Apr-13 |
|
|
3 |
Bosporus Bridge |
Sub Panamax |
3,720 |
14,750 |
Feb-12 |
|
|
4 |
MSC Finland (3) |
Sub Panamax |
3,032 |
16,500 |
Apr-10 |
|
|
6,800 |
Apr-11 |
|||||
|
5 |
MSC Scotland (3) |
Sub Panamax |
3,007 |
14,500 |
Mar-11 |
|
|
6,800 |
Mar-12 |
|||||
|
6 |
Anafi |
Sub Panamax |
2,420 |
Note 4 |
||
|
7 |
MSC Accra |
Sub Panamax |
1,889 |
14,200 |
Jun-12 |
|
|
8 |
Gitte |
Handy |
976 |
Note 4 |
||
|
9 |
Brilliant (5) |
Handy |
976 |
6,000 |
Jun-12 |
|
|
10 |
MSC Mekong |
Handy |
962 |
7,000 |
Jan-11 |
|
|
Dry Bulk |
DWT |
|||||
|
11 |
Vasos |
Capesize |
152,065 |
23,950 |
Feb-11 |
|
|
12 |
Marie-Paule (6) |
Supramax |
53,800 |
18,000 |
Jan-12 |
|
|
13 |
Alpine-Trader (6) |
Supramax |
53,800 |
15,300 |
Oct-11 |
|
|
14 |
Alex D |
Supramax |
52,315 |
26,000 |
Nov-09 |
|
|
15 |
Limnos |
Supramax |
52,266 |
10,800 |
Nov-09 |
|
|
16 |
Lindos |
Supramax |
52,266 |
12,000 |
Dec-09 |
|
|
17 |
Tilos |
Supramax |
52,266 |
20,500 |
Aug-10 |
|
|
Vessels under construction |
||||||
|
Vessel / Yard name |
Type |
Capacity |
Scheduled Delivery |
|||
|
Containers |
TEU |
|||||
|
18 |
Jiangsu Yangzijiang |
Sub Panamax |
2,500 |
2011 |
||
|
19 |
Jiangsu Yangzijiang |
Sub Panamax |
2,500 |
2011 |
||
|
Vessel or Yard name |
Type |
Capacity |
Scheduled Delivery |
Rate (US$) per day |
||
|
Dry Bulk |
DWT |
|||||
|
20 |
COSCO (7) |
Supramax |
57,000 |
2010 |
17,650+50% profit share at BSI(8) + 5% |
|
|
21 |
COSCO |
Supramax |
57,000 |
2010 |
- |
|
|
22 |
COSCO (7) |
Supramax |
57,000 |
2011 |
25,000 |
|
|
23 |
COSCO (7) |
Supramax |
57,000 |
2011 |
17,700+50% profit share at BSI(8) + 5% over 18,200 |
|
|
24 |
QINGSHAN (7) |
Supramax |
57,000 |
2010 |
27,000 |
|
|
25 |
QINGSHAN |
Supramax |
57,000 |
2010 |
- |
|
|
(1) Represents earliest day on which the charterer may redeliver the vessel |
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|
(2) The rate stated is the average rate per day over the duration of the time charter |
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|
(3) The vessels will continue with the same charterer with the rates as stated in direct continuation |
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|
(4) The vessels are currently laid-up thus minimising the operating expenses |
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|
(5) The vessel's previous name was 'Tiger Star' |
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|
(6) Both vessels owned under a 50:50 joint venture with Glencore International AG |
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|
(7) The charter term is for three years from delivery |
||||||
|
(8) BSI: Baltic Supramax Index |
||||||
|
(9) The vessel Howrah Bridge is not included in the list as it is sold for demolition |
||||||
Third Quarter 2009, Selected Financial and Operating Data:
|
Balance Sheet Data (in US$ million): |
|
30 September 2009 (Unaudited) |
|
Gross Debt |
143.8 |
|
|
Cash |
28.1 |
|
|
Net Debt |
115.7 |
|
|
Net Debt to book capitalization |
30.2% |
|
|
FLEET DATA: |
|
Quarter 3, 2009 |
|
Average number of vessels in operation |
(1) |
17.3 |
|
Number of vessels at end of period: |
||
|
- Operating |
15 |
|
|
- Non-Operating |
2 |
|
|
- New Buildings under construction |
9 |
|
|
Ownership days |
(1) (2) |
1,590 |
|
Available days |
(1) (2) |
1,567 |
|
Operating days |
(1) (2) |
1,400 |
|
Fleet utilization |
89.4% |
|
(1): Number of vessels in operation, ownership, available and operating days in the second quarter, include the container vessel 'Howrah Bridge', that was agreed to be sold for scrap in October 2009 and the bulk carrier vessel 'Gianni D' that was sold and delivered to the new owners on 27 July 2009.
(2): Ownership, available and operating days exclude the vessel 'Alpine Trader' that was delivered in October 2009 and the 8 vessels that will be delivered in 2010 and 2011.
Third Quarter 2009, Review of Operations:
Fleet utilisation of 89.4% for Q3 2009 (96.6% for Q2) would have been higher, but the container vessels 'Anafi' and 'Gitte' were on lay-up, thus minimising operating expenses.
Since 1 July 2009 the Company has repaid US$ 6.5 million of scheduled loan instalments and has drawn-down US$ 4.4 million of previously committed bank debt in order to finance the new building programme.
As of 30 September 2009 the net debt was US$ 115.7 million (US$ 127.3 million as of 30 June 2009) and net debt to book capitalisation was 30.2% (32.6% as of 30 June 2009).
Profitable Vessel disposal:
§ On 26 October 2009 the Company agreed the sale for scrap of the 2,257 TEU, 1985-built container vessel ‘Howrah Bridge’. The sale was concluded at a gross consideration of US$ 3.8 million in cash and the vessel will be delivered to the new owners within the first week of November 2009. The proceeds from the sale will be applied against the existing loan facility of the container vessel ‘MSC Fortunate’ to which ‘Howrah Bridge’ was collateral.
- END -
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 twenty-five container and dry bulk vessels that transport cargo worldwide. The fleet consists of twelve container vessels (including two new-build vessels with deliveries scheduled for 2011) and thirteen dry bulk carriers (including six new-build vessels with deliveries scheduled for 2010 and 2011). Goldenport is listed on the London Stock Exchange under the ticker GPRT.
Website: www.goldenportholdings.com or www.goldenport.biz
Related Shares:
GPRT.L