22nd Jan 2016 17:00
Goldenport Holdings Inc.
Athens, 22 January 2016
Suspension of Debt Servicing and Trading Update
Goldenport Holdings Inc. ("Goldenport" or "the Company"), (LSE: GPRT) the international shipping company that owns and operates a fleet of dry bulk and container vessels, announces today the suspension of debt servicing and the update on the trading of its fleet as of 22 January 2016.
Suspension of Debt Servicing
The economics of the dry shipping market continue to be particularly challenging with the Baltic Dry Index falling to all time lows and containership freight rates decreasing sharply in the second half of 2015. Against this background, cash flow generated from operations is only sufficient to cover the operating expenses of the fleet. As a result, the Company has suspended the servicing of its debt and is in ongoing negotiations with its lenders to restructure its loan facilities.
Trading Update
Fleet Employment Profile
Vessel | Type | Capacity | Built | Rate (US$) per day | Earliest Expiration (1) | |
Dry Bulk | DWT | |||||
1 | D Skalkeas | Post Panamax | 93,000 | 2011 | 5,700 | Mar-16 |
2 | Eleni D | Supramax | 59,000 | 2010 | 8,000 | Mar-16 |
3 | Milos | Supramax | 57,000 | 2010 | 3,000 | Feb-16 |
4 | Sifnos | Supramax | 57,000 | 2010 | Idle | |
5 | Pisti | Supramax | 57,000 | 2011 | 4,000 | Mar-16 |
6 | Sofia | Supramax | 57,000 | 2011 | 4,000 | Jan-16 |
Containers | TEU | |||||
1 | Erato | Sub Panamax | 2,500 | 2011 | 9,725 | Apr-16 |
2 | Paris Jr | Handy | 1,129 | 1996 | 7,400 | Mar-16 |
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(1) Represents earliest day on which the charterer may redeliver the vessel | ||||||
- ENDS -
For further information, please contact:
Goldenport Holdings Inc.
John Dragnis, Chief Executive Officer +30 210 8910 500
Alexis Stephanou, Chief Financial Officer +30 210 8910 542
Tavistock Communications
Jos Simson / Emily Fenton +44 (0) 20 7920 3150
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