7th Feb 2011 07:00
Goldenport Holdings Inc.
Athens, 7 February 2011
TRADING UPDATE AND PRE-CLOSE STATEMENT
TRADING UPDATE
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 4 February 2011.
Operational Fleet Forward Coverage:
The percentage of available days of the fleet already fixed under contracts as of 4 February 2011, assuming the earliest charter expiration and excluding the new-building vessels not yet delivered, is as follows:
| 2011(1) (2) | 2012 (1) (2) | 2013 (2) |
Total Fleet | 83% (77%) | 40% (38%) | 17% |
Containers | 99% (98%) | 47% (44%) | 5% |
Bulk Carriers | 65% (55%) | 32% (32%) | 28% |
(1) Percentage of available days of the fleet fixed under contract as reported on 16 November 2010, being the date of the previous trading update, is given in brackets
(2) The percentages above include only the current operational fleet and exclude the four new-build vessels for which we expect delivery in 2011
CEO Statement:
Captain Paris Dragnis, Founder and Chief Executive Officer of Goldenport commented:
"During the last quarter of 2010, we continued implementing our fleet expansion by taking delivery of three of our new-building geared Supramax bulk carriers, namely the vessels, 'Milos', 'Sifnos' and 'Eleni D', which all commenced their pre-agreed time charters immediately following their deliveries from the respective yards.
"Our organic growth is set to continue in the first half of 2011, when we expect the deliveries from the shipyards of our four remaining contracted new-building vessels. Within February 2011 we also expect the delivery from the seller of the recently acquired container vessel 'Clifton-Bridge', which will commence a profitable 18-month time charter in early March.
"In the present environment of weak market conditions in the bulk carrier segment, we are pleased to report strong forward coverage for our operational fleet where, 65% of the available days for 2011 are already fixed under period employment, assuming earliest charter expiration. It needs to be noted that throughout the recent period of weakness, the Supramax asset class in which we have focused the majority of our investments, outperformed the larger sizes of Panamaxes and Capesizes mainly due to the commercial flexibility that these vessels provide and the different trades that these can accommodate.
"We have also secured strong forward coverage for the majority of our operational fleet of containers with 99% of the fleet available days for 2011 already fixed under period employment. This translates into strong and visible cash flows.
"We remain cautious given the current market conditions, but also alert to take advantage of any opportunities as these may arise. Our strong cash balance and our extended cash flow visibility based on the forward time charter coverage in both segments in which we operate, allows us to be confident in the prospects of our Company."
Fleet Employment Profile:
Operational fleet | ||||||
Vessel | Type | Capacity | Built | Rate (US$) per day | Earliest | |
Expiration (1) | ||||||
Containers | TEU | |||||
1 | MSC Fortunate (2) | Post Panamax | 5,551 | 1996 | 28,500 | Feb-13 |
2 | MSC Socotra | Post Panamax | 4,953 | 1995 | 12,350 | Apr-13 |
3 | Bosporus Bridge | Sub Panamax | 3,720 | 1993 | 14,750 | Feb-12 |
4 | POS Yantian (3) | Post Panamax | 3,720 | 1988 | 10,750 | Sep-12 |
5 | MSC Finland | Sub Panamax | 3,032 | 1986 | 9,000 | Apr-12 |
6 | MSC Scotland (4) | Sub Panamax | 3,007 | 1992 | 14,500 | Mar-11 |
6,800 | Mar-12 | |||||
7 | Grand Vision | Sub Panamax | 2,986 | 1991 | 9,000 | Nov-11 |
8 | MSC Anafi | Sub Panamax | 2,420 | 1994 | 9,000 | Jan-12 |
9 | MSC Accra | Sub Panamax | 1,889 | 1985 | 14,200 | Jun-12 |
10 | Gitte | Handy | 976 | 1992 | 7,350 | May-12 |
11 | Brilliant | Handy | 976 | 1992 | 6,000 | Jun-12 |
Dry Bulk | DWT | |||||
12 | Vasos | Capesize | 152,065 | 1990 | 23,950 | Mar-11 |
13 | Eleni D | Supramax | 59,000 | 2010 | 23,000 | Dec-13 |
14 | Milos | Supramax | 57,000 | 2010 | 15,650 + 50% profit share of 105% BSI(7) | Oct-13 |
15 | Sifnos | Supramax | 57,000 | 2010 | 17,700 + 50% profit share of 105% BSI(7) over 18,200 | Jan-14 |
16 | Marie-Paule (5) | Supramax | 53,800 | 2009 | 18,000 | Jan-12 |
17 | Alpine-Trader (5) | Supramax | 53,800 | 2009 | 15,300 | Oct-11 |
18 | Alex D | Supramax | 52,315 | 1989 | 10,900 | Apr-11 |
19 | Limnos | Supramax | 52,266 | 1992 | 14,500 | May-11 |
20 | Lindos | Supramax | 52,266 | 1990 | 9,500 | Mar-11 |
21 | Tilos | Supramax | 52,266 | 1991 | 11,000 | Apr-11 |
22 | Golden-Trader | Handymax | 48,140 | 1994 | 18,600 | Nov-11 |
Vessels under construction | ||||||
Vessel / Yard name | Type | Capacity | Scheduled Delivery | |||
Container | TEU | |||||
23 | Jiangsu Yangzijiang | Sub Panamax | 2,500 | 2011 | ||
Vessel or Yard name | Type | Capacity | Scheduled Delivery | Rate (US$) per day | ||
Dry Bulk | DWT | |||||
24 | Jiangsu Yangzijiang | Post Panamax | 93,000 | 2011 | ||
25 | COSCO (6) | Supramax | 57,000 | 2011 | 25,000 | |
26 | COSCO | Supramax | 57,000 | 2011 | - | |
(1) Represents earliest day on which the charterer may redeliver the vessel | ||||||
(2) The rate stated is the average rate per day over the duration of the time charter | ||||||
(3) The previous name of the vessel was 'Clifton-Bridge'. The charter will commence in early March 2011 | ||||||
(4) The vessel will continue with the same charterer with the rates as stated in direct continuation | ||||||
(5) Both vessels owned under a 50:50 joint venture with Glencore International AG | ||||||
(6) The charter term is for three years from delivery | ||||||
(7) BSI: Baltic Supramax Index | ||||||
Recent Events in Chartering Market:
On 25 January 2011, Korea Line Corporation ("KLC"), a charterer of dry-bulk vessels, has filed a petition with Korean courts for rehabilitation proceedings.
Out of the current operating fleet of 22 vessels, the Company has two vessels chartered with KLC. As of the date of the filing the Company did not have any outstanding receivables from previous hires in relation to these vessels.
The Company is closely monitoring the progress of the court process and has taken all necessary steps to protect its rights arising under the charter party agreements. The Company expects to have an update in relation to the case by the next trading update.
PRE-CLOSE STATEMENT
Goldenport Holdings Inc ("Goldenport" or "the Company"), (LSE: GPRT) would also like to report that the results for the full year ended 31 December 2010 are expected to be in line with market expectations. The Company's final results for the year ended 31 December 2010 will be announced on Wednesday 2 March 2011.
- 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-six container and dry bulk vessels that transport cargo worldwide. The fleet consists of twelve container vessels (including one new-build vessel with delivery scheduled for 2011) and fourteen dry bulk carriers (including three new-build vessels with deliveries scheduled for 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