2nd Feb 2010 07:00
Goldenport Holdings Inc.
Athens, 2 February 2010
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 1 February 2010.
Operational Fleet Forward Coverage:
The percentage of available days of the fleet already fixed under contracts as of 1 February 2010 assuming the earliest charter expiration is as follows:
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|
2010(1) (2) |
2011 (1) (2) |
2012 (1) |
|
Total Fleet |
78% (67%) |
59% (49%) |
26% |
|
Containers |
89% (80%) |
88% (69%) |
45% |
|
Bulk Carriers |
60% (45%) |
18% (18%) |
1% |
(1) Percentage of available days of the fleet fixed under contract as reported on 3 November 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 seven new-build vessels for which we expect delivery in 2010 and 2011.
CEO Statement:
Captain Paris Dragnis, Founder and Chief Executive Officer of Goldenport commented:
"At the start of 2010 we continued with our strategy of shifting contracts from older container vessels to younger ones, a strategy which enables us to maintain profitable employment for our younger tonnage and dispose of the older fully depreciated vessels for demolition taking advantage of the prevailing strong scrap rates. In this context we transferred the charter contract from the fully depreciated 1978-built 'MSC Mekong' to the 1994-built 'MSC Anafi' which was laid up for the last six months. Following this transfer, the 'MSC Anafi' was reactivated and commenced employment with a minimum duration of 24 months at the accretive rate of US$ 9,000 per day. The 'MSC Mekong' is expected to be profitably sold for demolition within February 2010. The proceeds from the sale will further enhance our cash position as the vessel is debt-free.
"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, 89% of the available days for 2010 and 88% for 2011 are already fixed under period employment enhancing the stability and visibility of our cash flows.
"We took advantage of the continuing strength in the dry cargo market and arranged charters for all our bulk carrier vessels opening for re-chartering at higher rates compared to those previously.
"As of today, we have secured strong forward coverage for our combined fleet of containers and dry bulk carriers with 78% of the fleet available days for 2010, 59% for 2011 and 26% for 2012 fixed under time charter employment, assuming earliest charter expiration. This translates into strong and visible cash flows.
"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 and puts us in a strategic position to take advantage of accretive fleet expansion opportunities as these may occur."
Fleet Employment Profile:
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Operational fleet |
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Vessel |
Type |
Capacity |
Rate (US$) per day |
Earliest |
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Expiration (1) |
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Containers |
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TEU |
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1 |
MSC Fortunate (2) |
Post Panamax |
5,551 |
28,500 |
Feb-13 |
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2 |
MSC Socotra (ex. Procyon) |
Post Panamax |
4,953 |
12,350 |
Apr-13 |
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3 |
Bosporus Bridge |
Sub Panamax |
3,720 |
14,750 |
Feb-12 |
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4 |
MSC Finland (3) |
Sub Panamax |
3,032 |
16,500 |
Apr-10 |
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|
6,800 |
Apr-11 |
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5 |
MSC Scotland (3) |
Sub Panamax |
3,007 |
14,500 |
Mar-11 |
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|
6,800 |
Mar-12 |
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6 |
MSC Anafi |
Sub Panamax |
2,420 |
9,000 |
Jan-12 |
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7 |
MSC Accra |
Sub Panamax |
1,889 |
14,200 |
Jun-12 |
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|
8 |
Gitte |
Handy |
976 |
Note 4 |
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|
|
9 |
Brilliant |
Handy |
976 |
6,000 |
Jun-12 |
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10 |
MSC Mekong (5) |
Handy |
962 |
7,000 |
Feb-10 |
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Dry Bulk |
|
DWT |
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11 |
Vasos |
Capesize |
152,065 |
23,950 |
Feb-11 |
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|
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 |
14,200 |
Feb-10 |
|
|
15 |
Limnos |
Supramax |
52,266 |
22,000 |
Feb-10 |
|
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16 |
Lindos |
Supramax |
52,266 |
25,650 |
Feb-10 |
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|
17,500 |
Jul-10 |
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17 |
Tilos |
Supramax |
52,266 |
20,500 |
Aug-10 |
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Vessels under construction |
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Vessel / Yard name |
Type |
Capacity |
Scheduled Delivery |
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Containers |
|
TEU |
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18 |
Jiangsu Yangzijiang |
Sub Panamax |
2,500 |
2011 |
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19 |
Jiangsu Yangzijiang |
Sub Panamax |
2,500 |
2011 |
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Vessel or Yard name |
Type |
Capacity |
Scheduled Delivery |
Rate (US$) per day |
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Dry Bulk |
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DWT |
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20 |
SPP |
Supramax |
59,000 |
2010 |
Note 7 |
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21 |
COSCO (8) |
Supramax |
57,000 |
2010 |
17,650+50% profit share at BSI(9) + 5% |
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22 |
COSCO |
Supramax |
57,000 |
2010 |
- |
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23 |
COSCO (8) |
Supramax |
57,000 |
2011 |
25,000 |
|
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24 |
COSCO (8) |
Supramax |
57,000 |
2011 |
17,700+50% profit share at BSI(9) + 5% over 18,200 |
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(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 vessel is currently laid-up thus minimising the operating expenses |
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(5) The vessel will be sold for demolition within February 2010 |
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(6) Both vessels owned under a 50:50 joint venture with Glencore International AG |
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(7) Employment information about the SPP Supramax will be included in the next trading update |
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(8) The charter term is for three years from delivery |
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(9) BSI: Baltic Supramax Index |
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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 2009 are expected to be in line with market expectations. The Company's final results for the year ended 31 December 2009 will be announced in the week commencing Monday 1 March 2009.
- 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-four 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 twelve dry bulk carriers (including five 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