3rd Aug 2010 07:00
Goldenport Holdings Inc.
Athens, 3 August 2010
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 2 August 2010.
Operational Fleet Forward Coverage:
The percentage of available days of the fleet already fixed under contracts as of 2 August 2010, assuming the earliest charter expiration and excluding the new build vessels not yet delivered, is as follows:
|
|
2010(1) (2) |
2011 (1) (2) |
2012 (1) |
|
Total Fleet |
94% (89%) |
66% (63%) |
25% (25%) |
|
Containers |
99% (99%) |
89% (89%) |
45% (45%) |
|
Bulk Carriers |
87% (73%) |
35% (29%) |
1% (1%) |
(1) Percentage of available days of the fleet fixed under contract as reported on 24 June 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 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:
"Following our successful capital raising of GBP 23.5 million (US$ 35 million) in July 2010, we have enhanced our ability to continue our prudent growth strategy taking advantage of accretive fleet expansion opportunities in the two market segments of our strategic focus, the container and dry bulk markets. We monitor both markets closely, and especially the container market, where signs of recovery have been apparent recently.
"We continue with our strategy of seeking stable and predictable cash flows with upside potential that enable us to continue with our growth plans while rewarding our shareholders with a regular dividend. In this context, we have secured strong forward period employment for the majority of our combined operational fleet of containers and dry bulk carriers with 94% of the fleet available days for 2010 and 66% for 2011 fixed under time charter employment, assuming earliest charter expiration.
"Our strong cash flow visibility based on the forward time charter coverage in both segments we operate, our new-building program which progresses on track and our healthy balance sheet enable us to be confident about the future growth prospects of our Company and put us in a strategic position to benefit from accretive fleet expansion opportunities as these may occur."
Fleet Employment Profile:
|
|
Operational fleet |
|
|
|
|
|
|
|
|
Vessel |
Type |
Capacity |
Built |
Rate (US$) per day |
Earliest |
|
|
|
|
|
|
|
|
Expiration (1) |
|
|
|
Containers |
|
TEU |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
MSC Fortunate (2) |
Post Panamax |
5,551 |
1996 |
28,500 |
Feb-13 |
|
|
2 |
MSC Socotra |
Post Panamax |
4,953 |
1995 |
12,350 |
Apr-13 |
|
|
3 |
Bosporus Bridge |
Sub Panamax |
3,720 |
1993 |
14,750 |
Feb-12 |
|
|
4 |
MSC Finland |
Sub Panamax |
3,032 |
1986 |
6,800 |
Apr-11 |
|
|
5 |
MSC Scotland (3) |
Sub Panamax |
3,007 |
1992 |
14,500 |
Mar-11 |
|
|
|
|
|
|
|
6,800 |
Mar-12 |
|
|
6 |
Grand Vision |
Sub Panamax |
2,986 |
1991 |
6,500 |
Nov-10 |
|
|
7 |
MSC Anafi |
Sub Panamax |
2,420 |
1994 |
9,000 |
Jan-12 |
|
|
8 |
MSC Accra |
Sub Panamax |
1,889 |
1985 |
14,200 |
Jun-12 |
|
|
9 |
Gitte |
Handy |
976 |
1992 |
7,350 |
May-12 |
|
|
10 |
Brilliant |
Handy |
976 |
1992 |
6,000 |
Jun-12 |
|
|
|
|
|
|
|
|
|
|
|
|
Dry Bulk |
|
DWT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
Vasos |
Capesize |
152,065 |
1990 |
23,950 |
Feb-11 |
|
|
12 |
Marie-Paule (4) |
Supramax |
53,800 |
2009 |
18,000 |
Jan-12 |
|
|
13 |
Alpine-Trader (4) |
Supramax |
53,800 |
2009 |
15,300 |
Oct-11 |
|
|
14 |
Alex D |
Supramax |
52,315 |
1989 |
14,200 |
Nov-10 |
|
|
15 |
Limnos |
Supramax |
52,266 |
1992 |
14,500 |
May-11 |
|
|
16 |
Lindos |
Supramax |
52,266 |
1990 |
17,500 |
Aug-10 |
|
|
17 |
Tilos |
Supramax |
52,266 |
1991 |
20,500 |
Aug-10 |
|
|
|
|
|
|
|
14,000 |
Sep-10 |
|
|
18 |
Golden-Trader |
Handymax |
48,140 |
1994 |
18,600 |
Nov-11 |
|
|
|
|
|
|
|
|
|
|
|
|
Vessels under construction |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
Vessel / Yard name |
Type |
Capacity |
Scheduled Delivery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Container |
|
TEU |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19 |
Jiangsu Yangzijiang |
Sub Panamax |
2,500 |
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel or Yard name |
Type |
Capacity |
Scheduled Delivery |
Rate (US$) per day |
||
|
|
|
|
|
|
|
|
|
|
|
Dry Bulk |
|
DWT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20 |
Jiangsu Yangzijiang |
Post Panamax |
93,000 |
2011 |
|
|
|
|
21 |
SPP (5) |
Supramax |
59,000 |
2010 |
23,000 |
||
|
22 |
COSCO (5) |
Supramax |
57,000 |
2010 |
15,650+50% profit share at BSI(6) + 5% |
||
|
23 |
COSCO |
Supramax |
57,000 |
2010 |
- |
||
|
24 |
COSCO (5) |
Supramax |
57,000 |
2011 |
25,000 |
||
|
25 |
COSCO (5) |
Supramax |
57,000 |
2011 |
17,700+50% profit share at BSI(6) + 5% over 18,200 |
||
|
|
|
|
|
|
|
|
|
|
(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 vessel will continue with the same charterer with the rates as stated in direct continuation |
|||||||
|
(4) Both vessels owned under a 50:50 joint venture with Glencore International AG |
|||||||
|
(5) The charter term is for three years from delivery |
|||||||
|
(6) BSI: Baltic Supramax Index |
|||||||
INTERIM RESULTS ANNOUNCEMENT
The Company's Interim Results for the six months ended 30 June 2010 are expected to be announced on Tuesday 31 August 2010.
- 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 eleven container vessels (including one new-build vessel with delivery scheduled for 2011) and fourteen 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