News Release
Goldenport Holdings, Inc.
February 7, 2011
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News Release
Trading Update and Pre-Close Statement
RNS Number : 7502A
Goldenport Holdings Inc
07 February 2011
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: goldenport@capitallink.com
info@goldenport.biz
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
This information is provided by RNS
The company news service from the London Stock Exchange
--------------------------------------------------------------------------------
News Release
Trading Update and Pre-Close Statement
RNS Number : 7502A
Goldenport Holdings Inc
07 February 2011
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: goldenport@capitallink.com
info@goldenport.biz
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
This information is provided by RNS
The company news service from the London Stock Exchange