News Release

News Release Goldenport Holdings, Inc. May 19, 2011

INTERIM MANAGEMENT STATEMENT



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 16 May 2011 and the Interim Management Statement covering the quarter to 31 March 2011.



Operational Fleet Forward Coverage:



The percentage of available days of the fleet already fixed under contracts as of 16 May 2011 assuming the earliest charter expiration is as follows:





2011(1) (2)
2012 (1) (2)
2013 (1)

Total Fleet
85% (83%)
33% (39%)
11% (16%)

Containers
99% (99%)
47% (47%)
5% (5%)

Bulk Carriers
71% (67%)
20% (32%)
15% (26%)




(1) Percentage of available days of the fleet fixed under contract as reported on 2 March 2011, being the date of the last trading update, is given in brackets

(2) The percentages above include the current operational fleet and exclude the remaining two new-build vessels for which we expect delivery in 2011.



CEO Statement:



Captain Paris Dragnis, Founder and Chief Executive Officer of the Company commented:



"We have continued the implementation of our fleet expansion strategy in 2011 by taking delivery in April and May of two of our new-building bulk carriers, namely the Post-panamax 93,000 DWT bulk carrier 'D Skalkeas' and the geared Supramax bulk carrier 'Pistis'. We have also taken delivery of the second hand container vessel 'Pos Yantian', which purchase was agreed in the last quarter of 2010. All three vessels have been immediately earnings accretive.



"As of today, our operational fleet consists of 24 vessels, of which 11 are containers and 13 dry-bulk carriers. For our combined operational fleet of containers and dry bulk carriers we have secured strong forward coverage with 85% of the fleet available days for 2011 fixed under time charter employment, assuming earliest charter expiration. This translates into strong and visible cash flows.



"Our organic growth is set to continue during the first half of 2011, when we expect the deliveries from the shipyards of our two remaining contracted new-building vessels. Including these deliveries our operational fleet will reach 26 vessels out of which 12 will be containers and 14 will be bulk carriers. This enlarged operational fleet has a much younger profile compared to our fleet at the time of our Initial Public Offering in April 2006, providing an extended economic life of our asset base and therefore an enhanced revenue stream.



"We continue seeing benefits from our decision to focus the majority of our bulk carrier investments in the Supramax asset class. The commercial flexibility provided by this asset class, allowed recently the Supramaxes to continue outperforming the larger size vessels as Panamaxes and Capesizes.



"Our Company remains in a strong financial condition. As of 31 March 2011, our net debt was US$ 202.2 million and our net debt to book capitalisation was 42%, a moderate figure for our industry.



"Our business strategy has been that of prudent growth, and while we remain focused on safeguarding the value we have created for our shareholders, we are always alert to take advantage of accretive fleet expansion opportunities as these may occur.



"The Company's cash reserves and the established relationships with the major international shipping banks, allow us to be able to execute our expansion strategy. In terms of bulk carriers we want to replicate the successful acquisition strategy we have applied in the 2009 and 2010 containers' segment downturn, by acquiring favourably priced younger tonnage. In the containers' segment which is recovering from the previous years' lows, we shall invest more in yield play assets".



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
Post Panamax
3,720
1988
10,750
Sep-12

5
MSC Finland
Sub Panamax
3,032
1986
9,000
Apr-12

6
MSC Scotland
Sub Panamax
3,007
1992
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
7,500
May-11

13
D Skalkeas
Post Panamax
93,000
2011
Note 4
Jun-11

14
Eleni D
Supramax
59,000
2010
17,500
Jul-11

15
Milos
Supramax
57,000
2010
15,650 + 50% profit share of 105% BSI(5)
Oct-13

16
Sifnos
Supramax
57,000
2010
17,700 + 50% profit share of 105% BSI(5) over 18,200
Jan-14

17
Pisti
Supramax
57,000
2011
14,250
Mar-12

18
Marie-Paule (3)
Supramax
53,800
2009
17,000
Jun-11

19
Alpine-Trader (3)
Supramax
53,800
2009
15,300
Oct-11

20
Alex D
Supramax
52,315
1989
10,900
May-11

21
Limnos
Supramax
52,266
1992
14,500
May-11











10,500
Dec-11

22
Lindos
Supramax
52,266
1990
16,500
Jun-11

23
Tilos
Supramax
52,266
1991
11,000
Jul-11

24
Golden-Trader
Handymax
48,140
1994
18,600
Nov-11


















Vessels under construction


























Vessel / Yard name
Type
Capacity
Scheduled Delivery






















Container


TEU






















25
Jiangsu Yangzijiang
Sub Panamax
2,500
2011






















Dry Bulk


DWT






















26
Sofia
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) Both vessels owned under a 50:50 joint venture with Glencore International AG

(4) The vessel is on a short-term time charter in order to be re-positioned

(5) BSI: Baltic Supramax Index




Recent Events in Chartering Market:



Korea Line Corporation ("KLC"), a charterer of dry-bulk vessels has filed a petition with Korean courts for rehabilitation proceedings which was approved by them in February 2011. In March the Company took over the employment of the two vessels chartered to KLC and re-chartered them to other third party Charterers.



The Company has taken appropriate legal action to protect its position and has filed claims against KLC, in order to be compensated for the earlier termination of the time charter contracts. The Company continues monitoring the progress of the legal process and will provide additional information as the case develops.



First Quarter 2011, Selected Financial and Operating Data:


Balance Sheet Data (in US$ million):


31 March 2011 (Unaudited)

Gross Debt


244.5

Cash


42.3

Net Debt


202.2

Net Debt to book capitalization


42%








FLEET DATA:


Quarter 1, 2011

Average number of vessels in operation
(1)
21.5

Number of vessels at end of period:





- Operating


22

- New Buildings under construction


4

Ownership days
(1) (2)
1,934

Available days
(1) (2)
1,904

Operating days
(1) (2)
1,896

Fleet utilization


99.6%











(1): Average number of vessels, ownership, available and operating days exclude the new building vessels 'Pisti' and 'D Skalkeas' that were delivered from their respective yards in April and May 2011 and the 2 remaining new building vessels that will be delivered later in 2011.



First Quarter 2011, Review of Operations:



Following the delivery of three new building vessels in the last quarter of 2010, the fleet grew to 22 operational vessels in the first quarter. The expanded fleet achieved utilisation of 99.6% returning to the normal high levels of efficiency.



During the first quarter of 2011 the Company paid US$7.9 million from cash reserves and drew-down US$10.3 million of debt in relation to the third and fourth shipyard instalments for the Post Panamax bulk carrier vessel 'D Skalkeas' on order from Yangzijiang Shipbuilding Co Ltd., in China. The Company also paid US$3.8 million from cash reserves and drew down US$11.3 million of debt in relation to the third instalment of the vessel 'Sofia' on order from the COSCO (Zhousan) Shipyard Co Ltd., in China and drew-down US$7.6 million of debt in relation to the fourth shipyard instalment of the Supramax new building 'Pisti' on order from the COSCO (Zhousan) Shipyard Co Ltd., in China.



During this period the Company utilised restricted cash of US$5.2 million to finance the acquisition of the container vessel 'Pos Yantian' and used the remaining amount of US$4.9 million of restricted cash to prepay early the relevant loan by an equal amount. Including the early prepayment the Company has repaid US$13.4 million of bank debt in this period.



Following the above mentioned debt draw-downs to fund the scheduled instalments of the new building vessels being constructed, the net debt, as of 31 March 2011, was US$ 202.2 million (US$ 165.8 million as of 31 December 2010) and the net debt to book capitalisation was 42% (38% as of 31 December 2010).



Continued Fleet Renewal and Expansion:



In the context of its continued fleet renewal and expansion program, the Company has taken delivery of the following vessels:



Delivery of the vessel 'Pisti': On 18 April 2011 the Company took delivery of the third new-build geared bulk carrier vessel with 57,000 DWT capacity from the COSCO (Zhousan) Shipyard Co Ltd., in China. The vessel was named 'Pisti' and commenced its agreed one year time charter immediately following delivery, at a daily rate of US$14,250.



Delivery of the vessel 'D Skalkeas': On 9 May 2011, the Company took delivery of the new-build bulk carrier vessel with 93,000 DWT capacity from Yangzijiang Shipbuilding Co Ltd., in China. The vessel was named 'D Skalkeas' and commenced its first voyage.



Remaining new building deliveries: The Company expects to have the remaining two new-building vessels (one geared Sub-Panamax container vessel and one geared Supramax bulk carrier) delivered at the end of the second quarter. Including these deliveries the operational fleet will rise to 26 vessels.



- ENDS -



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 one new-build vessel with delivery scheduled for 2011). Goldenport is listed on the London Stock Exchange under the ticker GPRT.



Website: www.goldenportholdings.com or www.goldenport.biz




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