Profitable Sale of a Container Vessel

News Release Goldenport Holdings, Inc. May 25, 2012

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Athens, 25 May 2012
 
Profitable Sale of a Container Vessel 
 
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 that it has concluded the
sale of the 1986-built container 'MSC Finland', to the unaffiliated third party
"Karnak Holdings Limited" of Tortola, British Virgin Islands, for a cash
consideration of US$ 7.2 million. The vessel was delivered to the new owners on
24 May 2012.
 
"MSC Finland" was fully depreciated to her scrap
value with a net book value in the financial statements as at the date of the
sale of US$ 2.8 million including the unamortised balance of dry-docking costs.
Consequently, Goldenport Holdings is expected to realize a profit
of    US$ 4.2 million, net of commissions.
 
The vessel was initially acquired in 2007 for a total
consideration of US$16.9 million. The vessel has traded successfully with the
Company for the last five years and upon its sale it materializes a strong
profit.
 
Following the completion of the initial renewal
program of the fleet with the delivery of the remaining new-buildings in 2011,
the Company decided to take advantage of the current strong scrap prices and
profitably sell one of its oldest container vessels. 
 
This is a cash accretive disposal and the net
proceeds will be used as equity for a replacement acquisition thus materializing
our replacement strategy and expanding the economic life of our fleet.

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