Container Ship Sold by Greece's Goldenport

Press Release
Thursday, December 20, 2012

 Container & dry bulk vessel operators, Goldenport Holdings, sells  the 1993-built container vessel 'Bosporus'.

The sale, to an unaffiliated third party, Liberty Resources Inc. of Nassau, Bahamas, was for a cash consideration of US$ 7.5 million.

Goldenport expects to realize a book loss of US$ 3.8 million, after accounting for brokerage commission, book value and the unamortized balance of dry-docking expenditure.

The vessel was initially acquired in 2007, with a below market time charter attached, for a total consideration of US$19.2 million and recorded in books at a total value of US$30.5 million, representing the market value of the vessel on a charter free basis at the date of acquisition. The underlying profit from the disposal, excluding the excess non-cash book value, amounted to US$0.3 million.

The vessel has traded on a cash flow accretive basis for the Company, resulting in a cumulative adjusted Ebitda (excluding non-cash items) of US$10.1 million over the last five years of her operation.

Goldenport continues to take advantage of the current strong scrap prices and has sold one of its older vessels in order to reduce the average age of its fleet, reduce debt and enhance operating and cash flow generating efficiency in the current challenging market conditions. The Company continues to review the market for accretive vessel acquisitions.

 

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Sekimizu Welcomes Shipper’s Revised Stance on Ballast Water

IMO Secretary-General Koji Sekimizu has welcomed the reconsideration by the International Chamber of Shipping (ICS) of its position towards the ratification by

EXMAR Orders Second FLNG from Wison

EXMAR NV has placed an order for a second Floating LNG Liquefaction Unit (FLNG) at Wison Offshore & Marine. Under the agreement, Wison will be responsible for the turnkey engineering,

Marseille Fos Unveils Multimillion Growth Strategy

The Marseille Fos port authority has set out a vision for growth over the four years to 2018 in a strategic plan that puts developments costing $560 million at

Finance

NSRP Awards $11m for R&D Project Portfolio

The Executive Control Board of the National Shipbuilding Research Program (NSRP) has selected a new round of research and development projects for award, as part

Nicaragua Building China-led Canal to Rival Panama

Nicaragua on Monday broke ground on its Chinese-led $50 billion shipping canal, a massive infrastructure project that aims to rival Panama's waterway and revitalize

Marseille Fos Unveils Multimillion Growth Strategy

The Marseille Fos port authority has set out a vision for growth over the four years to 2018 in a strategic plan that puts developments costing $560 million at

Container Ships

Marseille Fos Unveils Multimillion Growth Strategy

The Marseille Fos port authority has set out a vision for growth over the four years to 2018 in a strategic plan that puts developments costing $560 million at

NZ Report: Human Error to Blame for Rena Grounding

New Zealand's Transport Accident Investigation Commission (TAIC) published its final report into the grounding of containership Rena in October 2011. The TAIC’s

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

 
 
Maritime Contracts Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2926 sec (3 req/sec)