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

People & Company News

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Fednav Celebrates Anniversary Trio in Cleveland

Fednav Limited held a reception on board one of its vessels, the Federal Mayumi, at the Port of Cleveland yesterday to celebrate a trio of anniversaries: the 70th

Karl Senner Inks Distribution Deal with Electronic Power Design

Karl Senner, LLC (KS) has reached a new strategic representation agreement with Electronic Power Design (EPD). Karl Senner, LLC now represents EPD in the United States marine and offshore Markets.

Ship Sales

Norwegian Buys Ship from Princess Cruises

Norwegian Cruise Line Holdings Ltd. announces fleet expansion for Oceania Cruises in 2016; Sirena to join sister ships Insignia, Regatta and Nautica   Norwegian Cruise Line Holdings Ltd.

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

BMT-Designed Flex Ferries Delivered in Singapore

A trio of 38-metre Flex Ferries, built by Singapore’s Penguin Shipyard International and designed by Southampton-based BMT Nigel Gee, have been delivered to their new owner,

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

Container Ships

Diana Extends Containership Time Charters

Diana Containerships Inc. announced direct continuation of time charter agreements for m/v Cap Domingo and m/v Cap Doukato   Diana Containerships Inc., a global

CMA CGM Acquires OPDR

The CMA CGM Group has acquired the German shipping company Oldenburg-Portugiesische Dampfschiffs-Rhederei GmbH & Co. KG (OPDR), CMA CGM founder, chairman and CEO Jacques R.

Matson Raises 2015 Westbound Hawaii Box Rates

Matson, Inc., a U.S. carrier in the Pacific, announced that Matson Navigation Company, Inc. (Matson) will raise its rates for the company's Hawaii service by $225

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pipelines Pod Propulsion Salvage 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: 0.1709 sec (6 req/sec)