Goldenport Holdings: Delivery of Two New-Build Bulk Carriers

Press Release
Wednesday, May 11, 2011

Goldenport Holdings Inc., (LSE: GPRT) the international shipping company that owns and operates a fleet of container and dry bulk vessels announces that on 18 April 2011 it 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 'Pistis' and commenced its agreed one year time charter immediately following delivery, at a daily rate of $14,250.

Additionally, 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.

Following the delivery of 'Pistis' and 'D Skalkeas', Goldenport's operational fleet consists of 24 vessels. During the second quarter of 2011 the Company expects to increase the size of its operational fleet to 26 vessels, with the addition of the final two remaining contracted new-build vessels, one dry bulk and one container vessel, which will further expand our revenue and profit generation capacity. 

The pre-agreed forward time-charter employment for 'Pistis' and the voyage charter arranged for 'D Skalkeas' enables the Company to immediately benefit from accretive cash flow following the vessels' deliveries.

Source: Goldenport Holdings

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