Goldenport Holdings News

Shipping companies transporting coal, and iron ore and other commodities are urgently seeking ways to conserve cash and withstand the worst market downturn on record as too many ships chase shrinking business. A shortage of financing - estimated at $30 billion and caused in part by banks cutting lending to sectors such as shipping - has also hurt companies, sending some to the wall. "The overall prospects for the dry bulk market are fairly dark - it seems that there is little faith in the market for a recovery. The market mood deteriorates by the day, despite the recent improvement of the Baltic Index," said Basil Karatzas, head of consultancy and brokerage Karatzas Marine Advisors & Co.

London-listed Goldenport Holdings has sold a 2009-built bulk carrier to Zenith Shipping LP of Majuro, Marshall Islands. The 2009-built Alpine Trader was sold for a gross cash consideration of $9.3m and delivered to its new owners on November 5. Net proceeds from the sale will go towards repayment of debt secured against the vessel, Goldenport said in a statement. Goldenport now owns seven dry bulk vessels, made up of 6 supramaxes and a post panamax, and five containerships ranging between 970 and 5,551 teu. Goldenport Holdings Inc is a holding company. The Company is a shipping company that owns and operates a fleet of container and dry bulk vessels that transport cargo. The Company’s fleet consists of 17 boats, of which eight are containers and nine are dry -bulk carriers.

Goldenport Holdings Inc reported a net loss of USD14.7 million in the first six months of 2015, significantly wider than the USD1.4 million net loss a year earlier as revenue fell by a quarter to USD18.5 million from USD24.7 million. Earnings before interest, tax, depreciation and amortisation came in at USD4.4 million, over a 40% fall from USD7.6 million. "For the six months ended 30 June 2015, the Company reported a 25.2% decline in revenues, reflecting a decrease in the average number of vessels from 15 to 13, and a 14.2% reduction in the time charter equivalent rate for the fleet that was partly offset in dollar terms by a reduction in average daily operating expenses," says a CEO Statement. Revenue fell after the company reduced its fleet of trucks and container vessels.

Goldenport Holdings Inc. the international shipping company that owns and operates a fleet of dry bulk and container  vessels, announces today the sale of a container vessel, 'Thira'. The Company has agreed the sale of the 1997 built container vessel to an unaffiliated third party, "BSL Thira Shipping Limited", for a cash consideration of US$6.85 million. The vessel's delivery is due to take place on 21 July 2015. Goldenport expects to realize a book profit of approximately US$2.4 million on the disposal, after accounting for brokerage commission and book value. The net sale proceeds will be applied towards the repayment of debt secured against the vessel and increasing the level of corporate liquidity.

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.

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.