Goldenport Holdings Inc. the international shipping company that owns and operates a fleet of container and dry bulk vessels announces yesterday the update on the trading of its fleet as of 13 November 2012 and the Interim Management Statement covering the period from 30 June 2012. Third Quarter 2012, Review of Operations: During the third quarter of 2012 the Company concluded the sale of the 1990 built vessel "Lindos", to an unaffiliated third party for a cash consideration of US$ 5.4 million. The vessel was delivered to the new owners on 5 July 2012. Goldenport realized a profit of US$1.5 million after accounting for brokerage commission, book value and the unamortized balance of dry-docking expenditure.

In addition the Company concluded the acquisition of the 2,100 TEU, 1997 built sub-panamax container vessel "Conti Seattle" for a cash consideration of US$ 5.2 million. The acquisition was financed by cash reserves. The vessel was delivered to the Company on 29 August 2012.

In October 2012 the Company sold the 1991 built supramax vessel "Tilos" to an unaffiliated third party for a cash consideration of US$5.9 million. The disposal was concluded on 31 October 2012. Goldenport incurred a net loss of US$2.2 million after accounting for brokerage commission, book value and the unamortised balance of dry docking expenditure.

The Company's fleet achieved utilisation of 89%. When the two vessels that are currently laid up (the vessels Bosporus Bridge and Conti Seattle) are excluded from the calculations the trading fleet achieved average utilisation of 91%. The Company's strategy is to continue to keep new vessel employment short term unless they are EBITDA accretive.

The Company repaid US$12.5 million of bank debt in this period.

Following the above repayments net debt as of 30 September 2012 was US$ 217.6 million (US$ 238.6 million as of 31 December 2011) and the net debt to book capitalisation was 51% (47% as of 31 December 2011).

Source: Goldenport Holdings Inc.