Goldenport Holdings Inc. the international shipping company that owns and operates a fleet of container and dry bulk vessels, announced Friday its Interim Results for the six months ended 30 June, 2013.

Financial Highlights (amounts in US$ '000 except per share data):

§ Revenue of US$ 31,126, -27.5% decrease (2012: US$ 42,909)

§ EBITDA of US$ 8,650, -40.6% decrease (2012: US$ 14,556)

§ Net Loss of US$ 8,310 (2012: Net Loss of US$ 51,331)

§ Loss per Share of US$ 0.089 (2012: Loss per share US$ 0.56)

§ Total cash at 30 June 2013 of US$ 17,741 (31 December 2012: US$ 22,789)

§ Debt repayment of US$11,905 (2012: US$28,698)

§ Net debt to book capitalisation as of 30 June 2013, 49% (31 December 2012: 49%)

§ No impairment loss for 2013

§ In compliance with all financial covenants

CEO Statement:

John Dragnis, Chief Executive Officer of the Company commented:

Trading during the first half of 2013 continued to be challenging. For the period ended 30 June 2013, the Company reported a 27.5% decline in revenues, reflecting a drop in time charter equivalent rates that coincided with the expiry of our last remaining long-term time charter agreements, and a decrease in the average number of vessels. The company reported a 40.6% drop in EBITDA to US$ 8,650 and a net loss of US$8,310 or US$ 0.089 per share.

Confidence in the business, political and financial environment is improving, but the new-building overhang in both the dry cargo and container sectors remains significant. In anticipation of a recovery, we have opted to employ our fleet under 3-6 month time charter agreements. As a result, the Company continued to successfully employ its vessels and to maintain high utilisation of the fleet, albeit at lower rates. Asset values appear to have turned a corner and are slowly beginning to rise in anticipation of a future recovery in freight rates. In a gradually improving market environment, our high utilisation levels combined with lower operating costs will enable us to fully benefit from the eventual market recovery.

In terms of our fleet profile, we once again took advantage of high scrap prices to continue our strategy of fleet renewal by disposing of older tonnage and utilized part of the cash proceeds to acquire a younger vessel and to further reduce our debt. The weighted average age of our dry bulk fleet dropped to 4 years. We are now exploring fleet renewal opportunities in the container and dry-bulk sectors, targeting high-quality second-hand vessels at attractive prices.

Having concluded the amendment of our loan agreements in early 2013, we are confident that we are well positioned to take advantage of the eventual market recovery.

Fleet Developments:

Acquisition:

On 12 April 2013, the Company took delivery of M/V Thasos, a 1998-built container of 2,452 TEU, which was acquired for US$6,010, including bunkers that remained on board at the delivery of the vessel.

Disposals:

On 24 April 2013, the Company agreed the sale of the 3,007 TEU, 1992-built vessel "MSC Scotland", to an unaffiliated third party. The sale was concluded at a net consideration of US $6,155 cash and the vessel was delivered to the new owners on 14 May 2013. At the delivery date, M/V MSC Scotland had a net carrying value US $8,189. A commission of 3% on the gross consideration was paid for this disposal. The loss resulting from the sale of the vessel was US$ 2,034 and is included in the interim consolidated statement of comprehensive income.

On 2 August 2013, the Company agreed the sale of the 152,065 DWT, 1990-built vessel "Vasos", to an unaffiliated third party. The sale was concluded at a net consideration of US$ 7,310 cash and the vessel was delivered to the new owners on 20 August 2013. At the delivery date, vessel Vasos had a net carrying value of US$ 7,208. A commission of 3% on the gross consideration was paid for this disposal. The expected profit resulting from the sale of the vessel is US$ 102 and will be included in the consolidated statement of comprehensive income for the year ending 31 December 2013.

Today the fleet consists of 19 vessels, of which 10 are container vessels and 9 dry bulk carriers.

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