Tue 11 Sep 2007 12:12
Shipping company Goldenport Holdings posted strong interim figures and said it remains confident on the outlook of the dry-bulk and container markets for 2007.

Underlying profit rose 44.6% to $36.4m on revenue that increased 44.5% to $57.5m. Interim dividend increased 25% to 7p per share.

The group said the recovery in the dry-bulk market in 2007 enabled it to conclude bulk-carrier charters at significantly higher rates than those in the same period last year.

"Our fleet is favourably positioned to take advantage of the booming dry bulk and container markets and to strongly support our financial performance in 2007 and well beyond, creating a platform of growth until the majority of the new build vessels become operational," said the group.

was just constructing a new thread myself .... hope you don't mind if I compete!

ITS IS YOURS

Goldenport Holdings is a moderate-sized vessel owner and charterer, reasonably capitalised at 335m though the shares are very tightly held.

For more detailed info on the company, go to www.goldenport.biz

Thanks to the booming economies in F/E and Indian sub-continent, vessel space is at a premium with a subsequent rise in both freight rates and of course the underlying charter rates. These look to be sustainable or better for the next two years, it being to far ahead to predict beyond that.

Don't mortgage the farm, but certainly worth considering for a holding in a balanced portfolio.

Goldenport Holdings Inc was admitted in the Official List and started trading on the London Stock Exchange on 5 April 2006 with ticker GPRT. The offer was for 60 million excluding the Over-Allotment option. On 11th April 2006 the Over Allotment option was exercised providing the Company with a total of 66 million (or $115.5 million), which were raised in order to partially repay debt and for fleet expansion.

Upon admission the Company owned and operated 17 vessels consisting of nine dry bulk carriers that had cargo-carrying capacities ranging from 52,266 to 136,638 DWT and eight container vessels that have cargo-carrying capacities ranging from 485 to 2,258 TEU.

Effective 19th of June 2006 the stock was included in the FTSE Small Cap and FTSE All-Share Indices of the London Stock Exchange.

LONDON (Thomson Financial) - Goldenport Holdings Inc said a major part of its new-build programme is now in place as the Cosco contracts for the construction of four new-build bulk-carrier vessels have become unconditional.

The initial deposit of 30.2 mln usd has been paid, the shipping company said.

Goldenport added that the contracts for the eight new-build vessels entered into since March, including six dry-bulk carriers and two container vessels, enhance the earnings potential of the company for the longer term.

Of the six dry-bulk carriers, with delivery dates during 2008 and 2009, three have been fixed under period employment, it added.

thanks for filling in a few blanks on my thread ..... i was too lazy and also wanted to keep the header reasonably brief

This is probably when the sp adjustment happened (5th Nov) due to the new debt facility which will necessarily affect the balance sheet. I suppose the theory is that this debt is now factored in to the share price & should no longer affect capital growth:

Goldenport Holdings Inc., "(LSE:GPRT) ("Goldenport" or the "Company") announces
that it is proposing to enter into two separate transactions: firstly the
acquisition of four new-build bulk carriers of 57,000 DWT each, with delivery
dates between September and December 2009; and secondly the acquisition of two
new-build geared container vessels of 2,500 TEU nominal capacity each, with
delivery dates in October 2010 and March 2011. Goldenport will finance both
acquisitions through a mix of existing cash resources and new debt facilities."

ATHENS, GREECE--(Marketwire - January 17, 2008) - The Board of Directors of Goldenport Holdings Inc ("Goldenport" or "the Company") (LSE: GPRT), the international shipping company that owns and operates a fleet of container and dry-bulk vessels, is pleased to report that trading for the full year ended 31st December 2007 is expected to be in line with market expectations. The Company's final results for the year ended 31st December 2007 will be announced on Tuesday, 26th February.

Goldenport Holdings Inc reported a 29 pct increase in its full-year net income on a 37.7 pct rise in revenue and said it remains confident on the demand outlook of the container and dry-bulk markets for 2008.

The company posted net income of 58.3 mln usd for the year to Dec 31 2007 from 45.2 mln a year earlier. Revenues rose to 124.9 mln usd from 90.7 mln in the same comparison.

Goldenport Holdings raised its final dividend to 15 pence per share from 11.9 pence last year, taking the total dividend payout to 22 pence, up from previous year's 17.5 pence per share.

The company reported a 40.3 pct increase in its EBITDA to 77.0 mln usd from last year's 54.9 mln.

Financial Highlights:

* Revenue of US$ 124.9m, +37.7% increase (2006: US$ 90.7m)
* EBITDA of US$ 77.0m, +40.3% increase (2006: US$ 54.9m)
* EBIT of US$ 59.4m, +42.4% increase (2006: US$ 41.7m)
* Net income of US$ 58.3m, +29.0% increase (2006: US$ 45.2m)
* Earnings per Share basic of US$ 0.83 calculated on 69,885,106 shares
(2006: US$ 0.72 calculated on 62,533,312 shares)
* Final dividend of 15 pence per share (2006: 11.9 pence per share)
* Total dividend of 22 pence per share (2006: 17.5 pence)
* In total US$ 198.3m was invested in vessels, second hand, under
reconstruction and new build (2006: US$ 81.1m), supporting the profitability
of 2007 and enhancing the earning potential of the company for the longer
term

Operational Highlights:

* During 2007 we operated an average of 20 vessels earning a daily Time
Charter Equivalent (TCE) rate of $ 16,578, (2006: 18 vessels earning a daily
TCE rate of $ 13,243)
* The container vessels 'MSC Scotland' and 'Vasos' operated for the full
2007 and the container vessels 'MSC Finland', 'Anafi', 'MSC Accra', '
Bosporus Bridge', 'Gitte' and 'MOL Brilliant' contributed in part
* On December 31, 2007 our fleet included 24 operational vessels, 1 vessel
under reconstruction with delivery in 2008 and 8 new-build vessels with
expected delivery between 2008 and 2011, compared to 19 operational vessels
on December 31, 2006 and 1 vessel under reconstruction.
* The reconstruction of the fire damaged container vessel 'Fortune' is at
the final stage and is expected to contribute to the 2008 profitability