Goldenport Holdings Inc. the international shipping company that owns and operates a fleet of containers and dry-bulk vessels, announces that as of today it has agreed with Qingshan Shipyard of China to cancel the two new-build bulk carrier contracts initially arranged in August 2008.

This action follows the recent announcement of a new contract for the
construction of one Supramax bulk carrier with carrying capacity of
59,000 DWT in Korea. Following both transactions, the Company’s debt
commitments in 2010 will be reduced by an estimated US$ 42.1 million.
Furthermore, on a ship-by-ship project basis, the replacement of one
Qingshan contract with the single Supramax contract provides to the
Company a cash saving of US$ 4.7 million. The cancelled contracts were
for the construction of two new-build Supramax bulk carriers in China
with carrying capacity of 57,000 DWT each and were initially contracted
for at a total consideration of US$ 91.66 million, with estimated
delivery in December 2010.

As part of this agreement the Company has received back from the
Shipyard US$ 9.36 million representing a portion of its initial deposit
and subsequently the refund and performance guarantees have been
cancelled. The Company will use these proceeds to repay in full the US$
8.54 million of the project specific loan. The remainder of the initial
deposit for these vessels that was not refunded and the related
capitalised expenses with an estimated aggregate value of US$ 18.7
million will be expensed in the 2009 financial statements. However, the
dividend distribution for 2009 will remain unaffected, as under the
Company’s dividend policy gains or losses on sale of vessels are not
distributable. Therefore the full year 2009 dividend is expected to be
at the levels mentioned in our last guidance on this issue.

The Company has traditionally a strong presence in the Supramax asset
class as it considers this vessel type to have enhanced commercial
value due to its versatility and operational flexibility. In this
respect, as announced on December 16, 2009, taking advantage of the
prevailing attractive values for high quality assets, the Company
acquired a contract for the construction of one Supramax bulk carrier
with carrying capacity of 59,000 DWT at the SPP Shipbuilding Co. Ltd.
of Korea (the ‘SPP’ vessel) for a total consideration of $31.8 million
and with delivery expected in the last quarter of 2010. Furthermore, as
announced, the bank financing the cancelled Qingshan contracts, has
transferred a $21.7 million loan commitment to this new SPP vessel
acquisition.

The cancellations of the two Qingshan vessels and the acquisition of
the SPP vessel enable the Company to optimize its capital expenditures
and debt exposure taking advantage of the prevailing market
environment.

Captain Paris Dragnis, Founder and Chief Executive Officer of
Goldenport, commented: “Today’s market environment enables us to
acquire high quality assets at considerably lower prices. Even after
taking into account the cancellation costs, this reshuffling enables us
to generate savings on a project basis and to optimize our debt
exposure, further enhancing our asset base and financial strength.? We
remain committed to our new-build program in our preferred segments
with no intention to cancel any further vessel. The five dry-bulk
Supramax new-buildings currently on order have been contracted at
prices in line with current market conditions, have secured finance and
their deliveries in 2010 and 2011 will expand our revenue and profit
generation capabilities.”

Source: Goldenport Holdings Inc.

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