Goldenport Holdings Inc., the international shipping company that owns and operates a fleet of container and dry bulk vessels announced yesterday the update on the trading of its fleet as of 3 November 2009 and the Interim Management Statement covering the period from 30 June 2009.

CEO Statement:

Captain Paris Dragnis, Founder and Chief Executive Officer of the Company commented:

?”We continue to closely monitor the developments in both markets in
which we operate and take advantage of opportunities that arise. In
this respect, we took advantage of the recent strength in scrap rates
and agreed to profitably sell the 1985-built container vessel ‘Howrah
Bridge’ for demolition realising proceeds of US$ 3.8 million. These
proceeds will be applied against the loan of the container vessel ‘MSC
Fortunate’ to which ‘Howrah Bridge’ was collateral.

“Within the context of our continued fleet expansion, we are very
pleased with the delivery from the yard of our new-build Supramax bulk
carrier vessel ‘Alpine-Trader’ in October which commenced its
pre-agreed two year time charter at US$ 15,300 per day.

“In the present environment of weak market conditions in the container
segment, we are particularly pleased to report strong forward coverage
for our containers fleet where, assuming earliest charter expiration,
93% of the available days for 2009, 80% for 2010 and 69% for 2011 are
already fixed under period employment enhancing the visibility of our
cash flows.

“As of today, we have secured strong forward coverage for our combined
fleet of containers and dry bulk carriers with 94% of the fleet
available days for 2009, 67% for 2010 and 49% for 2011 fixed under time
charter employment, assuming earliest charter expiration. This
translates into strong and visible cash flows.

“Our Company is in a strong financial condition given that as of 30
September 2009 our net debt was only US$ 115.7 million and our net debt
to book capitalisation was 30.2%, a moderate figure for our industry.

“During the third quarter we have arranged new financing of US$ 20
million to fund accretive bulk carriers’ acquisitions by refinancing
existing debt free vessels. Given our low gearing we have the
opportunity to use our balance sheet further in order to fuel accretive
acquisitions.

“Our strong forward time charter coverage in both segments in which we
operate, our new-building program which progresses on track and our
strong balance sheet, enable us to feel confident about the future
growth prospects of our Company.”

Source: Goldenport Holdings Inc.

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