Goldenport Holdings Sells Container Vessel ‘Bosporus’ (Greece)

Goldenport Holdings Inc. the international shipping company that owns and operates a fleet of container and dry bulk vessels announces that it has concluded the sale of the 1993-built container vessel ‘Bosporus’, to an unaffiliated third party “Liberty Resources Inc.” of Nassau, Bahamas, for a cash consideration of US$ 7.5 million.

The vessel was delivered to the new owners on 14 December 2012.

Goldenport expects to realize a book loss of US$ 3.8 million, after accounting for brokerage commission, book value and the unamortized balance of dry-docking expenditure.

The vessel was initially acquired in 2007, with a below market time charter attached, for a total consideration of US$19.2 million and recorded in books at a total value of US$30.5 million, representing the market value of the vessel on a charter free basis at the date of acquisition. The underlying profit from the disposal, excluding the excess non-cash book value, amounted to US$0.3 million.

The vessel has traded on a cash flow accretive basis for the Company, resulting in a cumulative adjusted Ebitda (excluding non-cash items) of US$10.1 million over the last five years of her operation.

Goldenport continues to take advantage of the current strong scrap prices and has sold one of its older vessels in order to reduce the average age of its fleet, reduce debt and enhance operating and cash flow generating efficiency in the current challenging market conditions. The Company continues to review the market for accretive vessel acquisitions.

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Goldenport, December 19, 2012