Goldenport’s Tilos Finds New Owner (Greece)

Goldenport Holdings Inc., the international shipping company that owns and operates a fleet of container and dry bulk vessels  has concluded the sale of the 1991-built bulk carrier ‘Tilos’, to an unaffiliated third party “Gunehr Shipping Limited” of Charlestown, Nevis, for a cash consideration of US$ 5.9 million.

The vessel was delivered to the new owners on 31 October 2012.

Goldenport expects to realize a book loss of US$ 2.2 million, after accounting for brokerage commission, book value and the unamortized balance of dry-docking expenditure.

The vessel was initially acquired in 2004 for a total consideration of US$14.8 million and has traded successfully for the Company over the last nine years. The net proceeds of this sale increases the cash reserves available to the Company for funding the future acquisition of vessels when suitable opportunities arise.

Following the replacement of older tonnage, the Company’s young bulk carrier fleet will operate with greater cash flow generating efficiency when the freight market recovers.

[mappress]

Goldenport, November 1, 2012