Greece: Goldenport Sells Container Vessel ‘Pos Yantian’

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 1988-built container ‘Pos Yantian’, to an unaffiliated third party “Nadella Corporation” of Charlestown, Nevis, for a cash consideration of US$ 7.9 million. The vessel was delivered to the new owners on 14 November 2012.

Goldenport expects to realize a profit of US$ 0.9 million on this sale, after accounting for brokerage commission, book value and the unamortized balance of dry-docking expenditure.

The vessel was acquired in 2011 for a total consideration of US$8.1 million and has traded successfully for the Company over the last two years.

This sale is consistent with the strategic decision of the Company to take advantage of current strong scrap prices and sell some of its older vessels in order to reduce the average age of its fleet, increase liquidity and enhance operating and cash flow generating efficiency in the current challenging market conditions.

[mappress]

Goldenport Holdings, November 15, 2012