Subdued Demand Affects Goldenport Holdings’ Results

Goldenport Holdings, an international shipping company that owns and operates a fleet of dry bulk and container vessels, posted a net loss of $1.4m for the six months ending June, down from $8.3m.

Goldenport said trading during the second quarter was softer than in the first quarter due to continued subdued demand in the Far East and a weak South American grain season.

Supramax rates were once again more resilient than Capesize and Panamax rates, reflecting their versatility and reduced earnings volatility, while containership rates remained broadly stable at levels close to all time lows, according to the company.

Revenues for the six months were down 17.1% at $24.7m and earnings before interest, tax, depreciation and amortisation fell by 13.1% to $7.6m.