Goldenport Eyes Fresh Container Ship Acquisitions

Goldenport, the London-listed container ship and bulk carrier owner, said it will invest in both sectors as it unveiled narrower losses for 2010.

The Athens-based company trimmed net losses to $152,000 from $1.36 million in 2009 as revenue shrunk to $88.2 million from $94 million.

Goldenport, which owns 12 container ships and 14 bulk carriers, including four newbuildings, earned $42.2 million before interest, tax, depreciation and amortization, compared with $46.5 million in the previous year.

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The container charter market has recovered from the slump but is still below historical average rates for all ship sizes, the company said.

"However current freight rates allow owners to cover not just their operating costs, as was the case in 2009 and the first quarter of 2010, but also interest expense and part if not all of their capital requirements."

CEO Paris Dragnis said 2011 should be another year of recovery for ocean carriers and independent owners.

"The improvement in freight rates … allows us to be optimistic about sourcing acquisitions which can be matched with accretive employment," Dragnis said.

"On the other hand the market weakness in bulk carriers may lead to opportunities to acquire good specification vessels at attractive prices, thus replicating the successful acquisition strategy we applied in the 2000 and 2010 container segment downturn."

Goldenport's container vessels range in capacity between 970 20-foot equivalent units and 5,551 TEUs.

-- Contact Bruce Barnard at brucebarnard47@hotmail.com.