Goldenport Sells off 22-Year Old Bulker, Realizes Significant Profit

Lindos, image via Shipspotting.com

Greek shipowner Goldenport Holdings Inc, (LSE: GPRT) announced today that it has concluded the sale of the Lindos, a 1990-built bulk carrier, to the unaffiliated third party Rossmere International Limited of Tortola, British Virgin Islands, for a cash consideration of USD $5.4 million. The vessel was delivered to the new owners on 5 July 2012.

Goldenport expects to realize a profit of USD $1.5 million, after accounting for brokerage commission, book value and the unamortized balance of dry-docking.

The vessel was initially acquired in 2003 for a total consideration of US$8.5 million and has traded successfully with Goldenport for the last nine years and upon its sale it materializes a strong profit, evidencing that well timed acquisitions can realize strong profitability even in challenging market conditions.

Goldenport  Holdings is an international shipping company that owns and operates a fleet of container and dry bulk vessels.  They plan to continue their fleet renewal program, taking advantage of the relatively strong current scrap prices and closely monitoring the extensive deal flow both in the new building and in the second hand market to identify potential investment opportunities.

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