Tilos, a 21-Year Old Bulker, Sits Nervously in Alang After Being Sold Today

The Tilos‘ days are numbered following Goldenport Holdings Inc. (LSE: GPRT) announcement today that she has been sold and delivered to a third party buyer, Gunehr Shipping Ltd.  Tilos was built in 1991 and is a 52k DWT, Maltese-flagged, geared bulk carrier

She was sold for a cash consideration of USD $5.9 million and is currently located in Alang, India, the site of one of the largest shipbreaking operations on the planet.

The vessel was initially acquired in 2004 for a total consideration of US$14.8 million and has traded successfully for Goldenport over the last nine years.  Goldenport expects to realize a book loss of US$ 2.2 million, after accounting for brokerage commission, book value and the unamortized balance of dry-docking expenditure.

Goldenport Holdings is an international shipping company that owns and operates a fleet of container and dry bulk vessels.

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