Goldenport concludes newbuilding contracts

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Nov 2007

Goldenport Holdings Inc., (LSE:GPRT) announced that as of today the Cosco Conditional Contracts for the construction of the four new-build bulk-carrier vessels of 57,000 DWT capacity each, with a total value of US$ 151.0 million, as described in the circular dated 5th October 2007 and approved at the EGM held on 24th October 2007, have become unconditional. The initial deposit of US$ 30.2 million has also been paid with US$ 10.2 million being paid from existing cash reserves and US$ 20.0 million being paid throughthe drawdown of an existing credit facility.Captain Paris Dragnis, Chief Executive Officer of Goldenport, commented: 'As aresult of these Cosco contracts becoming unconditional, a major part of ournew-build program is now in place. The contracts for the eight new-build vesselsthat have been entered into since March, which include six dry-bulk carriers andtwo container vessels, reinforce our position in our preferred sub-segments ofthe dry-bulk and container shipping markets, enhance the earning potential ofour company for the longer term and are in line with our prudent expansionstrategy of acquiring vessels reasonably priced compared to the marketconditions. Of the six dry-bulk carriers, all of which have delivery datesduring 2008 and 2009, three have already been fixed under period employment with high quality charterers in line with our current client portfolio.'