Goldenport Holdings Inc., the international shipping company that owns and operates a fleet of container and dry bulk vessels announces that it has agreed to acquire the sub-panamax container vessel 'Clifton Bridge', with 47,539 MT deadweight and nominal intake of 3,720 TEU. The vessel was first delivered in 1988 to Kawasaki Heavy Industries Ltd., Japan and will be purchased from the unaffiliated third party Akashi Bridge Shipping S.A. of Panama, for an aggregate purchase price of US$ 8.1 million. The vessel will be delivered to Goldenport in April 2011, at which time further details of the charter contract to be entered into, will be announced.
The initial deposit of US$2.4 million was paid from cash reserves and the remaining balance is expected to be covered on delivery by the already agreed credit line held as restricted cash.
Captain Paris Dragnis, Chief Executive Officer of Goldenport, commented: "This acquisition strengthens further our position in our preferred segment of the container market. The 'Clifton Bridge' is a high spec, fuel efficient container vessel, with an excellent maintenance record and we expect the vessel to trade competitively for many more years under our management.
The vessel acquisition is in line with our strategy of enlarging our container fleet with well maintained second hand vessels. It is expected that the vessel will be accretive both to profitability and cash flow from delivery."
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Source: Press Release
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