Profitable Sale of a Container Vessel

Athens, 15 November 2012

Goldenport Holdings Inc. ("Goldenport" or "the Company"), (LSE: GPRT) the international shipping company that owns and operates a fleet of container and dry bulk vessels announces that it has concluded the sale of the 1988-built container 'Pos Yantian', to an unaffiliated third party "Nadella Corporation" of Charlestown, Nevis, for a cash consideration of US$ 7.9 million. The vessel was delivered to the new owners on 14 November 2012.

Goldenport expects to realize a profit of US$ 0.9 million on this sale, after accounting for brokerage commission, book value and the unamortized balance of dry-docking expenditure.

The vessel was acquired in 2011 for a total consideration of US$8.1 million and has traded successfully for the Company over the last two years.

This sale is consistent with the strategic decision of the Company to take advantage of current strong scrap prices and sell some of its older vessels in order to reduce the average age of its fleet, increase liquidity and enhance operating and cash flow generating efficiency in the current challenging market conditions.

Overview of Goldenport
Goldenport is an international shipping company that owns and operates (following the sale mentioned above) a fleet of twenty-two container and dry bulk vessels that transport cargo worldwide. The fleet consists of eleven container vessels and eleven dry bulk carriers. Goldenport is listed on the London Stock Exchange under the ticker GPRT.

Goldenport Holdings Inc. press release