Goldenport Holdings - Results Year End 31 Dec 2007

Goldenport Holdings Inc
Athens, 26th February 2008

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, today is pleased to announce the full year results for the year ended 31 December, 2007 and the forward coverage of the fleet for 2008 with 93% of the fleet available days already fixed under period employment.


Financial Highlights:

• Revenue of US$ 124.9m, +37.7% increase (2006: US$ 90.7m)
• EBITDA of US$ 77.0m, +40.3% increase (2006: US$ 54.9m)
• EBIT of US$ 59.4m, +42.4% increase (2006: US$ 41.7m)
• Net income of US$ 58.3m, +29.0% increase (2006: US$ 45.2m)
• Earnings per Share basic of US$ 0.83 calculated on 69,885,106 shares
(2006: US$ 0.72 calculated on 62,533,312 shares)
• Final dividend of 15 pence per share (2006: 11.9 pence per share)
• Total dividend of 22 pence per share (2006: 17.5 pence)
• In total US$ 198.3m was invested in vessels, second hand, under reconstruction and new build (2006: US$ 81.1m), supporting the profitability of 2007 and enhancing the earning potential of the company for the longer term


Operational Highlights:

• During 2007 we operated an average of 20 vessels earning a daily Time Charter Equivalent (TCE) rate of $ 16,578, (2006: 18 vessels earning a daily TCE rate of $ 13,243)
• The container vessels 'MSC Scotland' and 'Vasos' operated for the full 2007 and the container vessels 'MSC Finland', 'Anafi', 'MSC Accra', ' Bosporus Bridge', 'Gitte' and 'MOL Brilliant' contributed in part
• On December 31, 2007 our fleet included 24 operational vessels, 1 vessel under reconstruction with delivery in 2008 and 8 new-build vessels with expected delivery between 2008 and 2011, compared to 19 operational vessels on December 31, 2006 and 1 vessel under reconstruction.
• The reconstruction of the fire damaged container vessel 'Fortune' is at the final stage and is expected to contribute to the 2008 profitability


Fleet Development:

• Six second-hand operational container vessels have been acquired in 2007 of which two were of 976 TEU and four were between 1,889 and 3,720 TEU. All of these contributed partially in 2007 profitability but will contribute in full in 2008;
• Two new-build geared container vessels of 2,500 TEU were contracted with estimated delivery dates in 2010 and 2011.
• Six new-build geared bulk carrier vessels with capacity between 53,800 DWT and 57,000 DWT were contracted with estimated delivery dates in 2008 and 2009
• The 1977 bulk carrier 'Vana', was sold early in the year, with a profit of US$ 3.7 million

Source: Goldenport Holdings Inc