Goldenport boosted first half earnings 24.4 percent year-over-year to $25.7 million, as the Athens-based ship owner’s healthy container rates outweighed a volatile bulk shipping market, the Journal of Commerce reports.
The owner of 12 container ships and 14 bulk carriers grew its earning before interest, taxes, depreciation and amortization from $20.6 million in the first half of 2010. The London-listed company’s revenue jumped 22.4 percent to $52.1 million within the same period.
The group posted a net income of $3.4 million against a loss of $1.2 million in 2010.
The owner of 12 container ships and 14 bulk carriers grew its earning before interest, taxes, depreciation and amortization from $20.6 million in the first half of 2010. The London-listed company’s revenue jumped 22.4 percent to $52.1 million within the same period.
The group posted a net income of $3.4 million against a loss of $1.2 million in 2010.
“The current market environment, with a more volatile dry bulk and a healthier container market validates our business model of operating in both market segments,” said Paris Dragnis, the company’s chairman and chief executive.
“Our container fleet is almost fully fixed for 2011, with upside coming from the better rates that can be achieved from our vessels opening for re-chartering in early 2012.”
“Our container fleet is almost fully fixed for 2011, with upside coming from the better rates that can be achieved from our vessels opening for re-chartering in early 2012.”
Goldenport expects the freight market in the bulk carrier sector to stay volatile through the end of 2011, mainly because of an oversupply of vessels.
Goldenport’s container fleet ranges from a couple of feeder vessels of 976 20-foot equivalent unit capacity chartered out at $6,000/$7,350 a day to a 5,551 TEU vessel at a daily rate of $28,500.
The bulk carriers range from a 48,140 deadweight tons Handymax to a Capesize vessel of 152,065 dwt.