Profitable Sale of a Container Vessel
Saturday, 26 May 2012 | 00:00
Goldenport Holdings Inc., 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 1986-built container 'MSC Finland', to the unaffiliated third party "Karnak Holdings Limited" of Tortola, British Virgin Islands, for a cash consideration of US$ 7.2 million. The vessel was delivered to the new owners on 24 May 2012.
"MSC Finland" was fully depreciated to her scrap value with a net book value in the financial statements as at the date of the sale of US$ 2.8 million including the unamortised balance of dry-docking costs. Consequently, Goldenport Holdings is expected to realize a profit of US$ 4.2 million, net of commissions.
The vessel was initially acquired in 2007 for a total consideration of US$16.9 million. The vessel has traded successfully with the Company for the last five years and upon its sale it materializes a strong profit.
Following the completion of the initial renewal program of the fleet with the delivery of the remaining new-buildings in 2011, the Company decided to take advantage of the current strong scrap prices and profitably sell one of its oldest container vessels.
This is a cash accretive disposal and the net proceeds will be used as equity for a replacement acquisition thus materializing our replacement strategy and expanding the economic life of our fleet.
Source: Goldenport Holdings Inc.
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