Goldenport fixes its fleet on short term contracts

With the aim to confront the challenging times in the dry cargo and container sectors, Goldenport has focused on maximizing fleet employment fixing its vessels on short term contracts.

John Dragnis, Chief Executive Officer of the Company commented: «While trading conditions remain challenging in the container and dry bulk sectors our focus is one of continuing to maximise fleet employment (fleet utilisation was 90% in 2012) but fixing the vessels on relatively short term contracts.

This temporary employment strategy will impact our fleet’s forward employment coverage and consequently the visibility of cash flows but we will revert to more medium term employment coverage but only based upon stronger freight rates.

Full article, ELNAVI, March 2013, Issue 471, Page. 67

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