Horrendous market conditions especially in the dry bulk shipping industry continue to exert the limitations of dry bulk owners the latest victim being Goldenport Holdings Inc.
Namely, the Athens-based owner and operator of a fleet of dry bulk and container vessels, announced suspension of debt servicing as of 22 January 2016.
“The economics of the dry shipping market continue to be particularly challenging with the Baltic Dry Index falling to all time lows and containership freight rates decreasing sharply in the second half of 2015. Against this background, cash flow generated from operations is only sufficient to cover the operating expenses of the fleet. As a result, the company has suspended the servicing of its debt and is in ongoing negotiations with its lenders to restructure its loan facilities,” Goldenport Holdings said.
The company did not disclose when a deal might be expected so as to continue debt servicing.
Based on Goldenport’s fleet employment update, out of the company’s six bulk carriers, five have secured employment with March-June set as their earliest termination dates while one Supramax remains idle.
Goldenport’s two small containerships are chartered until March and April, 2016 respectively with options for extension.