Goldenport Share Discussion Threads

[499budgie] 28/7/2011 08:38

looking quite tasty at this level...greek dept a worry....how much dept do GPRT have related the Greece...?

[muffster] 17/2/2011 22:35

18BT - Agreed but check out their daily rates. Massively in exess of BDIY.
By the way BDIY on the up.
Time to load up on these shares, ready for the longer term bounce.

[18bt] 07/2/2011 07:39

Trading update this morning. The next few months are going to be crucial for bulk carrier contracts for 2011. Recent falls in the BDI don't bode very well.

[muffster] 16/6/2010 07:29

18bt - this is not quite a risky share now.
You are buying at well below NAV. If you take an average of pre tax profits over the years you can see that at this price you are not buying into hope value. This should be your margin of safety.

Ps if you want a more sure fire bet buy Carr's Milling

[18bt] 12/6/2010 08:44

I see that the market forecasts for GPRT are now for a small profit for 2010 - up from a loss. 2011 now forecasts profit of £7.5m so sitting on a PE of 10.5 for that year. This is obviously quite a risky share, but with their ability to lock in future charters it looks very well placed. Div yield for 2011 now forecast to be 2.9%.

[valueman6] 24/5/2010 08:28

CNBC Interview this morning with head of dry bulk research at ICAP Shipping. Summary:
- Cape size are biggest bulk & used almost exclusively for iron ore & coal. Panamax, supramax are smaller and tend to be used for a mix of commodities (incl foodstuffs)
- As China applies brakes, iron ore will suffer but gen OECD pickup in activity will help smaller vessels.
- 10-15% p.a. new capacity scheduled for next 2-3yrs - so far cancelled/delayed orders have helped Baltic Dry Index recover. The (already delayed) increasing capacity implies continued caution for the outlook on rates.

This should be overall good news for GPRT given their vessel mix - only 1 cape size:
Dry Bulk DWT (from last IMS)
Vessel, Type, Capacity (DWT), Rate (US$) per day, Earliest Expiration
11 Vasos (4) Capesize 152,065 23,950 Feb-11
12 Marie-Paule (5) Supramax 53,800 18,000 Jan-12
13 Alpine-Trader (5) Supramax 53,800 15,300 Oct-11
14 Alex D Supramax 52,315 28,500 Jun-10
15 Limnos (4) Supramax 52,266 17,250 May-10
16 Lindos Supramax 52,266 17,500 Jul-10
17 Tilos Supramax 52,266 20,500 Aug-10
18 Golden-Trader (6) Handymax 48,140 18,600 Nov-11
Under construction:
20 Jiangsu Yangzijiang Post Panamax 93,000 2011
21 SPP (7)(9) Supramax 59,000 2010
22 COSCO (7) Supramax 57,000 2010, 17,650+50% profit share
23 COSCO Supramax 57,000 2010 -
24 COSCO (7) Supramax 57,000 2011 25,000
25 COSCO (7) Supramax 57,000 2011, 17,700+50% profit share

[18bt] 11/5/2010 07:36

Bit of an update this morning. Some new charters which add to this year's income. 2011 still looking a bit uncovered. BDI still moving up and looks to be moving through a key support level.

[m4m] 27/4/2010 17:17

I'm not a holder anymore but will post useful info when I come across it.

Shipping Market Analysis - Dry Bulk Shipping

[anusol] 27/4/2010 11:53

yep, they are certainly expanding this year! What sort of lifespan might they write that off over? Should add a very healthy margin to the I&E. Think everything is stacking up nicely for a steep share price increase over the next 12 months as these new vessels start working into the accounts.

[18bt] 27/4/2010 07:28

New bulk carrier this morning shows just what good deals are on offer. Price $17.25m. Time charter $18,600 per day = $6.8m per annum. ALright there will need to be dry dock time etc accrued, but that's still a very healthy return. Accretive to both PBT and cashflow.

[m4m] 23/4/2010 12:09

from:



Commodities & Resources Stocks

The Baltic Dry Index is testing the band of short-term support between 2900 and 3000. Failure would test primary support at 2560, while respect would indicate a test of 3600 - and another primary advance. Falling shipments of bulk commodities would indicate hard times for resources stocks.

[anusol] 23/4/2010 12:05

They must be feeling confident, adding another dry container to their fleet.

"Continuing our prudent fleet expansion strategy, we are pleased to
take advantage of current market conditions in the container market and add a
second-hand container vessel to our fleet at an attractive acquisition price.
This well timed and well priced acquisition strengthens our position in our
preferred segment of the container market thus enhancing the potential returns
we can achieve with our container fleet."

Nice quiet thread, nice steady upwards trend :-)

[18bt] 15/4/2010 07:55

I see that consensus market forecasts have now moved from a small loss to a small profit for both 2010 and 2011. I'm impessed with their management of the the future orders to be able to move a container order into a dry bulk, so they seem very well positioned when rates rise. I'm no chartist, but the BDI appears to be consolidating around the 3040 level for a breakout.

[anusol] 13/4/2010 15:58

Recsession bounce is well underway, yet this price is still languishing at close to big dip prices last year - seems plenty of upside here, especially as worldwide export trade picks up again.

[18bt] 13/4/2010 15:51

Yet it's odd that the BDI hasn't yet responded to seemingly healthy state of mining sector. But I agree with the sentiment.

[18bt] 13/4/2010 15:49

Yet it's odd that the BDI hasn't yet responded to seemingly healthy state of mining sector. But I agree with the sentiment.

[edcrane] 13/4/2010 08:09

Upgrade this morning from Jeffries raising price target from 160 pence to 170 pence.

Argument is that the shares are attractive trading at 3-4 times 2011 EV?EBITDA given strong time charter contract coverage for it's container fleet and company retains operating leverage to the strong dry bulk shipping sector

[18bt] 11/1/2010 15:01

Interesting RNS this morning.I'd really like a bit more background on their numbers and why it is such a good deal.

[the skunk] 08/1/2010 17:12

Steady as she goes, should be haeding for 140's again.

[valueman6] 05/12/2009 10:07

My first post on advfn - seems to be very little coverage on this stock but I just bought some on the same logic as 18BT - recovery in the Baltic Index (although I expect some correction to the rise) + big management stake + low(ish) gearing + decent forward visibility + mix of bulk / container fleet mitigates riskiness. Quite big spreads on this are a downside.

[18bt] 18/11/2009 18:13

Has anyone noticed the recovery in the Baltic Dry Index. Up approx 400% from the worst point in Autumn last year. Got to be good for GPRT