Goldenport Share Discussion Threads

[nurdin] 16/11/2007 13:47

I have just spoken to the Company in Greece..they know no reason either.

Crucially they hold their cash deposits in sterling which make it cheaper for them to buy raw materials in US$.Those estimates will be exceeded I am sure.

Add to that, they have an excellent visibilty of earnings out to 2011.Worth reading that MoS tip gain imo

[erwarsim] 16/11/2007 13:36

What's happened here - a ship sunk?

Anyway I've just bought in, they go nicely with my BMS and GOC.

[nurdin] 16/11/2007 13:26

This is getting silly now....all to do with liquidity...NMS only 500

[nurdin] 16/11/2007 13:05

Added more

[18bt] 16/11/2007 10:06

Suspect is may be underwriting of Hellenic Carriers IPO which is scheduled for 29th Nov. Buying opportunity IMHO. Just topped up with a £5k buy.

[nurdin] 16/11/2007 08:34

Got a few here....cant see any reason for the fall apart from possible concerns about the $ weakness...the $ will bounce in due course I am sure...

[stompa] 15/11/2007 17:39

Why the drop?

[18bt] 12/11/2007 10:59

Hellenic Carriers Intention to float on AIM announced this morning. Assume that institutions have sold GPRT down in order to invest or managed price so as to get lower valuation on Hellenic. Good buying opportunity IMHO. Will be interesting to see comparative valuation for Hellenic.

[18bt] 30/10/2007 07:35

2008 forecasts all increased sharply in last week. Digitak Look avgs now T/O: £85m, PBT: £38.7, EPS 56p, Div 26.8p. PE Now under 10x again.

[18bt] 30/10/2007 07:32

I've never seen a brokers report. However, it's a fairly easy company to analyse because of the quarterly updates listing all ships and their income. Drop looks like a mishandled trade, but need level 2 to be sure - anyone with L2 access any comment?

[rugrat2] 29/10/2007 21:20

I'm new to this sector - had a look at GOC and GLBS as well. Any pointers to easily accessed broker analysis of these companies ? And why the drop in GPRT this afternoon?

Thanks

[18bt] 19/10/2007 09:32

More container vessels acquired.

[18bt] 02/10/2007 17:31

Up another 6% today, presumably on the back of exponential growth in the Baltic Dry Index and some upgrades since results. At 465p, still on 2008 PER of under 10, so good value but now not outstandingly cheap. I'm still holding for a bit more.

[m4m] 16/9/2007 19:09

Midas share tips: Goldenport rides high on Asia boom

Midas is edited by Joanna Hart
16 September 2007

Shipping is in this country's blood. But Goldenport is the only listed shipping company on the main market of the London Stock Exchange - and its chief executive is Greek magnate Captain Paris Dragnis.

Dragnis began his career in Greek ships. He rose through the ranks to Captain and slowly acquired his own vessels. Goldenport, which floated in 2006, has a 25-strong fleet and expects to increase that to 31 by 2010.
The company has two main strands, container vessels and bulk carriers. The former transport goods as varied as Nike shoes and Ikea furniture and the bulk carriers take raw materials.

Asia's economic boom has prompted a huge rise in demand for raw materials and finished products and the shipping industry has prospered.

There was clear evidence of this in Goldenport's results for the six months to the end of June, published last week. These showed a 57.5% increase in core earnings to $31.4m (£15.5m), a 44.5% lift in turnover to $57.5m and a 25% dividend rise to 7p.

The company reports in dollars like the rest of the shipping industry but pays dividends in sterling. And the dividend policy is generous, with a prospective yield of just over five per cent this year and almost 6% next, making the shares an attractive income investment.

The shipping industry can be volatile but Goldenport is shielded from some fluctuations because of its involvement in both sectors. It has also secured a number of long-term contracts so turnover is completely locked in for 2007, 78% for next year and 60 per cent for 2009. Some contracts reach as far as 2013.

Goldenport has no peers in the UK but in the US similar companies enjoy much higher ratings as its industry is bigger and is widely followed by investors.

Midas verdict: Goldenport has ridden the recent market storm fairly well and its shares are 425p. Many brokers think there is significant potential for this to rise. The company is expanding and there are plans to court US investors. The Dragnis family owns 60% of the shares so Captain Paris has a strong incentive to make the business work. Buy.

[quickmind] 11/9/2007 16:50

GPRT website:

[18bt] 11/9/2007 08:47

According to my calculations, forecasts for the year are going to have to be upgraded, revenue to c £60m and close to £70m for 2008 (at current USD rates). Just working on profit.

Market has reacted: there she blows!

[dimotane] 11/9/2007 07:47

Yes,cracking results out here and this should put this one on a few peoples radar now.All looking good for the future as well so happy to hold and keep collecting that chunky divi.

Well done for all your efforts on this thread 18BT,much appreciated.

[18bt] 11/9/2007 07:35

AT first sight, cracking interims which should lead to substantial earnings upgrades for the full year, plus a 25% dividend hike. Commitment to spend $245m over 3 years on new ships will increase gearing, but the operational cashflow increases look to cover this. Will be interesting to see market reaction.

No tax and no WHT on dividends. You can hold them in an ISA as well!

Does anyone else out there have any opinions?

[18bt] 10/9/2007 15:20

Interims tomorrow a.m. Expecting good growth and locking in of more time charters at stratospheric rates. Also details of vessel bought last week.

[18bt] 17/7/2007 08:43

Baltic Dry Index has hit a new high. Profit forecasts upgraded slightly. Still a PER of under 10 for ye 2007 plus a yield of 5.3% at current price. Still looks good value while charter rates hold up.

[18bt] 03/7/2007 18:50

Baltic dry index has recovered from slight retrace. See:

[18bt] 17/6/2007 08:22

Forecasts raised again by analysts: 2007 EPS 36.33, 2008 39.29. Forecast yield at 370p is 5.6%. But Baltic dry index seems to have peaked and continues to fall. Looking forward to next update as I suspect that they renewed charter rates at good terms.

[18bt] 10/5/2007 16:23

Just found this in IC Online for April 18th:



Just a year ago, the shipping forecast seemed pretty grim. The Baltic Dry Index, which tracks the cost of moving cargoes such as iron ore and grain by sea, had slumped from its December 2004 peak of 6,208 to under 3,000. So it looked as though the notoriously cyclical shipping market was heading into the doldrums once again.

But in a remarkable turnaround, the shipping market has sprung back into life. The Baltic Dry Index currently stands at 5,546, nearly 60 per cent higher than its average level during 2006. Shipbrokers and owners are reaping the rewards and they all have one word to explain what's behind the resurgence – China. The extent of Chinese appetite can be seen in the rampant rise in commodity prices. Copper, for example, has enjoyed a massive price spike – not surprising when you consider that China imported 58 per cent more of the stuff in the first quarter than a year ago.

But whilst the dry side of the shipping market has been surging ahead, the wet side – cargoes such as oil, chemicals and gas – has been surprisingly sluggish. Despite the recent recovery in the oil price, the Baltic Dirty Tanker index, which tracks less refined oil cargos such as crude oil, has been range bound. The index is currently sitting at 1,092, which is some way below its average 2006 level of 1,265. One of the reasons behind this weakness could be that the spike in oil prices has been caused by political tension, rather than actual physical demand for shipments of oil.

Of the two listed UK shipbrokers - Braemar Seascope and Clarkson - Clarkson is most exposed to the buoyant dry market. Greek shipping company Goldenport, which floated last April, could also be worth a punt. Seven of its 10 dry bulk carriers come up for re-chartering this year, so they should soon be commanding much higher daily rates. And, despite rising sharply since the float, Goldenport's shares still trade on only 8 times forward earnings with a 6 per cent dividend yield; that's hardly a demanding rating.