Greek shipping company in joint venture for new ships

Shipping & Shipbuilding News - 14 March 2007 - The Brightest Maritime Daily

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Greek shipping company in joint venture for new ships
Goldenport and Glencore in 50/50 deal for Chinese newbuilds

Greek shipping company Goldenport Holdings announced today it has entered into a 50/50 joint venture with commodities firm Glencore for the purchase of two newbuildings from China.

The double-hulled bulk carriers will be be built by Jiangsu Eastern and will cost $64 million.

Delivery is expected in the second half of 2008.

The company say the first vessel will be chartered by a South Korean firm for years at a daily rate of $18,000. Glencore will commercially manage the second vessel.

Goldenport were the first Greek shipping firm to be listed on the London Stock Exchange. The company also reported that profits for 2006 rose 4 per cent due to increased freight rates and the expansion of its fleet.