The London-listed company reported a 13.6% drop in EBITDA to $20.9m for 2013 and a net loss which fell to $12.2m from $65.3m the previous year, as it said its dry bulkers “benefited from a recovery in this sector and traded profitably at the bottom line” in the fourth quarter.
“Looking forward into 2014 we believe that the dry bulk sector is going to recover before the containership sector and offers a more attractive risk-return profile so we are planning to further increase our exposure to small-and medium-sized dry bulk carriers and reduce our exposure to older containerships,” Dragnis said.
Goldenport believes asset prices and rates have bottomed out in the dry bulk sector with the value of a five-year old Supramax increasing by more than 25% during 2013 and the Baltic Supramax Index increasing by 10% on average compared to 2012.
The company says it has opted to keep its ships on short term charters of three to six months, but may choose to take up six to 12 month fixtures, that are in increasing demand, where they are profitable.
Dragnis says, that by contrast the container market remained under pressure for a fifth year with earnings remaining at levels close to all time lows.
Goldenport reported that its revenues fell to $62.3m last year, from $78.3m in 2012, mainly due to it cutting the size of its fleet to 19 ships from 24. Its net loss fell to $8.3m excluding losses from the disposal of vessels. Last year the company included a fleet impairment loss of $47.6m in its net result.
