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Goldenport announces board changes

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World Coal,

Dry bulk shipping company, Goldenport Holdings, has announced a number of changes to its board of directors following the downsizing of its fleet.

Chairman of the Board, Chris Walton, and Capt. Paris Dragnis, the founder and former CEO of the company, will retire at the end of this year. Walton had been Chairman of the company since it went public in April 2006, while Dragnis had been serving as Executive Director and President of the company since he handed over the reigns to John Dragnis is 2012.

“Capt. Paris Dragnis and I feel it is an appropriate time to step down and reduce the size of the Board to bring it in line with the reduced size of the company’s fleet,” said Walton. “Whilst the board will now be smaller, the remaining independent director will continue to have key decision making authority on all major issues pending a review of the appropriate size and constituents of the board in 1H16.”

In early December, Goldenport announced the sale of the dry bulk vessel ‘Ermis’ to Denali Shipping LP for US$9.345 million.

Bob Crawly, who has been the Senior Independent Director and Chairman of the Audit Committee since April 2006 will take assume the role of company Chairman.

"It is an honour and privilege to serve as Chairman of the Board of Goldenport,” said Crawley. “I would like to express my sincere appreciation to Capt. Paris Dragnis and Chris Walton for their outstanding commitment and contribution to the board over the last nine years. The remaining board members and I face testing challenges posed by the very depressed markets both in the dry cargo and container sectors and we will do our upmost to navigate through these turbulent times."

Dry bulk shipping rates have dropped to historic lows on the back of soft dry commodity demand and rising supply in the dry bulk fleet with shipping analysts, Drewry, saying the market would have to wait until 2017 before shippers could expected a return to profitability.

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