Global turmoil in 2008 battered the container market, especially on key routes from Asia to consumers in the West carrying finished goods from electronics to toys. But trade volumes have been picking up in recent months with the growth of emerging economies such as those in India and Brazil.
Athens-headquartered Goldenport, which listed on the London Stock Exchange in 2006, owns and operates a fleet of container and dry bulk ships.
"We have a lot of room in the balance sheet for more acquisitions ... we have the ability to grow," John Dragnis told Reuters in an interview.
"Do we want to do it at this particular moment? Yes, but very selectively and very, very carefully -- most likely I would say in the medium-sized container market," he said, adding the group's war chest was between $150 million and $200 million.
Goldenport said it was on track with its program to take delivery of three vessels in 2010 and a further four in early 2011, which had been previously ordered, taking its total fleet to 26 container and dry bulk vessels.
Dragnis said conditions in the container sector had improved in recent months, helped by the scrapping of vessels and a rebound in demand on intra-Asia trade routes and on others such as North America to South America and Europe to West Africa.
"The West is still suffering. More localised, niche trades are doing much better than the long haul in terms of growth."
Maersk Line, the world's biggest container shipper, said it was optimistic for next year on strong demand growth from emerging markets and stable freight rates. South Korea's Hanjin Shipping said this week container demand was expected to outpace ship supply.
Dragnis said it was unlikely that Goldenport would "grow substantially on the dry (bulk) side".
He said the Baltic Exchange's main sea freight index was expected to be a "little bit softer" on average next year compared with the current average.
"The order book is not good for the supply-demand equation. However, (dry bulk) demand remains and will remain robust," he said.
Chief Financial Officer Christos Varsos said analyst consensus estimates of $120 million to $130 million for Goldenport's full-year revenue in 2011 were "reasonable". Revenue estimates for 2010 were around $90 million, he added.
"What the analysts think about the numbers for next year are pretty much realisable," Varsos said. (Reuters)
