LONDON (ShareCast) - Shipping group Goldenport said trading in the second quarter was in line with expectations, though fleet utilisation was lower at 96.1% compared with 98.9% in the previous quarter.

Fleet utilisation dropped mainly due to the 1977-built vessel 'Athos', which incurred an electrical failure of its cranes while discharging. The failure resulted in significant delays in the discharging process due to lack of ashore facilities.

The group said the estimated total revenue for the years 2008, 2009 and 2010 from contracts already fixed for the operational part of the fleet is $354m.

“With our strong and stable cash flows and low gearing, Goldenport is today strategically placed to take full advantage of market opportunities further enhancing shareholder value,” said chief executive Paris Dragnis.

“In this context we continue to evaluate and consider a number of opportunities for the acquisition of second hand containers and new build bulk carriers, to enhance our fleet in accordance with our investment strategy,” Dragnis added.

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