Owner and operator of dry bulk and container ships Goldenport Holdings Inc said that its directors have approved the proposed sale of the company's entire fleet of eight ships to finance debt repayment.

The company suspended the servicing of its debt on Jan. 22, 2016 and has been in talks with its lenders to amend the terms of its loans ever since. However, as a deal on the matter could not be reached and faced with lack of capital, the company proposed to sell its six bulkers and two container ships to the Dragnis family.