CMB announces first quarter results

CMB’s executive committee has reviewed the results recorded for the first quarter 2013.
The consolidated result for the first quarter 2013 amounts to USD 11.221.000 (2012: USD
71.608.000).
Bocimar contributes USD -820.000 (2012: USD 31.766.000) to the consolidated result for the
first quarter of 2013.  As a reminder, the result recorded for the first quarter 2012 took into
account a capital gain of USD 24.122.000 realised on the sale of FMG shares.  
As expected the dry bulk markets have not yet recovered.  The surplus of vessels – capesize
vessels in particular – continues to affect the freight rates.
In the course of the first quarter the Bocimar fleet underwent the following changes:
- Bocimar and its joint venture partner acquire the Mineral Kyushu (2006-180.211 dwt).  
This vessel - previously on long term time charter in – was acquired following a
purchase obligation.
- Early March 2013 Bocimar cancelled the order for the newbuilding Tsuneishi SC145
as the yard was not able to respect the contractually determined delivery date.  All
advances paid were reimbursed early March.
- Furthermore four additional Handysize ECO-type bulk vessels were ordered from the
Chinese yard Samjin.  Two units are scheduled for delivery in 2014 and two for 2015.  
Recently two of the four units were sold on on the same terms and conditions.  It
concerns the two ships scheduled for delivery in 2015.
Source: Compagnie Maritime Belge (CMB)