CMB reports first half results

CMB’s executive committee has discussed the preliminary results recorded for the second quarter and those for the first half of 2014.

The consolidated result for the first half of the year amounts to USD -2.848.000 (2013: USD 22.788.000). As a reminder, the consolidated half year result 2013 took into account a capital gain of USD 31.436.000 realised on the sale of FMG shares.

Bocimar’s contribution to the consolidated result for the first half of 2014 amounts to USD -10.201.000 (2013: USD -9.767.000). By comparison with the first half of 2013 the Capesize spot markets have seen a strong recovery. The moderate influx of new tonnage and the growth of the world seaborne transport of iron ore contributed to this recovery.

The developments in the other segments, in particular in the Postpanamax and Handysize sectors, have had a negative impact on Bocimar’s results. These segments have suffered from a weak market for the transport of iron ore and the Indonesian ban on exports of processed minerals (nickel ore, iron ore and bauxite).

Taking into account, amongst other things, the further growth of Brazilian exports of iron ore, the Capesize segment could see some improvement during the second half of the year.

ASL contributes USD 5.697.000 (2013: USD 4.806.000) to the consolidated result for the first half of the year. This contribution takes into account capital gains of more than USD 2 million (CMB share) realised on the sale of aircraft. For the remainder the result is fully in line with expectations.

The contribution of the Other activities to the consolidated result for the first half of 2014 amounts to USD 1.656.000 (2013: USD 27.749.000).

Source: Compagnie Maritime Belge (CMB)