The Board of Directors of CMB met pursuant to the provisions of the Belgian Code of Companies relating to the existence of conflicts of interest and authorized the company to acquire the dry bulk assets of Delphis on the basis of current market values. Delphis is a subsidiary of SAVERCO, one of CMB’s reference shareholders. The acquisition will include a 50% participating interest in the joint venture company Ocean Capes Limited, owner of the capesize vessels Mineral Subic (2011-179.397 dwt), Lake Dolphin (2011-179.418 dwt) and Bulk Canada (2012-179.397 dwt). The remaining 50% will be held by the joint venture partner Boxlog. The Lake Dolphin and the Bulk Canada are on bareboat charter to CMB and Boxlog, respectively. The Mineral Subic is operated by the joint venture and is currently on a ten year time charter to STX Panocean (Korea). The Lake Dolphin is on time charter to Louis Dreyfus Armateurs also for a ten year period.
CMB will also acquire 100% of the shares of Blue Dolphin Shipping Limited owner of the handysize vessel Rio Negro (1999-20.501 dwt). The overall price for the acquisition of 50% of Ocean Capes Limited and 100% of Blue Dolphin Shipping Limited amounts to USD 9 million and is based on the current market value of the vessels and of the two time charter contracts.