CMB Acquires Dry Bulk Asset

Friday, March 23, 2012
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.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

Deltamarin to Designs First LNG Handysize Bulk Carriers

Deltamarin Ltd proudly announces that it has signed a contract to design the world’s first LNG handysize bulk carriers, which will point the way towards greener shipping of commodities.

Idling Fleet Continues to Surge

Owners are rapidly laying up containerships as the market slows. The size of the idle fleet will get bigger while rates and profits slide, says Drewry Shipping Consultants Limited.

Port of Bronka Prepares for Opening

Technical plant and equipment installation for the first stage of Bronka’s port facilities is now complete with the Liebherr LHM 800 mobile port crane installed at the end of September,

Ship Sales

Scripps Sells Oceanographic Research Vessel

Purpose-built oceanographic research and survey vessel New Horizon has been sold from the Scripps Institute of Oceanography to private interests, announced ship broker Marcon International, Inc.

Pioneer Marine Plunges into Red Again, Cancels Ship Orders

Singapore-based Pioneer Marine reported a $5.4m loss for the third quarter of 2015, about even with a $5m loss in the same quarter last year.  It canceled orders

CMA CGM in Talks to Buy NOL

CMA CGM confirms that it has entered into exclusive discussions with Neptune Orient Lines Limited (NOL) and Lentor Investments Pte. Ltd. (a wholly-owned subsidiary

Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1195 sec (8 req/sec)