CMB Announces Excellent 3Q Results

In the course of the third quarter the markets for the transport of dry bulk have seen a slight weakening but in general remained at high levels. As per the end of September, average capesize earnings amount to $66,100/day ($37,500/day for the whole of the year 2003). Bocimar’s result for the third quarter includes a capital gain of about $8 million realized on the sale of Oshima 10384. Recently Bocimar sold the Mineral Marvel (2000 – 169,225 dwt). This sale, which will be concluded in the fourth quarter, will generate a capital gain of $18 million. Bocimar expects to close the fourth quarter with an operating result comparable to that of the third quarter. The tanker markets have been extremely volatile in the course of the third quarter. The average VLCC earnings at the end of September amount to $75,309/day ($52,500/day for the whole of 2003). Recently the tanker markets have seen a spectacular increase and the current average VLCC earnings stand at more than $140,000/day. Euronav expects to close the fourth quarter with a result that will be substantially higher than its third quarter result. Early last week the single-hull VLCC Golden Fountain (1995 – 301,665 dwt) was sold. On the sale of this vessel, in which Euronav participates for 50 percent, Euronav will realize a capital gain of approximately $9 million. This sale should be seen as part of Euronav’s strategy to focus on the operation of double hull tonnage only