CMB Releases Third Quarter Results

Friday, October 26, 2007
CMB’s executive committee has discussed the preliminary results recorded for the third quarter 2007. Bocimar contributes $47.45m (2006: $69.01m) to the consolidated result for the third quarter. At the end of the third quarter Bocimar expanded its fleet considerably. An order was placed for 10 Handysize bulk vessels (33,500 dwt) from Samjin Corporation (Korea). The delivery of these vessels is scheduled to take place between September 2009 and December 2010. In addition Bocimar has ordered, in 50/50 joint venture with Drylog, one 180,000 dwt Capesize unit from Dalian (China). The delivery of the vessel will take place in June 2009. The prospects for the remainder of the year are good. For the fourth quarter the fleet is almost fully covered at rewarding levels. The current spot freight markets remain historically high. This is, in turn, having a considerable impact on the values of newbuilding prices as well as second- hand values of bulk vessels. In consequence, the value of a 5 year-old Capesize vessel has risen since the beginning of the year from $83m to $135m, an increase of more than 60%. The contribution of other activities amounts to $15.8m (2006: $5.75m). This contribution takes into account a capital gain of more than $5.75m realized on the sale of Fukuoka 1266 (2007-19,700 dwt). This was the last of four chemical tankers that were ordered by CMB together with Wah Kwong in 2003 and 2004, and sold in early 2006. A further capital gain, amounting to $14.38m, was realized on the first phase of the transfer of Hessenatie Logistics’s logistics site – Cargovil. The transfer of the second phase is scheduled for the fourth quarter and will generate a capital gain of approximately $2.88m.
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

Source: Siemens Offering $6.1 bln for Dresser Rand

Germany's Siemens plans to offer more than $6.1 billion, or $80 per share, for U.S. compressor and turbine maker Dresser-Rand, Germany's Manager Magazin said on Friday.

Education/Training

Transas Simulators Boosts Western Shipping Training Center

Transas Marine Pacific has successfully completed the upgrade of a simulator complex for Western Shipping Pte. Ltd. training center. The simulator class was

USCG Cutter in Oregon Spill Drill

The crew of Coast Guard Cutter Fir, a 225-foot buoy tender homeported in Astoria, Oregon, participated in a Spilled Oil Response System exercise near Blake Island, Washington, Wednesday.

Caterpillar to Participate in Citi 2014 Industrials Conference

Caterpillar Inc. Vice President with responsibility for Strategic Services Mike DeWalt and Director of Investor Relations Rich Moore will speak at the Citi 2014 Industrials Conference on Tuesday,

 
 
Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1191 sec (8 req/sec)