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
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
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.