CMB’s Executive Committee Reviews First-Quarter Results

Press Release
Thursday, April 19, 2012

The consolidated result for the first quarter 2012 amounts to $71.608.000 (2011: $4.775.000).

Bocimar contributed $31.766.000 (2011: $22.897.000) to the consolidated result for the first quarter of 2012. This contribution includes a capital gain of $24.122.000 on the sale of 5.200.000 shares FMG. Following these sales, the Group continues to maintain a stake of 33.000.000 shares in FMG.

Notwithstanding increased scrapping and a healthy demand for tonnage – mainly from China, the dry bulk markets – the Capesize market, in particular – have not yet recovered from the significant decline seen at the start of the year. This decline was mainly due to the excess influx of new tonnage and serious disruptions in exports from Brazil and Australia. Bocimar expects this market to remain volatile for a prolonged period of time.

However, Bocimar believes that, provided scrapping and ‘slow steaming’ continues and new building deliveries are delayed, it is possible that the medium term market could well strengthen and attain a new equilibrium.
The Handy size market – with a completely different age profile – is much more stable and less susceptible to volatility.
In the course of the first quarter, the following new building vessels were added to Bocimar’s fleet: CMB Giulia (2012-34.297 dwt), FMG Grace (2012-205.236 dwt) and CMB Catrine (2012-32.618 dwt).
Following the transaction with Delphis, the Group also acquired a 50 percent participating interest in the vessels Mineral Subic (2011-179.397 dwt), Lake Dolphin (2011-179.418) and Bulk Canada (2012-179.397) and full ownership of the Rio Negro (1999-20.501 dwt).
 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Shell CEO: US Should Export Oil, Embrace Global Markets

The head of energy company Royal Dutch Shell said on Tuesday that U.S. policymakers should lift the crude oil export ban because allowing the shipments would make global energy system more stable.

SUNY Maritime Takes the Ice Bucket Challenge

Taking full advantage of one of the summer’s hottest days, twelve administrators and staff at the State University of New York (SUNY) Maritime College today took the Ice Bucket Challenge,

Fraunhofer Researchers Improve Underwater Images

Videos and images of the submarine world are important for the maritime industry. Researchers from Fraunhofer IGD will show how underwater images can be improved

Finance

Norwegian to Buy Prestige Cruises in $3b Deal

Norwegian Cruise Line Holdings Ltd (NCLH.O) said it would buy Prestige Cruises International Inc from its owner Apollo Global Management LLC (APO.N) in a $3 billion

Master Fined After Wind Farm Collision

The master of a wind farm support vessel has today been made to pay £3,000 in fines and costs after pleading guilty to breaches of maritime collision regulations.

Statoil, DNV GL Drive Subsea Factory Interface Standardization

Statoil has entered into an agreement with DNV GL to establish an industrial cooperation to introduce an international industry standard for subsea process technology.

 
 
Maritime Contracts Navigation Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.2252 sec (4 req/sec)