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).

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