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 July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

On USCG Anniversary, Gov. McAuliffe Urges Hurricane Preparedness

Gov. Terry McAuliffe encouraged Virginians to get ready for hurricane season and provided an update on the commonwealth’s preparations Friday at a press conference

Optimized Tug-Barge System Designs by Robert Allan

Optimized Tug-Barge System Designs by Robert Allan Ltd. by David R. Connand Robert G. Allan, P.Eng. Some veteran Mississippi pushboats and barges have been

WKCTC to Host Open House for ILM Institute

West Kentucky Community and Technical College will host an open house and ribbon cutting for the Inland Logistics and Marine Institute August 10 from 4 ­– 6 p.

Finance

Diana Shipping Nets 2Q Loss

Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

DryShips Reaches Agreement with Ocean Rig

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc.

 
 
Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.1513 sec (7 req/sec)