CMB 2013 Results Positive, but Weaker than 2012

MarineLink.com
Tuesday, March 25, 2014
Photo: CMB

During its meeting of March 25, 2014, Belgian shipping company CMB’s board of directors approved the final annual accounts as per December 31, 2013.

The consolidated result for 2013 amounts to $49,694,000, compared to $133,954,000 in 2012.

Bocimar’s contribution to the 2013 consolidated result amounts to $3,467,000 ($53,196,000 in 2012).

CMB pointed out that the capacity of newbuilding deliveries has far exceeded the growth in world seaborne trade for a number of years. Today, however, a discernable fundamental trend change has emerged which will bring supply and demand back to a more sustainable balance over the next two years.

In most segments of the dry bulk market - allowing for normal slippage, cancellations and deletions – the net increase is expected to hover around 5% which is a sharp reduction compared to the last five years.

This development will also have an impact on the fleet’s market value that already increased by 20% during 2013 and showed a further increase of 5% in the first months of 2014.

On the demand side there are also numerous positive indicators, such as the renewed growth in global steel demand as well as an increase in demand for steaming coal.

The most important indicator, CMB said, is the increased availability of new cargo which should increase fleet utilization. A number of new iron ore mining expansion projects which have suffered delays or downsizing, are now being delivered.

On the other hand, the dry bulk markets will be more volatile than ever. Amongst others, weather factors, congestion and erratic FFA markets will lead to sudden spikes and falls in the freight markets, especially in the Cape and Panamax segments.

Taking into account the current developments in the dry bulk markets, the group carefully reviewed all indicators of potential impairment such as the current freight rate environment as well as the current market value of the fleet compared to its carrying amount. The impairment test performed in respect of the Bocimar fleet, was performed on the same basis as described in the 2012 consolidated accounts. The test did not result in any need to record an impairment loss. The group will however continue to closely monitor the developments in the dry bulk markets and review possible impairment indicators again at the occasion of the preparation of the consolidated accounts as per June 30, 2014.

The board of directors will propose to the annual general meeting of shareholders of May 13, 2014 the distribution of a gross dividend of EUR 0.24 per share (EUR 0.18 net per share). Subject to the approval of the annual general shareholders’ meeting, this dividend will bemade payable on May 23, 2014.

cmb.be

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

People & Company News

Carnival Sails to Profit

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That

Ukraine Arrests Turkish Ship for Visiting Crimean Port

Turkey owned merchant ship flying the flag of Tuvalu was arrested by Ukrainian authorities over a visit it made to a port in Crimea, reports Reuters. The ship's captain detained.

USCG Flush Ice down River Systems to Facilitate Shipping

The Coast Guard cutter fleet is flushing ice through the Great Lakes river systems to prevent ice jams and facilitate commercial shipping as the shipping season

Finance

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Puerto Rico Readies for Largest Cruise Ships

Thanks to a pier expansion and enhancement, Puerto Rico will welcome the two largest cruise ships in the world, Royal Caribbean International’s Oasis of the Seas and Allure of the Seas, in 2016.

Carnival Sails to Profit

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That

News

Is China Building a Naval Base in Africa?

Recently, The Namibian reported the existence of a "confidential letter from Namibia's ambassador to China, Ringo Abed, to Namibia's foreign minister stating that

JV Wins $2bln Freeport LNG Contract in US

A joint venture (JV) between CB&I, Chiyoda International and Zachry Industrial has won a contract worth over $2bn from FLNG Liquefaction 3 for a liquefied natural

Puerto Rico Readies for Largest Cruise Ships

Thanks to a pier expansion and enhancement, Puerto Rico will welcome the two largest cruise ships in the world, Royal Caribbean International’s Oasis of the Seas and Allure of the Seas, in 2016.

Logistics

Is China Building a Naval Base in Africa?

Recently, The Namibian reported the existence of a "confidential letter from Namibia's ambassador to China, Ringo Abed, to Namibia's foreign minister stating that

First Supramax Vessel for Japan-Italy Venture

'DACC Tirreno' was delivered at the Oshima shipyard in Japan yesterday, the first of four Supramax bulk carriers for the dACC Maritime Limited fleet, the joint

Feds Delay LNG’s Port Ambrose Application

The US Coast Guard and the US Maritime Administration (MARAD) have temporarily suspended their review of the proposed Port Ambrose deep-water LNG import terminal.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil 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: 0.1580 sec (6 req/sec)