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

People & Company News

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

Bulk Carrier Trends

COSCO Delivers Bulker

The Board of Directors of COSCO Corporation (Singapore) Limited announced that COSCO (Dalian) Shipyard Co., Ltd a subsidiary of the Company's 51% owned COSCO Shipyard Group Co.

NewLead Fixes Newcomer, "Newlead Castellano"

NewLead Holdings Ltd. announced today that it has entered into a time charter contract for the recently delivered Handysize vessel, the "Newlead Castellano".

Great Lakes Coal up More Than 12% in September

Lake Carriers’ Association reported that coal shipments on the Great Lakes totaled 3 million tons in September, an increase of more than 12 percent compared to a year ago.

News

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

USCG to Ensure Safety During World Series

The Coast Guard and local agencies are working to ensure the safety of boaters and baseball fans during World Series games at AT&T Park this weekend. The

Areva-Siemens Raises Claim Over Finnish Reactor Delays

The French-German consortium Areva-Siemens , the supplier of Finland's much-delayed Olkiluoto-3 nuclear reactor, has increased its claim against Finnish utility Teollisuuden Voima (TVO),

Logistics

UN: Ship Inspections near Somalia for Arms, Charcoal

The United Nations Security Council authorized the inspection of boats suspected of carrying illegal shipments of charcoal or weapons to and from Somalia on Friday,

Singapore Bunker Meter Mandate Targets 'Frothy Fuel'

Singapore, the world's biggest bunkering port, plans to end the so-called "cappucino effect" in ship fuelling through new meters designed to stop suppliers from short-changing customers,

Antwerp Port Achieves Highest Throughput

The port of Antwerp handled a freight volume of 148,344,168 tonnes during the first nine months of this year. That’s 3.7% more than the same period last year. Both

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1564 sec (6 req/sec)