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

People & Company News

CFE to Lift Eight LNG Cargoes

Mexican state-owned utility CFE has bought eight cargoes of liquefied natural gas (LNG), four traders said. Swiss trading house Trafigura was awarded the bulk of the volume,

‘Maritime Spectrum’ of CMMI a Big Draw

For The Company of Master Mariners of India, the conference “Maritime Spectrum” that comes at the turn of each year has become a brand in itself, and each one

ms Veendam Rescues Pilot Off Maui Coast, Hawaii

On Sunday, Jan. 25, 2015, at 5:21 p.m. local time while en route to Lahaina, Hawaii, Holland America Line’s ms Veendam answered a request for assistance from

Finance

Sino-Global to Acquire Tanker

Sino-Global Shipping America, Ltd. a shipping agency, logistics and ship management services company, today announced that it has entered into a Memorandum of Understanding (the "MOU"),

Investment Impact in Inland Waterways System

The National Waterways Foundation (NWF) has commissioned and released a two-year, ground-breaking study by the University of Tennessee and the University of Kentucky,

The 2nd Ballast Water Management Summit

Sign-up for this year’s most in-depth exchange of information and best venue for BWT stakeholders to network and meet regulatory peers is underway.   Infocast’s

News

CFE to Lift Eight LNG Cargoes

Mexican state-owned utility CFE has bought eight cargoes of liquefied natural gas (LNG), four traders said. Swiss trading house Trafigura was awarded the bulk of the volume,

‘Maritime Spectrum’ of CMMI a Big Draw

For The Company of Master Mariners of India, the conference “Maritime Spectrum” that comes at the turn of each year has become a brand in itself, and each one

ms Veendam Rescues Pilot Off Maui Coast, Hawaii

On Sunday, Jan. 25, 2015, at 5:21 p.m. local time while en route to Lahaina, Hawaii, Holland America Line’s ms Veendam answered a request for assistance from

Logistics

CFE to Lift Eight LNG Cargoes

Mexican state-owned utility CFE has bought eight cargoes of liquefied natural gas (LNG), four traders said. Swiss trading house Trafigura was awarded the bulk of the volume,

Abu Dhabi Ports Invests in Management Software

Abu Dhabi Ports is implementing a brand new terminal operating system (TOS) which will enhance the general cargo operations at the emirate’s ports, significantly

Baby Medevaced from Cruiseship in Gulf of Mexico

A Coast Guard helicopter crew medevaced an 8-month-old baby girl from the cruise ship Carnival Triumph early Monday morning, 140 miles southeast of Galveston.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Salvage Ship Repair Ship Simulators 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: 0.2260 sec (4 req/sec)