CMB Subsidiary Orders Six Ships

(Press Release)
Thursday, December 15, 2011
Earlier this month Bohandymar Limited – a 100% subsidiary of CMB – ordered 6 Handysize ECO-type bulk vessels (36.000 dwt) from Samjin Shipbuilding Industries Korea (Samjin) on very competitive conditions. The order includes two options each for two additional units. The delivery of the first four units is scheduled for 2013; and the others are scheduled for 2014. These vessels will be built according to the most modern specifications and are highly environmentally-friendly. The design offers a 30% fuel saving – as compared to vessels of the previous generation – and consequently a much lower CO2-emission. The vessels will also be equipped with a ballast water management system and are furthermore extremely flexible as regards the type of cargo they are able to carry.
With this order Bocimar strengthens its co-operation with Samjin. In 2007 Bocimar already ordered 10 – 35.000 dwt – Handysize units that were built at Samjin’s Chinese yard. Today 9 of these vessels are still part of Bocimar’s fleet.
Recently Bocimar reached an agreement for the termination of its counterparty default insurance. Within the framework of this agreement Bocimar has received an indemnity of USD 120 million.
This amount will be accounted for in the results over the remaining period of the previously insured contracts.
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