The Board of Directors of CMB met pursuant to the provisions of the Belgian Code of Companies relating to the existence of conflicts of interest and authorized the company to acquire the dry bulk assets of Delphis on the basis of current market values. Delphis is a subsidiary of SAVERCO, one of CMB’s reference shareholders. The acquisition will include a 50% participating interest in the joint venture company Ocean Capes Limited, owner of the capesize vessels Mineral Subic (2011-179.397 dwt), Lake Dolphin (2011-179.418 dwt) and Bulk Canada (2012-179.397 dwt). The remaining 50% will be held by the joint venture partner Boxlog. The Lake Dolphin and the Bulk Canada are on bareboat charter to CMB and Boxlog, respectively.