CMB Rated 'Market Performer'

October 22, 1999

Bank Degroof has upgraded its rating on Belgian shipping company CMB to "market performer," and raised the company's earnings forecast for both 1999 and 2000. A Degroof spokesperson said the company raised CMB's earnings outlook for 1999 to a profit of 0.15 euro per share from a loss of 0.57 euro previously. It raised its 2000 forecast to a profit of 3.40 euros a share from 2.35 euros previously. "Market conditions have improved spectacularly in recent weeks," the spokesperson said, pointing to the rise in the Baltic freight index, a proxy for the evolution of shipping rates. "It seems as if our forecasts for this and next year will prove too conservative so we revise them upwards," it said.

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