Dry Bulk Shipping Group CMB Expects Volatile 2015
Belgian dry bulk shipping group CMB on Thursday said markets would remain volatile after a disappointing 2014 in which falling commodity prices reduced stock building by clients. The group added that freight rates would come to a sustainable level once overcapacity in the shipping market was reduced. For 2014, CMB posted a core profit of $44.1 million, down 57 percent from 2013. (Reporting by Robert-Jan Bartunek; Editing by Michael Urquhart)
CMB Condifrtd Listing for Euronav
Euronext Brussels. existing CMB shares. advised by Petercam, KBC Securities, Fortis Bank and Linklaters De Bandt. confirmation of the tax neutrality of the envisaged transaction. quarter of 2004.
CMB Acquires 27% of Anglo-Eastern Group
CMB announces that its 100% subsidiary Bocimar Hong Kong has concluded an agreement to acquire a 27% stake in the Anglo-Eastern Group (www.angloeastern.com). The Anglo-Eastern Group primarily focuses its activities on the provision of ship management, crew management and newbuilding consultancy services. The acquisition is still subject to due diligence. CMB expects to finalise this acquisition in the course of the month of August. Through this acquisition CMB intends to establish itself in this specialised sector and secure its access to ship management and crew management services.
CMB Expects To Sell Naviga Insurance
Belgian shipping company CMB expects to sell off its Naviga insurance unit within the next three months and book a significant capital gain. The company, which is shedding side businesses to focus on shipping investments, reportedly expects a sale within about three months.
CMB Expects To Sell Naviga Insurance
Belgian shipping company CMB expects to sell off its Naviga insurance unit within the next three months and book a significant capital gain, Finance Director Patrick De Brabandere said. "So far we have contacted a number of candidates via our investment banking unit, but we have had no formal talks with them yet," De Brabandere said. "It should take three months maximum for a sale to take place." He said the candidates approached were both Belgian and international. He declined to say how much CMB was asking for Naviga. "All I can say is we expect to book a significant capital gain from the sale," he said. CMB in 1998 had insurance premiums worth $80.2 million. De Brabandere said CMB was selling Naviga to focus on its core shipping and port handling activities and to pay off large debts.
