CMB Continues Fleet Rejuvenation

Maritime Activity Reports, Inc.

June 21, 2006

CMB confirmed that its subsidiary, Bocimar and Wah Kwong, have sold the panamax vessel Yasmine Venture (2006 - 73,546 dwt) - ordered in joint venture in 2003 from Jiangnan (China) - to Diana Shipping. The net sale price amounts to $39.6 million, and CMB will realize a capital gain of approximately $5.5 million on this sale. Also, Bocimar and Oak Maritime have concluded an agreement with Chang Myung Shipping (Korea) for the sale of the joint venture vessel Mineral Oak (1996 - 165,693 dwt). The net sale price is $45.3 million. For CMB, this sale will generate a capital gain of approximately $11.5 million, also expected for the third quarter. Finally Bocimar has ordered a 177,000 dwt capesize vessel from SWS (Shanghai Waigaoqiao Shipyard - China). The purchase price amounts to $60 million and the delivery will take place in the fourth quarter of 2009.
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