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ANOTHER OUTSTANDING QUARTER FOR CMB

07-27-2007 12:44 PM CET | Logistics & Transport

Press release from: CMB

/ PR Agency: Impress Communications Ltd
CMB’s executive committee has discussed the preliminary results recorded for the second quarter and those for the first half of 2007.

The consolidated profit after taxation for the first half of 2007 amounts to EUR 148 million (2006: EUR 68 million).

Bocimar contributes EUR 146 million to the consolidated result for the first half of 2007 (2006: EUR 59 million).

Bocimar’s result takes into account capital gains, for a total amount of EUR 89 million (2006: EUR 17 million), realised on the sale of the Mineral Poterne (1997 – 172,091 dwt), SWS 1051 (2007 – 175,000 dwt) and the Mineral Shanghai (2004 – 173,880 dwt).
Furthermore the result also includes a capital gain of EUR 6 million realised on the sale of Pacific Basin shares.

In the course of the first half of the year Bocimar expanded its fleet with one Capesize unit and two Handymax vessels. Early June, the Capesize vessel Mineral Water (1999 – 169,962 dwt) joined the Bocimar fleet. The two Handymax vessels were ordered from the Chengxi yard (China) in joint venture with Wah Kwong. The delivery of these vessels is scheduled for respectively March and August 2009.

The newbuilding Panamaxes Jiangnan 2345 (2007 – 76,000 dwt) and Jiangnan 2346 (2008 – 76,000 dwt) were sold in the course of the first half of the year. Delivery is expected to take place in the third quarter 2007 and the first quarter 2008, respectively. On each sale Bocimar will realise a capital gain of approximately USD 32 million.
Recently the two Handymax vessels that were ordered last year from Nantong (China) in joint venture with JB Ugland were sold. Bocimar has a 33% stake in this joint venture. At the time of the delivery of these vessels, scheduled for the second and third quarter 2008, Bocimar will realise a capital gain of approximately USD 4 million per vessel.

The prospects for the remainder of the year remain favourable. More than 90% of the remaining vessel days are covered.

Moreover, due to the continuing strong freight markets and the fact that shipyards are fully booked till 2010, newbuilding prices and second-hand values of bulk vessels remain at historically high levels.

The contribution of the Other activities amounts to EUR 2 million (2006: EUR 9 million). This result is mainly attributable to a capital gain realised on the sale of the Fukuoka 1265 (2007 – 19,600 dwt) and exchange rate differences on the dollar position of the Group.

contact: Frank GEERTS
+32 3 – 247 59 10

FULL DETAILS RELATING TO THE PRESS RELEASE ARE POSTED ON THE CMB WEBSITE: www.cmb.be

CMB, Compagnie Maritime Belge, is a maritime group with its registered offices in Antwerp. The company was founded in 1895. Its shares are quoted on Euronext. The CMB share is included in the Next 150 index and is also part of the NextPrime index. The CMB Group's main activities are all directly or indirectly related to the shipping industry, i.e. transport of dry cargo and related financial activities.

Impress Communications Ltd
DMR House
8-10 Cleave Avenue
Orpington
BR6 7DR
44 (0)1689 860660
info@impresscommunications.org

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