BOCIMAR AND FMG RESTRUCTURE SHIPPING ARRANGEMENTS

Bocimar International and Fortescue Metals Group (FMG) have agreed to establish a shipping Joint Venture which includes the time chartering of three Bocimar Capesize vessels of which two will deliver promptly. The third vessel will be delivered as from the middle of 2010.

The time charters which were concluded at market rates include a profit sharing arrangement and are all for a period of 10 years. In consideration Bocimar will receive USD 28 million in FMG shares at the market as at 31 December 2009.

In the Joint Venture, both parties will jointly develop existing and future shipping activities. Further and in addition to the above, parties have reached an agreement to terminate two contracts that were concluded in February 2008. As a reminder, it concerns contracts for the use of two vessels, one for a period of ten years and one for five years.

In consideration of Bocimar agreeing to terminate said contracts and discontinuing arbitration proceedings, FMG have agreed to allot FMG shares to Bocimar for an equivalent value of USD 22 million based on FMG’s closing price on 31 December 2008.

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,
Farnborough, Orpington
Kent BR6 7DR
UNITED KINGDOM
Tel: +44 (0) 1689 860660
Fax: +44 (0) 1689 818285
e-mail: impcomms@yahoo.co.uk

This release was published on openPR.