Bocimar contributes EUR 16,3 million (2010: EUR 12,6 million) to the consolidated resultfor the first quarter of 2011.
The dry bulk markets were off to a weak start in 2011. In the Capesize segment vessels are currently operating even below break-even, mainly due to the oversupply of newbuilding vessels. With its high coverage ratio Bocimar is fairly well-protected against the supervening volatility in this market.
The other market segments – especially Handysize - remained significantly more stable.
In the course of the first quarter two newbuilding Handysize vessels were delivered: CMB Julliette (2011-33.684 dwt) and CMB Boris (2011-33.717 dwt).
Earlier this month Bocimar acquired an additional Handysize unit: a 33.500 dwt newbuilding vessel under construction at Zhejiang Jingang Shipbuilding (China). The purchase price amounts to USD 21,95 million and delivery is scheduled for November 2011.
The contribution of ASL Aviation to the consolidated result for the first quarter amounts to EUR 2,3 million (2010: EUR 0,4 million).
This increase – compared to 2010 – is, almost entirely, attributable to Safair’s contribution - that was taken over in September 2010 – which amounts to nearly EUR 2 million.
The Other activities contribute EUR -15,2 million (2010: EUR 11,2 million) to the consolidated result for the first quarter. This result is almost entirely due to a non-realised exchange loss on the USD cash position of the holding company CMB NV. For the same period in 2010 a non-realised exchange profit of nearly EUR 13 million was recorded.
Bocimar does not expect a fundamental rebound in the Capesize market. Nevertheless both Bocimar and ASL expect to reap the benefits of their solid contract portfolios and diversified activities for the remainder of the year.
Source: CMB (Compagnie Maritime Belge)
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