20 July, 2012, Tradewinds
Belgian shipping conglomerate Compagnie Maritime Belge (CMB) saw its daily earnings from its dry-bulk fleet drop in the second quarter of this year, although profits were significantly higher because of gains made on the disposal of its interests in Clarksons and FMG.
In its second quarter results released yesterday, CMB reports that Bocimar contributed $11.51m of its overall $18.98 million income after taxes for the second quarter.
The total net income contributed by Bocimar in the first half of CMB’s financial year stood at $43.27m, down from the $46.14 it contributed in the first half of 2011.
CMB reports a total net income of $90.59 million, a significant improvement on the $26.89m it earned in the first half of 2011. It points out that its overall figures were helped by a $41.5m gain on the sale of its stake in Clarksons made in the first quarter.
CMB notes that Bocimar’s first half figures included a capital gain, amounting to $36.94 realised on the sale of 8.3 Fortescue Metals Group (FMG) shares. Bocimar still holds participating interest in FMG, in the form of 29.82 million of the mining company’s shares.
Earnings for the Bocimar fleet were mixed during the second quarter. Daily average capesize rates in the second quarter fell to $24,310 from $27,018 in the first quarter, while panamax/post-panamax rates dropped to $9,383 from $10,914. Other segments showed some signs of improvement with handymax earning climbing to $11,685 from $10,736 and handysize rates rising to $8,888 from $9,748.
The company admitted that the dry bulk markets, especially the the capesize market, had not recovered during the second quarter.
“The massive influx of new tonnage as well as the slowdown in growth of the Chinese economy and of the world economy in general continue to have a strong impact on the Capesize market. The Handymax and Handysize markets are in the main more stable,” it said.
Bocimar took delivery of four capesize bulkers during the second quarter.
Belgian shipping conglomerate Compagnie Maritime Belge (CMB) saw its daily earnings from its dry-bulk fleet drop in the second quarter of this year, although profits were significantly higher because of gains made on the disposal of its interests in Clarksons and FMG.
In its second quarter results released yesterday, CMB reports that Bocimar contributed $11.51m of its overall $18.98 million income after taxes for the second quarter.
The total net income contributed by Bocimar in the first half of CMB’s financial year stood at $43.27m, down from the $46.14 it contributed in the first half of 2011.
CMB reports a total net income of $90.59 million, a significant improvement on the $26.89m it earned in the first half of 2011. It points out that its overall figures were helped by a $41.5m gain on the sale of its stake in Clarksons made in the first quarter.
CMB notes that Bocimar’s first half figures included a capital gain, amounting to $36.94 realised on the sale of 8.3 Fortescue Metals Group (FMG) shares. Bocimar still holds participating interest in FMG, in the form of 29.82 million of the mining company’s shares.
Earnings for the Bocimar fleet were mixed during the second quarter. Daily average capesize rates in the second quarter fell to $24,310 from $27,018 in the first quarter, while panamax/post-panamax rates dropped to $9,383 from $10,914. Other segments showed some signs of improvement with handymax earning climbing to $11,685 from $10,736 and handysize rates rising to $8,888 from $9,748.
The company admitted that the dry bulk markets, especially the the capesize market, had not recovered during the second quarter.
“The massive influx of new tonnage as well as the slowdown in growth of the Chinese economy and of the world economy in general continue to have a strong impact on the Capesize market. The Handymax and Handysize markets are in the main more stable,” it said.
Bocimar took delivery of four capesize bulkers during the second quarter.
No comments:
Post a Comment