Bocimar Sinks Deeper in Red

Dry cargo shipping specialist of Belgian-based CMB, Bocimar, posted USD 41.2 million loss in the first quarter of 2015 as overcapacity exerts further pressure on the dry bulk markets.

The loss has widened considerably when compared to a net loss of USD 4.4m in the previous year.

This includes USD 2.9 million loss on the sale of the CMB Biwa (2002 – 53.505 dwt).

The results were further impacted by the reduction of Chinese imports of coal by more than 100 million tonnes and the continued downward pressure on commodity prices.

CMB said that the documentation for the acquisition of the Delphis vessels could not be finalised in the course of the first quarter, adding that it expects to close this transaction in the coming weeks.

During the first quarter of 2015, CMB – together with a private equity – fund established a new joint venture with a focus on midsize container vessels (3.000 to 7.000 teu) looking to tap into the potential of favorable charter markets for container vessels.

The group said that it has a minority stake in the joint venture but will also perform the commercial and administrative management. Presently, the joint venture owns 7 vessels, including the 2 panamax units CMB acquired at the end of 2014. The result for the first quarter is negatively affected by the start-up expenses of this new joint venture.

The contribution of Bochem, CMB’s chemical tanker arm, to the consolidated result for the first quarter amounts to USD 1.4 as opposed to a loss of USD 733.000 from 2013. The rebound is attributed to lower oil prices and stronger freight rates in this segment.

CMB operates 6 chemical carriers on long term charter and is involved in a 50/50 joint venture for the construction of three chemical carriers of 20,000 dwt in Japan, scheduled for delivery in 2015 and 2016.

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