CMB’s first-half struggles start with Bocimar

   During the first half of the year, CMB of Belgium experienced revenue of $305 million, a decline of nearly $20 million when compared to the same period in 2012.
   Earnings before tax fell to $76.15 million.
   Much of the hit was due to CMB’s dry bulk Bocimar arm, as it generated a loss of $9.76 million, compared to a first-half 2012 result of $44.76 million. ASL Aviation ended the first half with a $4.81-million contribution, a little more than half 2012’s result. 
   Bocimar’s 2012 result was buoyed by the $37 million sale of shares, and the current result includes a goodwill write-off due to the early termination of Mineral Subic­, a charter owned by a joint venture between Bocimar and Boxlog.
   “In keeping with the seasonal trends of the last two years, the capesize market has remained the weakest of the four main dry bulk markets during the first half of the year,” CMB wrote in an earnings statement. “It was mainly the stagnation in iron ore exports from Brazil that contributed to the capesize weakness. Only in June did daily TC returns return to more viable levels due to a combination of increased iron ore and coal flows. Bocimar does not rule out a further strengthening or stabilizing of the market in the course of the second semester.”
   Officials predict market equilibrium will return for Bocimar next year or in 2015.
   ASL, a joint venture between CMB and 3P Air Freighters, performed as expected during the first half of the year. – Jon Ross