CMB REPORTS LOSS ON DRY BULK SHIPPING ACTIVITIES

CMB REPORTS LOSS ON DRY BULK SHIPPING ACTIVITIES    CMB, the Antwerp-based bulk shipping and port group, posted a preliminary consolidated group profit of 84 million euro ($74 million) for 2001, down 46 percent on the result in 2000, largely because of worse results from dry bulk shipping.
   Bocimar, the dry-bulk shipping arm of CMB, posted an annual loss of 19 million euro ($17 million) last year, compared to a profit of 62 million euro in 2000.
   The group's tankers division, Euronav, saw a net profit of 84 million euro ($74 million), up from 66 million euro in the previous year.
   Gas shipping activities, operated by the company’s Exmar subsidiary, made a profit of 23 million euro ($20 million), up from 17 euro million in 2000.
   The group’s port subsidiary Hessenatie increased its profits to 16 million euro ($14 million) last year, from 7 million euro in 2000.
   CMB said its first liquefied natural gas vessel on time charter to Enron for a 25-year period will be delivered in the summer of 2002. “If Enron does not honor its commitments, the current demand for LNG tankers bodes well for alternative employment,” the Belgian company said, referring to the bankrupt energy group.
   CMB is finalizing the merger of its port arm Hessenatie with the Belgian port operator Noord Natie, before the sale of the merged company to Singaporean port group PSA Corp. The merger and sale will take place in the course of the first quarter, CMB said.
   A spokesman for CMB said prospects for 2002 “are not encouraging.” The shipping markets, and the markets for the transport of dry bulk and crude oil in particular, remain very weak as a result of the world economy slowing down, CMB said.