DRY BULK, TANKERS LOSSES HIT CMB’S RESULTS
Losses on dry bulk and tanker shipping activities have hit the Belgian shipping group CMB, as it reported a percent fall in its first-half consolidated result, to 41 million euro (about $41 million), from 100 million in the same period of 2001.
Bocimar, the dry bulk arm of the group, posted a loss of 18 million euro ($18 million) in the first half, as compared to a profit of 6 million euro in the first half of 2001.
Euronav, the tankers division of CMB, posted a loss of 4 million euro ($4 million) for the first half of this year, in contrast to a profit of 65 million euro in the same period of last year.
However, CMB made a capital gain of 105 million euro ($106 million), less a provision for balance sheet guarantees of 46 million euro ($46 million), on the sale of its 40-percent shareholding in the Belgian port operator Hesse-Noord Natie to PSA.
CMB’s first-half results also take into account a contribution by Hesse-Noord Natie of 2 million euro ($2 million) from the group’s remaining 20-percent share in Hesse-Noord Natie’s results.
The profit contribution of Naviga, the insurance arm of CMB, has not been taken into account, following an agreement to sell Naviga and transfer its results as from Jan. 1 to the buyer. CMB will make a capital gain of approximately 63 million euro ($64 million) on this sale.
“It is expected that the markets for the transport of dry bulk and crude oil will recover by the end of the year,” CMB said.