Monday, 21st April 2014

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Bocimar offloads newbuilds as rates tumble

Gary Howard
By
from  London
 

Antwerp: Belgian dry bulk outfit Bocimar reported a loss of $820,000 in the first quarter as rates fell year on year.

In the same period last year, Bocimar made a $31.7m profit, $24.1m of which owed to the sale of shares in Australian mining company Fortescue Metals Group.

Comparing first quarters, average Handysize earnings did rise from $6,966 in 2012 to $7,557 in 2013, but Handymax, Panamax and Capesize fell from $9,087, $12,500 and $30,267 respectively in 2012 to $7,800, $7,690 and $25,075 this year.

Regarding orderbook activity in 2013, Bocimar cancelled an order at Japan's Tsuneishi yard (SC145) earlier this year after the builder failed to meet the agreed delivery date. The company signed a contract for four handy size bulkers from Samjin yard in China, a pair to be delivered in 2014 and the other two in 2015 and recently sold on the 2015 pair on the same terms and conditions.

Parent company Compagnie Maritime Belge (CMB) recorded a first quarter 2013 profit of $11.2m , down from $71.6m in the same period 2012.

Headlines - Europe

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