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CMB: Favourable renegotiation of existing contracts |
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Tuesday, 23 February 2010 |
 Bocimar has converted its order for three Aframax tankers from Hanjin into an order for four bulk vessels, i.e. one 180,000 dwt unit to be delivered in October 2011 and three 205,000 dwt units to be delivered in January, April and July 2012.
The purchase price amounts to USD 56 million for the first vessel and
USD 73 million per vessel for the other three vessels. The instalments
that have already been paid will be allocated to these new contracts.
Further, Bocimar has acquired five newbuilding Handysize vessels (32,500
dwt) from their owners currently being built at the Jiangsu shipyard in
China. In March 2008 these vessels were time chartered in on long-term
by Bocimar. The five units were bought for a total price of
approximately USD 135 million. The delivery of these vessels is
scheduled to take place in May and August 2010 and April, September and
December 2011. With this purchase Bocimar will succeed in decreasing the
operating costs of these vessels by approximately USD 2,700 per day.
Following an agreement reached between Bocimar and its partner JB
Ugland, the full ownership of the Handysize vessel JBU Mistral (2009 –
29,100 dwt) will be acquired by Bocimar. Bocimar’s share in this vessel
presently amounts to 49%. The agreement reached values the 100%
ownership of the vessel at USD 22.8 million. The agreement will
retroactively take effect as from 1 January 2010 and the vessel will be
renamed CMB Mistral.
Finally CMB has signed a letter of intent with The Export Import Bank of
China. The framework cooperation agreement provides a financing
facility of up to USD 500 million.
This facility will amongst others be used for the financing of two
Capesize vessels.
Source: CMB (Compagnie Maritime Belge)
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