CMB selling ships to Genco

Compagnie Maritime Belge said its Bocimar International subsidiary, which owns 14 ships, has entered into a deal to sell three to Genco Shipping and Trading for $253 million. The sales are expected to be completed in the third quarter.

The three ships are the CMB Aurie, 76,588 deadweight tons, built in 2007; CMB Laetitia, 75,991 dwt, 2007; and CMB Yangtze, 53,617 dwt, 2007.

Further, Bocimar has ordered two 176,000 dwt Capesize newbuildings from Jinhaiwan (China). The purchase price is $88.5 million per vessel and delivery is scheduled to take place in April 2009 and July 2010.

Also, Bocimar has entered into a joint venture with Hong Kong's Wah Kwong to order two 93,000 dwt newbuildings from Shanhaiguan (China) at a cost of $52.8 million per vessel. The vessels will be delivered in December 2010 and February 2011.

Bocimar抯 stake will, in turn, be contributed into a 50-50 joint venture with Drylog, reducing its overall share in the Wah Kwong venture to 25 percent. 

Source: American Shipper