CMB says prospects for second half good

Compagnie Maritime Belge the Antwerp-based maritime group whose principal subsidiary is the dry bulk carrier Bocimar, said it had profit in the first half of 2008 of 133.4 million euro ($195.7 million). That compares to profit of 148.2 million euro in the first half of 2007.

Revenue for the first half of 2008 was 242.2 million euro ($355.4 million) compared to 181.9 million euro in the first half of 2007.

Prospects for the second half of the year remain good, the company said. Nor the remainder of the year Bocimar's fleet is almost completely covered by time charter contracts and contracts of affreightment with blue-chip counterparties.

It added that the values of bulk vessels -- both new and second-hand -- remain at historically high levels due to the persistently strong freight markets and the fully booked shipyards.

CMB said the air freight activities of Air Contractors and Europe Air Post, purchased earlier this year, contributed about 3 million euro ($4.4 million) in profit. 

Source: American Shipper