Compagnie Maritime Belge (CMB) has released its preliminary results for the second quarter and first half of 2009. The consolidated profit after taxation for the first half of 2009 amounted to US$91 million, compared with US$194 million in 2008.
Bocimar contributes US$92 million to the consolidated result for the first half of 2009 compared with US4198 million the year before.
Bocimar reported a turnover of US$156 million the second quarter of 2009. EBITDA for the quarter was US$93 million.
For the first half of the year, the company posted a turnover of US$289 million and an EBITDA of US$139 million.
According to CMB, the first half of the year was characterised by extreme volatility in the dry bulk markets: "The average spot market rate consequently soared from a mere US$8,700 per day at the beginning of the year to more than US$82,000 per day at the end of June."
The average spot market earnings for the first half of the year for Capesize vevssels was US$31,056 per day, compared with US$135161 per day in 2008; for Panamax vessels, the rates were US$10,962 and US$59,285 respectively; for Handymax, the rates were US$13,102 and US$55,438 respectively.
The company added that it had experienced a good first half of 2009 and that the prospects for the second half of the year remain good.