Belgian maritime group CMB announced results recorded for the fourth quarter and the preliminary results for the full year 2011. The consolidated result for 2011 was estimated to be €96.3 million (US$124.9 million), down from €120.9 million in 2010.
Drybulk business unit Bocimar contribution to the 2011 consolidated result amounted to €76.1 million (against €94.8 million in 2010), including a capital gain of €9.6 million realised on the sale of FMG shares.
According to CMB, the strong recovery of the dry bulk markets seen during the fourth quarter did not last. The recent significant decline in the freight markets – and the Capesize market in particular – is partly due to the serious disruption in the export of Brazilian iron ore following local flooding and to the continuing growth of the world fleet.
However, the Handysize markets, are much more stable and are less prone to volatility. Taking into account the age profile of the Handysize world fleet, CMB believes prospects for this type of market are more propitious and significantly more stable. Bocimar employs its Handysize fleet mainly on the spot and short-term market.
In 2011 the Bocimar fleet was further expanded with a total of 12 vessels: nine Handysize units, two Postpanamax vessels in joint venture and one Capesize vessel. Bocimar expects the Capesize markets to return to normal as soon as exports from Brazil reach their usual levels again.
ASL Aviation (ASL) contributed €15.5 million to the 2011 consolidated result, up from €7.4 million 2010, while other activities represented €4.7 million, down from €18.7 million in 2010.
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