CAPITAL GAIN AND FLEET EXPANSION

CMB confirms that its subsidiary Bocimar International has sold its newbuilding Panamax vessel Jiangnan 2345 (2007 – 76,000 dwt).

CMB confirms that its subsidiary Bocimar International has sold its newbuilding Panamax vessel Jiangnan 2345 (2007 – 76,000 dwt). The net sale price amounts to USD 65 million. At the time of delivery of the vessel, scheduled to take place in the course of the third quarter, a capital gain of approximately USD 32 million will be realised. Further, Bocimar has recently acquired a second-hand Capesize unit. It concerns the vessel Ingenious (1999 – 169,962 dwt). The ship will join the Bocimar fleet early June 2007. The purchase price amounts to USD 64 million.