FURTHER CAPITAL GAIN AND FLEET EXPANSION

CMB confirms that its subsidiary Bocimar International has sold its newbuilding Panamax vessel Jiangnan 2346 (2008 – 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 first quarter of 2008, a capital gain of approximately USD 32 million will be realised.

Further, Bocimar has ordered in joint venture with Wah Kwong two newbuilding Handymax vessels (53,000 dwt) from Chengxi Shipyard (China). The delivery of the vessels is scheduled to take place in March and August 2009.