EXCHANGE RATE DIFFERENCES AND FREIGHT DERIVATIVES IMPACT ON FIRST QUARTER RESULTS

CMB’s executive committee has discussed the preliminary results recorded for the first quarter 2008

Bocimar contributes EUR 9 million (2007: EUR 93 million) to the consolidated result for the first quarter of 2008. As a reminder, the results fo r the first quarter 2007 took into account capital gains for a total amount of EUR 67 million realised on the sale of two vessels. The earlier announced sale of Jiangnan 2346 – scheduled for the first quarter of 2008 – has been postponed to the second quarter due to a delay at the yard. On this sale Bocimar will realise a capital gain of approximately USD 32 million.

Bocimar’s result for the first quarter of 2008 takes into account a loss of EUR 7 million on freight derivatives (FFAs or Forward Freight Agreements). Approximately half of this loss has been accounted for as realised, with the remaind er representing the adjustment to the market value (mark-to-market) of the outstanding FFA positions. The prospects for the remainder of the year are fairly good. More than 90% of Bocimar’s Capesize and Panamax fleet is already covered by time charter contracts and contracts of affreightment with blue-chip partners.

The Other activities contribute EUR -10 million (2007: EUR 0.4 million) to the consolidated results for the first quarter. This loss can be solely attributed to the recognition of EUR 13 million of non-realised exchange rate differences on the Group’s USD cash position.

Earlier this week Bocimar sold the Panamax vessel CMB Florentina (2005-76,838 dwt). The net sale price amounts to USD 86.7 million. At the time of delivery of the vessel, scheduled to take place at the end of the second quarter 2008, a capital gain of approximately USD 60 million will be realised.