Release Date:
Release ID: 182


CMBís executive committee has reviewed the results recorded for the first quarter 2009.

Bocimar contributes EUR 18.2 million (2008: EUR 8.7 million) to the consolidated result for the first quarter of 2009.

After the dramatic fall in the fourth quarter of 2008 the markets for the transport of dry bulk recovered in the course of the first quarter of 2009. The average market earnings for the first quarter were as follows:

The contribution of ASL Aviation to the consolidated result for the first quarter amounts to EUR 0.2 million. This result is entirely in line with seasonal expectations; as the contribution of the passengersí segment in the first quarter is always somewhat lower than in the second and third quarters, the main holiday season.

The Other activities contribute EUR 8.5 million (2008: EUR -10.1 million) to the

consolidated result for the first quarter. This result is practically entirely due to the

recognition of non-realised exchange gains on the Groupís USD cash position.

* * *

The shipping industry is currently experiencing turbulent times which is reflected not only in the low and volatile freight markets but also in the depressed values of both newbuilding and secondhand vessels. Owing to the conservative contract cover policy it has adopted for its fleet, Bocimar will be able to cope with this difficult period.

CMBís prospects for the remainder of the year therefore remain fairly good. Both Bocimar and ASL Aviation will be well-placed to reap the benefits of their existing contract portfolios.


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