CMB announces fleet expansion

Bocimar, part of the Belgium CMB Group, has expanded its newbuilding programme with the acquisition of two newbuilding Capesize vessels. The first vessel is a 180,000 DWT bulker that has been ordered from Imabari in Japan at a cost of $108 million and delivery is expected to take place in the course of the first quarter 2010. The second vessel, a 177,000 DWT bulker, has been ordered from the SWS yard in China at a price of $115.5 million with delivery scheduled for December 2008/January 2009.

Recently Bocimar reached an agreement in principle with the Australian mining group Fortescue Metals Group (FMG) for the transport of iron ore from Australia to China. The agreement includes the use of two vessels, one for a period of 10 years and one for a period of 5 years, and covers the transport of approximately 30 million tonnes of iron ore.