Bocimar confident dry bulk recovery is here to stayBocimar confident dry bulk recovery is here to stay
Bocimar contributed $5.3m to the $13.8m third quarter profit of Compagnie Maritime Belge (CMB), the company announced.
October 18, 2013

The profit for the dry bulk owner and operator is down on the $7.5m earned in the same period last year, but an improvement on the $9.7m loss for the first half of 2013.
In its assessment of the market, Bocimar highlighted an increase in capesize spot rates, from $15,000 per day in July to over $40,000 per day in September, as a first sign of revival for the bulk market.
With Bocimar's exposure to the spot market, the improvement in the market had an immediate effect on results, and the company expects market strength to continue into the fourth quarter.
Commenting on the market outlook for the next two years, the company stated: "The newbuilding capacity and planned newbuilding deliveries for the next two years are known and are the lowest for five years.
"Bocimar expects that the forecast growth in seaborne trade mainly from iron ore will persist and have a positive effect on the dry bulk market. The expected growth of world seaborne trade of other commodities bodes well for the Handysize segment. It is expected that the global handysize fleet will barely expand in the coming two years."
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