Bocimar has converted its order for three Aframax tankers from Hanjin into an order for four
bulk vessels, i.e. one 180,000dwt unit to be delivered in October 2011 and three 205,000dwt
units to be delivered in January, April and July 2012.  The purchase price amounts to USD 56
million for the first vessel and USD 73 million per vessel for the other three vessels.  The
installments that have already been paid will be allocated to these new contracts.
    Further, Bocimar has acquired five newbuilding Handysize vessels (32,500 dwt) from their
owners currently being built at the Jiangsu shipyard in China.  In March 2008 these vessels
were time chartered in on long-term by Bocimar.  The five units were bought for a total price
of approximately USD 135 million.  The delivery of these vessels is scheduled to take place
in May and August 2010 and April, September and December 2011.  With this purchase
Bocimar will succeed in decreasing the operating costs of these vessels by approximately
USD 2,700 per day.
    Following an agreement reached between Bocimar and its partner JB Ugland, the full
ownership of the Handysize vessel JBU Mistral (2009 – 29,100dwt) will be acquired by
Bocimar.  Bocimar’s share in this vessel presently amounts to 49%.  The agreement reached
values the 100% ownership of the vessel at USD 22.8 million.  The agreement will
retroactively take effect as from 1 January 2010 and the vessel will be renamed CMB Mistral.
    Finally CMB has signed a letter of intent with The Export Import Bank of China.  The
framework cooperation agreement provides a financing facility of up to USD 500 million. 
This facility will amongst others be used for the financing of two Capesize vessels.