Low Freight Rates Affect CBM’s Q1 Results

first_imgzoom The executive committee of Compagnie Maritime Belge (CBM), a maritime group seated in Antwerp, has reviewed the results recorded for the first quarter of 2014.The consolidated result for the first quarter 2014 amounts to USD – 3. 1 million. Bocimar, the company’s dry cargo transport arm,  contributes USD -4.3 million to the consolidated result for the first quarter of 2014.Despite generally held optimism, the first quarter of 2014 was characterised by seasonally low freight rates.The Cape market was once again affected by amongst other things weather-related factors – leading to high volatility – and the effects of a disruption in coal exports from Colombia. However, the main cause of the disappointment originates from the lack of Brazilian iron ore exports that were down by 25% on the previous quarter.In the other segments, notably for Supramax vessels, the Indonesian ban on exports of processed minerals (nickel ore, iron ore and bauxite) took a serious toll on freight rates, with a cascading effect on the smaller sizes.The average earnings for the first quarter for Bocimar can be summarised as follows:USD/day                                                2014                                        2013Capesize                                             22.740                                      25.075Panamax/Post panamax               10. 342                                       7.690Supra max                                          7.875                                          7.800Handysize                                          10.254                                         7.557Despite all the negatives, for the time being the market remains remarkably confident for a solid second half of 2014 and full year 2015.This optimism is founded on an active period market for periods of up to two years, strong FFAs for the third and fourth quarters of 2014 and a second hand market, with very strong prices paid for older Capesize vessels.As a result the market value of the Bocimar fleet has increased by more than 10% since the beginning of the year.Taking into account: that China will continue to import more and more iron ore, the availability of additional export volumes of iron ore and coal, that the moderate number of scheduled newbuilding Capesize deliveries for 2014 and 2015 will be absorbed by seaborne trade growth,Bocimar remains confident that markets will see more balanced supply and demand over the next 18 months.CBM, April 25, 2014last_img read more

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Macys plans to close 100 stores boost online investment

FILE – In this July 10, 2015, file photo, shoppers walk into a Macy’s department store at the Hanover Mall in Hanover, Mass. Macy’s reports financial results Thursday, Aug. 11, 2016. (AP Photo/Stephan Savoia, File) NEW YORK, N.Y. – Macy’s plans to close about 100 stores next year and boost its online investments, the nation’s largest department store chain said Thursday, as it tries to become more nimble in an increasingly fierce market. The closures represent close to 14 per cent of its stores under the Macy’s brand.The company, which operates Bloomingdale’s stores as well, said it would increase its exclusive products and would prioritize its investments in the stores that offer the highest growth potential.That follows Macy’s move to shutter 40 stores this spring, and comes as Macy’s reported another quarter of falling profits and sales. But the results were better than analysts feared. Summer weather helped drive sales of clothing, and Macy’s says it’s seeing results from efforts to add sales staff and revamping its fine jewelry area. Its shares rose 17 per cent, or $5.80 to $39.80 in midday trading.“The announcements we are making today represent an advancement in our thinking on the role of the stores, the quality of the shopping experience we will deliver, and how and where we reinvest in our business for growth,” said Macy’s President Jeff Gennette, who will succeed Terry J. Lundgren as CEO early next year.Macy’s had been a stellar performer since the Great Recession, but in the past year and a half has seen slowing sales as it battles competition on all fronts and changing shopping patterns. People are spending more on home improvement as well as experiences like travel or spas. And when they do buy clothing, they’re going to T.J. Maxx or fast-fashion chains like H&M. They’re also increasingly researching and buying online, and gravitating toward Amazon.com, which is bolstering its store private label fashion brands. Amazon.com is by some forecasts expected to surpass Macy’s as the largest online seller of clothing next year.Under Lundgren, Macy’s has been looking for opportunities to boost sales, from buying upscale beauty brand Bluemercury to launching its own off-price stores called Macy’s Backstage. But since this past May, it announced it has to accelerate its efforts to get shoppers excited.With the store closures, Macy’s will have 666 stores including 38 Bloomingdale’s locations. That’s down about 23 per cent from a peak in January 2007 of 868 stores including Bloomingdale’s. Annual net sales at the stores Macy’s plans to shutter were estimated at about $1 billion. Many of the stores will close in early 2017, with the balance closing as leases or other agreements expire or are amended. The company has not specified which locations but said it will still have a presence in virtually all major markets.Macy’s has been under pressure from investors to sell some of its valuable real estate. Chief Financial Officer Karen Hoguet told analysts the company is in talks with potential buyers of its San Francisco men’s store. The plans are for the men’s store to be recombined into its main Union Square store. It’s also looking at Herald Square in New York, State Street in Chicago and downtown Minneapolis, Hoguet told analysts.The company said it earned $11 million, or 3 cents per share, in the quarter ended July 30. That compares with $217 million, or 64 cents per share, a year earlier. Excluding charges related to store closings, the company earned 51 cents, which is above the 48 cent estimate from FactSet.Revenue fell 3.9 per cent to $5.87 billion. That topped the $5.77 billion estimate from FactSet. Revenue at stores open at least a year, including licensed businesses like beauty, were down 2 per cent in the second quarter. Excluding licensed departments, sales were down 2.6 per cent. That’s the sixth straight decline for that measure.The number of transactions was down 5 per cent compared to last year but that was an improvement from the prior quarter.The company said it was sticking to its outlook. Macy’s had said in May that it expects revenue at stores, including business from licensed departments, open at least a year to be down 3 per cent to 4 per cent. Macy’s also said it still expects earnings to be in the range of $3.15 to $3.40 for the year._____Follow Anne D’Innocenzio on Twitter at http://www.Twitter.com/adinnocenzio Macy’s plans to close 100 stores, boost online investment by Anne D’Innocenzio, The Associated Press Posted Aug 11, 2016 6:50 am MDT Last Updated Aug 11, 2016 at 3:00 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more

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