The Board of Directors of CMB approved the acquisition of the fleet of containerships of Delphis. Delphis is a fully-owned subsidiary of SAVERCO, one of CMB’s reference shareholders.  Pursuant to the provisions of the Belgian Code of Companies concerning conflicts of interest a committee of independent directors evaluated the envisaged transaction.  Currently Delphis operates a fleet of 14 containerships of which 7 are fully owned and 7 owned in joint venture. Of the 7 joint venture vessels, 6 are on long term charter out to Maersk. 7 out of the 14 ships concerned are type 1A ice classed and hence suited to navigate through ice. Additionally, the 6 ships on charter to Maersk are the biggest ice classed ships in the world.  Simultaneously with the acquisition of the Delphis fleet CMB will also acquire the stake of the partner in the 7 joint venture vessels.  The overall consideration for both transactions amounts to USD 2,2 million and is based on the current market value of the vessels and of the time charter contracts.  The transactions are still subject to certain approvals – amongst others the consent of the financing banks. CMB expects to be able to close the transactions early in 2015.  Early December CMB ordered two newbuilding container vessels with the Korean yard Hanjin Heavy Industries and Construction (HHIC). It concerns two units of 2.000 TEU that are type 1A ice classed. Additionally, these vessels will be the largest ships that are able to navigate the Kiel canal and they will have an ultra eco design. Delivery is scheduled for May and June of 2016.  Taking advantage of extremely low second-hand prices the Group acquired 2 panamax container ships at the beginning of December. The two units of 4.100 TEU were built in Korea at HHIC in 2004 and 2006. These vessels are scheduled to join the CMB fleet during the first quarter of 2015.