CMB.TECH announces final year results
CMB.TECH (NYSE & Euronext: CMBT) reported strong financial results for 2024, with a Q4 profit of USD 93.1 million and full-year profit of USD 870.8 million. The company's total contract backlog increased to USD 2.94 billion.
Key developments include the company's transformation from Euronav to CMB.TECH, focusing on fleet rejuvenation with 21 newbuild deliveries in 2024. The company expanded its fleet with additional vessels and sold 11 older vessels. Notable achievements include:
- Total capital gain of USD 635.0 million in 2024
- Acquisition agreement for 40.8% stake in Golden Ocean Group
- Partnership with MOL for 9 ammonia-fuelled vessels
- Opening of new hydrogen engine R&D Center in Japan
- Sale of Euronav Ship Management Hellas to Anglo-Eastern Univan Group
CMB.TECH (NYSE & Euronext: CMBT) ha riportato risultati finanziari solidi per il 2024, con un profitto nel Q4 di 93,1 milioni di USD e un profitto annuale di 870,8 milioni di USD. L'ammontare totale dei contratti in corso è aumentato a 2,94 miliardi di USD.
Sviluppi chiave includono la trasformazione dell'azienda da Euronav a CMB.TECH, concentrandosi sul rinnovamento della flotta con 21 nuove consegne di navi nel 2024. L'azienda ha ampliato la sua flotta con ulteriori navi e ha venduto 11 navi più vecchie. I risultati notevoli includono:
- Guadagno di capitale totale di 635,0 milioni di USD nel 2024
- Accordo di acquisizione per una partecipazione del 40,8% nel Golden Ocean Group
- Partnership con MOL per 9 navi alimentate a ammoniaca
- Apertura di un nuovo Centro R&D per motori a idrogeno in Giappone
- Vendita di Euronav Ship Management Hellas al gruppo Anglo-Eastern Univan
CMB.TECH (NYSE & Euronext: CMBT) reportó resultados financieros sólidos para 2024, con una ganancia en el Q4 de 93,1 millones de USD y una ganancia anual de 870,8 millones de USD. El total de contratos pendientes aumentó a 2,94 mil millones de USD.
Los desarrollos clave incluyen la transformación de la empresa de Euronav a CMB.TECH, enfocándose en la renovación de la flota con 21 entregas de nuevos barcos en 2024. La empresa amplió su flota con embarcaciones adicionales y vendió 11 barcos más antiguos. Los logros notables incluyen:
- Ganancia de capital total de 635,0 millones de USD en 2024
- Acuerdo de adquisición por una participación del 40,8% en Golden Ocean Group
- Asociación con MOL para 9 barcos propulsados por amoníaco
- Apertura de un nuevo Centro de I+D de motores de hidrógeno en Japón
- Venta de Euronav Ship Management Hellas al grupo Anglo-Eastern Univan
CMB.TECH (NYSE & Euronext: CMBT)는 2024년 강력한 재무 결과를 보고했으며, 4분기 순이익은 9,310만 달러, 연간 순이익은 8억 7,080만 달러에 달했습니다. 회사의 총 계약 잔고는 29억 4천만 달러로 증가했습니다.
주요 발전 사항으로는 Euronav에서 CMB.TECH로의 변화를 포함하여, 2024년에 21척의 신조선 인도에 집중하며 함대 재생에 주력하고 있습니다. 회사는 추가 선박으로 함대를 확장하고 11척의 오래된 선박을 매각했습니다. 주목할 만한 성과는 다음과 같습니다:
- 2024년 총 자본 이익 6억 3,500만 달러
- Golden Ocean Group의 40.8% 지분 인수 계약
- 암모니아 연료 선박 9척을 위한 MOL과의 파트너십
- 일본에 새로운 수소 엔진 R&D 센터 개소
- Euronav Ship Management Hellas를 Anglo-Eastern Univan Group에 매각
CMB.TECH (NYSE & Euronext: CMBT) a annoncé de solides résultats financiers pour 2024, avec un bénéfice de 93,1 millions USD au T4 et un bénéfice annuel de 870,8 millions USD. Le carnet de commandes total de l'entreprise a augmenté à 2,94 milliards USD.
Les développements clés incluent la transformation de l'entreprise d'Euronav à CMB.TECH, en se concentrant sur le renouvellement de la flotte avec 21 nouvelles livraisons de navires en 2024. L'entreprise a élargi sa flotte avec des navires supplémentaires et a vendu 11 anciens navires. Les réalisations notables comprennent :
- Gain en capital total de 635,0 millions USD en 2024
- Accord d'acquisition pour une participation de 40,8% dans Golden Ocean Group
- Partenariat avec MOL pour 9 navires alimentés à l'ammoniac
- Ouverture d'un nouveau Centre de R&D pour moteurs à hydrogène au Japon
- Vente d'Euronav Ship Management Hellas au groupe Anglo-Eastern Univan
CMB.TECH (NYSE & Euronext: CMBT) hat für 2024 starke Finanzergebnisse berichtet, mit einem Gewinn im 4. Quartal von 93,1 Millionen USD und einem Jahresgewinn von 870,8 Millionen USD. Der gesamte Auftragsbestand des Unternehmens stieg auf 2,94 Milliarden USD.
Wichtige Entwicklungen umfassen die Transformation des Unternehmens von Euronav zu CMB.TECH, das sich auf die Erneuerung der Flotte konzentriert, mit 21 neuen Schiffslieferungen im Jahr 2024. Das Unternehmen hat seine Flotte mit zusätzlichen Schiffen erweitert und 11 ältere Schiffe verkauft. Bemerkenswerte Erfolge sind:
- Gesamtkapitalgewinn von 635,0 Millionen USD im Jahr 2024
- Erwerbsvereinbarung für 40,8% der Anteile an Golden Ocean Group
- Partnerschaft mit MOL für 9 mit Ammoniak betriebenen Schiffen
- Eröffnung eines neuen F&E-Zentrums für Wasserstoffmotoren in Japan
- Verkauf von Euronav Ship Management Hellas an die Anglo-Eastern Univan Group
- Strong financial performance with USD 870.8 million full-year profit
- Significant contract backlog of USD 2.94 billion
- Large capital gain of USD 635.0 million in 2024
- Strategic fleet modernization with 21 newbuild deliveries
- Strategic acquisition of 40.8% stake in Golden Ocean Group
- Q4 2024 profit declined to USD 93.1M from USD 406.6M in Q4 2023
- Q4 2024 EBITDA decreased to USD 180.4M from USD 474.4M in Q4 2023
Insights
CMB.TECH's 2024 financial results demonstrate robust performance with a
The total contract backlog of
The acquisition of 40.8% of Golden Ocean Group represents significant diversification into dry bulk shipping, providing scale advantages and spreading market risk beyond tankers. Their partnership with MOL for ammonia-powered vessels positions them ahead in the decarbonization race, which could yield competitive advantages as environmental regulations tighten.
While quarterly EBITDA declined to
CMB.TECH's transformation from Euronav represents one of shipping's most ambitious pivots, moving beyond simple fleet renewal into technological leadership in maritime decarbonization. The delivery of 21 newbuilds across multiple vessel classes (tankers, bulkers, containers) indicates a deliberate strategy to diversify vessel exposure while pursuing next-generation propulsion systems.
Their hydrogen and ammonia initiatives are particularly noteworthy. The new hydrogen R&D center in Japan, alongside Cleanergy's hydrogen production facility in Namibia, demonstrates a comprehensive approach to alternative fuels. The agreement with MOL for nine ammonia-powered vessels—including Newcastlemaxes and chemical tankers—positions them at the forefront of zero-emission shipping technology.
The acquisition stake in Golden Ocean Group creates immediate scale in the dry bulk sector, effectively transforming CMB.TECH into a significant player across multiple shipping segments overnight. This portfolio approach reduces cyclical volatility while creating opportunities for cross-segment technology transfer.
Their dual-fuel hydrogen technology deployment across vessel types (from harbor utility vessels to CTVs) suggests they're developing expertise that could potentially be licensed or commercially deployed beyond their fleet. The partnership approach—working with shipyards, fuel suppliers, and operators—indicates they understand maritime decarbonization requires ecosystem building, not just vessel acquisition. This positions them to potentially monetize their technical expertise beyond straightforward vessel operations as shipping's energy transition accelerates.
CMB.TECH ANNOUNCES FINAL YEAR RESULTS
TRANSFORMATIONAL YEAR AND STRONG EARNINGS
ANTWERP, Belgium, 27 March 2025 – CMB.TECH NV (“CMBT”, “CMB.TECH” or “the Company”) (NYSE: CMBT & Euronext: CMBT) reported its final financial results today for the full year ended 31 December 2024.
HIGHLIGHTS 2024
- Profit of USD 93.1 million in Q4 2024 bringing full year profit to USD 870.8 million
- Total contract backlog increased to USD 2.94 billion
- Name change from Euronav to CMB.TECH (ticker symbol CMBT)
- CMB.TECH focused on its fleet rejuvenation with 21 newbuild deliveries
- Further fleet expansion with 1 container vessel, 2 dry bulk carriers, 2 product tankers, 6 chemical tankers and 2 CTVs contracted in 2024 & Q1 2025
- Sale of 6 older Suezmaxes, 4 older VLCCs and 1 container vessel
- New hydrogen engine R&D Center in Japan
- Sale of Euronav Ship Management Hellas (ESMH) to Anglo- Eastern Univan Group
HIGHLIGHTS Q1 2025
- CMB.TECH joins forces with MOL to jointly own and charter a total of 9 ammonia-fuelled vessels
- Share purchase agreement with Hemen Holding Limited for the acquisition of 81,363,730 shares in Golden Ocean Group Limited
For the fourth quarter of 2024, the company realised a net gain of USD 93.1 million or USD 0.48 per share (fourth quarter 2023: a net gain of USD 406.6 million or USD 2.01 per share). EBITDA (a non-IFRS measure) for the same period was USD 180.4 million (fourth quarter 2023: USD 474.4 million).
Alexander Saverys (CEO) said:
“In 2024, Euronav became CMB.TECH. We transitioned from being a pure-play crude oil carrier to a future-proof and diversified maritime group. Our strategy of diversification and decarbonisation is in full swing: we have taken delivery of 21 newbuildings, we have sold 10 older tankers, we have ordered 13 new ships, we have inaugurated our hydrogen production facility in Walvis Bay (Namibia) and we have opened our Hydrogen Engine R&D Centre in Japan. In the first quarter of 2025, we acquired the shares of Golden Ocean from Hemen Holding Ltd. and signed a landmark agreement with MOL for nine ammonia-fuelled ships, which is an important milestone towards the shipping industry's goals of achieving zero emissions by 2050. More than ever, we are decarbonising today to navigate tomorrow!”
CMB.TECH FLEET DEVELOPMENTS
RECAP 2024
In 2024, CMB.TECH focused on its fleet rejuvenation with 21 newbuild deliveries (3 Suezmaxes, 8 dry bulk carriers, 4 container vessels, 4 chemical tankers, and 2 CTVs) and the sale of 6 older Suezmaxes, 4 older VLCCs and one container vessel. Furthermore, the company also ordered an additional 7 vessels (2 Newcastlemaxes, 2 product tankers, one container vessel and 2 CSOVs).
VESSELS CAPITAL GAIN IN USD
The total capital gain in 2024 amounted to USD 635.0 million and in Q1 2025 the capital gain will amount to approximately USD 46.5 million.
CORPORATE UPDATE
CMB.TECH has entered into a share purchase agreement with Hemen Holding Limited for the acquisition of 81,363,730 shares in Golden Ocean Group Limited (representing ca.
On 21 March 2025, Golden Ocean Group Limited announced the appointment by the Board of Directors of Mr. Patrick De Brabandere and Mr. Patrick Molis as Directors of the Company. Taking into account these changes, the Board of Directors currently consists of Mr. James O’Shaughnessy, Ms. Tonesan Amissah, Mr. Patrick De Brabandere and Mr. Patrick Molis.
MARKET & OUTLOOK
An overview and outlook of the markets can be found in our Q4 2024 press release.
Key figures
| | | | | | | | | | | | |
| | The most important key figures are: | | | | | | | | | | |
| | | | | | | | | | | | |
| | (in thousands of USD) | | | Fourth Quarter 2024 | | Fourth Quarter 2023 | | YTD 2024 | | YTD 2023 | |
| | | | | | | | | | | | |
| | Revenue | | | 226,029 | | 268,633 | | 940,246 | | 1,235,127 | |
| | Other operating income | | | 8,254 | | 3,811 | | 50,660 | | 23,316 | |
| | | | | | | | | | | | |
| | Raw materials and consumables | | | (1,576) | | — | | (3,735) | | — | |
| | Voyage expenses and commissions | | | (42,692) | | (38,418) | | (174,310) | | (142,090) | |
| | Vessel operating expenses | | | (52,817) | | (57,545) | | (199,646) | | (231,033) | |
| | Charter hire expenses | | | (3) | | (2,071) | | (138) | | (4,500) | |
| | General and administrative expenses | | | (24,616) | | (21,983) | | (77,766) | | (62,532) | |
| | Net gain (loss) on disposal of tangible assets | | | 71,114 | | 323,327 | | 635,017 | | 372,444 | |
| | Depreciation | | | (43,911) | | (49,417) | | (166,029) | | (221,040) | |
| | Impairment losses | | | (1,847) | | — | | (1,847) | | — | |
| | | | | | | | | | | | |
| | Net finance expenses | | | (47,096) | | (18,004) | | (130,650) | | (104,729) | |
| | Share of profit (loss) of equity accounted investees | | | (1,418) | | (915) | | 920 | | (927) | |
| | Result before taxation | | | 89,421 | | 407,418 | | 872,722 | | 864,036 | |
| | | | | | | | | | | | |
| | Tax benefit (expense) | | | 3,709 | | (835) | | (1,893) | | (6,009) | |
| | Profit (loss) for the period | | | 93,130 | | 406,584 | | 870,829 | | 858,027 | |
| | | | | | | | | | | | |
| | Attributable to: Owners of the Company | | | 93,130 | | 406,584 | | 870,829 | | 858,027 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | |
| | Information per share: | | | | | | | | | |
| | | | | | | | | | | |
| | (in USD per share) | | Fourth Quarter 2024 | | Fourth Quarter 2023 | | YTD 2024 | | YTD 2023 | |
| | | | | | | | | | | |
| | Weighted average number of shares (basic) * | | 194,216,835 | | 202,035,555 | | 196,041,579 | | 201,901,743 | |
| | Result after taxation | | 0.48 | | 2.01 | | 4.44 | | 4.25 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
- The number of shares issued on 31 December 2024 is 220,024,713. However, the number of shares excluding the own shares held by CMB.TECH at 31 December 2024 is 194,216,835.
| | | | | | | | | | | | |
| | EBITDA reconciliation: | | | | | | | | | | |
| | | | | | | | | | | | |
| | (in thousands of USD) | | | Fourth Quarter 2024 | | Fourth Quarter 2023 | | YTD 2024 | | YTD 2023 | |
| | | | | | | | | | | | |
| | Profit (loss) for the period | | | 93,130 | | 406,584 | | 870,829 | | 858,027 | |
| | + Net interest expenses | | | 47,096 | | 17,592 | | 130,650 | | 105,110 | |
| | + Depreciation of tangible and intangible assets | | | 43,911 | | 49,417 | | 166,029 | | 221,040 | |
| | + Income tax expense (benefit) | | | (3,709) | | 835 | | 1,893 | | 6,009 | |
| | EBITDA (unaudited) | | | 180,428 | | 474,428 | | 1,169,401 | | 1,190,186 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | EBITDA per share: | | | | | | | | | | |
| | | | | | | | | | | | |
| | (in USD per share) | | | Fourth Quarter 2024 | | Fourth Quarter 2023 | | YTD 2024 | | YTD 2023 | |
| | | | | | | | | | | | |
| | Weighted average number of shares (basic) | | | 194,216,835 | | 202,035,555 | | 196,041,579 | | 201,901,743 | |
| | EBITDA | | | 0.93 | | 2.35 | | 5.97 | | 5.89 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
All figures, except for EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited nor reviewed by the statutory auditor.
TCE
The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows:
| In USD per day | Full year 2024 | Full year 2023 |
| VLCC | ||
| Average spot rate (in TI Pool)* | 44,600 | 47,600 |
| Average time charter rate** | 46,600 | 48,500 |
| SUEZMAX | ||
| Average spot rate*** | 45,600 | 55,700 |
| Average time charter rate | 31,000 | 30,500 |
| DRY-BULK VESSELS | ||
| Average spot rate*** | 30,600 | |
| CONTAINER VESSELS | ||
| Average time charter rate | 29,400 | |
| CHEMICAL TANKERS | ||
| Average spot rate* | 25,600 | |
| Average time charter rate | 19,900 | |
| OFFSHORE WIND (CTV) | ||
| Average time charter rate | 2,973 | |
*CMB.TECH owned ships in TI Pool or Stolt Pool (excluding technical offhire days)
**Including profit share where applicable
*** Reporting load-to-discharge, in line with IFRS 15
Difference between Q4 2024 preliminary results and Q4 2024 final results
The only difference is situated in the balance sheet which is related to a netting of deferred tax assets and liabilities for an amount of USD 6.6 million.
Independent auditor's procedures
The statutory auditor, BDO Bedrijfsrevisoren - Réviseurs d’Entreprises, represented by Veerle Catry, has confirmed that the audit procedures, which have been in relation to the financial information for the year ended 31 December 2024 in accordance with the International Standards on Auditing are substantially completed and have not revealed any material corrections required to be made to the financial information included in the company’s annual announcement.
CMB.TECH highlights in 2024
24 January 2024
The Newcastlemax the Mineral Luxembourg (2024 – 210,000 dwt) was delivered.
6 February 2024
CMB.TECH took delivery of Suezmax Bristol (2024 – 156,851).
7 February 2024
Euronav NV (now CMB.TECH NV) held a Special Meeting of Shareholders to approve the purchase of
12 February 2024
CMB.TECH, in partnership with Yara Clean Ammonia, North Sea Container Line and Yara International, announced the order of the world's first ammonia-powered container ship, Yara Eyde.
14 February 2024
The group announced the launch of the mandatory public takeover bid by CMB on all the shares in Euronav NV (now CMB.TECH NV).
26 February 2024
CMB.TECH announced it had concluded an order for two product tankers with China Merchants Jinling Shipyard (Yangzhou) Dingheng Co.
18 March 2024
The group confirmed that the acceptance period of the mandatory public takeover bid launched by CMB NV (the "Bidder") for all shares issued by Euronav NV (now CMB.TECH) not already owned by CMB or its affiliates (the "Bid"), expired on 15 March 2024.
19 March 2024
The Newcastlemax the Mineral France (2024 – 210,000 dwt) was delivered.
20 march 2024
CMB.TECH has sold the VLCC Nectar (2008 – 307,284 DWT), VLCC Newton (2009 – 307,208 DWT), and VLCC Noble (2008 – 307,284 DWT). The vessels were delivered to their new owner during Q2 2024 and a capital gain of approximately USD 82.7 million was booked.
22 March 2024
CMB.TECH announced it had purchased on NYSE and on Euronext Brussels a total of 4,719,534 of its own shares.
29 March 2024
CMB.TECH announced it had purchased on NYSE and on Euronext Brussels a total of 2,620,931 of its own shares.
8 April 2024
CMB.TECH announced it had purchased on NYSE and on Euronext Brussels a total of 412,926 of its own shares.
12 April 2024
The group took delivery of the Bochem Casablanca (2024- 25,000 dwt).
15 April 2024
CMB.TECH announced it had purchased on NYSE and on Euronext Brussels a total of 263,771 of its own shares.
16 April 2024
CMB.TECH and Anglo-Eastern Univan Group (“Anglo-Eastern”) announced a Heads of Agreement (“HoA”) for the sale and purchase of Euronav Ship Management Hellas (“ESMH”), Euronav (now CMB.TECH)’s ship management arm.
2 May 2024
Cleanergy Solutions Namibia (a joint venture between CMB.TECH and the Ohlthaver & List Group) welcomed His Majesty the King of the Belgians and His Excellency dr. Nangolo Mbumba, President of the Republic of Namibia to Cleanergy’s hydrogen production and refuelling station in Walvis Bay, Namibia.
13 May 2024
CMB.TECH took delivery of the CMA CGM Baikal. This ship had been previously sold and a capital gain of USD 15.6 million was booked in Q2 2024.
16 May 2024
The group held its General Meeting of Shareholders.
23 May 2024
CMB.TECH and Damen signed a collaboration agreement on four hydrogen-powered ASD Tugs. Built by Damen, these vessels will use CMB.TECH's innovative dual fuel hydrogen technology that will significantly reduce emissions.
24 May 2024
The group took delivery of Windcat 57, the first CTV of the new hydrogen-powered MK5 series. The vessel is deployed in Scotland.
10 June 2024
FRS Windcat Polska, together with Gdansk based shipyard ALU International, has ordered two hydrogen-powered newbuild CTVs, dedicated to the Polish offshore wind industry.
18 June 2024
The group successfully completed the sale of Euronav Ship Management Hellas (ESMH) to Anglo- Eastern.
24 June 2024
CMB.TECH took delivery of the fifth super-eco Newcastlemax Mineral Deutschland (2024 – 210,000 dwt).
28 June 2024
CMB.TECH took delivery of the Bochem Shanghai (2024 – 25,000 dwt).
2 July 2024
The Extraordinary General meeting approved the name change from Euronav to CMB.TECH.
15 July 2024
The group changed its ticker from EURN to CMBT.
5 August 2024
The Newcastlemax Mineral Italia (2024 – 210,000 dwt) was delivered.
6 August 2024
The container vessel CMA CGM Etosha (2024 – 6,000 TEU) was delivered.
8 August 2024
The chemical tanker Bochem New Orleans (2024 – 25,000 dwt) was delivered.
28 August 2024
The Newcastlemax Mineral Danmark (2024 – 210,000 dwt) was delivered.
4 September 2024
JPNH₂YDRO, a joint venture between CMB.TECH, TSUNEISHI Facilities & Craft and Kambara Kisen, held an official ceremony to inaugurate the new hydrogen engine R&D Center.
26 September 2024
CMB.TECH sold two Suezmax vessels, Statia (2006, 150,205 dwt) & Sapphira (2008, 150,205 dwt) to a wholly owned subsidiary of CMB NV as part of the fleet rejuvenation.
1 October 2024
The name change of Euronav NV to CMB.TECH NV, which was approved by shareholders at the Extraordinary General Meeting of Euronav NV on 2 July 2024, became effective.
7 October 2024
The Suezmax Helios (2024 - 156,790 dwt) was delivered.
8 October 2024
The Newcastlemax Mineral Eire (2024 – 210,000 dwt) was delivered.
15 October 2024
The Newcastlemax Mineral Hellas (2024- 210,000 dwt) was delivered.
15 October 2024
The chemical tanker Bochem Brisbane (2024 - 25,000 dwt) was delivered.
16 October 2024
The container vessel CMA CGM Dolomites (2024 - 6,000 TEU) was delivered.
23 October 2024
CMB reopened its Belgian public takeover bid on all shares in CMB.TECH not already owned by CMB or persons affiliated with it.
21 November 2024
The public takeover bid launched by CMB NV on all shares in CMB.TECH, not already owned by CMB or persons affiliated with it, expired.
22 November 2024
The Newcastlemax Mineral Espana (2024 – 210,000 dwt) was delivered.
25 November 2024
The Suezmax Orion (2024 - 156,790 dwt) was delivered.
9 December 2024
CMB.TECH sold three Suezmax vessels, Selena (2007, 150,205 dwt), Cap Victor (2007, 158,853 dwt) & Cap Felix (2008, 158,765 dwt).
18 December 2024
The group, together with Damen Shipyards, successfully launched the second Windcat CSOV in the water in Vietnam.
Events occurring after the end of the financial year ending 31 December 2024
On 31 December 2024, CMB.TECH has sold the Suezmax Cap Lara (2007, 158,826 dwt). The sale will generate a capital gain of USD 18.78 million. The vessel was delivered to its new owner on 10 March 2025.
On 7 January 2025, the Company took delivery of Newcastlemax Mineral Portugal (2025 - 210,754 dwt).
On January 13, 2025, Windcat Workboats International BV, a subsidiary of CMB.TECH, has ordered a newbuild hydrogen-powered (dual fuel) multifunctional harbour utility vessel (MPHUV) with Neptune Construction. Delivery is scheduled end 2025, beginning 2026.
On 23 January 2025, the Company took delivery of Newcastlemax Mineral Osterreich (2025- 210,761 dwt).
On 27 January 2025, The VLCC Alsace (2012 – 299,999 DWT) has successfully been delivered to its new owner. A capital gain of approximately USD 27.46 million will be accounted for in Q1 2025.
The Windcat 6 has also been sold, after 18 years of service. The sale will generate a capital gain of 0.25 million USD. The vessel was delivered to its new owner in Q1 2025.
On 4 March 2025, CMB.TECH NV announced that it has entered into a share purchase agreement with Hemen Holding Limited for the acquisition of 81,363,730 shares in Golden Ocean Group Limited (representing ca.
On 24 March 2025, CMB.TECH announced that it has signed an agreement with Mitsui O.S.K. Lines, Ltd. (“MOL”) and MOL CHEMICAL TANKERS PTE. LTD. (“MOLCT”) for nine ammonia-powered vessels. These vessels will be among the world's first ammonia-powered Newcastlemax bulk carriers and chemical tankers. The delivery of these ships is expected between 2026 and 2029. Three ammonia-fitted 210.000 dwt Newcastlemax bulk carriers currently on order at Qingdao Beihai Shipyard will be jointly owned by CMB.TECH and MOL and chartered to MOL for a period of 12 years each. Six chemical tankers - two ammonia fitted and four ammonia-ready - have been ordered at China Merchants Jinling Shipyard (Yangzhou) by CMB.TECH and chartered to MOLCT for 10 and 7 years each respectively.
On 21 March 2025, Golden Ocean Group Limited announced the appointment by the Board of Directors of Mr. Patrick De Brabandere and Mr. Patrick Molis as Directors of the Company. Taking into account these changes, the Board of Directors currently consists of Mr. James O’Shaughnessy, Ms. Tonesan Amissah, Mr. Patrick De Brabandere and Mr. Patrick Molis.
In March 2025, the Company took delivery of the CTV Hydrocat 60.
Financial calendar 2025
10 April 2025
Annual report 2024 available on the website
14 May 2025
Announcement of first quarter results 2025
15 May 2025
Annual General Meeting of Shareholders
7 August 2025
Announcement of second quarter results 2025
14 August 2025
Half year report 2025 available on website
13 November 2025
Announcement of third quarter results 2025
26 February 2026
Announcement of fourth quarter results 2025
The Supervisory Board, represented by Marc Saverys, its Chairman, and the Management Board, represented by Alexander Saverys, Chief Executive Officer, and Ludovic Saverys, Chief Financial Officer, hereby confirm, in the name and for account of CMB.TECH that, to the best of their knowledge the consolidated financial statements as of and for the year ended 31 December 2024 presented herein were established in accordance with applicable accounting standards (IFRS as adopted by the EU) and give a true and fair view, as defined by these standards, of the assets, liabilities, financial position and results of CMB.TECH NV.
On behalf of the Supervisory Board and the Management Board:
Alexander Saverys Marc Saverys
Chief Executive Officer Chairman of the Supervisory Board
Contact
CMB.TECH
Katrien Hennin
Head of Marketing and Communications CMB.TECH
+32 499 39 34 70
katrien.hennin@cmb.tech
Joris Daman
Head of Investor Relations
Tel: +32 498 61 71 11
joris.daman@cmb.tech
Annual report available on the website – 10 April 2025
About CMB.TECH
CMB.TECH (all capitals) is a diversified and future-proof maritime group. We own and operate more than 150 seagoing vessels: crude oil tankers, dry bulk vessels, container ships, chemical tankers, offshore wind vessels & workboats. We also offer hydrogen and ammonia fuel to customers, through own production or third-party producers.
The company is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, United States and Africa.
CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol CMBT.
More information can be found at https://cmb.tech
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
Condensed consolidated statement of financial position
(in thousands of USD)
| | | | | | | |
| | | | December 31, 2024 | | | December 31, 2023 |
| ASSETS | | | | | | |
| | | | | | | |
| Non-current assets | | | | | | |
| Vessels | | | 2,617,484 | | | 1,629,570 |
| Assets under construction | | | 628,405 | | | 106,513 |
| Right-of-use assets | | | 1,910 | | | 32,936 |
| Other tangible assets | | | 21,628 | | | 644 |
| Prepayments | | | 1,657 | | | — |
| Intangible assets | | | 16,187 | | | 14,194 |
| Receivables | | | 75,076 | | | 2,888 |
| Investments | | | 61,806 | | | 518 |
| Deferred tax assets | | | 10,074 | | | 280 |
| | | | | | | |
| Total non-current assets | | | 3,434,227 | | | 1,787,543 |
| | | | | | | |
| Current assets | | | | | | |
| Inventory | | | 26,500 | | | 22,511 |
| Trade and other receivables | | | 235,883 | | | 307,111 |
| Current tax assets | | | 3,984 | | | 869 |
| Cash and cash equivalents | | | 38,869 | | | 429,370 |
| | | | 305,236 | | | 759,861 |
| | | | | | | |
| Non-current assets held for sale | | | 165,583 | | | 871,876 |
| | | | | | | |
| Total current assets | | | 470,819 | | | 1,631,737 |
| | | | | | | |
| TOTAL ASSETS | | | 3,905,046 | | | 3,419,280 |
| | | | | | | |
| | | | | | | |
| EQUITY and LIABILITIES | | | | | | |
| | | | | | | |
| Equity | | | | | | |
| Share capital | | | 239,148 | | | 239,148 |
| Share premium | | | 460,486 | | | 1,466,529 |
| Translation reserve | | | (2,045) | | | 235 |
| Hedging reserve | | | 2,145 | | | 1,140 |
| Treasury shares | | | (284,508) | | | (157,595) |
| Retained earnings | | | 777,098 | | | 807,916 |
| | | | | | | |
| Equity attributable to owners of the Company | | | 1,192,324 | | | 2,357,373 |
| | | | | | | |
| Non-current liabilities | | | | | | |
| Bank loans | | | 1,450,869 | | | 362,235 |
| Other notes | | | 198,887 | | | 198,219 |
| Other borrowings | | | 667,361 | | | 71,248 |
| Lease liabilities | | | 1,451 | | | 3,363 |
| Other payables | | | — | | | 146 |
| Employee benefits | | | 1,060 | | | 1,669 |
| Provisions | | | — | | | 274 |
| Deferred tax liabilities | | | 438 | | | — |
| | | | | | | |
| Total non-current liabilities | | | 2,320,066 | | | 637,154 |
| | | | | | | |
| Current liabilities | | | | | | |
| Trade and other payables | | | 79,591 | | | 124,013 |
| Current tax liabilities | | | 9,104 | | | 4,768 |
| Bank loans | | | 201,937 | | | 166,124 |
| Other notes | | | 3,733 | | | 3,733 |
| Other borrowings | | | 95,724 | | | 92,298 |
| Lease liabilities | | | 2,293 | | | 33,493 |
| Provisions | | | 274 | | | 324 |
| | | | | | | |
| Total current liabilities | | | 392,656 | | | 424,753 |
| | | | | | | |
| TOTAL EQUITY and LIABILITIES | | | 3,905,046 | | | 3,419,280 |
| | | | | | | |
| | | | | | | |
Condensed consolidated statement of profit or loss
(in thousands of USD except per share amounts)
| | | | | | | |
| | | | 2024 | | | 2023 |
| | | | Jan. 1 - Dec. 31, 2024 | | | Jan. 1 - Dec. 31, 2023 |
| Shipping income | | | | | | |
| Revenue | | | 940,246 | | | 1,235,127 |
| Gains on disposal of vessels/other tangible assets | | | 635,019 | | | 372,444 |
| Other operating income | | | 50,660 | | | 23,316 |
| Total shipping income | | | 1,625,925 | | | 1,630,887 |
| | | | | | | |
| Operating expenses | | | | | | |
| Raw materials and consumables | | | (3,735) | | | — |
| Voyage expenses and commissions | | | (174,310) | | | (142,090) |
| Vessel operating expenses | | | (199,646) | | | (231,033) |
| Charter hire expenses | | | (138) | | | (4,500) |
| Loss on disposal of vessels/other tangible assets | | | (2) | | | — |
| Depreciation tangible assets | | | (163,148) | | | (219,428) |
| Depreciation intangible assets | | | (2,881) | | | (1,612) |
| Impairment losses | | | (1,847) | | | — |
| General and administrative expenses | | | (77,766) | | | (62,532) |
| Total operating expenses | | | (623,473) | | | (661,195) |
| | | | | | | |
| RESULT FROM OPERATING ACTIVITIES | | | 1,002,452 | | | 969,692 |
| | | | | | | |
| Finance income | | | 38,689 | | | 67,168 |
| Finance expenses | | | (169,339) | | | (171,897) |
| Net finance expenses | | | (130,650) | | | (104,729) |
| | | | | | | |
| Share of profit (loss) of equity accounted investees (net of income tax) | | | 920 | | | (927) |
| | | | | | | |
| PROFIT (LOSS) BEFORE INCOME TAX | | | 872,722 | | | 864,036 |
| | | | | | | |
| Income tax benefit (expense) | | | (1,893) | | | (6,009) |
| | | | | | | |
| PROFIT (LOSS) FOR THE PERIOD | | | 870,829 | | | 858,027 |
| | | | | | | |
| Attributable to: | | | | | | |
| Owners of the company | | | 870,829 | | | 858,027 |
| | | | | | | |
| Basic earnings per share | | | 4.44 | | | 4.25 |
| Diluted earnings per share | | | 4.44 | | | 4.25 |
| | | | | | | |
| Weighted average number of shares (basic) | | | 196,041,579 | | | 201,901,743 |
| Weighted average number of shares (diluted) | | | 196,041,579 | | | 201,901,743 |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Condensed consolidated statement of comprehensive income
(in thousands of USD)
| | | | | | | |
| | | | 2024 | | | 2023 |
| | | | Jan. 1 - Dec. 31, 2024 | | | Jan. 1 - Dec. 31, 2023 |
| | | | | | | |
| Profit/(loss) for the period | | | 870,829 | | | 858,027 |
| | | | | | | |
| Other comprehensive income (expense), net of tax | | | | | | |
| Items that will never be reclassified to profit or loss: | | | | | | |
| Remeasurements of the defined benefit liability (asset) | | | 200 | | | (116) |
| | | | | | | |
| Items that are or may be reclassified to profit or loss: | | | | | | |
| Foreign currency translation differences | | | (2,280) | | | 259 |
| Cash flow hedges - effective portion of changes in fair value | | | 1,005 | | | (6,164) |
| Cash flow hedges - effective portion unwinding | | | — | | | (25,749) |
| | | | | | | |
| Other comprehensive income (expense), net of tax | | | (1,075) | | | (31,770) |
| | | | | | | |
| Total comprehensive income (expense) for the period | | | 869,754 | | | 826,257 |
| | | | | | | |
| Attributable to: | | | | | | |
| Owners of the company | | | 869,754 | | | 826,257 |
| | | | | | | |
| | | | | | | |
Condensed consolidated statement of changes in equity
(in thousands of USD)
| | Share capital | Share premium | Translation reserve | Hedging reserve | Treasury shares | Retained earnings | Total equity |
| | | | | | | | |
| Balance at January 1, 2023 | 239,148 | 1,678,336 | (24) | 33,053 | (163,024) | 385,976 | 2,173,465 |
| | | | | | | | |
| Profit (loss) for the period | — | — | — | — | — | 858,027 | 858,027 |
| Total other comprehensive income (expense) | — | — | 259 | (31,913) | — | (116) | (31,770) |
| Total comprehensive income (expense) | — | — | 259 | (31,913) | — | 857,911 | 826,257 |
| | | | | | | | |
| Transactions with owners of the company | | | | | | | |
| Dividends to equity holders | — | (211,807) | — | — | — | (434,487) | (646,294) |
| Treasury shares delivered in respect of share-based payment plans | — | — | — | — | 5,429 | — | 5,429 |
| Equity-settled share-based payment | — | — | — | — | — | (1,484) | (1,484) |
| Total transactions with owners | — | (211,807) | — | — | 5,429 | (435,971) | (642,349) |
| | | | | | | | |
| Balance at December 31, 2023 | 239,148 | 1,466,529 | 235 | 1,140 | (157,595) | 807,916 | 2,357,373 |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | Share capital | Share premium | Translation reserve | Hedging reserve | Treasury shares | Retained earnings | Total equity |
| | | | | | | | |
| Balance at January 1, 2024 | 239,148 | 1,466,529 | 235 | 1,140 | (157,595) | 807,916 | 2,357,373 |
| | | | | | | | |
| Profit (loss) for the period | — | — | — | — | — | 870,829 | 870,829 |
| Total other comprehensive income (expense) | — | — | (2,280) | 1,005 | — | 200 | (1,075) |
| Total comprehensive income (expense) | — | — | (2,280) | 1,005 | — | 871,029 | 869,754 |
| | | | | | | | |
| Transactions with owners of the company | | | | | | | |
| Business Combination | — | — | — | — | — | (796,970) | (796,970) |
| Dividends to equity holders | — | (1,006,043) | — | — | — | (104,877) | (1,110,920) |
| Treasury shares acquired | — | — | — | — | (126,913) | — | (126,913) |
| Total transactions with owners | — | (1,006,043) | — | — | (126,913) | (901,847) | (2,034,803) |
| | | | | | | | |
| Balance at December 31, 2024 | 239,148 | 460,486 | (2,045) | 2,145 | (284,508) | 777,098 | 1,192,324 |
| | | | | | | | |
| | | | | | | | |
| | |||||||
Condensed consolidated statement of cash flows
(in thousands of USD)
| | | | | | | |
| | | | 2024 | | | 2023 |
| | | | Jan. 1 - Dec. 31, 2024 | | | Jan. 1 - Dec. 31, 2023 |
| Cash flows from operating activities | | | | | | |
| Profit (loss) for the period | | | 870,829 | | | 858,027 |
| | | | | | | |
| Adjustments for: | | | (355,549) | | | (40,034) |
| Depreciation of tangible assets | | | 163,148 | | | 219,428 |
| Depreciation of intangible assets | | | 2,881 | | | 1,612 |
| Impairment losses | | | 1,847 | | | — |
| Provisions | | | (325) | | | (295) |
| Income tax (benefits)/expenses | | | 1,893 | | | 6,009 |
| Share of profit of equity-accounted investees, net of tax | | | (920) | | | 927 |
| Net finance expense | | | 130,650 | | | 104,729 |
| (Gain)/loss on disposal of assets | | | (635,017) | | | (372,444) |
| (Gain)/loss on disposal of subsidiaries | | | (19,706) | | | — |
| | | | | | | |
| Changes in working capital requirements | | | 39,307 | | | 105,881 |
| Change in cash guarantees | | | (46,869) | | | 12,234 |
| Change in inventory | | | 5,197 | | | 19,132 |
| Change in receivables from contracts with customers | | | 95,930 | | | 43,036 |
| Change in accrued income | | | 7,410 | | | (2,286) |
| Change in deferred charges | | | (6,065) | | | 2,096 |
| Change in other receivables | | | 3,317 | | | 1,163 |
| Change in trade payables | | | (14,867) | | | 17,336 |
| Change in accrued payroll | | | (94) | | | 603 |
| Change in accrued expenses | | | (18,999) | | | 8,686 |
| Change in deferred income | | | 6,602 | | | (187) |
| Change in other payables | | | 7,758 | | | 263 |
| Change in provisions for employee benefits | | | (13) | | | 3,805 |
| | | | | | | |
| Income taxes paid during the period | | | (4,549) | | | (6,675) |
| Interest paid | | | (109,136) | | | (130,375) |
| Interest received | | | 17,112 | | | 50,556 |
| Dividends received from equity-accounted investees | | | 1,050 | | | — |
| | | | | | | |
| Net cash from (used in) operating activities | | | 459,064 | | | 837,380 |
| | | | | | | |
| Acquisition of vessels and vessels under construction | | | (1,114,907) | | | (337,195) |
| Proceeds from the sale of vessels | | | 1,718,862 | | | 1,206,636 |
| Acquisition of other tangible assets and prepayments | | | (5,022) | | | (1,407) |
| Acquisition of intangible assets | | | (1,541) | | | (60) |
| Proceeds from the sale of other (in)tangible assets | | | 2,000 | | | — |
| Loans from (to) related parties | | | (4,485) | | | — |
| Net cash on deconsolidation / sale of subsidiaries | | | 822 | | | — |
| Investments in other companies | | | (45,000) | | | — |
| Net cash paid in business combinations and joint ventures | | | (1,152,620) | | | — |
| Repayment of loans from related parties | | | (79,930) | | | — |
| Lease payments received from finance leases | | | 1,591 | | | 1,706 |
| | | | | | | |
| Net cash from (used in) investing activities | | | (680,230) | | | 869,680 |
| | | | | | | |
| (Purchase of) Proceeds from sale of treasury shares | | | (126,913) | | | — |
| Proceeds from new borrowings | | | 2,722,525 | | | 2,694,127 |
| Repayment of borrowings | | | (1,177,328) | | | (2,933,724) |
| Repayment of lease liabilities | | | (33,879) | | | (21,942) |
| Repayment of commercial paper | | | (357,171) | | | (458,272) |
| Repayment of sale and leaseback | | | (54,299) | | | (96,006) |
| Transaction costs related to issue of loans and borrowings | | | (19,223) | | | (14,530) |
| Dividends paid | | | (1,126,683) | | | (630,540) |
| | | | | | | |
| Net cash from (used in) financing activities | | | (172,971) | | | (1,460,887) |
| | | | | | | |
| | | | | | | |
| Net increase (decrease) in cash and cash equivalents | | | (394,137) | | | 246,173 |
| | | | | | | |
| Net cash and cash equivalents at the beginning of the period | | | 429,370 | | | 179,929 |
| Effect of changes in exchange rates | | | 3,636 | | | 3,268 |
| | | | | | | |
| Net cash and cash equivalents at the end of the period | | | 38,869 | | | 429,370 |
| | | | | | | |
| of which restricted cash | | | — | | | — |
| | | | | | | |
| | | | | | | |
1 Excluding treasury shares
2 Excluding treasury shares
Attachment
FAQ
What was CMB.TECH's (CMBT) total profit for the full year 2024?
How many newbuild vessels did CMB.TECH deliver in 2024?
What is the value of CMB.TECH's total contract backlog as of 2024?
What major partnership did CMB.TECH announce with MOL in March 2025?
