Financial Data and Key Metrics Changes - The company reported a blended loss of $7,600,000 for Q2, with a profit of $7,700,000 from the old CMB Tech and a loss of $50,000,000 from Golden Ocean exposure [11][42] - The liquidity stands at approximately $400,000,000, with a contract backlog of about $2,900,000,000 [11][10] - The company has $1,860,000,000 in outstanding CapEx commitments, of which $1,600,000,000 is already financed [11][12] Business Line Data and Key Metrics Changes - The dry bulk division, Bossimar, has become the largest division, with 119 ships in operation [6][22] - The time charter equivalent (TCE) for the Newcastle MAXs on the CMB Tech side was $23,000 for Q2, increasing to $28,000 for Q3 to date [23][24] - The Suezmaxes achieved a TCE of $40,000 for both Q2 and Q3 to date [16] Market Data and Key Metrics Changes - The company has a market cap exceeding $2,000,000,000, with a free float of 38% [4] - The order book to fleet ratio for Suezmaxes stands at 19%, while VLCCs are at 14% [20] - Demand indicators for dry bulk are positive, with increased iron ore imports and reduced steel inventories in China [24][28] Company Strategy and Development Direction - The company aims to integrate the fleets from the merger with Golden Ocean and explore opportunities across all five divisions [50][41] - There is a focus on maintaining a modern fleet, with plans for fleet rejuvenation and potential sales of older vessels [66][67] - The company is positive on tankers and dry bulk markets, while remaining cautious on containers and chemicals [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker markets, anticipating increased oil supply and supportive conditions for the dry bulk sector [19][20] - The company is monitoring the impact of potential U.S. regulations on greenhouse gas emissions, with expectations that it could lead to increased interest in long-term charters [62][63] - The management is confident in the operational leverage and integration of the fleets post-merger, expecting positive outcomes in the coming quarters [75][76] Other Important Information - The company declared an interim dividend of €0.05, with plans to assess future dividends based on financial performance [13][48] - The merger with Golden Ocean has been completed, enhancing the company's position in the maritime sector [42][43] - The company is actively working on the infrastructure for ammonia bunkering for its new vessels [69] Q&A Session Summary Question: What is the interpretation of the dividend payment? - The board decided to initiate dividends, which will be evaluated quarterly based on financial performance and cash flow needs [48][49] Question: What will be the focus for the company post-merger? - The focus will be on integrating the fleet and exploring opportunities across all divisions while maintaining operational efficiency [50][51] Question: Can you provide details on refinancing post-merger? - The refinancing of the Golden Ocean fleet has been completed, with new covenants aligned with banks [56][58] Question: How will the U.S. presidential actions affect greenhouse gas regulations? - The impact is uncertain, but management believes there is still a good chance for the regulations to pass, which could positively influence long-term charter opportunities [60][62] Question: What is the stance on older vessels in the fleet? - The company aims to operate a modern fleet and will consider selling older vessels if good prices are offered [66][67] Question: Will iron ore volumes from Africa replace existing volumes? - It is expected that the new volumes will coexist with existing ones, potentially benefiting the market overall [72][73] Question: Are share buybacks being considered? - Share buybacks are a possibility, but the focus will be on operational performance and integration post-merger before making such decisions [74][75] Question: How does the company view the shadow fleet? - The company hopes for the shadow fleet to disappear, as it competes unfairly with the official market [79][80]

Financial Data and Key Metrics Changes - The company reported a blended loss of $7,600,000 for Q2, with a profit of $7,700,000 from the old CMB Tech and a loss of $50,000,000 from Golden Ocean exposure [12][43] - EBITDA for the quarter was €224,000,000, and the liquidity stood at approximately $400,000,000 [14][12] - The contract backlog remained stable at around $2,900,000,000, thanks to additional long-term charters from Golden Ocean [11][12] Business Line Data and Key Metrics Changes - The dry bulk division, Bossimar, has become the largest division, with 119 ships in operation [6][24] - The time charter equivalent (TCE) for the Newcastle MAXs was $18,500 per day in Q2, increasing to $23,500 in Q3 to date [25] - The chemical tanker fleet consists of six vessels, with expectations for higher rates in Q3 compared to July's $22,000 [36] Market Data and Key Metrics Changes - The tanker market is expected to benefit from OPEC+ cuts being reversed, potentially increasing oil supply and supporting tanker rates [21][22] - In the dry bulk market, indicators show positive trends with increased steel mill utilization and declining iron ore inventories [26][29] - The order book for Suezmax and VLCC stands at 19% and 14% respectively, indicating a low supply of new vessels [22] Company Strategy and Development Direction - The company aims to integrate the fleets from the merger with Golden Ocean while exploring opportunities across all five divisions [51][42] - There is a focus on maintaining a modern fleet, with plans to sell older vessels if favorable prices are available [68] - The company is positive on tankers and dry bulk markets, while remaining cautious on containers and chemicals [42][44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker and dry bulk markets, citing strong demand and limited supply [42][44] - Concerns were raised about the potential impact of U.S. political actions on greenhouse gas regulations, but management remains hopeful for the passage of IMO regulations [61][63] - The company is focused on operational integration and optimizing costs post-merger [60][44] Other Important Information - The company has a significant CapEx commitment of $1,900,000,000, with $1,600,000,000 already financed [3][12] - An interim dividend of €0.05 was declared, with plans to assess future dividends based on financial performance [14][50] Q&A Session Summary Question: What is the interpretation of the dividend payment? - Management indicated that the dividend is a discretionary policy and will be evaluated quarterly based on financial health and investment needs [49][50] Question: What will be the focus for the company post-merger? - The focus will be on integrating the fleet and exploring opportunities across all divisions while maintaining operational efficiency [51][52] Question: Can you provide details on refinancing post-merger? - The refinancing of the Golden Ocean fleet has been completed, with new covenants aligned with banks [58][59] Question: How will the U.S. presidential actions affect greenhouse gas regulations? - Management believes there is still a good chance for the regulations to pass, which could positively impact long-term charter opportunities [61][63] Question: What is the stance on older vessels in the fleet? - The company aims to operate a modern fleet and will consider selling older vessels if market conditions are favorable [68][70] Question: Will iron ore volumes from Africa replace existing volumes? - Management expects that increased iron ore volumes will be net positive for the market, although competition with existing volumes is possible [75] Question: Are share buybacks being considered? - Share buybacks are a potential tool for rewarding shareholders, but the focus will be on operational performance and integration for the next few quarters [76][77] Question: How does the company view the shadow fleet? - The company hopes for the shadow fleet to disappear due to maintenance and operational challenges, which would benefit the market [82][84]

Financial Performance - CMB.TECH reported a net loss of $7.6 million in Q2 2025 [32, 122] - EBITDA for Q2 2025 was $224.1 million [32] - The company has a contract backlog of $2.93 billion [7, 23, 32, 122] Fleet and Operations - The merger with Golden Ocean was completed [32, 122], adding 89 dry-bulk vessels to the fleet [28, 31] - The company has 206 modern eco vessels on the water and 44 newbuilding vessels [7, 122] - The average age of the fleet is 5.8 years [7] - The fair market value of the fleet is $10.8 billion [7] Market Outlook and Strategy - The company is listed on NYSE (CMBT), EURONEXT Brussels (CMBT), and EURONEXT Oslo (CMBTO) [32, 122] - The company declared an interim dividend of $0.05 per share, payable around October 9 [32, 122] - The company is focused on decarbonization, with the first dual-fuel NH3 Newcastlemax to be delivered by Q1 2026 [122] - The company has a large exposure to favorable tanker and dry bulk fundamentals [122]

Corporate Highlights - CMB.TECH completed its merger with Golden Ocean on August 20, 2025, significantly expanding its fleet to approximately 250 vessels, including 89 dry bulk vessels [4][6][18] - The company has declared an interim dividend of USD 0.05, payable on or about October 9, 2025 [9][10] - The Supervisory Board has undergone changes, with Mr. Marc Saverys resigning and Mr. Patrick de Brabandere appointed as chairman [6][21][22] Financial Highlights - For Q2 2025, CMB.TECH reported a net loss of USD 7.6 million, compared to a net gain of USD 184.4 million in Q2 2024 [3][6] - Revenue for Q2 2025 was USD 387.8 million, up from USD 252 million in Q2 2024, while year-to-date revenue reached USD 622.9 million compared to USD 492.4 million in the previous year [5][6] - EBITDA for Q2 2025 was USD 224.1 million, down from USD 261.2 million in Q2 2024 [3][8] Fleet Highlights - The company has a contract backlog of approximately USD 2.93 billion, providing solid revenue visibility [6][27] - CMB.TECH's fleet includes a diverse range of vessels, with over 80 hydrogen- and ammonia-ready vessels, and an estimated fair market value of approximately USD 11.1 billion [27] - The average age of the fleet is 6.1 years, indicating a young and fuel-efficient fleet [27] Market & Outlook - The tanker markets experienced volatility in Q2 2025, with average earnings reaching a five-month low in mid-June but rebounding sharply to USD 47,519/day by June 20 [30] - China's crude oil imports showed a decline in Q2 2025, reflecting a shift in the country's energy demand profile, which may have lasting implications for global oil trade [31][32] - The Capesize market remains supported by strong iron ore demand, particularly from China, which accounted for 76.4% of total seaborne iron ore volumes in H1 2025 [37]

Core Viewpoint - CMB.TECH NV has received a transparency notification indicating that Saverco NV has crossed below the transparency threshold of 65% in voting rights following a capital increase related to a merger with Golden Ocean Group Limited [1][4]. Group 1: Notification Details - The notification dated August 25, 2025, specifies that Saverco NV's voting rights decreased to 0.01% after the transaction, while CMB NV's voting rights increased to 56.56% and CMB.TECH NV's voting rights rose to 8.17% [2]. - The total number of voting rights after the transaction is 204,558,736, representing 64.74% of the total denominator of 315,977,647 [3][4]. Group 2: Company Overview - CMB.TECH is a major diversified maritime group with a fleet of approximately 250 vessels, including dry bulk vessels, crude oil tankers, chemical tankers, container vessels, offshore wind vessels, and port vessels [5]. - The company also provides hydrogen and ammonia fuel to customers, either through its own production or from third-party producers [5]. - CMB.TECH is headquartered in Antwerp, Belgium, and is listed on Euronext Brussels and NYSE under the ticker symbols "CMBT" and on Euronext Oslo Børs as "CMBTO" [6].

CMB Tech (NYSE: CMBT ) is in a transition time right now, for both the company and the stock. The company still generates steady revenue from its core shipping operations. But what we as investors are allI’m a retired Wall Street PM specializing in TMT; since kickstarting my career, I’ve spent over two decades in the market navigating the technology landscape, focusing on risk mitigation through the dot com bubble, credit default of ‘08, and, more recently, with the AI boom. In one word, what I’d like my se ...

Core Viewpoint - CMB.TECH has successfully completed a stock-for-stock merger with Golden Ocean Group, creating one of the world's largest diversified maritime groups [1][6]. Group 1: Merger Details - The merger was approved by 92.72% of Golden Ocean shareholders present at the special general meeting [2]. - CMB.TECH issued 95,952,934 new ordinary shares as part of the merger, with an exchange ratio of 0.95 CMB.TECH shares for each Golden Ocean share [3][8]. - The newly issued shares began trading on Euronext Brussels and NYSE, with a secondary listing approved on Euronext Oslo [4]. Group 2: Fleet and Financial Highlights - The combined fleet consists of approximately 250 vessels, including various types such as dry bulk vessels and crude oil tankers [7]. - The fleet has a fair market value of around USD 11.1 billion, with a contract backlog of approximately USD 3.0 billion, ensuring revenue visibility [7][8]. - CMB.TECH maintains a robust liquidity position exceeding USD 400 million, providing financial flexibility for growth [7]. Group 3: Corporate Structure and Listings - CMB.TECH is now listed on Euronext Brussels, NYSE, and Euronext Oslo under the ticker symbols "CMBT" and "CMBTO" [13]. - The total share capital post-merger is USD 343,439,903.39, with a total of 315,977,647 voting rights [11].

Core Viewpoint - Golden Ocean Group Limited has successfully approved a stock-for-stock merger with CMB.TECH Bermuda Ltd., a wholly-owned subsidiary of CMB.TECH, with the merger expected to close on August 20, 2025 [2][3]. Group 1: Merger Details - The Special General Meeting of Golden Ocean shareholders took place on August 19, 2025, where all resolutions were approved [1][2]. - The merger will involve the cancellation of each outstanding common share of Golden Ocean, which will be exchanged for newly issued CMB.TECH ordinary shares at an exchange ratio of 0.95 ordinary shares of CMB.TECH for each common share of Golden Ocean [3]. Group 2: Company Profiles - CMB.TECH is a diversified maritime group operating over 160 vessels, including crude oil tankers, dry bulk vessels, and container ships, and is involved in hydrogen and ammonia fuel production [4]. - Golden Ocean specializes in the transportation of dry bulk cargoes and has a fleet of approximately 90 vessels with a total capacity of around 13.7 million deadweight tonnes [6].

Group 1 - Golden Ocean Group Limited held a Special General Meeting on 19 August 2025, where shareholders approved all resolutions [1] - The approved resolutions include a stock-for-stock merger with CMB.TECH Bermuda Ltd., a wholly-owned subsidiary of CMB.TECH NV, with CMB.TECH Bermuda Ltd. as the surviving entity [2] - Under the merger terms, each outstanding common share of Golden Ocean will be cancelled and exchanged for 0.95 ordinary shares of CMB.TECH for each common share of Golden Ocean [3]

Group 1 - The merger between Golden Ocean Group Limited and CMB.TECH NV is set to complete, with key dates announced [1][2] - The last day of trading for Golden Ocean shares is today, 19 August 2025, subject to approval from the Special General Meeting [2] - Golden Ocean operates a fleet of 89 vessels with a total capacity of approximately 13.5 million deadweight tonnes, specializing in dry bulk cargo transportation [3]