Core Viewpoint - CMB.TECH is investing in the Chinese ammonia supply chain, signing an off-take agreement for green ammonia and acquiring a minority stake in Jiangsu Andefu Energy Technology Co., Ltd, aiming to support maritime decarbonization and develop a green ammonia supply infrastructure [1][4][10]. Investment in Green Ammonia - CMB.TECH will purchase approximately 158,000 tonnes of renewable ammonia annually from the CEEC Songyuan project in Jilin Province, with commercial operations expected to start in January 2026 [2][10]. - The CEEC Songyuan project is powered by off-grid renewable energy and has received ISCC EU RFNBO certification [3]. Partnership with Andefu - The investment includes a minority stake in Andefu, enhancing collaboration in the ammonia supply chain and supporting maritime decarbonization efforts [4][11]. - Andefu is constructing a 49,000 m³ low-temperature ammonia storage tank in Nanjing, scheduled for commissioning in Q1 2026, to facilitate ammonia distribution [5]. Logistics and Infrastructure Development - Andefu and CEEC plan to build an ammonia storage terminal in Panjin, operational by the second half of 2027, to improve green ammonia logistics in China [6]. - The company is also advancing ship-to-ship ammonia bunkering operations, targeting commercial deployment in 2026 [6]. Fleet Development - CMB.TECH will receive 11 ammonia-powered ships in 2026, including ten Newcastlemax bulkers and one container vessel, utilizing dual-fuel diesel-ammonia engines [7]. - These vessels will operate in dual fuel ammonia configuration, contributing to the decarbonization of maritime transportation [8]. Future Plans - CMB.TECH aims to engage with global green ammonia producers to secure fuel for its green ships and plans to produce green ammonia in Namibia [9].

Group 1 - U.S. stocks experienced an upward trend, with the Dow Jones increasing by approximately 300 points on Friday [1] - Micron Technology, Inc. shares rose sharply by 2.5% to $235.92, driven by positive sentiment following Dell's strong third-quarter earnings and guidance [1] - Investors perceive Dell's results as indicative of broader strength in the technology sector, contributing to Micron's stock performance [1] Group 2 - DeFi Technologies Inc. shares surged by 20.5% to $1.6750 after the approval of QCAD as Canada's first compliant CAD stablecoin [3] - YD Bio Ltd saw a 13.7% increase in shares to $11.96, following the announcement of 510(k) clearance and plans for a clinical trial in Taiwan [3] - Other notable gainers included Savara Inc. (+12.3% to $6.02), TMC the metals company Inc. (+12.2% to $6.54), and ImmunityBio, Inc. (+10.7% to $2.3586) [3] - Precious metals stocks, including First Majestic Silver Corp. (+8.3% to $14.64) and Endeavour Silver Corp. (+10% to $9.47), rose amid increasing gold and silver prices [3] - Intel Corporation shares jumped by 7.8% to $39.65, reflecting positive market trends [3] - Crypto-linked stocks, such as Applied Digital Corporation, gained 6.8% to $26.61, following Bitcoin's rise above $90,000 [3]

Financial Data and Key Metrics Changes - The company reported a net profit of approximately $17 million for the quarter, with an EBITDA of $238 million and liquidity exceeding $555 million [2][3] - Capital expenditures (CapEx) are currently at $1.6 billion, with a contract backlog remaining stable at around $3 billion [3][4] - The company declared an interim dividend of $0.05 per share, payable in early January [3] Business Line Data and Key Metrics Changes - In the dry bulk segment, the company achieved a TCE of $29,500 for Newcastlemaxes in Q3, increasing to approximately $34,000 in Q4, while Capesize rates rose from $20,500 to $26,200 [12][13] - The Kamsarmax and Panamax segments saw rates improve from $13,500 in Q3 to $17,000 in Q4 [13] - The tanker division reported Q3 rates of $30,500 for VLCCs, with Q4 rates reaching $68,000 [17][18] Market Data and Key Metrics Changes - The company remains positive on tankers, dry bulk, and offshore markets, while expressing caution regarding containers and chemicals due to supply-demand imbalances [8][9] - Dry bulk demand is expected to grow, with a ton mile demand increase of 0.8% for capesizes this year, projected to ramp up to nearly 3% next year [10] - The offshore wind market is experiencing growth, although some projects have been postponed [11] Company Strategy and Development Direction - The company is focused on increasing spot exposure in dry bulk and large tankers, positioning itself to benefit from favorable market conditions [4][8] - A new multi-purpose accommodation service vessel has been ordered to enhance capabilities in both oil and gas and offshore wind markets [22][24] - The company aims to maintain a flexible dividend policy, balancing shareholder rewards with strengthening its balance sheet for future opportunities [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational leverage and free cash flow generation capacity, anticipating significant liquidity generation in the coming quarters [5][6] - The company is cautious about the container and chemical markets, expecting challenges due to high order books and supply-demand dynamics [9][20] - Management remains committed to decarbonization efforts, focusing on ammonia as a fuel choice despite delays in IMO regulations [29][50] Other Important Information - The company has successfully reduced bridge financing by $300 million and is actively working to optimize its financing portfolio [5][60] - The average age of the fleet is at historical highs, which may lead to increased scrapping in the future [15] Q&A Session Summary Question: Impact of delayed carbon pricing by IMO on dual-fuel technology demand - Management indicated that the delay does not alter their strategy, which is based on finding partners for dual-fuel technology and is supported by EU legislation [28][29] Question: Investment philosophy regarding new buildings in dry bulk and tankers - The company has invested significantly in recent years and will continue to look for opportunities, but current new building prices are considered high [30][31] Question: Dividend policy and expectations - The company maintains a fully discretionary dividend policy, with no fixed minimum or maximum dividends expected [32][33] Question: Interest expenses and one-off impacts - Elevated interest expenses were attributed to bridge financing and arrangement fees from recent acquisitions [58][59] Question: Expectations for fixed contracts and their growth - The company aims to increase fixed contract coverage but does not have a specific target due to market variability [97]

Financial Data and Key Metrics Changes - The company reported a net profit of approximately $17 million for the quarter, with EBITDA at $238 million and liquidity exceeding $555 million [2][3] - Capital expenditures (CapEx) are currently at $1.6 billion, with a contract backlog remaining stable at around $3 billion [3][4] - The company declared an interim dividend of $0.05 per share, payable in early January [3] Business Line Data and Key Metrics Changes - In the dry bulk segment, the company achieved a TCE of $29,500 for Newcastlemax vessels in Q3, increasing to nearly $34,000 in Q4 [12] - Capesize vessels reported a TCE of $20,500 in Q3, rising to $26,200 in Q4 [12] - Kamsarmax and Panamax vessels exceeded expectations with rates increasing from $13,500 in Q3 to $17,000 in Q4 [13] Market Data and Key Metrics Changes - The tanker market remains positive, with VLCC rates achieving $30,500 in Q3 and approximately $68,000 in Q4 [17] - The chemical tanker market is experiencing a decline, with limited spot exposure and a cautious outlook due to an oversupply of vessels [21] - The offshore market is seeing growth, particularly in offshore wind and oil and gas sectors, with increased demand for support vessels [11][22] Company Strategy and Development Direction - The company is focusing on increasing spot exposure in dry bulk and large tankers, positioning itself to benefit from favorable market conditions [4][8] - There is a cautious approach towards the container and chemical markets due to supply-demand imbalances [9][10] - The company is actively rejuvenating its fleet and has ordered a new multi-purpose accommodation service vessel to enhance its offshore capabilities [4][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk and tanker markets, citing strong supply-demand fundamentals [10][11] - There is caution regarding the container and chemical markets, with expectations of flat or declining demand in the near term [9][10] - The company is committed to maintaining flexibility in its dividend policy, balancing shareholder rewards with strengthening its balance sheet [32][86] Other Important Information - The company has successfully reduced bridge financing by $300 million and anticipates generating significant free cash flow in the coming quarters [5][6] - The average age of the fleet is at historical highs, which may lead to increased scrapping in the future [15] Q&A Session Summary Question: Impact of delayed carbon pricing by IMO on dual-fuel technology demand - Management indicated that the delay does not alter their strategy, which is based on finding partners for dual-fuel technology and is supported by EU legislation [28][29] Question: Investment philosophy regarding new builds in dry bulk and tankers - The company has invested significantly in recent years and will continue to look for opportunities, but new builds are currently seen as pricey [30][31] Question: Dividend policy and expectations - The company maintains a fully discretionary dividend policy, with no minimum or maximum levels set, allowing flexibility based on cash flow and market conditions [32][33] Question: Interest expenses and one-off impacts - Elevated interest expenses were attributed to bridge financing and acquisition-related costs, with plans to optimize financing in the future [58][59] Question: Expectations for fixed contracts and future growth - The company aims to increase fixed contract coverage but does not have a specific target, as it depends on market conditions [97] Question: Impact of tariffs on the company - The company reported minimal impact from tariffs, with most effects felt in the broader market rather than directly affecting its operations [96][98]

Financial Data and Key Metrics Changes - The company reported a net profit of approximately $17 million for the quarter, with EBITDA at $238 million and liquidity exceeding $555 million [2][3]. - Capital expenditures (CapEx) are currently at $1.6 billion, with a contract backlog remaining stable at around $3 billion [3][4]. - An interim dividend of $0.05 per share was declared, payable in early January [3]. Business Line Data and Key Metrics Changes - In the dry bulk segment, the company achieved a TCE of $29,500 for Newcastlemaxes in Q3, increasing to nearly $34,000 in Q4. Capesize rates rose from $20,500 in Q3 to $26,200 in Q4, while Kamsarmax and Panamax rates improved from $13,500 to $17,000 [12][13]. - The tanker division saw Q3 rates of $30,500 for VLCCs, with Q4 rates reaching $68,000, and Suezmax rates increased from $48,000 to close to $60,000 [18][19]. Market Data and Key Metrics Changes - The company remains positive on tankers, dry bulk, and offshore markets, while expressing caution regarding containers and chemicals due to supply-demand imbalances [7][9]. - Demand for capesize ton miles is expected to grow by nearly 3% next year, with only 9% of the fleet on order, indicating strong fundamentals in the dry bulk market [10][14]. Company Strategy and Development Direction - The company is focused on increasing spot exposure in dry bulk and large tankers, positioning itself to benefit from favorable market conditions [4][10]. - A new multipurpose accommodation service vessel (MPASV) has been ordered to enhance capabilities in both oil and gas and offshore wind markets [23][26]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational leverage and free cash flow generation capacity, projecting an additional $600 million in liquidity over the next year at current rates [5][6]. - The company is cautious about the container and chemical markets, anticipating challenges due to high order books and supply-demand dynamics [9][22]. Other Important Information - The company has successfully integrated the Golden Ocean merger, with a focus on optimizing its fleet and financial structure [2][3]. - Management emphasized a fully discretionary dividend policy, indicating flexibility in cash allocation for shareholder rewards and debt reduction [33][52]. Q&A Session Summary Question: Impact of delayed carbon pricing by IMO on dual-fuel technology demand - Management noted that while the delay is not ideal, it does not alter their strategy, which is based on finding partners for dual-fuel technology [28][29]. Question: Investment philosophy regarding new builds in dry bulk and tankers - The company has invested significantly in recent years and will continue to look for opportunities, but current new builds are considered pricey [30][31]. Question: Dividend policy and future expectations - The dividend policy remains discretionary, with no fixed payout ratio, allowing for flexibility in cash management [33][52]. Question: Interest expenses and one-off impacts - Elevated interest expenses were attributed to bridge financing and arrangement fees from recent acquisitions [42][43]. Question: Expectations for fixed contracts and growth - The company aims to increase fixed contract coverage but does not have a specific target due to market variability [57]. Question: Tariffs impact on the company - The impact of tariffs has been minimal, with the company benefiting from limited exposure to affected markets [58][59].

Financial Performance & Highlights - The company reported a profit of USD 173 million for Q3 2025, with an EBITDA of USD 2384 million[13] - The company's contract backlog stands at USD 295 billion[13] - The company's liquidity is USD 5556 million[13] - The company will generate a capital gain of USD 267 million from the sale of VLCC Dalma in Q4 2025[13] - The company will generate a capital gain of USD 24 million from the sale of Capesize Battersea in Q4 2025[13] - The company will generate a capital gain of USD 204 million from the sale of Suezmax Sofia in Q4 2025[13] Fleet & Market Update - The company's fleet includes 205 modern eco vessels, with an average age of 56 years[9] - The orderbook to fleet ratio for VLCC is 154% and for Suezmax is 208%[15] - The company's dry bulk fleet outperformed the Q3 5TC Baltic Capesize Index by 255%[33] - Windcat CSOVs achieved a TCE of USD 27272 per day in Q3 2025, with Q4 TCE quarter-to-date rates at USD 118870 per day (837% fixed)[86]

Core Viewpoint - CMB.TECH reported a profit of USD 17.3 million for Q3 2025, a significant decrease from USD 98.1 million in Q3 2024, while EBITDA increased to USD 238.4 million from USD 177.1 million year-over-year, indicating a recovery in tanker and dry bulk markets after a soft summer [4][5][6]. Financial Highlights - Revenue for Q3 2025 was USD 454.2 million, compared to USD 221.8 million in Q3 2024, with year-to-date revenue reaching USD 1.08 billion, up from USD 714.2 million in the previous year [5][6]. - The company’s contract backlog stands at USD 2.95 billion, reflecting strong future revenue potential [6]. - An interim dividend of USD 0.05 per share is proposed, expected to be paid on or about January 15, 2026 [10]. Fleet Highlights - CMB.TECH took delivery of seven new vessels in Q3 2025, including Super-Eco Newcastlemax and VLCC Atrebates, while selling two older vessels [6][14][15]. - The average daily time charter equivalent (TCE) rates for various vessel types showed mixed results, with Newcastlemax at USD 29,423/day and VLCC at USD 30,486/day for Q3 2025 [11][39]. Corporate Highlights - Changes in the Supervisory Board included the resignation of Mr. Marc Saverys and Mrs. Julie De Nul, with Mr. Carl Steen and Mrs. Gudrun Janssens appointed as new members [12][13]. - The company continues to focus on rejuvenating and decarbonizing its fleet, with ongoing sales and acquisitions of vessels [5][6]. Market & Outlook - The dry bulk market is expected to benefit from increased iron ore imports to China, despite a decrease in domestic steel production, indicating a bullish outlook for seaborne trade [19][20]. - The tanker market is supported by rising global oil supply, with OPEC+ increasing production, which may lead to improved freight rates [26][29]. - The chemical tanker market remains stable, with expectations of modest recovery in volume growth in 2026 [36][37].

Core Insights - The shipping industry has demonstrated significant market outperformance over the past decade, with Value Investor's Edge (VIE) achieving an internal rate of return (IRR) of 38.7% and cumulative returns exceeding 25 times [1][2] - VIE's long-only model portfolios have outperformed the S&P 500 by 75% in 2022 and produced an average annualized return of 43% over the past 8 years [1][2] Industry Analysis - The report outlines four reasons why the shipping industry is particularly attractive heading into 2026, indicating a positive outlook for the sector [2] - VIE specializes in deep value research within maritime shipping, offshore energy, and energy infrastructure, led by a team of 11 analysts and data experts [2] Company Performance - VIE has consistently delivered strong performance since its launch in 2015, with long-only models outperforming broad market indices [1][2] - The research community at VIE includes over 750 members, providing exclusive analytics, research reports, and earnings coverage [2]

Core Points - CMB.TECH NV will release its Q3 2025 earnings on November 26, 2025, before market opening and will host a conference call at 8 a.m. EST / 2 p.m. CET to discuss the results [1][2] - The conference call will be available as a webcast with a user-controlled slide presentation, and details can be found on the company's Investor Relations page [2] - 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 energy vessels, and port vessels [3][4] Company Overview - CMB.TECH is headquartered in Antwerp, Belgium, and operates offices across Europe, Asia, the United States, and Africa [4] - The company is listed on Euronext Brussels and the NYSE under the ticker symbol "CMBT" and on Euronext Oslo Børs under the ticker symbol "CMBTO" [4] - CMB.TECH also provides hydrogen and ammonia fuel to customers, either through its own production or from third-party producers [3]

Group 1 - The article discusses a successful merger arbitrage involving Golden Ocean, indicating positive market activity and investor interest in the sector [1] - The author had a meeting with CMBT's CFO and IR team at a conference in Oslo, suggesting engagement and communication between the company and investors [1] Group 2 - The article does not provide specific financial data or performance metrics related to CMBT or the industry [2]