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]

Core Viewpoint - The increase in global oil supply and sanctions have led to a surge in demand for "unaffected" tankers, resulting in the highest tanker earnings since the peak of the COVID-19 pandemic [1] Group 1: Oil Tanker Earnings - The daily rental rate for tankers transporting 2 million barrels of crude oil from the Middle East to China has risen by 40% to $125,000, marking the highest level since April 2020 [1] - The Baltic Exchange reports that this increase is driven by the need for alternative sources due to recent U.S. sanctions on two major Russian oil companies [1] Group 2: Market Dynamics - Lars Barstad, CEO of Frontline, noted that sanctioned crude oil transportation is hindered, leading to longer waiting times for vessels [1] - There has been an increase in shipping volume from the Atlantic Basin to Asia, contributing to a rise in ton-miles [1] - More OPEC crude oil is entering the market, further influencing tanker demand [1] Group 3: Related Stocks - Relevant stocks in the tanker industry include Frontline, Teekay, Teekay Tankers, CMB.Tech, Scorpio Tankers, DHT Holdings, Tsakos Energy Navigation, Navios Maritime Holdings, International Seaways, Nordic American Tankers, and SFL Corp [1]

Core Insights - CMB.TECH has decided not to proceed with the issuance of a senior unsecured bond due to less favorable terms compared to other funding sources available [1] Company Overview - CMB.TECH is one of the largest listed, diversified maritime groups globally, operating a fleet of approximately 250 vessels, including dry bulk vessels, crude oil tankers, chemical tankers, container vessels, offshore wind vessels, and port vessels [2] - The company also provides hydrogen and ammonia fuel to customers, either through its own production or via third-party producers [2] - CMB.TECH is headquartered in Antwerp, Belgium, with offices across Europe, Asia, the United States, and Africa [3] - The company is listed on Euronext Brussels and the NYSE under the ticker symbol "CMBT" and on Euronext Oslo Børs under "CMBTO" [3]

Core Viewpoint - CMB.TECH NV is initiating fixed income investor meetings to potentially issue a USD denominated five-year senior unsecured bond, with proceeds aimed at general corporate purposes and refinancing existing debt [1]. Company Overview - CMB.TECH is one of the largest listed, diversified maritime groups globally, operating a fleet of approximately 250 vessels, including dry bulk vessels, crude oil tankers, chemical tankers, container vessels, offshore wind vessels, and port vessels [2]. - The company also provides hydrogen and ammonia fuel to customers, sourced from its own production or third-party producers [2]. - CMB.TECH is headquartered in Antwerp, Belgium, with offices across Europe, Asia, the United States, and Africa [3]. Stock Information - CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol "CMBT," and on Euronext Oslo Børs under the ticker symbol "CMBTO" [3].

Core Viewpoint - CMB.TECH continues its fleet rejuvenation strategy by selling older vessels and taking delivery of newbuild vessels, indicating a proactive approach to maintaining a modern and efficient fleet [1][2][3]. Fleet Update - CMB.TECH delivered five newbuilding vessels in Q3 and Q4 to date [2]. - The company sold the VLCC Dalma (2007, 306,543 dwt) for a capital gain of 26.7 million USD, with delivery scheduled for Q4 2025 [2]. - The time charter of the VLCC Donoussa (2016, 299,999 dwt) has been extended for another 11 months until October 2026 [2]. - The vessels Hakata (2010, 302,550 dwt) and Hakone (2010, 302,624 dwt) were sold, generating a total capital gain of approximately 39.3 million USD in Q3 2025 [3]. - The capesize vessel Battersea (2009, 169,390 dwt) was sold for a capital gain of 2.4 million USD, with delivery also set for Q4 2025 [4]. Estimated Time Charter Equivalent Earnings (TCE) - The estimated average daily TCE rates for various vessel types are as follows: - Newcastlemax Average rate: Q3 2025 at 27,872 USD/day, Q4 2025 to date at 30,954 USD/day (61.6% increase) [5]. - Capesize Average rate: Q3 2025 at 20,577 USD/day, Q4 2025 to date at 27,084 USD/day (50.0% increase) [5]. - Panamax/Kamsarmax Average rate: Q3 2025 at 13,437 USD/day, Q4 2025 to date at 15,814 USD/day (56.0% increase) [5]. - VLCC Average spot rate: Q3 2025 at 28,715 USD/day, Q4 2025 to date at 54,206 USD/day (30.0% increase) [5]. - Suezmax Average spot rate: Q3 2025 at 47,104 USD/day, Q4 2025 to date at 49,249 USD/day (34.0% increase) [5]. - CSOV Average time charter rate: Q3 2025 at 27,272 USD/day, Q4 2025 to date at 120,331 USD/day (83.7% increase) [7]. Company Overview - CMB.TECH is one of the largest listed, diversified maritime groups globally, operating a fleet of approximately 250 vessels, including dry bulk vessels, crude oil tankers, chemical tankers, container vessels, and offshore wind vessels [8]. - The company is headquartered in Antwerp, Belgium, with offices across Europe, Asia, the United States, and Africa [8].

Financial Performance - Revenue for HY 2025 increased to $622,852,000, up 26.5% from $492,377,000 in HY 2024[19] - Total shipping income decreased to $746,798,000, down 27.7% from $1,033,169,000 in the previous year[19] - Profit for the period dropped to $32,789,000, a decline of 95.2% from $679,620,000 in HY 2024[22] - Basic earnings per share decreased to $0.27 from $3.43, indicating a substantial reduction in profitability[21] - Total comprehensive income for the period was $42,325,000, down from $680,761,000 in HY 2024[22] - For HY 2025, total revenue reached $622.9 million, with a profit before income tax of $38.7 million[81] - The Marine division is the largest, contributing $622.9 million in revenue, while the H2 Infra and H2 Industry divisions reported losses[79] Assets and Liabilities - Total assets increased to $8,399,374 thousand as of June 30, 2025, up from $3,905,046 thousand at December 31, 2024, representing a growth of 115.5%[16] - Non-current assets rose significantly to $7,684,474 thousand, compared to $3,434,227 thousand at the end of 2024, marking a 124.5% increase[16] - Total equity reached $2,552,842 thousand, up from $1,192,324 thousand, indicating a 114.3% increase[18] - Total liabilities increased to $8.40 billion as of June 30, 2025, resulting in equity of $2.55 billion[81] - Total interest-bearing loans and borrowings increased to $5,641,722 thousand as of June 30, 2025, up from $2,622,255 thousand at the beginning of the year, representing a growth of approximately 115%[128] Cash Flow and Investments - Cash and cash equivalents increased to $155,048 thousand from $38,869 thousand, reflecting a growth of 298.5%[18] - Net cash from operating activities was $77,374,000, down 69.6% from $254,641,000 in the same period last year[27] - Net cash used in investing activities amounted to $1,385,605,000, compared to $207,480,000 in HY 2024, reflecting increased capital expenditures[27] - Proceeds from new borrowings reached $2,474,701,000, significantly higher than $1,365,022,000 in the previous year[29] Acquisitions and Mergers - CMB.TECH acquired 81,363,730 shares in Golden Ocean Group Limited for $1.2 billion, representing approximately 40.8% of Golden Ocean's voting shares[51] - The acquisition of Golden Ocean Group was completed on March 12, 2025, for a total consideration of $1.18 billion, resulting in CMB.TECH holding 40.8% of Golden Ocean's shares[168] - The merger with Golden Ocean created one of the largest diversified listed maritime groups globally, with a combined fleet of over 250 vessels[174] - CMB.TECH incurred approximately $2.0 million in acquisition-related costs, which were expensed as incurred[179] Fleet and Operations - The company took delivery of multiple Newcastlemax vessels, including the Mineral Portugal and Mineral Suomi, enhancing its fleet capacity[56][65] - The company had 42 vessels under construction as of June 30, 2025, with total installments paid amounting to $746.3 million[100] - The acquisition of Golden Ocean, effective March 12, 2025, contributed to the fleet expansion, with 10 newbuild drybulk vessels delivered since June 30, 2024[85] - Vessel operating expenses increased to $175.5 million, compared to $100.0 million in the same period last year, largely due to the growth in fleet size[91] Financial Obligations and Debt - The company signed a $2,000 million facilities agreement to refinance existing debt, including a term loan facility of up to $1,250 million and a revolving credit facility of up to $750 million[69] - The company reported secured bank loans of $3.93 billion as of June 30, 2025, with total bank loans and other notes amounting to $4.22 billion[155] - The total contractual cash flows for financial liabilities as of June 30, 2025, were $7.03 billion, with $972.5 million due within one year[155] Market Conditions and Future Outlook - Future performance may be impacted by geopolitical conditions, including trade tensions and environmental regulations affecting the maritime shipping industry[10] - CMB.TECH expects significant growth in the dry bulk market and is optimistic about future business prospects[177] Accounting and Compliance - The company has adopted new accounting standards effective from January 1, 2025, with no major changes to its accounting policies[44] - The interim financial statements as of June 30, 2025, provide a true and fair view of the company's financial position and results[197]

Group 1 - Cmb.Tech NV (NYSE:CMBT) experienced a share price increase of 10.03% to close at $10.20, driven by its inclusion in the S&P Global BMI Index [1][2] - The S&P Global BMI Index is a significant benchmark that tracks global equity performance, encompassing stocks from both emerging and developed markets [2] - Cmb.Tech operates one of the largest and most diversified maritime fleets globally, consisting of approximately 250 vessels, including dry bulk vessels, crude oil tankers, and offshore wind vessels [3] Group 2 - Cmb.Tech also provides hydrogen and ammonia fuel to its customers, either through its own production or via third-party producers [3] - While Cmb.Tech shows potential as an investment, there is a belief that certain AI stocks may offer higher returns with limited downside risk [4]

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]