Core Viewpoint - Hemen Holding Limited has agreed to sell approximately 40.8% of its shares in Golden Ocean Group Limited to CMB.TECH for about USD 1,179 million, marking a significant transaction in the drybulk shipping industry [1][2]. Group 1: Transaction Details - The transaction involves the sale of 81,363,730 shares, which constitutes around 40.8% of Golden Ocean's outstanding shares and votes [1]. - The total consideration for the transaction is approximately USD 1,179 million [1]. - The transaction is exempt from registration under the U.S. Securities Act of 1933 and will not trigger a mandatory takeover bid in any jurisdiction [2]. Group 2: Company Background - Hemen has played a crucial role in the development of Golden Ocean since its spin-off from Frontline in 2004, leading to its listing on the Oslo Stock Exchange and subsequent merger with Knightsbridge on NASDAQ [3]. - Golden Ocean has expanded its fleet from 3 to 91 vessels, becoming one of the largest listed owners of large modern drybulk vessels, and has returned approximately USD 2 billion in dividends to shareholders since 2004 [3]. Group 3: Future Outlook - The transaction is not subject to any conditions and is expected to be completed on March 12, 2025 [4]. - CMB.TECH's acquisition reflects its recognition of the strength and value of the Golden Ocean platform and its employees [4].

Core Viewpoint - CMB.TECH NV has announced the acquisition of approximately 40.4% of Golden Ocean Group Limited's issued share capital through its subsidiary, CMB.TECH Bermuda Ltd, at a price of 14.49 USD per share, marking a significant step in its diversification strategy [1][2][3]. Group 1: Acquisition Details - CMB.TECH is acquiring 81,363,730 shares of Golden Ocean at a price of 14.49 USD per share, representing about 40.4% of Golden Ocean's issued share capital [1]. - The transaction is expected to complete on 12 March 2025 and is not subject to any conditions [4]. - CMB.TECH did not own any shares in Golden Ocean prior to this transaction [1]. Group 2: Strategic Intent - The acquisition aligns with CMB.TECH's strategic objective of diversification, aiming to become a long-term shareholder in Golden Ocean and invest in a modern dry bulk fleet [2]. - CEO Alexander Saverys emphasized that this acquisition is a significant milestone in CMB.TECH's diversification strategy and expressed intentions to engage with Golden Ocean's board and management to drive long-term growth [3]. Group 3: Financial Considerations - CMB.TECH has identified a bank syndicate to refinance all or parts of Golden Ocean's current outstanding debt, indicating proactive financial management in light of the acquisition [4].

Core Viewpoint - CMB.TECH NV has entered into a share purchase agreement to acquire approximately 40.8% of Golden Ocean Group Limited's outstanding shares from Hemen Holding Limited at a price of 14.49 USD per share, aligning with its diversification strategy [1][2][3] Group 1: Acquisition Details - CMB.TECH is acquiring 81,363,730 shares in Golden Ocean, which represents about 40.8% of the company's outstanding shares and votes [1] - The acquisition price is set at 14.49 USD per share, and it will not trigger a mandatory takeover bid in any jurisdiction [1] - CMB.TECH has identified a bank syndicate to potentially refinance Golden Ocean's current outstanding debt, should the transaction impact its financing agreements [4] Group 2: Strategic Intent - The acquisition is part of CMB.TECH's strategic objective to diversify and become a long-term shareholder in Golden Ocean, focusing on investing in a modern dry bulk fleet [2] - CEO Alexander Saverys emphasized that this acquisition marks a significant milestone in the company's diversification strategy and aims to build on Golden Ocean's legacy for long-term growth and innovation [3] Group 3: Company Background - CMB.TECH is a diversified maritime group operating over 150 vessels, including crude oil tankers, dry bulk vessels, and container ships, and is headquartered in Antwerp, Belgium [5] - Golden Ocean Group Limited specializes in the transportation of dry bulk cargoes and has a fleet of 91 vessels with a total capacity of approximately 13.7 million deadweight tonnes as of February 2025 [6]

Financial Data and Key Metrics Changes - The company reported a profit of $93 million for Q4 2024, bringing the full-year profit to over $870 million, marking the second consecutive year of strong performance [3][7][57] - Liquidity remains at $281 million, with a contract backlog of $2.05 billion and outstanding CapEx of $2.1 billion [4][10][57] - The company has a book equity on total assets of 30.5%, and all financial covenants are in order [4][57] Business Line Data and Key Metrics Changes - The company took delivery of seven newbuild vessels in Q4 and two additional vessels in Q1, contributing to a total of 20 newbuildings delivered over the last 12 months [10][11][119] - The fleet consists of 115 vessels at the end of Q4, with another 46 newbuilds planned, including 35 tankers and 10 bulkers [11][120] - The contract backlog includes close to $1 billion for tankers and approximately $0.5 billion each for containers and chemical tankers [12][123] Market Data and Key Metrics Changes - The tanker market is experiencing positive catalysts such as pressure on the dark fleet and OFAC sanctions, while the dry bulk market is supported by expected economic reflation in China [17][18][127] - In Q4, the average rate for VLCCs was around $37,000, while Suezmaxes averaged $38,000 [20][21] - The dry bulk market is currently under pressure due to seasonal factors, but there is optimism for recovery supported by low order book to fleet ratios [32][34] Company Strategy and Development Direction - The company is focused on diversification and decarbonization, with a strategy of selling older vessels and investing in a modern fleet [10][57][95] - The outlook for the tanker and dry bulk divisions is positive, with ongoing efforts to secure long-term contracts [57][66] - The company is actively working on new projects across all segments, with a particular focus on ammonia-powered vessels [72][73] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker and dry bulk markets, citing expected growth in oil demand and supply [22][135] - There are concerns about high stockpiles in the dry bulk market, but overall sentiment remains positive [18][128] - The company anticipates that the enforcement of sanctions will create additional opportunities in the tanker market [28][111] Other Important Information - The board decided not to declare a dividend for Q4 2024 [10][57] - The company is preparing for the operational launch of its hydrogen production facility in Namibia, expected to contribute meaningfully to revenues by 2028-2029 [99][100] Q&A Session Summary Question: How will the company manage its equity ratio covenant going forward? - The company plans to manage its equity ratio through operational profits and vessel sales, continuing to sell older vessels as needed [61][63] Question: In which segments is the company currently looking for new projects? - The company is exploring opportunities across all segments, including tankers, dry bulk, chemical tankers, and containers [64][65] Question: Has there been a change in attitude of targets since the Trump election? - Management noted no significant shift in interest in projects, with increased interest driven by advancements in ammonia-powered ships [70][71] Question: Is it technically possible to extend contracts for FSOs? - Yes, it is technically possible to extend contracts, but discussions will occur closer to the end of the current charters [77][79] Question: What is the company's strategy for securing new routes for VLCC ships? - The strategy remains focused on going where the cargo is, adapting to shifts in supply from the Middle East to the Atlantic Basin [88][92] Question: Will the trend of selling older vessels continue? - Yes, the company will continue to sell older vessels to maintain a younger fleet and invest in greener technologies [94][95] Question: When will the new site in Africa contribute to additional revenue? - The site is expected to be operational by mid-2024, but meaningful revenue contributions will not occur until 2028-2029 [99][100] Question: How does the company overcome the small float in shares for institutional buying? - The company acknowledges the low free float and aims to address it in the future, but not at any price or timing that would reduce shareholder value [108][109] Question: What could stop the dark fleet's operations? - Enforcement of sanctions is expected to create challenges for the dark fleet, making trading difficult [111][112]

Core Insights - CMB.TECH reported a net gain of USD 93.1 million for Q4 2024, a significant decrease from USD 406.6 million in Q4 2023, resulting in earnings per share of USD 0.48 compared to USD 2.01 in the previous year [3][6][7] - The company achieved an EBITDA of USD 180.4 million in Q4 2024, down from USD 474.4 million in Q4 2023 [3][8] - The overall revenue for 2024 was USD 940.2 million, a decline from USD 1.235 billion in 2023 [5][55] Financial Performance - Revenue for Q4 2024 was USD 226.0 million, compared to USD 268.6 million in Q4 2023 [5] - Other operating income increased to USD 8.3 million in Q4 2024 from USD 3.8 million in Q4 2023 [5] - The net gain from the disposal of tangible assets was USD 71.1 million in Q4 2024, down from USD 323.3 million in Q4 2023 [5][6] Fleet Developments - CMB.TECH delivered seven newbuilding vessels in Q4 2024, completing a total of 20 newbuildings for the year [4][6] - The company sold four Suezmax vessels, generating significant capital gains, as part of its fleet rejuvenation strategy [6][16][17] - The average daily time charter equivalent (TCE) rates for Suezmax and VLCC in Q4 2024 were USD 38,300 and USD 37,400 respectively, reflecting a decline from the previous year [10][21] Market Outlook - The tanker market faced challenges with lower spot rates and ongoing OPEC+ production cuts, but potential opportunities may arise from renewed demand due to sanctions and limited new VLCC capacity expected in 2025 [21][24] - The dry bulk market experienced a weaker Q4 2024, influenced by declining long-haul shipments and increased fleet capacity, although medium-term demand remains stable [26][28] - The chemical tanker sector maintained strong performance with TCE rates averaging USD 24,463 per day in Q4 2024, despite some easing in market conditions [34][37] Corporate Updates - CMB.TECH's public takeover bid was largely upheld by the Belgian Market Court, with a subsequent payment of USD 0.52 per share to shareholders [11][12] - The company has successfully increased its ownership stake to 92.04% in CMB.TECH following the recent bid [15]

Company Overview - CMB.TECH NV is a diversified maritime group that operates over 150 seagoing vessels, including crude oil tankers, dry bulk vessels, container ships, chemical tankers, and offshore wind vessels [4] - The company also provides hydrogen and ammonia fuel to customers through its own production or third-party producers [4] - CMB.TECH is headquartered in Antwerp, Belgium, with offices across Europe, Asia, the United States, and Africa [5] Upcoming Earnings Release - CMB.TECH will release its fourth quarter 2024 earnings on February 27, 2025, prior to market opening [1] - A conference call to discuss the results will be held at 8 a.m. EST / 2 p.m. CET, and will be available as a webcast with a slideshow presentation [1][3] - Participants can register for the conference call through a provided link, and a recording and transcript will be made available on the company's investor relations section [4]

Core Viewpoint - CMB.TECH NV has successfully sold multiple vessels, resulting in a total capital gain of 46.52 million USD, with significant contributions from specific vessel sales [1][2]. Vessel Sales Summary - The Suezmax Cap Lara (2007, 158,826 dwt) was sold, generating a capital gain of 18.77 million USD, with delivery scheduled for Q1 2025 [2]. - The VLCC Alsace (2012, 299,999 DWT) has been delivered to its new owner, resulting in a capital gain of approximately 27.5 million USD, to be booked in Q1 2025 [2]. - The Windcat 6, after 18 years of service, was sold for a capital gain of 0.25 million USD, with delivery at the end of January 2025 [3]. Company Overview - CMB.TECH is a diversified maritime group operating over 160 vessels, including crude oil tankers, dry bulk vessels, and offshore wind vessels, and also provides hydrogen and ammonia fuel [3]. - The company is headquartered in Antwerp, Belgium, and has a global presence with offices in Europe, Asia, the United States, and Africa [4]. - CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol CMBT [4].

Group 1: Diebold Nixdorf - Diebold Nixdorf (DBD) is considered undervalued despite a recent share price increase of over 73% leading to December 12, 2024, following a brief dip due to worse-than-expected earnings results [3][4] - The company is expected to achieve the high end of its adjusted EBITDA guidance range by year-end, indicating confidence in operational performance [4] - Diebold has shown nearly two years of consecutive quarters of gross margin expansion and has a P/S ratio of 0.5, marking it as a strong value candidate with a potential upside of 30.5% [5] Group 2: CMB.TECH (formerly Euronav) - CMB.TECH is trading at a 52-week low as of December 12, 2024, primarily due to a significant price increase in mid-2022 followed by a decline [6] - The company reported over $98 million in profit in the latest quarter and has a backlog exceeding $2 billion due to a new time charter contract [6] - CMB is diversifying its fleet and making efforts to decarbonize operations, which may attract investor interest despite potential challenges in the shipping industry heading into 2025 [7][8] Group 3: StealthGas - StealthGas Inc. serves liquefied natural gas producers and has a market cap of $190 million as of December 13, 2024, with a P/S ratio of 1.2 and a low debt-to-equity ratio of 0.13 [9] - The company reported nearly $56 million in net income for the first three quarters of 2024, a record and a 29% increase year-over-year, with revenues up nearly 17% [10] - StealthGas is actively paying down debt, having made approximately $107 million in repayments in the first three quarters of 2024, while maintaining a significant cash balance [11] - Despite a nearly 18% decline in shares for the year leading to December 13, 2024, this is attributed more to broader industry challenges rather than company-specific issues [12]

Financial Data and Key Metrics Changes - The company reported a net profit of $98.1 million for Q3 2024, with an adjusted profit of approximately $37 million after capital gains [3][5] - Year-to-date profit reached $777.7 million, with trailing 12-month net income close to $1.2 billion [4][5] - EBITDA for the quarter was $116 million, and liquidity at the end of Q3 stood at $326 million [3][4] - The contract backlog remained stable at $2.06 billion, with outstanding CapEx at $2.5 billion [4][10] Business Line Data and Key Metrics Changes - The tanker division achieved a weighted average earnings of $40,000, with a breakeven of approximately $25,900 [8][20] - The dry bulk division reported rates around $31,000, with a breakeven of $22,000, indicating a positive outlook [27][28] - The chemical tanker market showed healthy operations with spot market rates above $25,000 [39] - The container market is facing caution due to a significant increase in fleet size, with expectations of downward pressure on rates [36][37] Market Data and Key Metrics Changes - Bearish signals from China include a population decline and reduced oil consumption due to the rise of LNG trucks and electric vehicles [13] - In the Middle East, geopolitical risks are impacting oil markets, with a notable increase in the gray fleet's share of oil exports to China [14][15] - Positive signals in iron ore and steel markets are anticipated, with expectations of policy support from China [15][16] - The tanker market is seeing a manageable order book, with VLCCs and Suezmaxes showing positive demand signals [19][20] Company Strategy and Development Direction - The company aims to maintain a diversified fleet and invest in future-proof newbuildings, focusing on decarbonization options [48] - The strategy includes increasing the contract backlog and engaging in long-term contracts, despite recent delays in project confirmations [53] - The company is cautious about the container market due to the anticipated increase in fleet size and potential downward pressure on rates [36][45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker and dry bulk markets, while remaining cautious about the container sector [45] - The company is closely monitoring geopolitical risks and their potential impact on oil demand and supply dynamics [17][24] - Management highlighted the importance of customer willingness to engage in dual fuel options as a key driver for business growth [59] Other Important Information - The company has undergone a name change from Euronav to CMB.TECH, with a new ticker symbol [6] - A mandatory tender offer is currently running, set to close on November 21 [47] - The company is committed to maintaining its listings on Euronext and NYSE [47] Q&A Session Summary Question: About the contract backlog and its flat evolution - Management confirmed that the flat backlog is due to delays in project confirmations and a relatively quiet market, but they remain confident in increasing the backlog soon [53] Question: On India's crude oil demand and the gray fleet - It is difficult to quantify the portion of oil demand in India fulfilled by the gray fleet, but it is clear that both India and China are significant users of such vessels [54] Question: Comments on the MEPC meeting and US elections impact - The MEPC meeting was viewed positively, with expectations for a carbon levy agreement in April next year, though the impact of US elections on decarbonization strategies remains uncertain [56][58] Question: On CII compliance and its effects - The global fleet's compliance is worsening, which could positively impact supply if ships need to take corrective measures [61][64] Question: On debt and floating interest rates - The majority of the company's interest-bearing debt is floating, and they aim to match hedging with long-term contracts [71] Question: On the CSOV market and breakeven levels - The breakeven for CSOVs is around $32,000 to $33,000, with current rates still above that level [81] Question: On fleet composition by 2027 - The ideal fleet composition by 2027 will focus on profitability and modern vessels, with an emphasis on dual fuel capability [82][83] Question: On CapEx commitments and secured financing - Current CapEx stands at $2.5 billion, with approximately $950 million of ships not yet secured in financing [94][95]

Decarbonise Today Navigate Tomorrow Earnings release Q3 2024 November 7th 2024 – Alexander Saverys & Ludovic Saverys Forward-looking statements Matters discussed in this presentation may constitute forward-looking statements under U.S. federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the Company's current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, stra ...