Group 1 - CMB.TECH NV published its annual report for the year ended December 31, 2024, in accordance with Belgian law [1] - The annual report on Form 20-F was submitted to the U.S. Securities and Exchange Commission on April 9, 2025, and is available for download on the company's website [2] - CMB.TECH operates over 150 seagoing vessels, including crude oil tankers, dry bulk vessels, container ships, chemical tankers, offshore wind vessels, and workboats [3] Group 2 - The company is headquartered in Antwerp, Belgium, with offices across Europe, Asia, the United States, and Africa [3] - CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol CMBT [4] - Printed copies of the audited financial statements can be requested free of charge via email or telephone [2]

Geopolitical Impact - The company reported a significant impact on oil trading due to the Russian invasion of Ukraine, with Russia losing approximately 1.8 million barrels per day in the European export market [513]. - The introduction of sanctions against Russia's energy sector has affected over 180 vessels and numerous oil traders, aiming to constrain Russia's financial capabilities amid geopolitical tensions [517]. - The Red Sea conflict has led to over 90% decrease in vessel transits through the Bab-el-Mandeb Strait year-over-year, prompting shipping companies to reroute vessels, increasing operational costs by adding approximately 15 days to journeys [519]. - Container ship trade patterns have been affected, with Red Sea transits accounting for over 20% of trade, resulting in a removal of over 12% of fleet capacity [520]. - The company has observed a 134% increase in traffic around the Cape of Good Hope due to rerouting from the Red Sea conflict [519]. Financial Performance - Total shipping revenues for the year ended December 31, 2024 were $1,625.9 million, a slight decrease of 0.3% compared to $1,630.9 million in 2023 [631]. - Voyage charter and pool revenues decreased by 36%, or $391.6 million, to $682.7 million in 2024, primarily due to a reduction in pool revenue [632]. - Time charter revenues increased by 60%, or $96.7 million, to $257.6 million in 2024, attributed to a higher number of vessels engaged in long-term time charters [633]. - Other operating income rose by 117%, or $27.3 million, to $50.7 million in 2024, mainly due to the sale of Euronav Ship Management Hellas and liquidated damages from vessel sales [634]. - Net gain on sale of assets increased by 70%, or $262.6 million, to $635.0 million in 2024, compared to $372.4 million in 2023 [636]. Operating Expenses - Total vessel operating expenses decreased by 14%, or $31.4 million, to $199.6 million in 2024, primarily due to the sale of 24 VLCCs [639]. - General and administrative expenses increased by 24%, or $15.2 million, to $77.8 million in 2024, mainly due to the acquisition of CMB.TECH [640][641]. - Depreciation and amortization expenses decreased by 25%, or $55.0 million, to $166.0 million in 2024, attributed to the sale of vessels [643]. - Income tax expenses decreased by 68%, or $4.1 million, to $1.9 million in 2024, compared to $6.0 million in 2023 [650]. Cash Flow and Indebtedness - Cash and cash equivalents decreased significantly from $429.4 million in 2023 to $38.9 million in 2024 [653]. - Net cash from operating activities decreased to $459.1 million in 2024 from $837.4 million in 2023, indicating a significant decline in cash flow due to reliance on the spot market and cyclical vessel rates [657]. - Total indebtedness increased to $2,622.3 million as of December 31, 2024, compared to $930.7 million in 2023, primarily due to the acquisition of CMB.TECH Enterprises [660]. - The company has a total interest-bearing debt of $2,635.9 million as of December 31, 2024, compared to $904.1 million in 2023, showing a substantial increase in leverage [662]. - Outstanding balances for the $1,290.0 million senior secured credit facility were $750.0 million in 2024, up from $415.7 million in 2023, reflecting increased borrowing [664]. Fleet Composition and Development - As of December 31, 2024, the total carrying value of the fleet is $2,783,068,000, an increase from $2,500,414,000 in 2023, reflecting a growth of approximately 11.3% [557]. - The fleet composition includes 31 tankers valued at $1,456,325,000, down from 39 tankers valued at $1,629,570,000 in 2023, indicating a reduction of about 11% in carrying value [557]. - The fleet development report shows a decrease in tanker vessels from 52 at the start of 2024 to 33 at the end, with 22 dispositions during the year [567]. - The company has 7 newbuildings on order as of December 31, 2024, compared to 5 in 2023, indicating a strategic focus on fleet expansion [567]. - The company reported a total of 104.5 vessels at the end of the period, with 43.5 newbuildings on order [569]. Asset Management - The company has revised the residual value of its vessels, considering the steel industry's commitment to carbon neutrality by 2050, impacting financial statements as of 2024 [534]. - The company has not identified any indications of impairment for its vessels as of December 31, 2024, following a review of internal and external indicators [543]. - The carrying value of vessels held for sale decreased from $870,844,000 in 2023 to $165,583,000 in 2024, reflecting a significant reduction of approximately 81% [557]. - The company recognizes no impairment losses on vessels classified as held for sale, measuring them at the lower of carrying amount and fair value less cost of disposal [562]. - The company expects future discounted cash flows from vessels with market value declines to exceed their carrying values, supporting asset valuation [555]. Strategic Acquisitions and Sales - The company acquired CMB.TECH Enterprises in February 2024, significantly diversifying its fleet with various vessel types, including crude oil tankers and container ships [556]. - The company sold the VLCC Alsace for $96.9 million, resulting in a net gain of $27.5 million, recognized upon delivery on January 14, 2025 [563]. - The company sold 11 VLCCs for a total of $2.35 billion to Frontline, with the sale completed by the end of 2023 [618]. - The company sold three Suezmax vessels for a combined net sale price of $39.0 million, $38.2 million, and $42.3 million, generating a total capital gain of $71.1 million [622][623]. Financing and Credit Facilities - The company expects to finance its funding requirements through cash on hand, operating cash flow, and various debt financing options, including potential equity raises or asset sales if cash flow is insufficient [661]. - The company has secured multiple credit facilities totaling €3.5 million, €2.8 million, and $152.0 million among others, with a significant portion being senior secured credit facilities [705]. - The company maintains a cash balance of at least $30.0 million and an aggregate amount of cash and cash equivalents of at least $50.0 million or 5% of total indebtedness [705]. - The company’s financing agreements include change of control clauses that could be triggered by significant shareholder acquisitions [709]. - The company is required to maintain a ratio of net funded debt to total capitalization of no more than 70% [715].

Core Insights - CMB.TECH reported a transformational year in 2024, transitioning from Euronav to a diversified maritime group focused on decarbonization and fleet rejuvenation [5][10][73] - The company achieved a net profit of USD 870.8 million for the full year 2024, with a significant capital gain of USD 635 million from vessel disposals [10][11][81] - CMB.TECH's total contract backlog increased to USD 2.94 billion, indicating strong future revenue potential [10] Financial Performance - In Q4 2024, CMB.TECH realized a net gain of USD 93.1 million, down from USD 406.6 million in Q4 2023 [4][11] - Revenue for the full year 2024 was USD 940.2 million, a decrease from USD 1.24 billion in 2023 [11][81] - EBITDA for Q4 2024 was USD 180.4 million, compared to USD 474.4 million in Q4 2023 [4][13] Fleet Developments - The company took delivery of 21 newbuild vessels in 2024, including various types such as Suezmaxes, dry bulk carriers, and chemical tankers [6][10] - CMB.TECH sold 10 older tankers and ordered an additional 13 new ships, further enhancing its fleet [5][10] - The company inaugurated a hydrogen production facility in Namibia and opened a Hydrogen Engine R&D Centre in Japan [5][10] Strategic Initiatives - CMB.TECH entered a share purchase agreement to acquire 40.8% of Golden Ocean Group Limited, indicating a strategic expansion into the dry bulk sector [8][67] - A landmark agreement was signed with Mitsui O.S.K. Lines for nine ammonia-fuelled vessels, aligning with industry goals for zero emissions by 2050 [5][68] - The company is actively pursuing decarbonization strategies, including the development of hydrogen-powered vessels [5][10] Market Outlook - The average daily time charter equivalent rates for VLCC and Suezmax vessels decreased in 2024 compared to 2023, reflecting market challenges [15] - CMB.TECH's focus on diversification and sustainable shipping solutions positions it well for future growth in a changing maritime landscape [5][10][73]

Core Points - CMB.TECH has signed a landmark agreement with Mitsui O.S.K. Lines and MOL CHEMICAL TANKERS for nine ammonia-powered vessels, marking a significant step towards decarbonizing the maritime industry [1][4] - The agreement includes three ammonia-fitted Newcastlemax bulk carriers and six chemical tankers, with deliveries expected between 2026 and 2029 [2][3] - This partnership increases CMB.TECH's contract backlog by 921 million USD, bringing the total backlog to 2.94 billion USD, reflecting the company's strategy of fleet rejuvenation and diversification [4] Company Overview - CMB.TECH operates over 150 seagoing vessels, including crude oil tankers, dry bulk vessels, and chemical tankers, and is involved in hydrogen and ammonia fuel production [5] - The company is headquartered in Antwerp, Belgium, and has a global presence with offices in Europe, Asia, the United States, and Africa [5] - CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol CMBT [6] Industry Context - Mitsui O.S.K. Lines is a leading shipping company with the world's second-largest fleet and the largest chemical tanker fleet, emphasizing its commitment to becoming a global social infrastructure company [6] - MOL CHEMICAL TANKERS operates the largest stainless steel tank chemical fleet, focusing on transporting a variety of liquid chemicals [7]

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]