Financial Performance - For Q4 2025, CMB.TECH reported a net gain of USD 90.1 million, or USD 0.31 per share, compared to a net gain of USD 93.1 million, or USD 0.48 per share in Q4 2024[5]. - EBITDA for Q4 2025 was USD 322.1 million, significantly up from USD 180.4 million in Q4 2024[5]. - Revenue for Q4 2025 reached USD 589.1 million, a substantial increase from USD 226.0 million in Q4 2024[10]. - Total revenue for 2025 reached $1,666,223, an increase of 77.5% compared to $940,246 in 2024[79]. - Total shipping income for 2025 was $1,888,404, up from $1,625,925 in 2024, reflecting a growth of 16.2%[79]. - Profit for the period decreased to $140,144 in 2025 from $870,829 in 2024, a decline of 83.9%[81]. - Basic earnings per share dropped to $0.70 in 2025 from $4.44 in 2024, a decrease of 84.2%[79]. Assets and Liabilities - Total assets increased significantly to $8,405,574 in 2025, up from $3,905,046 in 2024, marking a growth of 115.5%[76]. - Non-current liabilities rose to $4,721,438 in 2025 from $2,320,066 in 2024, an increase of 103.4%[76]. - Total equity attributable to owners of the company reached $2,624,322 in 2025, up from $1,192,324 in 2024, a growth of 104.0%[76]. - Cash and cash equivalents at the end of 2025 were $146,529, compared to $38,869 at the end of 2024, an increase of 276.5%[89]. Operational Highlights - The company's contract backlog increased by USD 304 million to USD 3.05 billion, bolstered by new long-term charters[7]. - CMB.TECH sold eight VLCCs at high prices and completed the sale of its stake in the Tankers International Pool on 27 January 2026[7][19]. - CMB.TECH fully repaid a bridge loan facility related to the acquisition of a stake in Golden Ocean, demonstrating efficient transaction execution[8]. - The company fully repaid the USD 1.4 billion bridge loan for the Golden Ocean acquisition, resulting in an estimated USD 41.9 million in interest savings for 2026[23]. - The company experienced nonrecurring costs totaling approximately USD 15 million due to various refinancing and operational adjustments in Q4 2025[15]. Market and Industry Trends - The projected iron ore discharge to mainland China in 2026 is expected to rise to 1,361 million tonnes, a 2.5% year-on-year increase[35]. - Chemical tanker demand is closely tied to global GDP growth, with seaborne trade volumes declining by 0.8% in 2025[52]. - The global chemical tanker orderbook represents 18.8% of the existing fleet, with 26% of vessels aged 20 years or older[53]. - Container fleet capacity is projected to expand by 4.5% in 2026, accelerating to 6.4% by 2027, outpacing expected volume growth[49]. - Red Sea disruptions are currently adding 11.0% to global TEU-mile demand, impacting earnings and utilization[50]. Shipping Rates and Earnings - The average daily time charter equivalent rate for VLCCs in Q4 2025 was USD 74,842, up from USD 37,400 in Q4 2024[18]. - VLCC spot earnings in Q4 2025 averaged about USD 102,414/day, more than double the 10-year Q4 average of USD 47,986/day[42]. - Suezmax spot earnings in Q4 2025 averaged USD 77,370/day, nearly double the 10-year Q4 average of USD 43,507/day[42]. - Suezmax average TCE for Q4 2025 was USD 64,543 per day, with Q1 2026 quarter-to-date at USD 61,809 per day (87% fixed)[47]. - CSOVs achieved TCE of USD 108,046 per day in Q4 2025, with Q1 2026 spot rates to-date at USD 69,900 per day (50% fixed)[67]. - CTVs achieved TCE of USD 2,883 per day in Q4 2025, with Q1 2026 spot rates to-date at USD 2,472 per day (68.8% fixed)[67]. Future Expectations - The company expects a capital gain of approximately USD 98.2 million from the sale of two VLCCs in Q2 2026[29]. - The Capesize and Newcastlemax orderbook currently stands at 12.4% of the active fleet, with estimated demand growth in 2026 of 2.7% in billion tonne miles[38]. - Bauxite shipments from Guinea reached 47 million tonnes in Q4 2025, up approximately 7 million tonnes year-on-year, with 91% shipped to mainland China[36]. - VLCC average TCE for Q4 2025 was USD 74,842 per day, with Q1 2026 quarter-to-date at USD 74,465 per day (78% fixed)[47]. - The Suezmax OB/F is 22.1%, and VLCC OB/F is 18.8%, indicating fleet supply growth[46]. - Approximately 18-19% of the existing fleet is aged 20 years or older, suggesting potential for elevated scrapping[46].
Euronav NV(CMBT) - 2025 Q4 - Annual Report