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]
CMB.TECH announces Q4 2024 results