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]
CMB.TECH announces final year results