Financial Data and Key Metrics Changes - The company reported a profit of approximately $40 million for Q1 2025, but excluding capital gains, the net income would have been a loss of $6 million [3] - Liquidity at the end of March was $345 million, with a contract backlog nearing $3 billion, having added roughly $1 billion in the first quarter [4] - Capital expenditures (CapEx) remained at $2.2 billion, with equity on total assets at 31.9% [4] Business Line Data and Key Metrics Changes - In the tanker segment, average earnings were $40,000 per day in Q1, increasing to approximately $43,000 per day in Q2 [7] - The bulkers experienced weaker performance in Q1, with Newcastlemaxes earning $18,000 per day, but improving to $24,000 in Q2 [8] - Chemical tankers are primarily under long-term contracts, with earnings on the spot market around $20,000 per day [28] Market Data and Key Metrics Changes - The tanker market is expected to remain positive due to a flat growth forecast in ton miles for crude oil and a historically low order book [22] - The dry bulk market is anticipated to improve in the second half of the year, with positive trends in iron ore trade from Brazil [36] - The container market is cautious due to tariffs and geopolitical issues, with a high order book of around 30% [27] Company Strategy and Development Direction - The proposed merger with Golden Ocean aims to create a leading diversified maritime group, increasing the fleet to 250 vessels and enhancing the contract backlog [10] - The company is focusing on diversification and decarbonization, with significant contracts signed for ammonia-powered vessels [5] - The strategy includes a strong emphasis on decarbonization, aligning with regulatory changes such as MEPC 83 [14] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker and dry bulk markets despite current challenges, citing an aging fleet and low order book as positive indicators [30][24] - The company is confident that the merger with Golden Ocean will enhance financial stability and support ongoing investments in hydrogen and ammonia projects [82] - Management highlighted the importance of modern, efficient vessels to outperform competitors in a commoditized market [90] Other Important Information - The company decided not to declare a dividend for Q1 2025, focusing on growth and investment opportunities [6] - The fleet currently consists of 113 vessels, with plans to grow to approximately 150 vessels by the end of 2026 [6] Q&A Session Summary Question: Can you discuss the ammonia solution and the status of your ammonia-powered ships? - Management highlighted the positive outlook for ammonia as a fuel choice, with ongoing discussions for retrofitting existing vessels and new builds [52][54] Question: Is the pro forma free cash flow including debt repayments? - Yes, it includes debt repayments and indicates a strong cash flow generation even in bearish scenarios [57][58] Question: What are the plans to improve revenue in the dry bulk sector? - The company is focusing on building modern vessels and leveraging the scale from the Golden Ocean merger to enhance revenue opportunities [91][92] Question: Why was no dividend declared despite industry peers paying dividends? - The company has a discretionary dividend policy, prioritizing growth and investment opportunities over immediate dividend payouts [95][96]

Financial Performance - Total shipping income for the first half of 2024 reached $1,033,169, a significant increase of 42.5% compared to $724,948 in the same period of 2023[18]. - Profit for the period was $679,620, representing a 101.5% increase from $336,866 in the first half of 2023[20]. - Basic and diluted earnings per share increased to $3.43, up from $1.67 in the prior year, reflecting a growth of 105.4%[18]. - The profit before income tax for the total group was USD 683.98 million as of June 30, 2024, compared to USD 335.05 million for the same period in 2023[75]. - The company reported a result attributable to ordinary shares of USD 679.6 million for the six months ended June 30, 2024, compared to USD 336.9 million for the same period in 2023[130]. Assets and Liabilities - Total non-current assets increased to $2,887,806 thousand as of June 30, 2024, up from $1,787,543 thousand at December 31, 2023, representing a growth of 61.6%[15]. - Total assets reached $3,731,649 thousand, compared to $3,419,280 thousand at the end of 2023, indicating an increase of 9.1%[16]. - Equity attributable to owners of the Company fell to $1,226,680 thousand from $2,357,373 thousand, a decrease of 47.9%[16]. - Non-current liabilities surged to $1,890,937 thousand, up from $637,154 thousand, marking an increase of 196.5%[17]. - Current liabilities rose to $614,032 thousand from $424,753 thousand, reflecting a growth of 44.5%[17]. Cash Flow and Financing - Cash and cash equivalents decreased to $343,899 thousand from $429,370 thousand, a decline of 19.9%[16]. - The company reported a net cash from operating activities of $266,789, a decrease of 33.5% compared to $401,580 in the same period last year[29]. - The Company has a total of $1,212,215 thousand in bank loans, a substantial increase from $362,235 thousand, representing a growth of 234.5%[16]. - Total interest-bearing loans and borrowings as of June 30, 2024, were USD 2.4 billion, with new loans amounting to USD 1.37 billion during the first half of 2024[137]. - The total amount of bank loans as of June 30, 2024, was USD 2.34 billion, with various loans maturing between 2025 and 2038[140]. Investments and Acquisitions - Euronav acquired 100% of CMB.TECH NV for a total purchase price of USD 1.15 billion in cash[51]. - The total identifiable net assets acquired from CMB.TECH amounted to USD 356.0 million, with an adjustment of USD 797 million recognized in retained earnings due to the difference between consideration paid and identifiable net assets[196]. - Since the acquisition, CMB.TECH contributed revenue of USD 67.9 million and a gain of $13.7 million to Euronav's consolidated results for the six months ended June 30, 2024[197]. - The company recorded a capital gain of USD 372.7 million from the sale of 13 VLCC tankers delivered in 2024[78]. - The company incurred approximately USD 1.0 million in acquisition-related costs for the CMB.TECH transaction, which were expensed as incurred[198]. Operational Highlights - The Company reported a significant increase in vessels' value, with total vessels valued at $2,035,607 thousand, up from $1,629,570 thousand, a rise of 24.9%[15]. - The Company took delivery of the super-eco Newcastlemax Mineral France, with a deadweight of 210,000 dwt[64]. - The Company took delivery of the Windcat 57, the first hydrogen-powered CTV, deployed in Scotland[70]. - The average Time Charter Equivalent (TCE) rates for VLCCs decreased to USD 45,600/day in H1 2024 from USD 53,100/day in H1 2023[80]. - The Marine division generated revenue of USD 425.2 million for the six months ended June 30, 2024, a decrease from USD 688.1 million in the same period of 2023[80]. Dividends and Shareholder Returns - The company declared dividends totaling $887,571, significantly higher than $369,491 in the first half of 2023[26]. - A proposal for a cash distribution of USD 1.15 per share has been made, consisting of a dividend of USD 0.27 per share and a repayment from the share issue premium of USD 0.88 per share[126]. - Total dividends declared in the first six months of 2024 amounted to USD 887.6 million, with USD 903.3 million paid out during the same period[128]. - The full year dividend for 2023 was approved at USD 4.57 per share, consisting of a USD 0.27 cash dividend and a USD 4.30 share premium[127]. - Euronav owned 25,807,878 of its own shares as of June 30, 2024, an increase from 17,790,716 shares owned on December 31, 2023, with 8,017,162 shares purchased in the first half of 2024[125]. Compliance and Regulatory - The Company is focusing on new technology and environmental regulations compliance as part of its strategic initiatives[12]. - The Group has adopted all new and revised Standards and Interpretations issued by the IASB effective for the accounting year starting January 1, 2024[50]. - The Group has not applied any new IFRS requirements that are not yet effective as of June 30, 2024[50]. - The Group's hedging instruments have been measured at fair value, with effective changes recognized in other comprehensive income, reflecting the management of interest rate and foreign exchange risks[114]. - The Group's liquidity management strategy aims to ensure sufficient liquidity to meet financial obligations, with a diversified financing approach[166].