Core Viewpoint - Golden Ocean Group Limited reported a significant decline in financial performance for the first quarter of 2025, attributed to a weaker market environment, lower charter rates, and increased drydocking expenses, while maintaining a positive medium-term outlook for the dry bulk shipping industry, particularly in the Capesize segment [3][5]. Financial Performance - The company recorded a net loss of $44.1 million and a loss per share of $0.22 for Q1 2025, compared to a net income of $39.0 million and earnings per share of $0.20 in Q4 2024 [5]. - Adjusted EBITDA for Q1 2025 was $12.7 million, down from $69.9 million in Q4 2024 [5]. - The adjusted net loss for Q1 2025 was $37.5 million, compared to an adjusted net income of $12.7 million in Q4 2024 [5]. - Drydocking expenses totaled $38.4 million in Q1 2025, an increase from $34.3 million in Q4 2024 [5]. Market Conditions - Reported TCE rates for Newcastlemax/Capesize and Kamsarmax/Panamax vessels were $16,827 per day and $10,424 per day, respectively, with an overall fleet TCE rate of $14,409 per day for Q1 2025 [5]. - Estimated TCE rates for Q2 2025 are approximately $19,000 per day for 69% of Newcastlemax/Capesize available days and $11,100 per day for 81% of Kamsarmax/Panamax available days [5]. - For Q3 2025, estimated TCE rates are projected at $20,900 per day for 12% of Newcastlemax/Capesize available days and $12,900 per day for 38% of Kamsarmax/Panamax available days [5]. Strategic Developments - The company is pursuing a stock-for-stock merger with CMB.TECH NV, with a term sheet already entered [5]. - Agreements were made in March and April 2025 to sell two Kamsarmax vessels for net considerations of $15.8 million and $16.8 million, respectively [5]. - A cash dividend of $0.05 per share for Q1 2025 has been announced, payable on or about June 17, 2025, to shareholders of record on June 5, 2025 [5].

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 - 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]