来源：市场资讯 （来源：海运经纪） 比利时上市船东CMB.Tech近日再度出售资产，将两艘14年船龄的超大型油轮（VLCC）以每艘高达 8900万美元的价格售出。消息人士指出，买家正是近期在油轮市场频频出手的韩国船东长锦商船 （Sinokor Maritime ）。 CMB.Tech于今日（2月9日）发布声明，确认已出售旗下两艘31.4万载重吨的VLCC，分别为"Ingrid"号 和"Ilma"号（均建于2012年）。该公司预计，在2026年第二季度船舶完成交付后，将从这笔交易中获得 约9820万美元的资本利得。 据悉，此次单船8900万美元的售价显著高于市场基准。根据克拉克森研究公司的数据，目前一艘15年船 龄VLCC的二手市场价格约为7500万美元。这笔交易凸显了市场对特定吨位船舶的强劲需求以及资产价 格的坚挺。 这已是CMB.Tech近期第二轮大规模出售类似船舶。此前，该公司宣布通过出售另外六艘建于2007年至 2016年间的VLCC，实现了2.61亿美元的收益。其中30万载重吨的"Dia"号（建于2015年），已完成所有 权转移，并更名为"Fujairah Energy"号，现归属于长锦商船旗下。 此 ...

Financial Data and Key Metrics Changes - The company reported a net profit of approximately $17 million for the quarter, with an EBITDA of $238 million and liquidity exceeding $555 million [2][3] - Capital expenditures (CapEx) are currently at $1.6 billion, with a contract backlog remaining stable at around $3 billion [3][4] - The company declared an interim dividend of $0.05 per share, payable in early January [3] Business Line Data and Key Metrics Changes - In the dry bulk segment, the company achieved a TCE of $29,500 for Newcastlemaxes in Q3, increasing to approximately $34,000 in Q4, while Capesize rates rose from $20,500 to $26,200 [12][13] - The Kamsarmax and Panamax segments saw rates improve from $13,500 in Q3 to $17,000 in Q4 [13] - The tanker division reported Q3 rates of $30,500 for VLCCs, with Q4 rates reaching $68,000 [17][18] Market Data and Key Metrics Changes - The company remains positive on tankers, dry bulk, and offshore markets, while expressing caution regarding containers and chemicals due to supply-demand imbalances [8][9] - Dry bulk demand is expected to grow, with a ton mile demand increase of 0.8% for capesizes this year, projected to ramp up to nearly 3% next year [10] - The offshore wind market is experiencing growth, although some projects have been postponed [11] Company Strategy and Development Direction - The company is focused on increasing spot exposure in dry bulk and large tankers, positioning itself to benefit from favorable market conditions [4][8] - A new multi-purpose accommodation service vessel has been ordered to enhance capabilities in both oil and gas and offshore wind markets [22][24] - The company aims to maintain a flexible dividend policy, balancing shareholder rewards with strengthening its balance sheet for future opportunities [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational leverage and free cash flow generation capacity, anticipating significant liquidity generation in the coming quarters [5][6] - The company is cautious about the container and chemical markets, expecting challenges due to high order books and supply-demand dynamics [9][20] - Management remains committed to decarbonization efforts, focusing on ammonia as a fuel choice despite delays in IMO regulations [29][50] Other Important Information - The company has successfully reduced bridge financing by $300 million and is actively working to optimize its financing portfolio [5][60] - The average age of the fleet is at historical highs, which may lead to increased scrapping in the future [15] Q&A Session Summary Question: Impact of delayed carbon pricing by IMO on dual-fuel technology demand - Management indicated that the delay does not alter their strategy, which is based on finding partners for dual-fuel technology and is supported by EU legislation [28][29] Question: Investment philosophy regarding new buildings in dry bulk and tankers - The company has invested significantly in recent years and will continue to look for opportunities, but current new building prices are considered high [30][31] Question: Dividend policy and expectations - The company maintains a fully discretionary dividend policy, with no fixed minimum or maximum dividends expected [32][33] Question: Interest expenses and one-off impacts - Elevated interest expenses were attributed to bridge financing and arrangement fees from recent acquisitions [58][59] Question: Expectations for fixed contracts and their growth - The company aims to increase fixed contract coverage but does not have a specific target due to market variability [97]

Financial Data and Key Metrics Changes - The company reported a net profit of approximately $17 million for the quarter, with EBITDA at $238 million and liquidity exceeding $555 million [2][3] - Capital expenditures (CapEx) are currently at $1.6 billion, with a contract backlog remaining stable at around $3 billion [3][4] - The company declared an interim dividend of $0.05 per share, payable in early January [3] Business Line Data and Key Metrics Changes - In the dry bulk segment, the company achieved a TCE of $29,500 for Newcastlemax vessels in Q3, increasing to nearly $34,000 in Q4 [12] - Capesize vessels reported a TCE of $20,500 in Q3, rising to $26,200 in Q4 [12] - Kamsarmax and Panamax vessels exceeded expectations with rates increasing from $13,500 in Q3 to $17,000 in Q4 [13] Market Data and Key Metrics Changes - The tanker market remains positive, with VLCC rates achieving $30,500 in Q3 and approximately $68,000 in Q4 [17] - The chemical tanker market is experiencing a decline, with limited spot exposure and a cautious outlook due to an oversupply of vessels [21] - The offshore market is seeing growth, particularly in offshore wind and oil and gas sectors, with increased demand for support vessels [11][22] Company Strategy and Development Direction - The company is focusing on increasing spot exposure in dry bulk and large tankers, positioning itself to benefit from favorable market conditions [4][8] - There is a cautious approach towards the container and chemical markets due to supply-demand imbalances [9][10] - The company is actively rejuvenating its fleet and has ordered a new multi-purpose accommodation service vessel to enhance its offshore capabilities [4][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk and tanker markets, citing strong supply-demand fundamentals [10][11] - There is caution regarding the container and chemical markets, with expectations of flat or declining demand in the near term [9][10] - The company is committed to maintaining flexibility in its dividend policy, balancing shareholder rewards with strengthening its balance sheet [32][86] Other Important Information - The company has successfully reduced bridge financing by $300 million and anticipates generating significant free cash flow in the coming quarters [5][6] - The average age of the fleet is at historical highs, which may lead to increased scrapping in the future [15] Q&A Session Summary Question: Impact of delayed carbon pricing by IMO on dual-fuel technology demand - Management indicated that the delay does not alter their strategy, which is based on finding partners for dual-fuel technology and is supported by EU legislation [28][29] Question: Investment philosophy regarding new builds in dry bulk and tankers - The company has invested significantly in recent years and will continue to look for opportunities, but new builds are currently seen as pricey [30][31] Question: Dividend policy and expectations - The company maintains a fully discretionary dividend policy, with no minimum or maximum levels set, allowing flexibility based on cash flow and market conditions [32][33] Question: Interest expenses and one-off impacts - Elevated interest expenses were attributed to bridge financing and acquisition-related costs, with plans to optimize financing in the future [58][59] Question: Expectations for fixed contracts and future growth - The company aims to increase fixed contract coverage but does not have a specific target, as it depends on market conditions [97] Question: Impact of tariffs on the company - The company reported minimal impact from tariffs, with most effects felt in the broader market rather than directly affecting its operations [96][98]

Group 1 - CMB.TECH announced the sale of the Suezmax tanker Sofia, built in 2010, for $40.1 million, expected to deliver in Q4 2025, generating approximately $20.4 million in profit [1] - This sale is part of a fleet renewal strategy led by the Saverys family, which previously disposed of five older Suezmax tankers built between 2006 and 2008 [3] - CMB.TECH's subsidiary Euronav has also been active in tanker disposals, achieving $57.1 million from the sale of the VLCC Iris in Q2 and approximately $39.3 million from two VLCCs in Q3, totaling an expected $117 million from four tanker sales this year [3] Group 2 - Following the recent merger with Golden Ocean, CMB.TECH's fleet expanded to 251 vessels, valued over $11.1 billion, with an average age of 6.1 years, making it one of the largest diversified shipping companies globally [5] - The merger added 89 bulk carriers to CMB.TECH's fleet, reinforcing its position as one of Europe's most diversified shipowners [5] - Analysts predict a potential $1.08 billion asset sale plan post-merger, involving the sale of 34 non-core and older vessels, including 7 Suezmax tankers valued at $303 million, with the Sofia sale possibly being the first step in this strategy [5]

Financial Data and Key Metrics Changes - The company reported a blended loss of $7,600,000 for Q2, with a profit of $7,700,000 from the old CMB Tech and a loss of $50,000,000 from Golden Ocean exposure [11][42] - The liquidity stands at approximately $400,000,000, with a contract backlog of about $2,900,000,000 [11][10] - The company has $1,860,000,000 in outstanding CapEx commitments, of which $1,600,000,000 is already financed [11][12] Business Line Data and Key Metrics Changes - The dry bulk division, Bossimar, has become the largest division, with 119 ships in operation [6][22] - The time charter equivalent (TCE) for the Newcastle MAXs on the CMB Tech side was $23,000 for Q2, increasing to $28,000 for Q3 to date [23][24] - The Suezmaxes achieved a TCE of $40,000 for both Q2 and Q3 to date [16] Market Data and Key Metrics Changes - The company has a market cap exceeding $2,000,000,000, with a free float of 38% [4] - The order book to fleet ratio for Suezmaxes stands at 19%, while VLCCs are at 14% [20] - Demand indicators for dry bulk are positive, with increased iron ore imports and reduced steel inventories in China [24][28] Company Strategy and Development Direction - The company aims to integrate the fleets from the merger with Golden Ocean and explore opportunities across all five divisions [50][41] - There is a focus on maintaining a modern fleet, with plans for fleet rejuvenation and potential sales of older vessels [66][67] - The company is positive on tankers and dry bulk markets, while remaining cautious on containers and chemicals [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker markets, anticipating increased oil supply and supportive conditions for the dry bulk sector [19][20] - The company is monitoring the impact of potential U.S. regulations on greenhouse gas emissions, with expectations that it could lead to increased interest in long-term charters [62][63] - The management is confident in the operational leverage and integration of the fleets post-merger, expecting positive outcomes in the coming quarters [75][76] Other Important Information - The company declared an interim dividend of €0.05, with plans to assess future dividends based on financial performance [13][48] - The merger with Golden Ocean has been completed, enhancing the company's position in the maritime sector [42][43] - The company is actively working on the infrastructure for ammonia bunkering for its new vessels [69] Q&A Session Summary Question: What is the interpretation of the dividend payment? - The board decided to initiate dividends, which will be evaluated quarterly based on financial performance and cash flow needs [48][49] Question: What will be the focus for the company post-merger? - The focus will be on integrating the fleet and exploring opportunities across all divisions while maintaining operational efficiency [50][51] Question: Can you provide details on refinancing post-merger? - The refinancing of the Golden Ocean fleet has been completed, with new covenants aligned with banks [56][58] Question: How will the U.S. presidential actions affect greenhouse gas regulations? - The impact is uncertain, but management believes there is still a good chance for the regulations to pass, which could positively influence long-term charter opportunities [60][62] Question: What is the stance on older vessels in the fleet? - The company aims to operate a modern fleet and will consider selling older vessels if good prices are offered [66][67] Question: Will iron ore volumes from Africa replace existing volumes? - It is expected that the new volumes will coexist with existing ones, potentially benefiting the market overall [72][73] Question: Are share buybacks being considered? - Share buybacks are a possibility, but the focus will be on operational performance and integration post-merger before making such decisions [74][75] Question: How does the company view the shadow fleet? - The company hopes for the shadow fleet to disappear, as it competes unfairly with the official market [79][80]

Financial Data and Key Metrics Changes - The company reported a blended loss of $7,600,000 for Q2, with a profit of $7,700,000 from the old CMB Tech and a loss of $50,000,000 from Golden Ocean exposure [12][43] - EBITDA for the quarter was €224,000,000, and the liquidity stood at approximately $400,000,000 [14][12] - The contract backlog remained stable at around $2,900,000,000, thanks to additional long-term charters from Golden Ocean [11][12] Business Line Data and Key Metrics Changes - The dry bulk division, Bossimar, has become the largest division, with 119 ships in operation [6][24] - The time charter equivalent (TCE) for the Newcastle MAXs was $18,500 per day in Q2, increasing to $23,500 in Q3 to date [25] - The chemical tanker fleet consists of six vessels, with expectations for higher rates in Q3 compared to July's $22,000 [36] Market Data and Key Metrics Changes - The tanker market is expected to benefit from OPEC+ cuts being reversed, potentially increasing oil supply and supporting tanker rates [21][22] - In the dry bulk market, indicators show positive trends with increased steel mill utilization and declining iron ore inventories [26][29] - The order book for Suezmax and VLCC stands at 19% and 14% respectively, indicating a low supply of new vessels [22] Company Strategy and Development Direction - The company aims to integrate the fleets from the merger with Golden Ocean while exploring opportunities across all five divisions [51][42] - There is a focus on maintaining a modern fleet, with plans to sell older vessels if favorable prices are available [68] - The company is positive on tankers and dry bulk markets, while remaining cautious on containers and chemicals [42][44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker and dry bulk markets, citing strong demand and limited supply [42][44] - Concerns were raised about the potential impact of U.S. political actions on greenhouse gas regulations, but management remains hopeful for the passage of IMO regulations [61][63] - The company is focused on operational integration and optimizing costs post-merger [60][44] Other Important Information - The company has a significant CapEx commitment of $1,900,000,000, with $1,600,000,000 already financed [3][12] - An interim dividend of €0.05 was declared, with plans to assess future dividends based on financial performance [14][50] Q&A Session Summary Question: What is the interpretation of the dividend payment? - Management indicated that the dividend is a discretionary policy and will be evaluated quarterly based on financial health and investment needs [49][50] Question: What will be the focus for the company post-merger? - The focus will be on integrating the fleet and exploring opportunities across all divisions while maintaining operational efficiency [51][52] Question: Can you provide details on refinancing post-merger? - The refinancing of the Golden Ocean fleet has been completed, with new covenants aligned with banks [58][59] Question: How will the U.S. presidential actions affect greenhouse gas regulations? - Management believes there is still a good chance for the regulations to pass, which could positively impact long-term charter opportunities [61][63] Question: What is the stance on older vessels in the fleet? - The company aims to operate a modern fleet and will consider selling older vessels if market conditions are favorable [68][70] Question: Will iron ore volumes from Africa replace existing volumes? - Management expects that increased iron ore volumes will be net positive for the market, although competition with existing volumes is possible [75] Question: Are share buybacks being considered? - Share buybacks are a potential tool for rewarding shareholders, but the focus will be on operational performance and integration for the next few quarters [76][77] Question: How does the company view the shadow fleet? - The company hopes for the shadow fleet to disappear due to maintenance and operational challenges, which would benefit the market [82][84]

Corporate Highlights - CMB.TECH completed its merger with Golden Ocean on August 20, 2025, significantly expanding its fleet to approximately 250 vessels, including 89 dry bulk vessels [4][6][18] - The company has declared an interim dividend of USD 0.05, payable on or about October 9, 2025 [9][10] - The Supervisory Board has undergone changes, with Mr. Marc Saverys resigning and Mr. Patrick de Brabandere appointed as chairman [6][21][22] Financial Highlights - For Q2 2025, CMB.TECH reported a net loss of USD 7.6 million, compared to a net gain of USD 184.4 million in Q2 2024 [3][6] - Revenue for Q2 2025 was USD 387.8 million, up from USD 252 million in Q2 2024, while year-to-date revenue reached USD 622.9 million compared to USD 492.4 million in the previous year [5][6] - EBITDA for Q2 2025 was USD 224.1 million, down from USD 261.2 million in Q2 2024 [3][8] Fleet Highlights - The company has a contract backlog of approximately USD 2.93 billion, providing solid revenue visibility [6][27] - CMB.TECH's fleet includes a diverse range of vessels, with over 80 hydrogen- and ammonia-ready vessels, and an estimated fair market value of approximately USD 11.1 billion [27] - The average age of the fleet is 6.1 years, indicating a young and fuel-efficient fleet [27] Market & Outlook - The tanker markets experienced volatility in Q2 2025, with average earnings reaching a five-month low in mid-June but rebounding sharply to USD 47,519/day by June 20 [30] - China's crude oil imports showed a decline in Q2 2025, reflecting a shift in the country's energy demand profile, which may have lasting implications for global oil trade [31][32] - The Capesize market remains supported by strong iron ore demand, particularly from China, which accounted for 76.4% of total seaborne iron ore volumes in H1 2025 [37]

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].