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]

Core Insights - Australia's coal exports have shown a significant decline, with May 2025 exports at 25.1 million tons, down 14.7% year-on-year and 5.4% month-on-month, marking the second consecutive month of substantial declines [1] - Cumulative coal exports from January to May 2025 reached 130 million tons, reflecting a year-on-year decrease of 9.07% [2] Group 1: Export Performance - In May 2025, Australia's thermal coal exports fell sharply to 12.6 million tons, a decrease of 21.5% from April and 22.8% compared to the same month last year [3] - From January to May, non-coking coal exports totaled 7.3 million tons, down 8.2% from 7.98 million tons in the same period last year, indicating ongoing global demand weakness [6] Group 2: Demand from Major Buyers - The slowdown in Australia's coal exports is primarily attributed to reduced demand from key Asian buyers, with Japan's imports dropping 40% to 2.76 million tons, and Vietnam's imports decreasing 26.5% to 1.04 million tons [7] - China remains the largest importer but saw a 9.1% decline in imports to 4.96 million tons, while South Korea experienced the largest drop of 70%, importing only 360,000 tons [7] Group 3: Port Performance - Newcastle port, Australia's largest thermal coal export facility, shipped 8.71 million tons in May, a significant decrease of 24.8% from April [7] - Gladstone port showed a strong rebound with a 23.8% increase to 1.33 million tons, while Brisbane port's exports fell 43.5% to 330,000 tons [8] Group 4: Future Outlook - The continuous monthly and yearly decline in export volumes highlights the severe challenges facing Australia's non-coking coal industry, with weakening import demand from key Asian markets and unstable port performances indicating a cautious outlook [9]

Core Viewpoint - The Trump administration proposes to repeal the Biden-era regulations on emissions of carbon dioxide, mercury, and other pollutants from power plants, arguing that such environmental regulations hinder industrial growth and energy production [1] Group 1: Regulatory Changes - The Environmental Protection Agency (EPA) under Trump aims to roll back restrictions implemented during the Biden administration [1] - This move is part of a broader effort by the Trump administration to relax environmental regulations [1] Group 2: Economic Implications - The EPA claims that the repeal will save the industry approximately $120 million annually [1] - Power and mining companies have welcomed the proposed repeal, indicating potential benefits for their operations [1] Group 3: Environmental Concerns - Environmental organizations have strongly criticized the proposal, arguing that the damage to the environment and public health will outweigh the economic savings [1]