Financial Performance & Highlights - Adjusted EBITDA for Q1 2025 was USD 111.9 million[11] - Adjusted Net Income for Q1 2025 was USD 40.4 million[11,14] - Net Income for Q1 2025 was USD -6.1 million[11] - Contract backlog increased by USD 921 million to USD 2.94 billion[11,15] - Liquidity stands at USD 345.1 million (excluding commercial paper)[11] - Equity on Total Assets is 31.9%[11] Strategic Initiatives - A term sheet has been signed for a proposed merger between CMB.TECH and Golden Ocean[15] - CMB.TECH increased its contract backlog by USD 921 million, reaching a total of USD 2.94 billion[15] - The company sold three VLCCs in Q1 2025, generating a capital gain of approximately USD 96.7 million expected in Q2 and Q3 2025[15] - Previously announced sales generated a capital gain of USD 46.25 million[15] Marine Division Market Update - Tankers: Positive outlook with tonne-mile crude oil demand increasing by 0.1% in 2025 and 0.6% in 2026[46] - Dry-Bulk: Positive outlook with China real GDP growth (including de-escalated tariff effect) increasing by 4.6% in 2025 and 3.8% in 2026[46]