Core Viewpoint - CMB.TECH reported a profit of USD 17.3 million for Q3 2025, a significant decrease from USD 98.1 million in Q3 2024, while EBITDA increased to USD 238.4 million from USD 177.1 million year-over-year, indicating a recovery in tanker and dry bulk markets after a soft summer [4][5][6]. Financial Highlights - Revenue for Q3 2025 was USD 454.2 million, compared to USD 221.8 million in Q3 2024, with year-to-date revenue reaching USD 1.08 billion, up from USD 714.2 million in the previous year [5][6]. - The company’s contract backlog stands at USD 2.95 billion, reflecting strong future revenue potential [6]. - An interim dividend of USD 0.05 per share is proposed, expected to be paid on or about January 15, 2026 [10]. Fleet Highlights - CMB.TECH took delivery of seven new vessels in Q3 2025, including Super-Eco Newcastlemax and VLCC Atrebates, while selling two older vessels [6][14][15]. - The average daily time charter equivalent (TCE) rates for various vessel types showed mixed results, with Newcastlemax at USD 29,423/day and VLCC at USD 30,486/day for Q3 2025 [11][39]. Corporate Highlights - Changes in the Supervisory Board included the resignation of Mr. Marc Saverys and Mrs. Julie De Nul, with Mr. Carl Steen and Mrs. Gudrun Janssens appointed as new members [12][13]. - The company continues to focus on rejuvenating and decarbonizing its fleet, with ongoing sales and acquisitions of vessels [5][6]. Market & Outlook - The dry bulk market is expected to benefit from increased iron ore imports to China, despite a decrease in domestic steel production, indicating a bullish outlook for seaborne trade [19][20]. - The tanker market is supported by rising global oil supply, with OPEC+ increasing production, which may lead to improved freight rates [26][29]. - The chemical tanker market remains stable, with expectations of modest recovery in volume growth in 2026 [36][37].