Core Viewpoint - CMB.TECH continues its fleet rejuvenation strategy by selling older vessels and taking delivery of newbuild vessels, indicating a proactive approach to maintaining a modern and efficient fleet [1][2][3]. Fleet Update - CMB.TECH delivered five newbuilding vessels in Q3 and Q4 to date [2]. - The company sold the VLCC Dalma (2007, 306,543 dwt) for a capital gain of 26.7 million USD, with delivery scheduled for Q4 2025 [2]. - The time charter of the VLCC Donoussa (2016, 299,999 dwt) has been extended for another 11 months until October 2026 [2]. - The vessels Hakata (2010, 302,550 dwt) and Hakone (2010, 302,624 dwt) were sold, generating a total capital gain of approximately 39.3 million USD in Q3 2025 [3]. - The capesize vessel Battersea (2009, 169,390 dwt) was sold for a capital gain of 2.4 million USD, with delivery also set for Q4 2025 [4]. Estimated Time Charter Equivalent Earnings (TCE) - The estimated average daily TCE rates for various vessel types are as follows: - Newcastlemax Average rate: Q3 2025 at 27,872 USD/day, Q4 2025 to date at 30,954 USD/day (61.6% increase) [5]. - Capesize Average rate: Q3 2025 at 20,577 USD/day, Q4 2025 to date at 27,084 USD/day (50.0% increase) [5]. - Panamax/Kamsarmax Average rate: Q3 2025 at 13,437 USD/day, Q4 2025 to date at 15,814 USD/day (56.0% increase) [5]. - VLCC Average spot rate: Q3 2025 at 28,715 USD/day, Q4 2025 to date at 54,206 USD/day (30.0% increase) [5]. - Suezmax Average spot rate: Q3 2025 at 47,104 USD/day, Q4 2025 to date at 49,249 USD/day (34.0% increase) [5]. - CSOV Average time charter rate: Q3 2025 at 27,272 USD/day, Q4 2025 to date at 120,331 USD/day (83.7% increase) [7]. Company Overview - CMB.TECH is one of the largest listed, diversified maritime groups globally, operating a fleet of approximately 250 vessels, including dry bulk vessels, crude oil tankers, chemical tankers, container vessels, and offshore wind vessels [8]. - The company is headquartered in Antwerp, Belgium, with offices across Europe, Asia, the United States, and Africa [8].

Core Insights - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, highlighting its growth potential and diversification opportunities [1] - The popularity of insurance companies in the Philippines since 2014 has influenced investment strategies, leading to a broader portfolio that includes various industries and market capitalizations [1] - The entry into the US market in 2020 has allowed for comparative analysis between US and ASEAN markets, enhancing investment decision-making [1] Investment Focus - The company has diversified investments across banking, telecommunications, logistics, and hospitality sectors, indicating a strategic approach to portfolio management [1] - The shift from solely blue-chip investments to a mix of retirement holdings and trading profits reflects a dynamic investment strategy [1] - The use of platforms like Seeking Alpha for research and analysis has become integral to understanding market trends and making informed investment choices [1]

Core Insights - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, highlighting its growth potential and diversification opportunities [1] - The popularity of insurance companies in the Philippines since 2014 has influenced investment strategies, leading to a broader portfolio that includes various industries and market capitalizations [1] - The entry into the US market in 2020 has allowed for comparative analysis between US and ASEAN markets, particularly in sectors like banking, hotels, and logistics [1] Investment Strategies - Initial investments were focused on blue-chip companies, indicating a conservative approach to stock investing [1] - The diversification into different industries and market cap sizes reflects a strategic shift towards balancing long-term retirement holdings with short-term trading profits [1] - The use of platforms like Seeking Alpha for knowledge sharing and analysis has enhanced investment decision-making processes [1] Market Engagement - The logistics and shipping sectors are highlighted as key areas of investment, indicating their importance in the overall portfolio [1] - The experience in both the Philippine stock market and the US market suggests a comprehensive understanding of different market dynamics and investment opportunities [1]

Group 1: Precious Metals Market - Gold and silver prices have been rallying, with gold surging over 60% this year, driven by central bank purchases and inflows into bullion-backed ETFs [3] - Silver experienced a significant drop of more than 6% on Friday, marking its largest decline in six months after reaching an all-time high of approximately $54.50 per ounce earlier in the week [3] Group 2: Global Trade and Shipping - The global trade landscape is shifting as governments adjust trade alliances and companies seek alternative markets to mitigate the impact of high US tariffs, the highest since the 1930s [4] - Clarksons Plc forecasts a nearly 3% contraction in shipping volumes this year in the transpacific corridor, which is crucial for US-China trade, while other shipping lanes are experiencing moderate growth [4] Group 3: Pension Systems - Singapore has achieved a top-tier position in the annual global pension index for the first time, while the Netherlands maintains the number one ranking [5] - The Mercer CFA Institute Global Pension Index assesses 52 retirement systems based on adequacy, sustainability, and integrity [5]

Group 1: European Active ETF Market - The European active ETF market is experiencing significant growth, with assets doubling to €62.4 billion by August 2025, reflecting a 12% increase from the end of 2024 [3][4][9] - Major players like Royal London and M&G Plc (MNG) are entering the market, indicating increased competition and a response to rising investor demand for transparent and liquid investment products, particularly in fixed income [3][4][9] - Europe is approximately five years behind the US in active ETF adoption, suggesting substantial potential for further growth in this sector [4] Group 2: US-China Trade Dispute - A new phase in the US-China trade conflict has emerged, with both nations implementing reciprocal port fees on shipping vessels, effective October 14, leading to significant disruptions in global cargo flows [5][6][9] - The Shanghai Containerized Freight Index (SCFI) increased by 12.9%, reaching a four-week high due to the new transpacific route fees, indicating rising shipping rates and potential impacts on consumer costs [6] - Estimates suggest that 13% of crude tankers and 11% of container ships in the global fleet could be affected by these new fees, with implications for energy and grain imports [6] Group 3: On Holding AG Lawsuit - On Holding AG (ONON) is facing a class-action lawsuit from customers alleging that its shoes emit a "loud, embarrassing" squeak, raising concerns about quality control and brand reputation [7][8][9] - The company's stock has seen a decline of -3.64% over the past week and -16.24% over the last year, indicating potential financial repercussions from the lawsuit [8] Group 4: Elon Musk's xAI Developments - Elon Musk has increased his confidence in xAI's Grok 5 achieving Artificial General Intelligence (AGI), estimating a 10% and rising probability, following strong performance from Grok 4 on the ARC-AGI benchmark [10][11][9] - xAI, established in March 2023, is rapidly growing and leveraging its Colossus supercomputer cluster, with plans to launch Grok 5 potentially before the end of 2025 [11]

A United Nations-backed plan to decarbonize the shipping industry was delayed amid fierce opposition from the Trump administration https://t.co/iqPIZSZp2G ...

Environmental Regulation - The adoption of a global emissions tax for shipping was delayed [1] Political Factors - The Trump administration intensely opposed the global emissions tax for shipping, leading to the delay [1]

RT BBC Breaking News (@BBCBreaking)Landmark deal to cut global shipping emissions abandoned after Saudi Arabia and US succeed in ending talks https://t.co/tn8GGx0WW4 ...

Landmark global shipping deal suspended under US pressure https://t.co/5UsVkmRoF6 ...

The world’s shipping regulator postponed a decision on adopting a landmark charge on vessel emissions, a shock move that highlights the Trump administration’s efforts to disrupt international climate diplomacy https://t.co/ySjxEQeekq ...