Core Insights - Luda Technology Group has formed a strategic partnership with major Chinese shipbuilders to enhance the research and manufacturing of specialty-material flanges and pipe fittings for ammonia-fuelled vessels, marking a significant step towards supply chain independence in the Chinese shipbuilding sector [1][2] Group 1: Partnership Details - The partnership includes China State Shipbuilding Corporation (CSSC), Haiting (Nantong) Shipbuilding Company, and COSCO Shipping Heavy Industry Company, with Luda Taian Industrial Company supplying certified products for high-value-added ships such as LNG carriers and luxury cruise ships [2][6] - The collaboration aims to establish joint technical R&D teams to innovate in new materials, processing techniques, and digital supply chain management [3][4] Group 2: Technological Advancements - Luda Taian is testing ammonia-resistant materials, including high-nickel alloys and special stainless steels, to tackle challenges like high corrosiveness and hydrogen embrittlement risks associated with ammonia fuel [4][5] - The company is developing appropriate welding and heat treatment processes to support these new materials [4] Group 3: Strategic Vision - The CEO of Luda Technology emphasized that this collaboration is a pivotal move in transitioning from a component manufacturer to a technology solution provider, aiming to elevate the status of Chinese manufacturing in the global high-end marine equipment sector [6][7] - Continued investment in R&D is planned to ensure compliance with stringent international standards and to collaboratively define technical standards for next-generation green vessels [7]

Core Viewpoint - Golden Ocean Group Limited has successfully approved a stock-for-stock merger with CMB.TECH Bermuda Ltd., a wholly-owned subsidiary of CMB.TECH, with the merger expected to close on August 20, 2025 [2][3]. Group 1: Merger Details - The Special General Meeting of Golden Ocean shareholders took place on August 19, 2025, where all resolutions were approved [1][2]. - The merger will involve the cancellation of each outstanding common share of Golden Ocean, which will be exchanged for newly issued CMB.TECH ordinary shares at an exchange ratio of 0.95 ordinary shares of CMB.TECH for each common share of Golden Ocean [3]. Group 2: Company Profiles - CMB.TECH is a diversified maritime group operating over 160 vessels, including crude oil tankers, dry bulk vessels, and container ships, and is involved in hydrogen and ammonia fuel production [4]. - Golden Ocean specializes in the transportation of dry bulk cargoes and has a fleet of approximately 90 vessels with a total capacity of around 13.7 million deadweight tonnes [6].

Core Viewpoint - CMB.TECH NV is moving forward with a stock-for-stock merger with Golden Ocean Group Limited, having published an exemption document and a special report from the supervisory board regarding the merger [1][5]. Group 1: Exemption Document - The exemption document outlines the main features of the merger and is available on CMB.TECH's website [2]. - It is prepared for the admission of new ordinary CMB.TECH shares on Euronext Brussels and for a secondary listing on Euronext Oslo Børs [3]. - The document serves informational purposes and does not constitute an offer or solicitation for securities [4]. Group 2: Company Profiles - CMB.TECH is a diversified maritime group operating over 160 vessels, including crude oil tankers and container ships, and is involved in hydrogen and ammonia fuel production [6]. - CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol "CMBT" [7]. - Golden Ocean is a Bermuda-based shipping company specializing in dry bulk cargo transportation, with a fleet of over 90 vessels and a capacity of approximately 13.7 million deadweight tonnes [8].

Financial Data and Key Metrics Changes - The company reported a profit of $93 million for Q4 2024, bringing the full-year profit to over $870 million, marking the second consecutive year of strong performance [3][7][57] - Liquidity remains at $281 million, with a contract backlog of $2.05 billion and outstanding CapEx of $2.1 billion [4][10][57] - The company has a book equity on total assets of 30.5%, and all financial covenants are in order [4][57] Business Line Data and Key Metrics Changes - The company took delivery of seven newbuild vessels in Q4 and two additional vessels in Q1, contributing to a total of 20 newbuildings delivered over the last 12 months [10][11][119] - The fleet consists of 115 vessels at the end of Q4, with another 46 newbuilds planned, including 35 tankers and 10 bulkers [11][120] - The contract backlog includes close to $1 billion for tankers and approximately $0.5 billion each for containers and chemical tankers [12][123] Market Data and Key Metrics Changes - The tanker market is experiencing positive catalysts such as pressure on the dark fleet and OFAC sanctions, while the dry bulk market is supported by expected economic reflation in China [17][18][127] - In Q4, the average rate for VLCCs was around $37,000, while Suezmaxes averaged $38,000 [20][21] - The dry bulk market is currently under pressure due to seasonal factors, but there is optimism for recovery supported by low order book to fleet ratios [32][34] Company Strategy and Development Direction - The company is focused on diversification and decarbonization, with a strategy of selling older vessels and investing in a modern fleet [10][57][95] - The outlook for the tanker and dry bulk divisions is positive, with ongoing efforts to secure long-term contracts [57][66] - The company is actively working on new projects across all segments, with a particular focus on ammonia-powered vessels [72][73] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker and dry bulk markets, citing expected growth in oil demand and supply [22][135] - There are concerns about high stockpiles in the dry bulk market, but overall sentiment remains positive [18][128] - The company anticipates that the enforcement of sanctions will create additional opportunities in the tanker market [28][111] Other Important Information - The board decided not to declare a dividend for Q4 2024 [10][57] - The company is preparing for the operational launch of its hydrogen production facility in Namibia, expected to contribute meaningfully to revenues by 2028-2029 [99][100] Q&A Session Summary Question: How will the company manage its equity ratio covenant going forward? - The company plans to manage its equity ratio through operational profits and vessel sales, continuing to sell older vessels as needed [61][63] Question: In which segments is the company currently looking for new projects? - The company is exploring opportunities across all segments, including tankers, dry bulk, chemical tankers, and containers [64][65] Question: Has there been a change in attitude of targets since the Trump election? - Management noted no significant shift in interest in projects, with increased interest driven by advancements in ammonia-powered ships [70][71] Question: Is it technically possible to extend contracts for FSOs? - Yes, it is technically possible to extend contracts, but discussions will occur closer to the end of the current charters [77][79] Question: What is the company's strategy for securing new routes for VLCC ships? - The strategy remains focused on going where the cargo is, adapting to shifts in supply from the Middle East to the Atlantic Basin [88][92] Question: Will the trend of selling older vessels continue? - Yes, the company will continue to sell older vessels to maintain a younger fleet and invest in greener technologies [94][95] Question: When will the new site in Africa contribute to additional revenue? - The site is expected to be operational by mid-2024, but meaningful revenue contributions will not occur until 2028-2029 [99][100] Question: How does the company overcome the small float in shares for institutional buying? - The company acknowledges the low free float and aims to address it in the future, but not at any price or timing that would reduce shareholder value [108][109] Question: What could stop the dark fleet's operations? - Enforcement of sanctions is expected to create challenges for the dark fleet, making trading difficult [111][112]