CMB.TECH NV reported its final financial results today for the full year ended 31 December 2024.
HIGHLIGHTS 2024
•Profit of USD 93.1 million in Q4 2024 bringing full year profit to USD 870.8 million
•Total contract backlog increased to USD 2.94 billion
•Name change from Euronav to CMB.TECH (ticker symbol CMBT)
•CMB.TECH focused on its fleet rejuvenation with 21 newbuild deliveries
•Further fleet expansion with 1 container vessel, 2 dry bulk carriers, 2 product tankers, 6 chemical tankers and 2 CTVs contracted in 2024 & Q1 2025
•Sale of 6 older Suezmaxes, 4 older VLCCs and 1 container vessel
•New hydrogen engine R&D Center in Japan
•Sale of Euronav Ship Management Hellas (ESMH) to Anglo- Eastern Univan Group
HIGHLIGHTS Q1 2025
•CMB.TECH joins forces with MOL to jointly own and charter a total of 9 ammonia-fuelled vessels
•Share purchase agreement with Hemen Holding Limited for the acquisition of 81,363,730 shares in Golden Ocean Group Limited
For the fourth quarter of 2024, the company realised a net gain of USD 93.1 million or USD 0.48 per share (fourth quarter 2023: a net gain of USD 406.6 million or USD 2.01 per share). EBITDA (a non-IFRS measure) for the same period was USD 180.4 million (fourth quarter 2023: USD 474.4 million).
Alexander Saverys (CEO) said:
“In 2024, Euronav became CMB.TECH. We transitioned from being a pure-play crude oil carrier to a future-proof and diversified maritime group. Our strategy of diversification and decarbonisation is in full swing: we have taken delivery of 21 newbuildings, we have sold 10 older tankers, we have ordered 13 new ships, we have inaugurated our hydrogen production facility in Walvis Bay (Namibia) and we have opened our Hydrogen Engine R&D Centre in Japan. In the first quarter of 2025, we acquired the shares of Golden Ocean from Hemen Holding Ltd. and signed a landmark agreement with MOL for nine ammonia-fuelled ships, which is an important milestone towards the shipping industry’s goals of achieving zero emissions by 2050. More than ever, we are decarbonising today to navigate tomorrow!”
CMB.TECH FLEET DEVELOPMENTS RECAP 2024
In 2024, CMB.TECH focused on its fleet rejuvenation with 21 newbuild deliveries (3 Suezmaxes, 8 dry bulk carriers, 4 container vessels, 4 chemical tankers, and 2 CTVs) and the sale of 6 older Suezmaxes, 4 older VLCCs and one container vessel. Furthermore, the company also ordered an additional 7 vessels (2 Newcastlemaxes, 2 product tankers, one container vessel and 2 CSOVs).
VESSELS CAPITAL GAIN IN USD
The total capital gain in 2024 amounted to USD 635.0 million and in Q1 2025 the capital gain will amount to approximately USD 46.5 million.
CORPORATE UPDATE
CMB.TECH has entered into a share purchase agreement with Hemen Holding Limited for the acquisition of 81,363,730 shares in Golden Ocean Group Limited (representing ca. 40.8% 1 of Golden Ocean’s outstanding shares and votes which includes all Golden Ocean shares controlled by Hemen), at a price of USD 14.49 per share.
On 21 March 2025, Golden Ocean Group Limited announced the appointment by the Board of Directors of Mr. Patrick De Brabandere and Mr. Patrick Molis as Directors of the Company. Taking into account these changes, the Board of Directors currently consists of Mr. James O’Shaughnessy, Ms. Tonesan Amissah, Mr. Patrick De Brabandere and Mr. Patrick Molis.
Difference between Q4 2024 preliminary results and Q4 2024 final results
The only difference is situated in the balance sheet which is related to a netting of deferred tax assets and liabilities for an amount of USD 6.6 million.
Independent auditor’s procedures
The statutory auditor, BDO Bedrijfsrevisoren – Réviseurs d’Entreprises, represented by Veerle Catry, has confirmed that the audit procedures, which have been in relation to the financial information for the year ended 31 December 202 4 in accordance with the International Standards on Auditing are substantially completed and have not revealed any material corrections required to be made to the financial information included in the company’s annual announcement.
29 March 2024
CMB.TECH announced it had purchased on NYSE and on Euronext Brussels a total of 2,620,931 of its own shares.
8 April 2024
CMB.TECH announced it had purchased on NYSE and on Euronext Brussels a total of 412,926 of its own shares.
12 April 2024
The group took delivery of the Bochem Casablanca (2024 – 25,000 dwt).
15 April 2024
CMB.TECH announced it had purchased on NYSE and on Euronext Brussels a total of 263,771 of its own shares.
16 April 2024
CMB.TECH and Anglo-Eastern Univan Group (“Anglo-Eastern”) announced a Heads of Agreement (“HoA”) for the sale and purchase of Euronav Ship Management Hellas (“ESMH”), Euronav (now CMB.TECH)’s ship management arm.
2 May 2024
Cleanergy Solutions Namibia (a joint venture between CMB.TECH and the Ohlthaver & List Group) welcomed His Majesty the King of the Belgians and His Excellency dr. Nangolo Mbumba, President of the Republic of Namibia to Cleanergy’s hydrogen production and refuelling station in Walvis Bay, Namibia.
13 May 2024
CMB.TECH took delivery of the CMA CGM Baikal.This ship had been previously sold and a capital gain of USD 15.6 million was booked in Q2 2024.
16 May 2024
The group held its General Meeting of Shareholders.
23 May 2024
CMB.TECH and Damen signed a collaboration agreement on four hydrogen-powered ASD Tugs. Built by Damen, these vessels will use CMB.TECH’s innovative dual fuel hydrogen technology that will significantly reduce emissions.
24 May 2024
The group took delivery of Windcat 57, the first CTV of the new hydrogen-powered MK5 series.The vessel is deployed in Scotland.
10 June 2024
FRS Windcat Polska, together with Gdansk based shipyard ALU International, has ordered two hydrogen-powered newbuild CTVs, dedicated to the Polish offshore wind industry.
18 June 2024
The group successfully completed the sale of Euronav Ship Management Hellas (ESMH) to Anglo- Eastern.
24 June 2024
CMB.TECH took delivery of the fifth super-eco Newcastlemax Mineral Deutschland (2024 – 210,000 dwt).
28 June 2024
CMB.TECH took delivery of the Bochem Shanghai (2024 – 25,000 dwt).
2 July 2024
The Extraordinary General meeting approved the name change from Euronav to CMB.TECH.
15 July 2024
The group changed its ticker from EURN to CMBT.
5 August 2024
The Newcastlemax Mineral Italia (2024 – 210,000 dwt) was delivered.
6 August 2024
The container vessel CMA CGM Etosha (2024 – 6,000 TEU) was delivered.
8 August 2024
The chemical tanker Bochem New Orleans (2024 – 25,000 dwt) was delivered.
28 August 2024
The Newcastlemax Mineral Danmark (2024 – 210,000 dwt) was delivered.
4 September 2024
JPNH₂YDRO, a joint venture between CMB.TECH, TSUNEISHI Facilities & Craft and Kambara Kisen, held an official ceremony to inaugurate the new hydrogen engine R&D Center.
26 September 2024
CMB.TECH sold two Suezmax vessels, Statia (2006, 150,205 dwt) & Sapphira (2008, 150,205 dwt) to a wholly owned subsidiary of CMB NV as part of the fleet rejuvenation.
1 October 2024
The name change of Euronav NV to CMB.TECH NV, which was approved by shareholders at the Extraordinary General Meeting of Euronav NV on 2 July 2024, became effective.
7 October 2024
The Suezmax Helios (2024 – 156,790 dwt) was delivered.
8 October 2024
The Newcastlemax Mineral Eire (2024 – 210,000 dwt) was delivered.
15 October 2024
The Newcastlemax Mineral Hellas (2024- 210,000 dwt) was delivered.
15 October 2024
The chemical tanker Bochem Brisbane (2024 – 25,000 dwt) was delivered.
16 October 2024
The container vessel CMA CGM Dolomites (2024 – 6,000 TEU) was delivered.
23 October 2024
CMB reopened its Belgian public takeover bid on all shares in CMB.TECH not already owned by CMB or persons affiliated with it.
Events occurring after the end of the financial year ending 31 December 2024
On 31 December 2024, CMB.TECH has sold the Suezmax Cap Lara (2007, 158,826 dwt).The sale will generate a capital gain of USD 18.78 million. The vessel was delivered to its new owner on 10 March 2025.
On 7 January 2025, the Company took delivery of Newcastlemax Mineral Portugal (2025 – 210,754 dwt).
On January 13, 2025, Windcat Workboats International BV, a subsidiary of CMB.TECH, has ordered a newbuild hydrogen-powered (dual fuel) multifunctional harbour utility vessel (MPHUV) with Neptune Construction. Delivery is scheduled end 2025, beginning 2026.
On 23 January 2025, the Company took delivery of Newcastlemax Mineral Osterreich (2025 – 210,761 dwt).
On 27 January 2025, the VLCC Alsace (2012 – 299,999 DWT) has successfully been delivered to its new owner. A capital gain of approximately USD 27.46 million will be accounted for in Q1 2025.
The Windcat 6 has also been sold, after 18 years of service.The sale will generate a capital gain of 0.25 million USD. The vessel was delivered to its new owner in Q1 2025.
On 4 March 2025, CMB.TECH NV announced that it has entered into a share purchase agreement with Hemen Holding Limited for the acquisition of 81,363,730 shares in Golden Ocean Group Limited (representing ca. 40.8% 2 of Golden Ocean’s outstanding shares and votes which includes all Golden Ocean shares controlled by Hemen), at a price of USD 14.49 per share.
On 24 March 2025, CMB.TECH announced that it has signed an agreement with Mitsui O.S.K. Lines, Ltd. (“MOL”) and MOL CHEMICAL TANKERS PTE. LTD. (“MOLCT”) for nine ammonia-powered vessels. These vessels will be among the world’s first ammonia-powered Newcastlemax bulk carriers and chemical tankers. The delivery of these ships is expected between 2026 and 2029.Three ammonia-fitted 210.000 dwt Newcastlemax bulk carriers currently on order at Qingdao Beihai Shipyard will be jointly owned by CMB.TECH and MOL and chartered to MOL for a period of 12 years each. Six chemical tankers – two ammonia fitted and four ammonia-ready – have been ordered at China Merchants Jinling Shipyard (Yangzhou) by CMB.TECH and chartered to MOLCT for 10 and 7 years each respectively.
On 21 March 2025, Golden Ocean Group Limited announced the appointment by the Board of Directors of Mr. Patrick De Brabandere and Mr. Patrick Molis as Directors of the Company. Taking into account these changes, the Board of Directors currently consists of Mr. James O’Shaughnessy, Ms. Tonesan Amissah, Mr. Patrick De Brabandere and Mr. Patrick Molis.
In March 2025, the Company took delivery of the CTV Hydrocat 60.
Financial calendar 2025
10 April 2025
Annual report 2024 available on the website
14 May 2025
Announcement of first quarter results 2025
15 May 2025
Annual General Meeting of Shareholders
7 August 2025
Announcement of second quarter results 2025
14 August 2025
Half year report 2025 available on website
13 November 2025
Announcement of third quarter results 2025
26 February 2026
Announcement of fourth quarter results 2025
The Supervisory Board, represented by Marc Saverys, its Chairman, and the Management Board, represented by Alexander Saverys, Chief Executive Officer, and Ludovic Saverys, Chief Financial Officer, hereby confirm, in the name and for account of CMB.TECH that, to the best of their knowledge the consolidated financial statements as of and for the year ended 31 December 2024 presented herein were established in accordance with applicable accounting standards (IFRS as adopted by the EU) and give a true and fair view, as defined by these standards, of the assets, liabilities, financial position and results of CMB.TECH NV.
Full Report
Source: CMB.TECH