CMB.TECH announces Q2 2025 results
CMB.TECH ANNOUNCES Q2 2025 RESULTSMERGER WITH GOLDEN OCEAN COMPLETED
ANTWERP, Belgium, 28 August 2025, CMB.TECH NV ("CMBT", "CMB.TECH" or "the Company") (NYSE:CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO)) reported its unaudited financial results today for the second quarter ended 30 June 2025.
HIGHLIGHTS
Corporate highlights:
CMB.TECH completed the merger with Golden Ocean on 20 August
CMB.TECH is listed on NYSE (CMBT), EURONEXT Brussels (CMBT) and EURONEXT Oslo (CMBTO)
Supervisory Board changes: resignation of Mr. Marc Saverys, appointment of Debemar BV, permanently represented by Mr. Patrick De Brabandere as chairman and cooptation of Mrs. Gudrun Janssens
Financial highlights:
Net loss of -7.6 million USD in Q2 2025
CMB.TECH's contract backlog stands at 2.93 billion USD
Interim dividend declared of 0.05 USD, payable on or about 9 October
Fleet highlights:
Following the merger, CMB.TECH owns and operates a combined diversified fleet of around 250 vessels, including dry bulk vessels, crude oil tankers, chemical tankers, container ships, offshore wind vessels and port vessels.
Delivery of 8 newbuilding vessels (Q2, Quarter to date):
Super-Eco Newcastlemax: Mineral Suomi, Mineral Sverige, Mineral Polska, Mineral Cesko and Mineral Slovensko
CSOV: Windcat Rotterdam
CTV: TSM Windcat 59, Windcat 58
Previously announced sale of VLCC Iris (2012- 314,000 dwt) generated a capital gain of approx. 57.1 million USD during Q2.
Delivery of Hakata (2010 - 302,550 dwt) & Hakone (2010 - 302,624 dwt) to its new owners as part of CMB.TECH's fleet rejuvenation strategy. The sales will generate a total capital gain of approx. 39.3 million USD in Q3 2025.
Sale of Sofia (2010 - 165,000 dwt). Delivery will be in Q4 2025. The sale will generate a capital gain of 20.4 million USD in Q4 2025.
For the second quarter of 2025, the Company reported a net loss of USD 7.6 million or USD -0.04 per share (second quarter 2024: a net gain of 184.4 USD million or USD 0.95 per share). EBITDA (a non-IFRS measure) for the same period was USD 224.1 million (second quarter 2024: USD 261.2 million).
Commenting on the Q2 results, Alexander Saverys (CEO) said:
"We reached a big milestone for our company with the recent completion of the merger with Golden Ocean, adding 89 dry bulk vessels, and bringing our total fleet to around 250 ships. Our newbuilding delivery programme continues unabated with the delivery of 8 vessels: 5 super-eco Newcastlemaxes, two CTVs and our first CSOV. We also concluded another commercial agreement for our ammonia-powered Newcastlemaxes, this time with Fortescue. CMB.TECH's modern fleet is well positioned to create a lot of value in the months to come, particularly thanks to our exposure to strong tanker and dry bulk markets."
Key figures
The most important key figures (unaudited) are:
(in thousands of USD)
Second Quarter 2025
Second Quarter 2024
YTD 2025
YTD 2024
Revenue
387,808
252,000
622,852
492,377
Other operating income
13,021
30,649
20,155
38,245
Raw materials and consumables
(2,319)
(435)
(5,128)
(1,678)
Voyage expenses and commissions
(81,338)
(48,986)
(123,742)
(85,903)
Vessel operating expenses
(113,644)
(50,541)
(175,473)
(100,013)
Charter hire expenses
(1,307)
1
(1,620)
(17)
General and administrative expenses
(33,548)
(18,581)
(56,395)
(36,287)
Gains on disposal of vessels/ other tangible assets
57,340
94,985
103,791
502,547
Depreciation
(108,698)
(41,639)
(164,369)
(81,877)
Impairment losses
(3,573)
—
(3,573)
—
Net finance expenses
(118,225)
(30,540)
(182,440)
(45,980)
Share of profit (loss) of equity accounted investees
1,622
2,029
1,571
2,570
Profit (loss) before income tax
(2,861)
188,942
35,629
683,984
Income tax benefit (expense)
(4,723)
(4,572)
(2,840)
(4,364)
Profit (loss) for the period
(7,584)
184,371
32,789
679,620
Attributable to:
Owners of the Company
7,768
184,371
51,766
679,620
Non-controlling interest
(15,352)
—
(18,977)
—
Information per share:
(in USD per share)
Second Quarter 2025
Second Quarter 2024
YTD 2025
YTD 2024
Weighted average number of shares (basic) *
194,216,835
194,250,949
194,216,835
197,886,375
Profit (loss) for the period
-0.04
0.95
0.17
3.43
The number of shares issued on 30 June 2025 is 220,024,713. However, the number of shares excluding the owned shares held by CMB.TECH at 30 June 2025 is 194,216,835.
EBITDA reconciliation (unaudited):
(in thousands of USD)
Second Quarter 2025
Second Quarter 2024
YTD 2025
YTD 2024
Profit (loss) for the period
(7,584)
184,371
32,789
679,620
+ Net interest expenses
118,225
30,626
182,440
45,886
+ Depreciation of tangible and intangible assets
108,698
41,639
164,369
81,877
+ Income tax expense (benefit)
4,723
4,572
2,840
4,364
EBITDA (unaudited)
224,062
261,208
382,438
811,747
EBITDA per share:
(in USD per share)
Second Quarter 2025
Second Quarter 2024
YTD 2025
YTD 2024
Weighted average number of shares (basic)
194,216,835
194,250,949
194,216,835
197,886,375
EBITDA
1.15
1.34
1.97
4.10
All figures, except for EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited by the statutory auditor.
Interim dividend
CMB.TECH has declared an Interim Dividend of 0.05 USD.
The timing of the distribution of this Interim Dividend is as follows:
COUPON 43
Ex-dividend date
Record date
Payment date
Euronext
1 October 2025
2 October 2025
9 October 2025
NYSE
2 October 2025
2 October 2025
9 October 2025
OSE
1 October 2025
2 October 2025
on or about 9 October 2025
The New York Stock Exchange ("NYSE") settles its trades on a T+1 basis, while Euronext Brussels ("Euronext") and the Euronext Oslo Børs ("OSE") settle its trades on a T+2 basis. As a result, there will be different ex-dividend dates between the exchanges.
Due to the implementation of CSDR in Norway, the Dividend payable on common shares that are registered in the VPS settlement system in order to be traded on OSE is expected to be distributed to VPS shareholders on or about 9 October 2025.
The Interim Dividend is, in its entirety, subject to 30% withholding tax to the extent that no exemption or reduction applies. The Company encourages you to contact your bank, broker, nominee or other institution if you have any questions regarding the mechanics and timing of having the Dividend attributable to your common shares credited to your account.
TCE
The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows:
In USD per day
Q2 2025
Q2 2024
First semester 2025
First semester 2024
TANKERS
VLCC
Average spot rate (in TI Pool)*
44,981
50,500
39,774
45,600
Average time charter rate**
46,094
47,000
46,114
46,700
SUEZMAX
Average spot rate***
40,160
49,500
40,314
54,600
Average time charter rate
33,023
30,750
32,845
30,700
DRY-BULK VESSELS
Average spot rate***
23,081
36,731
20.975
31,504
CONTAINER VESSELS
Average time charter rate
29,378
29,378
29,378
29,378
CHEMICAL TANKERS
Average spot rate*
22,411
27,307
21.471
26,426
Average time charter rate
19,306
19,306
19,306
19,306
OFF-SHORE WIND (CTV)
Average time charter rate
3,146
2,759
2,789
2,824
*CMB.TECH owned ships in TI Pool or Stolt Pool (excluding technical offhire days)**Including profit share where applicable*** Reporting load-to-discharge, in line with IFRS 15
CORPORATE UPDATE
Golden Ocean merger
On 3 April 2025, CMB.TECH NV filed a Schedule 13D/A to report that CMB.TECH NV indirectly acquired 9,689,297 additional shares in Golden Ocean Group Limited ("Golden Ocean") in the open market following the acquisition of 81,363,730 shares in Golden Ocean from Hemen Holding Limited and subsequent open market purchases of 7,347,277 shares in Golden Ocean. On 3 April 2025, CMB.TECH NV owned an aggregate of 98,400,204 shares in Golden Ocean, representing approximately 49.4% of Golden Ocean's outstanding voting shares.
On 22 April 2025, CMB.TECH and Golden Ocean announced that they signed a term sheet (the "Term Sheet") for a contemplated stock-for-stock merger, with CMB.TECH as the surviving entity, based on an exchange ratio of 0.95 shares of CMB.TECH for each share of Golden Ocean (the "Exchange Ratio"), subject to customary adjustments. The Term Sheet was unanimously approved by CMB.TECH's Supervisory Board and by Golden Ocean's Board of Directors, including its special transaction committee composed of disinterested directors (the "Transaction Committee"). As part of this, the Transaction Committee has received a fairness opinion from its financial advisor DNB Markets, part of DNB Bank ASA, concluding that the Exchange Ratio is fair from a financial point of view to Golden Ocean's shareholders.
The transaction was structured as a merger with Golden Ocean merging with and into CMB.TECH Bermuda Ltd., a wholly-owned subsidiary of CMB.TECH (the "Merger"). Existing shares of Golden Ocean, which were not (directly or indirectly) owned by CMB.TECH, would be cancelled and ultimately exchanged for newly issued CMB.TECH shares at an exchange ratio of 0.95 shares of CMB.TECH for each share of Golden Ocean.
More information can be found in the registration statement on Form F-4 (the "Registration Statement") filed by CMB.TECH with the SEC on 1 July 2025 and the exemption document under the EU Prospectus Regulation (EU) 2017/1129 and the Commission Delegated Regulation (EU) 2021/528 (the "Exemption Document") published on 14 August 2025.
On 17 July 2025, CMB.TECH provided a market update on the progress of the stock-for-stock merger between CMB.TECH and Golden Ocean. It was announced that Golden Ocean would hold an SGM to vote on the proposed merger on 19 August 2025.
On 19 August 2025, Golden Ocean held a Special General Meeting to vote on the proposed merger. At the special general meeting of shareholders of Golden Ocean, the Merger was approved by shareholders holding 92.72% of the shares present or represented at the meeting.
On 20 August 2025, the merger was closed. Based on the Exchange Ratio and the current number of outstanding Golden Ocean common shares and ordinary shares in the Company, the Company issued 95,952,934 new ordinary shares by means of a capital increase by contribution in kind. Upon completion of the Merger, CMB.TECH shareholders own 70% (or 67% excluding treasury shares) of the total issued share capital of CMB.TECH and Golden Ocean shareholders own 30% (or 33% excluding treasury shares) of the total issued share capital of CMB.TECH.
As indicated in CMB.TECH's press release of 11 August 2025, Golden Ocean has received correspondence from certain parties alleging to be former shareholders of Golden Ocean, who have, in the meantime, filed appraisal claims under Bermuda law. The aggregate number of Golden Ocean shares allegedly held ...
