Cmb.Tech Nv (CMBT)

CMB.TECH reported second-quarter 2026 profit of $364.4 million on 27 August, against $7.8 million a year earlier, both attributable to its owners 1. Revenue was $703.9 million, up from $387.8 million 1. EBITDA, earnings before interest, tax, depreciation and amortisation, was $552.8 million 1.

Ship sales lifted the quarter: the net gain on disposals was $127.5 million, against $57.3 million a year earlier 1. Spot earnings of its very large crude carriers (VLCCs) averaged $126,790 a day, against $44,981 1. Chief executive Alexander Saverys credited continued strength in tanker and dry bulk markets, while noting uncertainty around global trade, geopolitical tensions and the tanker orderbook 1.

On 8 October a special shareholder meeting approved a distribution of $0.64 per share, made of a $0.21 dividend and $0.43 paid out of share premium 4. On 9 October the company said Mineral Europa, a 210,000 dwt ship it calls the world's first ammonia-powered dry bulk vessel, had started its maiden voyage to Australia 2. On 13 October it sold the Suezmax Stella, for a gain it puts at about $59.6 million in the fourth quarter 3.

The next scheduled event is the third-quarter 2026 results on 26 November 3. Appeals over the Golden Ocean merger and a Malaysian cargo claim are also due before courts in November 6.

It was incorporated in Belgium on 26 June 2003 from three older firms: Compagnie Maritime Belge (1895), Compagnie Nationale de Navigation (1938) and Ceres Hellenic (1950) 5. It began trading as Euronav in 1989 as the international tanker arm of Compagnie Nationale de Navigation, and in 2018 it merged with Gener8 Maritime 5. For most of that time it owned only crude oil tankers 5.

On 9 October 2023 its two main shareholders, CMB and Frontline, struck a deal 5. CMB bought Frontline's 26.12 percent stake, Frontline acquired 24 VLCC tankers, and a pending arbitration was settled 5. The tanker sale totalled $2.4 billion 5.

Revenue fell from $1,235.1 million in 2023 to $940.2 million in 2024, yet profit for 2024 was $870.8 million 5. Gains on selling vessels reached $635.0 million that year, including $372.7 million from 13 VLCCs sold under the Frontline agreement 5.

It took the name CMB.TECH on 1 October 2024 after buying CMB.TECH Enterprises from its controlling shareholder CMB 5. That brought dry bulk ships, chemical tankers, container ships, offshore wind vessels and port vessels into a group that had owned only crude tankers 5. Its ticker on the NYSE and Euronext Brussels changed from EURN to CMBT on 15 July 2024 5.

In March 2025 it bought 81,363,730 shares of dry bulk owner Golden Ocean, about 40.8 percent, from Hemen Holding, a deal completed on 12 March 5. On 28 May 2025 it agreed to merge with Golden Ocean, each Golden Ocean share converting into 0.95 ordinary shares 5. The merger closed on 20 August 2025, and the company issued 95,952,934 ordinary shares to former Golden Ocean shareholders 5.

In 2025 voyage charter and pool revenue rose 42 percent to $969.7 million, and time charter revenue rose 170 percent to $696.4 million 5. The annual report attributes this mainly to the Golden Ocean acquisition and newbuilding deliveries 5. Net finance expenses rose to $406.9 million from $130.7 million, and profit attributable to owners fell to $160.7 million, or $0.70 per share 5.

Gains on selling vessels were smaller in 2025, at $192.6 million against $635.0 million in 2024 5. On 7 January 2026 the company announced the sale of eight vessels, six VLCCs and two Capesizes, for a total net gain of $267.4 million 6.

The first half of 2026 was the first with the Golden Ocean fleet for the full six months, against about 3.5 months in 2025 6. Revenue for the half was $1,223.6 million against $622.9 million, and profit was $733.2 million against $32.8 million 1. Gains on ship sales were $394.9 million against $103.8 million 1.

Dry bulk ships: Bocimar

Bocimar owns and operates dry bulk vessels that carry iron ore, bauxite, coal, grain and other bulk cargoes 5. In January 2026 its fleet on the water was 105 dry bulk vessels: 36 Newcastlemax, 39 Capesize, 26 Kamsarmax and 4 Panamax 5. Bocimar was the largest division by revenue in 2025, at $942.6 million against $568.2 million for Euronav 5.

In the second quarter of 2026 its Newcastlemax ships earned an average spot rate of $46,198 a day, against $23,081 a year earlier 1.

Crude oil tankers: Euronav

Euronav moves crude oil by sea and stores it 5. In January 2026 its fleet on the water was 10 VLCCs, 17 Suezmaxes and 2 FSOs, which are floating storage units used under service contracts with North Oil Company 5.

Spot earnings in the second quarter of 2026 averaged $126,790 a day for VLCCs and $123,405 for Suezmaxes, against $44,981 and $40,160 a year earlier 1. Euronav's 2025 revenue was $568.2 million 5.

Chemical tankers: Bochem

Bochem owns and operates stainless steel chemical tankers 5. A 2025 delivery brought it to seven 25,000 dwt ships on the water, and its 2025 revenue was $48.9 million 5. Two of its chemical tankers work in the Stolt Pool, 12 are on long-term charters of 7 or 10 years, and two bitumen carriers are on 10-year charters 5.

Container ships: Delphis

Delphis specialises in medium-sized container ships 5. It has four 6,000 TEU ships, measured in twenty-foot equivalent units, ready to be fitted with ammonia engines, on a 10-year charter to CMA CGM 5. Its 2025 revenue was $43.6 million 5.

A 1,400 TEU newbuilding on a 15-year charter to Yara and NCL is expected, the company says, to be the world's first dual fuel ammonia container vessel 5.

Offshore energy: Windcat

Windcat provides crew transfer services to the offshore energy industry 5. Its fleet counts 58 crew transfer vessels (CTVs) on the water with 5 on order 5. Two larger commissioning service operation vessels (CSOVs) were delivered in 2025 and four are on order, and its 2025 revenue was $61.0 million 5.

In the second quarter of 2026 CSOVs earned an average time charter rate of $64,451 a day against $50,511, and CTVs $3,565 against $3,146 1.

Hydrogen and ammonia fuels

The company also offers hydrogen and ammonia fuel and works on hydrogen-powered trucks, locomotives and straddle carriers 5. Its latest annual report calls its hydrogen plant in Namibia fully operational since September, with a 5MW electrolyser powered by a 6.5 hectare solar park 5.

It owns a minority share in Jiangsu Andefu Energy Technology, a Chinese ammonia supply chain company 5. An Andefu subsidiary was building a 49,000 m³ ammonia storage tank in Nanjing, due to be commissioned in the first half of 2026 5.

People and staff

Alexander Saverys has been chief executive since 22 November 2023 and is also chief executive of CMB 5. Ludovic Saverys is chief financial officer 5.

The company employed about 326 onshore staff at the end of 2025 and about 2,500 seagoing officers and crew 5.

Rivals and current problems

The annual report calls shipping highly competitive, driven by low barriers to entry, cyclical demand, volatile freight rates and high operating costs 5. It says competitors are other vessel owners and operators, some with far greater resources 5.

The half-year report lists three legal cases 6. FourWorld served a summons on the company in Antwerp on 8 April 2024, and on 30 March 2026 the court rejected its requests for documents and left the merits open 6.

In Bermuda, three former Golden Ocean shareholders sought cash or a court appraisal of fair value 6. On 21 May 2026 the court rejected their claim to immediate cash payment, and the appeal is to be pleaded in November 2026 6.

A Malaysian High Court claim over the cargo of the Oceania is pending, with cash security of 210 million Malaysian ringgit ($51.4 million) lodged in January 2024 6. The half-year report also records compensation for loss of hire on vessels affected by the situation in the Strait of Hormuz 6.

The umbrella, in words

The group runs five shipping divisions: Bocimar for dry bulk, Euronav for crude oil, Bochem for chemicals, Delphis for containers and Windcat for offshore energy crew transfer 5.

Exhibit 8.1 to the annual report lists subsidiaries, joint ventures and associates, among them Euronav Shipping NV, CMB.TECH Belgium NV, CMB.TECH Enterprises NV, CMB TECH Namibia and the Windcat Workboats companies 10. Its joint ventures include Tankers International LLC, be Hydro BV, JPN H2YDRO and FRS Windcat Offshore Logistics 10.

The former Golden Ocean Bermuda entities were merged into CMB.TECH Bermuda Ltd., which was then merged into CMB.TECH Belgium NV, in a restructuring completed on 21 April 2026 6.

It owns a minority share in Jiangsu Andefu Energy Technology, a tie the annual report does not give as a percentage 5. On 1 June 2026 CMB.TECH Belgium raised its interest in TFG from 10 percent to 15 percent 6. On 15 May 2026 CMB.TECH Enterprises agreed to sell its shares in CMB.TECH Technology Development Centre to PJT Low Carbon Holdings 6.

Compagnie Maritime Belge NV (CMB) is the largest shareholder, with 178,726,458 ordinary shares, 56.56 percent, as of 1 April 2026 5. The company itself holds 25,807,878 of its own shares 5.

The company has announced its third-quarter 2026 results for 26 November 3.

CMB.TECH says twenty-one ammonia-powered ships are scheduled for delivery between now and 2029, made up of eighteen dry bulk vessels, one container ship and two chemical tankers 2. It says most are expected within the nine months after 9 October 2026 2.

Under the 22 June 2026 agreement, Fortescue will charter 12 Newcastlemax vessels from Bocimar 7. Up to three come with dual-fuel ammonia engines and are expected in service by the end of 2026, and the other nine are ammonia-ready and can be converted later 7. The companies say the fleet could cut carbon dioxide emissions by about 250,000 tonnes a year if fuelled by green ammonia 7.

As of January 2026 the annual report listed on order four ammonia-ready VLCCs and ten dual fuel, ammonia-fitted Newcastlemaxes, all for delivery in 2026 and 2027 at CSSC Qingdao Beihai Shipbuilding 5. It also lists four ammonia-ready chemical tankers for 2028 and two ammonia-powered ones for 2029 5.

The company expects gains on ships already sold: about $74.3 million on the VLCC Donoussa and $56.9 million on the Suezmax Bristol in the fourth quarter of 2026 1. It expects about $59.6 million on the Suezmax Stella in the same quarter 3.

The October meeting also approved a further distribution of at least $50 million and at most $250 million out of share premium 4.

Two court dates fall in November 2026: the Bermuda appeal on the Golden Ocean merger will be pleaded, and an oral hearing is set in the Malaysian Oceania case 6. Management expects a final judgment in the Malaysian case towards the end of 2028 if the losing party appeals 6.

Andefu is advancing ship-to-ship ammonia bunkering, targeting commercial deployment in 2026, and plans an ammonia storage terminal at Panjin in the second half of 2027 5.