CMB.TECH ANNOUNCES FINAL YEAR RESULTS
TRANSFORMATIONAL YEAR AND STRONG EARNINGS
ANTWERP, Belgium, 27 March 2025 - CMB.TECH NV ("CMBT”, "CMB.TECH” or "the Company”) (NYSE: CMBT & Euronext: CMBT) 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
- 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
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.
MARKET & OUTLOOK
An overview and outlook of the markets can be found in our Q4 2024 press release.
Key figures
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| The most important key figures are: |
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| (in thousands of USD) |
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| Fourth Quarter 2024 |
| Fourth Quarter 2023 |
| YTD 2024 |
| YTD 2023 |
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| Revenue |
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| 226,029 |
| 268,633 |
| 940,246 |
| 1,235,127 |
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| Other operating income |
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| 8,254 |
| 3,811 |
| 50,660 |
| 23,316 |
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| Raw materials and consumables |
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| (1,576) |
| - |
| (3,735) |
| - |
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| Voyage expenses and commissions |
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| (42,692) |
| (38,418) |
| (174,310) |
| (142,090) |
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| Vessel operating expenses |
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| (52,817) |
| (57,545) |
| (199,646) |
| (231,033) |
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| Charter hire expenses |
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| (3) |
| (2,071) |
| (138) |
| (4,500) |
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| General and administrative expenses |
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| (24,616) |
| (21,983) |
| (77,766) |
| (62,532) |
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| Net gain (loss) on disposal of tangible assets |
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| 71,114 |
| 323,327 |
| 635,017 |
| 372,444 |
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| Depreciation |
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| (43,911) |
| (49,417) |
| (166,029) |
| (221,040) |
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| Impairment losses |
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| (1,847) |
| - |
| (1,847) |
| - |
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| Net finance expenses |
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| (47,096) |
| (18,004) |
| (130,650) |
| (104,729) |
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| Share of profit (loss) of equity accounted investees |
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| (1,418) |
| (915) |
| 920 |
| (927) |
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| Result before taxation |
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| 89,421 |
| 407,418 |
| 872,722 |
| 864,036 |
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| Tax benefit (expense) |
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| 3,709 |
| (835) |
| (1,893) |
| (6,009) |
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| Profit (loss) for the period |
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| 93,130 |
| 406,584 |
| 870,829 |
| 858,027 |
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| Attributable to: Owners of the Company |
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| 93,130 |
| 406,584 |
| 870,829 |
| 858,027 |
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| Information per share: |
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| (in USD per share) |
| Fourth Quarter 2024 |
| Fourth Quarter 2023 |
| YTD 2024 |
| YTD 2023 |
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| Weighted average number of shares (basic) * |
| 194,216,835 |
| 202,035,555 |
| 196,041,579 |
| 201,901,743 |
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| Result after taxation |
| 0.48 |
| 2.01 |
| 4.44 |
| 4.25 |
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- The number of shares issued on 31 December 2024 is 220,024,713. However, the number of shares excluding the own shares held by CMB.TECH at 31 December 2024 is 194,216,835.
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| EBITDA reconciliation: |
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| (in thousands of USD) |
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| Fourth Quarter 2024 |
| Fourth Quarter 2023 |
| YTD 2024 |
| YTD 2023 |
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| Profit (loss) for the period |
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| 93,130 |
| 406,584 |
| 870,829 |
| 858,027 |
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| + Net interest expenses |
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| 47,096 |
| 17,592 |
| 130,650 |
| 105,110 |
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| + Depreciation of tangible and intangible assets |
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| 43,911 |
| 49,417 |
| 166,029 |
| 221,040 |
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| + Income tax expense (benefit) |
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| (3,709) |
| 835 |
| 1,893 |
| 6,009 |
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| EBITDA (unaudited) |
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| 180,428 |
| 474,428 |
| 1,169,401 |
| 1,190,186 |
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| EBITDA per share: |
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| (in USD per share) |
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| Fourth Quarter 2024 |
| Fourth Quarter 2023 |
| YTD 2024 |
| YTD 2023 |
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| Weighted average number of shares (basic) |
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| 194,216,835 |
| 202,035,555 |
| 196,041,579 |
| 201,901,743 |
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| EBITDA |
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| 0.93 |
| 2.35 |
| 5.97 |
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