CMB.TECH announces Q2 2025 results

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 US$-7.6 million in Q2 2025.
• CMB.TECH’s contract backlog stands at US$2.93 billion.
• Interim dividend declared of US$0.05, 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. US$57.1 million 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. US$39.3 million in Q3 2025.
• Sale of Sofia (2010 - 165 000 dwt). Delivery will be in Q4 2025. The sale will generate a capital gain of US$20.4 million in Q4 2025.

For the second quarter of 2025, CMB.TECH reported a net loss of US$7.6 million or US$-0.04 per share (second quarter 2024: a net gain of US$184.4 million or US$0.95 per share). EBITDA (a non-IFRS measure) for the same period was US$224.1 million (second quarter 2024: US$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.”

Q2 2025 Dry Bulk Performance Highlights:

• Bocimar Newcastlemax fleet achieved average TCE of US$23 081 per day in Q2 – 23.5% above the Q1 5TC Baltic Capesize Index (US$18 681 per day). Q3 2025 spot rate (to date): 88% fixed at US$28 323 per day.
• Golden Ocean Newcastlemax/Capesize fleet achieved Q2 2025 TCE actuals at US$18 577 per day, and Q3 TCE quarter to date rates at US$23 600 per day (71% fixed).
• Golden Ocean Kamsarmax/Panamax Q2 2025 TCE achieved actuals at US$10 552 per day, and Q3 TCE quarter to date rates at US$13 600 per day (94% fixed).

Read the article online at: https://www.drybulkmagazine.com/dry-bulk/28082025/cmbtech-announces-q2-2025-results/