Q2 2025 CMB.TECH NV Earnings Call Transcript
Key Points
- CMB.Tech NV (CMBT) successfully completed a merger with Golden Ocean, creating a leading diversified maritime group with a fleet of 206 modern eco vessels.
- The company has a significant contract backlog of close to $3 billion, providing a stable revenue stream.
- CMB.Tech NV (CMBT) has a market cap of over $2 billion and a free float of 38%, indicating strong market presence and liquidity.
- The company is expanding its fleet rapidly, with plans to add 23 new ships next year, enhancing its operational capacity.
- CMB.Tech NV (CMBT) declared an interim dividend of $0.05, signaling confidence in its financial stability and commitment to shareholder returns.
- The company reported a loss of $7.5 million for Q2 2025, with a significant $50 million loss attributed to the Golden Ocean exposure.
- There are outstanding CapEx commitments of $1.86 billion, with $270 million unfunded, posing a financial challenge.
- The merger has resulted in higher operational expenses, including increased OpEx, G&A, and depreciation costs.
- The company faces potential market risks, such as low order book-to-fleet ratios in certain segments, which could impact future rates.
- There are concerns about the impact of US political actions against stricter greenhouse gas regulations, which could affect long-term charter agreements.
Good afternoon, and welcome to the CMB.TECH earnings release for the second quarter of this year. My name is Alexander Saverys, and I'm joined by my colleagues, Ludovic, Joris, and Ema. We'd like to discuss the CMB.TECH and Golden Ocean merger first to start. That is the news of last week. Then we will zoom in on the second quarter financials and highlights, conclude and have time for some questions and answers.
Let me first start with the news of last week. On the 20th of August, we have completed the CMB.TECH and Golden Ocean merger to create a leading diversified maritime group. For those of you who have followed us before, you will recognize this slide, but I do want to take you through the combined Golden Ocean, CMB.TECH fleet. We have today in 206 modern eco vessels on the water with another 44 on order. Of our 250 ships, about a third will be powered or will be capable to be powered by ammonia and hydrogen. Our contract backlog stands at close to $3 billion, and the average age of our fleet is a tick
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