CMB.TECH BUSINESS UPDATE

Rhea-AI Summary

CMB.TECH has announced several significant business updates. The company recently signed a term sheet for a stock-for-stock merger with Golden Ocean, where CMB.TECH will be the surviving entity. Following this announcement, both companies hosted Capital Markets Days in Antwerp (April 24) and Oslo (April 29).

In a strategic fleet rejuvenation move, CMB.TECH has sold three VLCCs: Iris (2012, 314,000 dwt), Hakata (2010, 302,550 dwt), and Hakone (2010, 302,624 dwt). These sales resulted in a substantial capital gain of 96.7 million USD. The vessels will be transferred to their new owners during 2025.

Due to the upcoming consolidation of Golden Ocean's financial results, CMB.TECH has revised its earnings announcement schedule. The Q1 2025 results will be released on May 21, 2025, while Q2 2025 earnings will be announced on August 28, 2025.

Positive

• Significant capital gain of $96.7 million from sale of three VLCCs
• Strategic merger with Golden Ocean progressing with completed Capital Markets Days
• Fleet rejuvenation initiative through strategic vessel sales

Negative

• Reduction in fleet size with sale of three VLCCs
• Potential operational complexity due to Golden Ocean consolidation

Insights

Maritime Financial Analyst

CMB.TECH sells three aging tankers for $96.7M gain while preparing for Golden Ocean merger, demonstrating strong asset management.

CMB.TECH's announcement reveals a $96.7 million capital gain from the strategic sale of three Very Large Crude Carriers (VLCCs) - the Iris (2012), Hakata (2010), and Hakone (2010). The company explicitly frames these divestments as part of its fleet rejuvenation strategy, indicating a proactive approach to fleet management. These vessels, ranging from 302,550 to 314,000 deadweight tonnage, will be delivered to their new owners throughout this year, creating a phased transition process.

The substantial $96.7 million gain represents significant value extraction from these aging assets. This capital gain comes at a timely juncture as the company prepares for its pending stock-for-stock merger with Golden Ocean, where CMB.TECH will be the surviving entity. The decision to align earnings release dates (Q1 2025 on May 21 and Q2 2025 on August 28) signals operational preparation for consolidating Golden Ocean's financial results. This alignment, coupled with the joint Capital Markets Days in both companies' home markets (Antwerp and Oslo), demonstrates methodical integration planning for the combined entity.

Antwerp, April 30, 2025 (GLOBE NEWSWIRE) -- CMB.TECH NV (“CMBT”, “CMB.TECH” or “the Company”) (NYSE: CMBT & Euronext: CMBT) provides a business update following the recent announcements. The company held two Capital Markets Days together with Golden Ocean, sold three VLCCs as part of its fleet rejuvenation and will align dates for announcing first and second quarter 2025 results due to the consolidation of Golden Ocean's financial results.

Capital Markets Days
Following the announcement on 22 April of the signed term sheet for a stock-for-stock merger with Golden Ocean, with  CMB.TECH as surviving entity, both companies have hosted Capital Markets Days in Antwerp, Belgium on 24 April 2025 and in Oslo, Norway on 29 April 2025 together. The presentations, recordings and transcripts of these Capital Markets Days are available on the CMB.TECH website.

Vessel update
Furthermore, CMB.TECH has sold three VLCCs, Iris (2012, 314,000 dwt), Hakata (2010, 302,550 dwt) & Hakone (2010, 302,624 dwt) as part of its fleet rejuvenation. The sales generated a total capital gain of 96.7 million USD. The vessels will be delivered to their new owners in the course of this year. 

Change in publication date earnings releases
As the company will consolidate the financial results of Golden Ocean in our upcoming earnings, CMB.TECH has decided to align the dates of the announcements of its first and second quarter 2025 earnings press releases and accompanying conference calls. The Q1 2025 earnings will be announced on 21 May 2025 and the Q2 2025 earnings will be announced on 28 August 2025.   

Announcement Q1 2025 results – 21 May 2025
About CMB.TECH

CMB.TECH is a diversified and future-proof maritime group. We own and operate more than 150 seagoing vessels: crude oil tankers, dry bulk vessels, container ships, chemical tankers, offshore wind vessels & workboats. We also offer hydrogen and ammonia fuel to customers, through own production or third-party producers.

The company is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, United States and Africa.

CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol CMBT.

More information can be found at https://cmb.tech

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words “believe”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “potential”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include potential legal actions by other parties relating to the Market Court’s decision, the outcome of the proceedings pending before the Enterprise Court in Antwerp, the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

Attachment

• CMB.TECH business update

Katrien Hennin
CMB.TECH
+32 499393470
katrien.hennin@cmb.tech

FAQ

What is the total capital gain from CMB.TECH's VLCC vessel sales in 2025?

CMB.TECH generated a total capital gain of 96.7 million USD from selling three VLCC vessels (Iris, Hakata, and Hakone) as part of its fleet rejuvenation program.

When will CMB.TECH (CMBT) announce its Q1 and Q2 2025 earnings?

CMB.TECH will announce Q1 2025 earnings on May 21, 2025, and Q2 2025 earnings on August 28, 2025. These dates have been aligned to accommodate Golden Ocean's financial results consolidation.

How many VLCCs did CMB.TECH sell in their 2025 fleet rejuvenation?

CMB.TECH sold three VLCCs: Iris (2012, 314,000 dwt), Hakata (2010, 302,550 dwt), and Hakone (2010, 302,624 dwt). The vessels will be delivered to their new owners during 2025.

Where did CMB.TECH hold its Capital Markets Days after the Golden Ocean merger announcement?

CMB.TECH held two Capital Markets Days: one in Antwerp, Belgium on April 24, 2025, and another in Oslo, Norway on April 29, 2025, following the merger announcement with Golden Ocean.

What changes are happening to CMB.TECH's financial reporting after the Golden Ocean merger?

CMB.TECH will consolidate Golden Ocean's financial results in their upcoming earnings reports, leading to aligned announcement dates for Q1 and Q2 2025 results.