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- **Merger Completion**: Combined fleet of 206 vessels with 1/3 ammonia/hydrogen-capable, $3B backlog, and 38% free float.
- **Financial Performance**: Q2 loss of $7.6M, EBITDA $224M, $0.05 dividend declared. Free cash flow potential: $380M in Bull case.
- **Market Outlook**: Bullish on dry bulk (Guinea iron ore, Brazil exports) and tankers (OPEC+ production, aging fleet). Cautious on containers/chemicals.
- **Strategic Moves**: Integrating Golden Ocean, pursuing ammonia-powered vessels, selective asset sales.
- **Risks**: IMO 2028 rule uncertainty, shadow fleet persistence, high container order book.

**【Management Opening Remarks】**
- Completed merger with Golden Ocean, creating a diversified maritime group with 206 modern eco-vessels and 44 on order. 
- Fleet features 1/3 ammonia/hydrogen-capable ships, $3B contract backlog, and 38% free float post-listing on NYSE, Euronext, and Oslo Bors.
- Fleet growth to 218 vessels by Q4 2025, with 60,000 available days in 2026, driven by newbuild deliveries.

**【CFO Financial Commentary】**
- Q2 2025 loss of $7.6M (blended Cmb.Tech + Golden Ocean results), EBITDA of $224M, and $400M liquidity.
- Free cash flow scenarios: Bear case (-$35M), Medium ($170M), Bull ($380M) over 12 months, with current market aligned to Bull case.
- Signed $2B refinancing, $750M undrawn revolver, and $0.05 dividend declared for Q2.
- Remaining CapEx unfunded: $270M ($30M 2025, $170M 2026, $70M 2027-29).

**【CEO Divisional Updates】**
- **Crude Oil Tankers**: 10 VLCCs, 18 Suezmaxes. Q2 TCE: $45K/VLCC, $40K/Suezmax. 5 new VLCCs on order. Bullish on OPEC+ production ramp and 2030+ fleet aging (40% VLCCs >20 years).
- **Dry Bulk**: 119 vessels (89 ex-Golden Ocean). Q3 TCE: $23.5K/Newcastlemax, $13.5K/Kamsarmax. 113 Capes >20 years, 500 Capes due for dry dock 2025-27. Guinea iron ore exports and Brazil seasonality driving rates.
- **Containers**: 15 vessels fully fixed. Spot rates softening, but feeder size demand remains. 1 newbuild due 2026.
- **Chemical Tankers**: 6 vessels on water, 2 more arriving. Q2 pool rate $22K, July $24K. Ammonia-ready tankers on order for 2028+.
- **Offshore Wind**: 56 CTVs, 1 CSOV delivered, 5 more on order. Utilization >95%, expanding into oil/gas support.

**【Q&A Highlights】**
- **Dividend Policy**: $0.05 interim dividend declared; future payouts discretionary based on cash flow needs.
- **Strategic Focus**: Maintain modern fleet, integrate Golden Ocean operations, pursue selective newbuilds/time charters.
- **IMO 2028 Rules**: Potential U.S. opposition unlikely to derail IMO vote; customer interest in ammonia vessels unchanged.
- **Fleet Management**: Sell older vessels at attractive prices; recently sold 15-year-old Suezmax for $40M.
- **Buybacks**: No immediate plans; focus on operational integration and market leverage.
- **Shadow Fleets**: Illegal and unsafe; expect gradual decline but no immediate impact on supply/demand balance.

Cmb.Tech NV (CMBT) Q2 2025 Earnings Call Transcript

- **$1B Contract Growth**: Added $1B in Q1, including ammonia-powered vessels with Fortescue and MOL.
- **250-Vessel Merger**: Proposed Golden Ocean deal creates 1/3 ammonia/hydrogen fleet with $3B backlog.
- **IMO 2028 Impact**: Ammonia ships cost-effective by 2032 (VLCCs), saving $17M over 20 years.
- **Tanker Strength**: Q2 rates $40-42K/day, IMO 83/OPEC+ cuts support crude demand.
- **Free Cash Flow**: $250M-$750M 2025, excluding vessel sales.
- **No Dividend Q1**: Skipped due to merger and CapEx, but 55% payout track record.


**【CEO Opening Remarks】**
- Q1 2025 revenue growth driven by $1 billion contract backlog addition, including ammonia-powered vessels with Fortescue and MOL.
- Proposed merger with Golden Ocean to create 250-vessel fleet, 1/3 powered by ammonia/hydrogen, with $3 billion contract backlog.
- IMO MEPC 83 regulations will accelerate adoption of ammonia-fueled vessels, with dual-fuel ships becoming cost-competitive by 2032.

**【CFO Financial Highlights】**
- Q1 net profit $40M (excluding capital gains), liquidity $245M, equity ratio 31.9%.
- Sold 3 VLCCs for $100M capital gains, delivered Cap Lara and Alsace for $46M profit.
- Fleet expansion to 150 vessels by end-2026, with 46 newbuilds on order.
- Pro forma free cash flow 2025: $250M (low case), $750M (high case), $500M (base case), excluding vessel sales.

**【IMO MEPC 83 Impact】**
- Fuel intensity penalties will make ammonia-powered vessels cost-effective by 2032 (VLCCs) and 2038 (LNG ships).
- Dual-fuel ammonia ships save $17M over 20-year life vs. LSFO with biodiesel blend.
- Company has 11 ammonia-ready vessels on order, first delivered Q1 2026.

**【Division Updates】**
- **Tankers**: 22 VLCCs/Suezmaxes on spot, Q2 rates $40-42K/day. IMO 83 and OPEC+ cuts support crude ton-mile growth.
- **Dry Bulk**: 14 Newcastlemaxes on water, 14 newbuilds. Q2 rates $24K/day vs. Q1 $18.4K. Golden Ocean merger adds 91 dry bulk vessels.
- **Chemicals**: 4 ships on spot ($20K/day), 10 newbuilds on long-term charters.
- **Offshore Wind**: 3 CSOVs under construction, targeting European and Asian markets.

**【Q&A Key Points】**
- **Ammonia Strategy**: IMO 83 accelerates adoption; first ammonia vessel delivers Q1 2026. No exclusivity with WinGD engine supplier.
- **Dividend Policy**: Discretionary; last year paid 55% of net profits. Q1 dividend skipped due to merger and CapEx needs.
- **Shipyard Risks**: USTR tariffs may limit China shipyard exposure, but impact on Cmb.Tech limited.
- **Namibia Projects**: Hydrogen production starts soon, ammonia terminal engineering underway. Merger with Golden Ocean will enhance funding flexibility.


Cmb.Tech NV (CMBT) Q1 2025 Earnings Call Transcript

- **Record Financials**: Full-year profit $871M; Q4 vessel sales generate $116M gains.
- **Tanker Strength**: VLCC/Suezmax TCE rates stabilize at $31-33K despite Q4 softness.
- **Dry Bulk Resilience**: Newcastlemaxes earn $30K despite Q1 seasonality; 7.8% order book/fleet ratio signals supply tightness.
- **Green Growth**: 1st ammonia ship delivers Q1 2025; Namibia hydrogen project starts Q2 2025.
- **Risk Management**: 8% free float limits liquidity; cautious on container market volatility.


**【CFO Financial Highlights】**
- Q4 2024 profit: $93 million; full-year profit: $871 million (second consecutive year at this level). 
- Liquidity: $281 million; contract backlog: $2.05 billion.
- Capital expenditures (CapEx): $2.1 billion outstanding for 38 oceangoing vessels.
- Vessel sales in Q4/Q1: $116 million capital gains from selling older tankers.

**【CEO Divisional Reviews】**
1. **Tankers (Euronav)**
- VLCCs: Q4 TCE $37,000; Q1 fixed at $31,000. Suezmaxes: Q4 TCE $38,000; Q1 fixed at $32,900.
- Positive drivers: OFAC sanctions enforcement, aging fleet (244 Suezmaxes >20 years by 2030), 2% crude tanker ton-mile growth.
- Risk: Chinese oil import demand uncertainty.

2. **Dry Bulk (Bocimar)**
- Newcastlemaxes: Q4 TCE $30,000; Q1 fixed at $17,500.
- Supply/demand: Order book/fleet ratio 7.8% (historic low); 204 Capes >20 years by 2027.
- Demand: West Africa bauxite, China property recovery.

3. **Containers (Delfis)**
- 4 vessels on 10-year charters; no spot exposure.
- Market volatility from Red Sea transit uncertainty.

4. **Chemicals (Bochem)**
- 6 chemical tankers on water; mixed spot/charter fleet.
- Healthy rates despite product tanker competition.

5. **Offshore Wind (WINDCAT)**
- CTVs: Q4 rates $3,000/day; CSOVs deliver Q2 2025 at $50,000/day.
- Diversification into oil & gas PSV market.

**【Strategic Updates】**
- Fleet expansion: 20 newbuilds/year; 38 vessels on order.
- Decarbonization: 1st ammonia-powered ship delivers Q1 2025.
- African hydrogen project: 1 ton/day production starting Q2 2025; scale-up to 2028.
- Free float optimization: 8% free float constrains institutional participation.

**【Q&A Key Takeaways】**
- Vessel sales strategy: Continue selling older tankers (17-18 years old) at attractive prices.
- Market differentiation: Super Eco Newcastlemaxes earn $12,000/day premium vs. 10-year-old Capes.
- Scrapping outlook: Accelerate post-2025 as special survey costs rise.
- Sanctions impact: Dark fleet inefficiencies support tanker rates.


Cmb.Tech NV (CMBT) Q4 2024 Earnings Call Transcript

- **Record Q1 Profit**: $495.2 million net profit, with $88 million underlying EBITDA and $1.2 billion liquidity post-CMB.TECH acquisition.
- **Shareholder Returns**: $4.57 dividend + $1.15 special dividend proposal, $8 million buyback, and $2 billion contract backlog.
- **Decarbonization Leadership**: First hydrogen vessel launched, Africa's first green hydrogen station operational, all newbuilds dual-fuel ready.
- **Market Strength**: Tankers, dry bulk (Newcastlemaxes), and chemical tankers at multi-year highs; containers challenging in spot.
- **Growth Pipeline**: 45 vessels on order, 10 new contracts, and $3 billion contract backlog target by year-end.

**【CEO Summary Section】**
- Q1 net profit of $495.2 million, driven by capital gains from vessel sales and strong operational performance across divisions.
- Key highlights include the inauguration of Africa's first hydrogen production/refueling station and the launch of the first hydrogen-powered vessel.
- Shareholder returns include $4.57 per share dividend, $1.15 special dividend proposal, and $8 million share buyback at $15.50 per share.
- Fleet optimization: 10 new vessels contracted, 3 older tankers sold, and 45 vessels on order with $2 billion contract backlog.
- Market outlook: Positive across tankers, dry bulk (Newcastlemaxes), chemical tankers, and offshore wind, with containers expected to remain challenging in spot markets.

**【CFO Financial Commentary】**
- Underlying profit of $88 million (excluding $407 million capital gains) on strong liquidity of $1.2 billion post-CMB.TECH acquisition.
- Revenue diversification: 47 oceangoing vessels, 53 CTVs, and 12 CSOVs on order, with P&L breakevens well below realized rates in all divisions.
- 2024-2026 delivery schedule: 19,000/24,000/30,000 total days, positioning for spot market upside while expanding contract backlog to $3 billion by year-end.
- Decarbonization strategy: All newbuilds (bar legacy assets) designed for dual-fuel operation, aligning with IMO GHG targets.

**【Q&A Key Takeaways】**
- Dividend policy: Discretionary, tied to balance sheet strength and market conditions; $1.15 special dividend proposed for July vote.
- CapEx outlook: $900 million/year run rate for 2024-2026, with focus on high-return projects; no plans to accelerate beyond current pipeline.
- Namibia hydrogen infrastructure: $30 million investment in production/refueling station, with FID for bunkering facility expected Q4 2024.
- Offshore wind: 53 CTVs operational, CSOVs targeting short-term contracts for higher margins; no co-investment with Port of Antwerp announced.
- Vessel disposals: Age and price-dependent; older tankers (VLCC/Suezmax) more likely candidates, but no segment bias.
- MEPC 80: Slow progress on IMO GHG levy, but positive momentum; IMO aligns with company's global regulation preference over regional initiatives.

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