CMB.TECH (NYSE:CMBT) reported fourth-quarter 2025 net profit of $90 million, bringing full-year profit to $140 million, as management highlighted a “remarkable” quarter that combined deleveraging, the resumption of higher dividends, and further progress integrating the Golden Ocean transaction.
Financial results and balance sheet actions
On the call, CFO Ludovic noted fourth-quarter EBITDA of $322 million, with full-year EBITDA totaling $943 million. Liquidity was described as “pretty strong” at $560 million.
A key milestone was the repayment of the bridge facility used to acquire an initial stake in Golden Ocean. Ludovic said the company had a $1.4 billion acquisition facility and drew $1.3 billion. Following the merger, CMB.TECH arranged a $2 billion facility secured by Golden Ocean ships, using $750 million to reduce the bridge balance to $550 million, which remained outstanding from roughly September until it was fully repaid at the end of January.
According to management, repayment was funded by a combination of operational cash flow, vessel sale proceeds, and refinancing actions, including shifting about $260 million from a more expensive facility into Chinese leasing executed in December. Ludovic said repaying the bridge would generate roughly $42 million of interest savings in 2026.
Dividend update and capital gains visibility
The company declared an interim dividend of $0.16 per share, equating to roughly $45 million to be paid later in April. Ludovic said the board felt the balance sheet had strengthened enough to raise the dividend from the $0.05 previously paid in prior quarters.
Management emphasized that the $0.16 dividend was tied to fourth-quarter performance and not yet related to capital gains expected from the previously announced sale of VLCCs. Those gains are expected to be recognized in Q1 and Q2, with the board to decide related dividends at that time.
Ludovic said the company had already secured more than $420 million in capital gains across Q4, Q1, and Q2. Of that, $50 million was booked in Q4, while $370 million of profit was described as “guaranteed” for Q1 and Q2. In the Q&A, management said it is “definitely” fair to expect a dividend decision related to Q1 gains, with confirmation expected alongside the May Q1 earnings release.
Fleet, CapEx, and cash flow sensitivity
Ludovic described a fleet of roughly 200 ships with an estimated $10.7 billion fair market value, excluding vessels already sold. He said the company’s market capitalization stood at $4.2 billion following a run-up in the share price. The fleet’s average age was cited at 5.9 years, and dry bulk represented about 60% of total fair market value.
Remaining CapEx as of the end of January was $1.5 billion, with $216 million expected to come from the company’s own cash. Management said the next 12 months represent a heavy delivery period, with roughly $1.2 billion to be paid to shipyards, and stated that all financing has been secured. Ludovic added that proceeds from asset sales and cash generation meant “the whole CapEx has been taken care of.”
On commercial exposure, the company highlighted significant spot-market leverage into 2026. Ludovic said CMB.TECH expects roughly 53,000 shipping days in 2026, including about 44,000 spot days. In dry bulk specifically, management cited 36,000 days, including 27,000 tied to Capesize and Newcastlemax vessels. The company stated that a $10,000/day move above breakeven across those days would translate into about $270 million in cash flow.
Market outlook: positive on dry bulk, tankers, and offshore; cautious on containers and chemicals
CEO Alexander Saverys said the company’s market view was largely unchanged from three months earlier: positive on dry bulk, tankers, and offshore, while remaining cautious on containers and chemicals.
Dry bulk: Saverys said the company expects “very nice” ton-mile growth for iron ore and bauxite in 2026. He cited Capesize/Newcastlemax orderbook-to-fleet at 12.4%, which he called manageable, and said Capesize fleet growth this year is expected to be 2.3% while trade is expected to grow more than that. He also discussed counter-seasonal support from West African bauxite and iron ore volumes and said utilization was already around 90% and could rise to 91%-92%. Bocimar’s Q4 achieved rates were cited at about $35,000/day for Newcastlemaxes and $30,000/day for Capesizes, with Q1-to-date levels around $30,000/day and $26,000/day, respectively. The company also said it sold the Golden Magnum and Belgravia and expects an $8 million capital gain in Q1.
Tankers: Saverys said tanker sentiment and earnings remain strong, noting the market has been propelled to “very, very high levels.” Following recent announced sales, the tanker fleet has been reduced, leaving six VLCCs total (three on the water and three Eco VLCC newbuilds delivering soon). Reported VLCC rates were around $75,000/day in Q4 and Q1-to-date, while Suezmax spot performance was cited around $60,000-$65,000/day. Saverys said more recent market numbers have been “way higher” than those reported. He added that a rising crude tanker orderbook for 2028 delivery and potential scrapping levels will be important to watch. He also said an “oversupplied oil market” appears to be absorbed by stockpiling, which he suggested is supportive for tanker demand, while sanctions and geopolitics remain key uncertainties.
Containers and chemicals: The company said it is not meaningfully exposed to container spot rates because its four container vessels are fixed on 10-year charters, with another newbuilding delivering this year under a 15-year time charter. Management said spot freight rates are trending downward, while the charter market remains supported for now due to limited available charter tonnage, though it expects pressure as a significant orderbook delivers in coming years. In chemicals, CMB.TECH’s eight chemical tankers on the water are mostly on time charter, and its orderbook of eight vessels is fully fixed on long-term time charters, limiting spot exposure; management described spot rates as slightly declining versus 2024.
Offshore wind and ammonia-related logistics investment
Management highlighted Windcat as a strong-performing unit. Saverys said one CSOV trading on spot has earned “very good rates,” while another CSOV has been fixed on a three-year agreement for North Sea work. The company expects additional CSOV deliveries this year and next, and described demand support from both offshore wind project activity and the offshore oil and gas market, which Saverys said is attracting modern vessels.
In response to a question on a recent China cooperation, management said it has secured offtake of green ammonia in China for ammonia-powered vessels delivering this year and invested in a company providing ammonia logistics (moving ammonia from production to storage and to ships via bunker barge). Saverys characterized the investment as “a couple of tens of millions” of dollars and “not a huge investment.”
About CMB.TECH (NYSE:CMBT)
Euronav NV, together with its subsidiaries, engages in the transportation and storage of crude oil worldwide. The company offers floating, storage, and offloading (FSO) services. It also owns and operates a fleet of vessels. The company was incorporated in 2003 and is headquartered in Antwerp, Belgium. As of March 15, 2024, Euronav NV operates as subsidiary of CMB NV.
