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CMB.TECH (NYSE:CMBT) reported Q2 2025 results, marking a significant transformation with the completion of its merger with Golden Ocean. The company posted a net loss of $7.6 million ($-0.04 per share) compared to a net gain of $184.4 million in Q2 2024. Q2 2025 EBITDA reached $224.1 million, down from $261.2 million year-over-year.
Key developments include the merger completion adding 89 dry bulk vessels, bringing the total fleet to 250 ships, and the delivery of 8 newbuilding vessels. The company declared an interim dividend of $0.05 USD and maintains a strong contract backlog of $2.93 billion. Notable vessel sales generated significant capital gains, including $57.1 million from VLCC Iris.
Positive
- Merger with Golden Ocean creates one of world’s largest maritime groups with 250-vessel fleet valued at $11.1 billion
- Strong contract backlog of $2.93 billion providing predictable cash flows
- Robust liquidity position exceeding $400 million
- Significant capital gains from vessel sales: $57.1M in Q2, $39.3M expected in Q3, and $20.4M in Q4
- Young fleet average age of 6.1 years with 80+ hydrogen and ammonia-ready vessels
Negative
- Net loss of $7.6 million in Q2 2025 versus $184.4M profit in Q2 2024
- EBITDA declined to $224.1M from $261.2M year-over-year
- Legal challenges from dissenting Golden Ocean shareholders representing 12.15% of shares
- Net finance expenses increased significantly to $118.2M from $30.5M year-over-year
Insights
CMB.TECH reported Q2 loss of $7.6M despite strong EBITDA of $224.1M, while completing significant Golden Ocean merger creating diversified 250-vessel fleet.
CMB.TECH’s Q2 2025 results present a mixed financial picture with a net loss of $7.6 million ($-0.04 per share), a significant decline from the $184.4 million profit in Q2 2024. Despite this bottom-line loss, the company maintained strong operational performance with EBITDA of $224.1 million, though this represents a 14% decrease from $261.2 million in the same period last year.
The company’s revenue increased substantially to $387.8 million, up 54% from $252 million in Q2 2024, reflecting fleet expansion. However, this growth came with proportionally higher operating expenses – vessel operating expenses more than doubled to $113.6 million from $50.5 million, and depreciation costs increased to $108.7 million from $41.6 million. Most concerning is the dramatic rise in net finance expenses to $118.2 million from $30.5 million, suggesting significantly higher debt service costs that ultimately pushed the company into the red.
The completed merger with Golden Ocean marks a transformational development, creating one of the world’s largest diversified maritime groups with approximately 250 vessels valued at approximately $11.1 billion. This merger substantially increases CMB.TECH’s scale in dry bulk shipping while maintaining its diversified exposure across tankers, container ships, and offshore wind vessels. The company’s contract backlog stands at an impressive $2.93 billion, providing substantial revenue visibility.
Fleet performance shows some softening market conditions, with average daily rates declining across several vessel categories compared to 2024. VLCC spot rates fell to $44,981/day from $50,500/day, and dry-bulk vessel spot rates declined significantly to $23,081/day from $36,731/day. This rate environment partially explains the weaker financial performance despite fleet growth.
The company’s fleet rejuvenation strategy continues with substantial vessel sales generating capital gains – notably a $57.1 million gain from selling the VLCC Iris. With additional sales scheduled for Q3 and Q4, CMB.TECH is actively managing its fleet age profile, which currently stands at an attractive 6.1 years. The company also maintains strong liquidity exceeding $400 million.
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08/28/2025 – 01:04 AM
CMB.TECH ANNOUNCES Q2 2025 RESULTS
MERGER WITH GOLDEN OCEAN COMPLETED
ANTWERP, Belgium, 28 August 2025 – CMB.TECH NV (“CMBT”, “CMB.TECH” or “the Company”) (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) reported its unaudited financial results today for the second quarter ended 30 June 2025.
HIGHLIGHTS
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 -7.6 million USD in Q2 2025
- CMB.TECH’s contract backlog stands at 2.93 billion USD
- Interim dividend declared of 0.05 USD, 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. 57.1 million USD 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. 39.3 million USD in Q3 2025.
- Sale of Sofia (2010 – 165,000 dwt). Delivery will be in Q4 2025. The sale will generate a capital gain of 20.4 million USD in Q4 2025.
For the second quarter of 2025, the Company reported a net loss of USD 7.6 million or USD -0.04 per share (second quarter 2024: a net gain of 184.4 USD million or USD 0.95 per share). EBITDA (a non-IFRS measure) for the same period was USD 224.1 million (second quarter 2024: USD 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.”
Key figures
| The most important key figures (unaudited) are: | |||||||||||
| (in thousands of USD) | Second Quarter 2025 | Second Quarter 2024 | YTD 2025 | YTD 2024 | |||||||
| Revenue | 387,808 | 252,000 | 622,852 | 492,377 | |||||||
| Other operating income | 13,021 | 30,649 | 20,155 | 38,245 | |||||||
| Raw materials and consumables | (2,319) | (435) | (5,128) | (1,678) | |||||||
| Voyage expenses and commissions | (81,338) | (48,986) | (123,742) | (85,903) | |||||||
| Vessel operating expenses | (113,644) | (50,541) | (175,473) | (100,013) | |||||||
| Charter hire expenses | (1,307) | 1 | (1,620) | (17) | |||||||
| General and administrative expenses | (33,548) | (18,581) |
