Q2 2025 Results

CMB.TECH (CMBT) reported mixed Q2 2025 results. While revenue increased to $387.8 million, the company posted a net loss of $7.6 million, a stark contrast to the $184.4 million profit in Q2 2024. EBITDA also declined to $224.1 million. The merger with Golden Ocean was completed, creating a 250-vessel fleet. CMB.TECH declared an interim dividend of $0.05 USD and maintains a strong contract backlog of $2.93 billion. Vessel sales generated significant capital gains. Legal challenges from Golden Ocean shareholders remain.

China XLX Fertiliser reported strong Q2 2025 results, with revenue up 16.7% QoQ to RMB 6.82 billion and profit surging 103.4% QoQ to RMB 402 million. H1 revenue grew 5% YoY to RMB 12.666 billion, although profit declined 12.8% YoY. The company improved its debt structure and reduced finance expenses. Key operational highlights include increased urea exports and revenue growth in compound fertilizer and methanol segments. Phase II of the Jiangxi Project is scheduled to commence operations in Q3 2025.