CMB.TECH Sees Record Performance and Strategic Growth in 2024
CMB.TECH Final Year Results: A Year of Transformation
ANTWERP, Belgium – CMB.TECH NV (NYSE: CMBT & Euronext: CMBT) has announced its final financial results for the full year ending December 31, 2024, showcasing a remarkable transformation in the company.
This past year was marked by impressive growth and strategic milestones that reshaped CMB.TECH into a forward-thinking maritime group focused on sustainability.
Highlights from 2024 Financial Results
In its financial results for 2024, CMB.TECH reported earnings that exceeded analysts' expectations. Key highlights from the results include:
- Achieved a profit of USD 93.1 million in Q4 2024, bringing the full-year profit to an impressive USD 870.8 million.
- Increased the total contract backlog to USD 2.94 billion, reflecting robust demand for the company’s services.
- Transitioned from its previous brand Euronav, adopting the new name CMB.TECH along with a new ticker symbol CMBT.
- Focused on fleet rejuvenation with 21 new vessel deliveries, demonstrating its commitment to modernization.
- Expanded fleet capabilities with various newbuild vessels contracted in 2024 and early 2025.
- Launched a hydrogen engine research and development center in Japan, aligning with the growing maritime demand for decarbonization technologies.
Growth and Future Outlook
CMB.TECH continues to expand its footprint in the maritime industry. In the first quarter of 2025, the company announced significant partnerships and acquisitions:
- Teamed up with MOL to jointly own and charter nine ammonia-fuelled vessels, marking a pivotal step towards the shipping industry's net-zero target.
- Finalized a share purchase agreement with Hemen Holding Limited for acquiring 81,363,730 shares in Golden Ocean Group Limited.
CEO Alexander Saverys Highlights Strategic Direction
Alexander Saverys, Chief Executive Officer of CMB.TECH, expressed his views on the company’s direction, stating:
"2024 marks our pivotal transition into a diversified maritime group. Our strategic focus is on sustainability and innovation, highlighted by our recent ventures, including our hydrogen production facilities and the new partnerships in ammonia-fuel technology. We aim to position ourselves as a leader in the drive towards decarbonization in the maritime sector, addressing not just current demands but paving the way for future industry standards."
Fleet Development and Technological Advancements
2024 was particularly crucial for CMB.TECH in terms of operational upgrades:
- The company took delivery of multiple vessels including Newcastlemax and Suezmax classes, enhancing its operational capacity.
- Stable capital gains of USD 635 million from strategic fleet management decisions further solidified financial stability.
- Orders for additional ships and contracts for ammonia fuel technology reflect a forward-looking approach to satisfy increasing environmental regulations.
Strategic Partnerships and Collaborations
CMB.TECH is deliberately positioning itself for a sustainable maritime future through partnerships. With an eye on innovative fuel solutions, the collaboration with MOL and investments in hydrogen technology signify a commitment to lead in eco-friendly maritime solutions. The new hydrogen engine R&D center in Japan highlights their proactive stance in bridging traditional maritime operations with cutting-edge technology.
Market Position and Future Prospects
CMB.TECH remains steadfast in its objective to reshape the maritime landscape. With growth numbers suggesting an upward trajectory, the outlook for 2025 and beyond appears promising. The company's efforts not only enhance its market share but also align with global sustainability goals.
Investors can look forward to the unveiling of more strategic moves and transformative solutions as CMB.TECH continues to embrace innovation in the maritime sector.
Frequently Asked Questions
What were CMB.TECH's profits for 2024?
CMB.TECH reported a total profit of USD 870.8 million for the year 2024.
What significant changes occurred at CMB.TECH in 2024?
The company transitioned its name from Euronav to CMB.TECH and shifted its focus towards sustainability and diversification in maritime operations.
How many vessels did CMB.TECH deliver in 2024?
The company delivered 21 new vessels, strengthening its fleet and operational capacity.
What innovative technologies is CMB.TECH investing in?
CMB.TECH is investing significantly in hydrogen and ammonia fuel technologies to meet future maritime sustainability requirements.
When can investors expect updates from CMB.TECH?
Investors can anticipate updates during the announcement of quarterly results and annual reports throughout 2025.
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