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Jun 30
CMB Tech NV Q2 2025 Earnings Report
CMB.TECH reported its Q2 2025 earnings, posting a net loss driven by high finance and operating expenses despite revenue growth and vessel sale gains.
Key Takeaways
CMB.TECH delivered $387.8 million in revenue during Q2 2025 but reported a net loss of $7.6 million. Gains from vessel sales partially offset substantial operating and finance expenses. EBITDA came in at $224.1 million. The merger with Golden Ocean significantly increased the company's fleet and contract backlog.
Revenue grew to $387.8 million in Q2 2025, reflecting fleet expansion.
Net loss of $7.6 million due to high finance and operating costs.
EBITDA remained strong at $224.1 million, supporting cash flow.
The merger with Golden Ocean added 89 vessels and expanded the total fleet to around 250 ships.
CMB Tech NV
CMB Tech NV
Forward Guidance
CMB.TECH expects strong positioning in the tanker and dry bulk markets following the Golden Ocean merger, supported by a modern, fuel-efficient fleet and strategic charter agreements.
Positive Outlook
- Expanded fleet to 250 vessels post-merger supports growth.
- Robust contract backlog of $2.93 billion offers visibility into future cash flows.
- Strategic ammonia-powered vessel agreement signed with Fortescue.
- Tanker and dry bulk markets showing favorable trends.
- Continued delivery of super-eco and offshore vessels enhances operational efficiency.
Challenges Ahead
- Increased finance expenses ($118.2 million) weighing on profitability.
- Operating expenses significantly higher YoY due to expanded fleet.
- Market volatility persists in tankers due to geopolitical factors.
- Container and chemical tanker markets remain soft and volatile.
- High capex from newbuilds and acquisitions could pressure liquidity.