Cmb.Tech NV

What they do

CMB.TECH operates through segments including Euronav (crude oil tankers), Bocimar (dry bulk), Delphis (containers), Bochem (chemical tankers), Windcat (crew transfer vessels), Port Vessels, Marine, H2 Infra, and H2 Industry. The company generates revenue primarily from time charters and voyage charters across its fleet, and also earns from vessel sales and related maritime services.

Revenue drivers

• Euronav (Crude Oil Tankers) — The largest segment, operating a fleet of VLCCs and other crude carriers, contributing the majority of revenue through spot and time charters.
• Bocimar (Dry Bulk) — Operates Capesize and other dry bulk vessels, with earnings tied to charter rates and iron ore/coal trade volumes.
• Delphis (Containers) — Provides container shipping services with a focus on environmentally friendly vessels, generating revenue from container freight and charter hire.
• Windcat (Offshore Wind) — Operates crew transfer vessels and commissioning service operation vessels for offshore wind farms, with revenue from contracts with wind farm operators.

Recent performance

For the fiscal year 2025, total revenue was approximately $1.7 billion, compared to $1.6 billion in 2024. Net income attributable to owners was $468 million, down from $512 million in 2024. EBITDA was $787 million, versus $800 million in the prior year. The decline was driven by weaker tanker rates and a loss on vessel sales, partially offset by higher dry bulk and wind support vessel earnings.

Strategy

Management is focused on expanding its dual-fuel fleet, with significant newbuild orders for ammonia-ready and methanol-ready vessels. The company continues to pursue vertical integration in hydrogen production and distribution through its H2 Infra and H2 Industry segments. It also emphasizes fleet renewal by selling older vessels and investing in energy-efficient, low-emission ships. Additionally, CMB.TECH remains committed to returning cash to shareholders through dividends and share buybacks.

Risks

• Freight rate volatility — Revenue is directly tied to spot charter rates, which are highly cyclical and vulnerable to global trade disruptions and oversupply.
• Environmental regulation transition — Compliance with new emissions rules and the pace of adopting alternative fuels create cost and operational uncertainty.
• Customer concentration — The Marine segment depends on a few major customers; in 2025, one customer accounted for a significant portion of that segment's revenue.
• Capital expenditure risks — Large investments in newbuilds and hydrogen infrastructure may face cost overruns, delays, or lower-than-expected demand.

Outlook

For 2026, management expects continued growth in its wind support and dry bulk segments, supported by newbuild deliveries. They anticipate ongoing recovery in tanker markets as global oil demand stabilizes. The company plans to take delivery of several dual-fuel vessels during the year and will continue to evaluate strategic divestments of legacy assets.