CMB.TECH announces Q2 2025 results | CMBT Stock News

08/28/2025 - 01:04 AM CMB.TECH ANNOUNCES Q2 2025 RESULTSMERGER 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 AugustCMB.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 2025CMB.TECH’s contract backlog stands at 2.93 billion USDInterim 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 SlovenskoCSOV: Windcat RotterdamCTV: 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) (56,395) (36,287) Gains on disposal of vessels/ other tangible assets 57,340 94,985 103,791 502,547 Depreciation (108,698) (41,639) (164,369) (81,877) Impairment losses (3,573) — (3,573) — Net finance expenses (118,225) (30,540) (182,440) (45,980) Share of profit (loss) of equity accounted investees 1,622 2,029 1,571 2,570 Profit (loss) before income tax (2,861) 188,942 35,629 683,984 Income tax benefit (expense) (4,723) (4,572) (2,840) (4,364) Profit (loss) for the period (7,584) 184,371 32,789 679,620 Attributable to: Owners of the Company 7,768 184,371 51,766 679,620 Non-controlling interest (15,352) — (18,977) — Information per share: (in USD per share) Second Quarter 2025 Second Quarter 2024 YTD 2025 YTD 2024 Weighted average number of shares (basic) * 194,216,835 194,250,949 194,216,835 197,886,375 Profit (loss) for the period -0.04 0.95 0.17 3.43 The number of shares issued on 30 June 2025 is 220,024,713. However, the number of shares excluding the owned shares held by CMB.TECH at 30 June 2025 is 194,216,835. EBITDA reconciliation (unaudited): (in thousands of USD) Second Quarter 2025 Second Quarter 2024 YTD 2025 YTD 2024 Profit (loss) for the period (7,584) 184,371 32,789 679,620 + Net interest expenses 118,225 30,626 182,440 45,886 + Depreciation of tangible and intangible assets 108,698 41,639 164,369 81,877 + Income tax expense (benefit) 4,723 4,572 2,840 4,364 EBITDA (unaudited) 224,062 261,208 382,438 811,747 EBITDA per share: (in USD per share) Second Quarter 2025 Second Quarter 2024 YTD 2025 YTD 2024 Weighted average number of shares (basic) 194,216,835 194,250,949 194,216,835 197,886,375 EBITDA 1.15 1.34 1.97 4.10 All figures, except for EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited by the statutory auditor. Interim dividend CMB.TECH has declared an Interim Dividend of 0.05 USD. The timing of the distribution of this Interim Dividend is as follows: COUPON 43 Ex-dividend date Record date Payment date Euronext 1 October 2025 2 October 2025 9 October 2025 NYSE 2 October 2025 2 October 2025 9 October 2025 OSE 1 October 2025 2 October 2025 on or about 9 October 2025 The New York Stock Exchange (“NYSE”) settles its trades on a T+1 basis, while Euronext Brussels (“Euronext”) and the Euronext Oslo Børs (“OSE”) settle its trades on a T+2 basis. As a result, there will be different ex-dividend dates between the exchanges. Due to the implementation of CSDR in Norway, the Dividend payable on common shares that are registered in the VPS settlement system in order to be traded on OSE is expected to be distributed to VPS shareholders on or about 9 October 2025. The Interim Dividend is, in its entirety, subject to 30% withholding tax to the extent that no exemption or reduction applies. The Company encourages you to contact your bank, broker, nominee or other institution if you have any questions regarding the mechanics and timing of having the Dividend attributable to your common shares credited to your account. TCE The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows: In USD per day Q2 2025 Q2 2024 First semester 2025 First semester 2024 TANKERS VLCC Average spot rate (in TI Pool)* 44,981 50,500 39,774 45,600 Average time charter rate** 46,094 47,000 46,114 46,700 SUEZMAX Average spot rate*** 40,160 49,500 40,314 54,600 Average time charter rate 33,023 30,750 32,845 30,700 DRY-BULK VESSELS Average spot rate*** 23,081 36,731 20.975 31,504 CONTAINER VESSELS Average time charter rate 29,378 29,378 29,378 29,378 CHEMICAL TANKERS Average spot rate* 22,411 27,307 21.471 26,426 Average time charter rate 19,306 19,306 19,306 19,306 OFF-SHORE WIND (CTV) Average time charter rate 3,146 2,759 2,789 2,824 *CMB.TECH owned ships in TI Pool or Stolt Pool (excluding technical offhire days)**Including profit share where applicable*** Reporting load-to-discharge, in line with IFRS 15 CORPORATE UPDATE Golden Ocean merger On 3 April 2025, CMB.TECH NV filed a Schedule 13D/A to report that CMB.TECH NV indirectly acquired 9,689,297 additional shares in Golden Ocean Group Limited (“Golden Ocean”) in the open market following the acquisition of 81,363,730 shares in Golden Ocean from Hemen Holding Limited and subsequent open market purchases of 7,347,277 shares in Golden Ocean. On 3 April 2025, CMB.TECH NV owned an aggregate of 98,400,204 shares in Golden Ocean, representing approximately 49.4% of Golden Ocean's outstanding voting shares. On 22 April 2025, CMB.TECH and Golden Ocean announced that they signed a term sheet (the “Term Sheet”) for a contemplated stock-for-stock merger, with CMB.TECH as the surviving entity, based on an exchange ratio of 0.95 shares of CMB.TECH for each share of Golden Ocean (the “Exchange Ratio”), subject to customary adjustments. The Term Sheet was unanimously approved by CMB.TECH’s Supervisory Board and by Golden Ocean’s Board of Directors, including its special transaction committee composed of disinterested directors (the “Transaction Committee”). As part of this, the Transaction Committee has received a fairness opinion from its financial advisor DNB Markets, part of DNB Bank ASA, concluding that the Exchange Ratio is fair from a financial point of view to Golden Ocean’s shareholders. The transaction was structured as a merger with Golden Ocean merging with and into CMB.TECH Bermuda Ltd., a wholly-owned subsidiary of CMB.TECH (the “Merger”). Existing shares of Golden Ocean, which were not (directly or indirectly) owned by CMB.TECH, would be cancelled and ultimately exchanged for newly issued CMB.TECH shares at an exchange ratio of 0.95 shares of CMB.TECH for each share of Golden Ocean. More information can be found in the registration statement on Form F-4 (the “Registration Statement”) filed by CMB.TECH with the SEC on 1 July 2025 and the exemption document under the EU Prospectus Regulation (EU) 2017/1129 and the Commission Delegated Regulation (EU) 2021/528 (the “Exemption Document”) published on 14 August 2025. On 17 July 2025, CMB.TECH provided a market update on the progress of the stock-for-stock merger between CMB.TECH and Golden Ocean. It was announced that Golden Ocean would hold an SGM to vote on the proposed merger on 19 August 2025. On 19 August 2025, Golden Ocean held a Special General Meeting to vote on the proposed merger. At the special general meeting of shareholders of Golden Ocean, the Merger was approved by shareholders holding 92.72% of the shares present or represented at the meeting. On 20 August 2025, the merger was closed. Based on the Exchange Ratio and the current number of outstanding Golden Ocean common shares and ordinary shares in the Company, the Company issued 95,952,934 new ordinary shares by means of a capital increase by contribution in kind. Upon completion of the Merger, CMB.TECH shareholders own 70% (or 67% excluding treasury shares) of the total issued share capital of CMB.TECH and Golden Ocean shareholders own 30% (or 33% excluding treasury shares) of the total issued share capital of CMB.TECH. As indicated in CMB.TECH’s press release of 11 August 2025, Golden Ocean has received correspondence from certain parties alleging to be former shareholders of Golden Ocean, who have, in the meantime, filed appraisal claims under Bermuda law. The aggregate number of Golden Ocean shares allegedly held by these parties is 24,438,718, representing approximately 12.15% of the total number of former Golden Ocean shares. Following completion of the Merger, all shares in Golden Ocean (including those held by dissenting shareholders) were annulled and exchanged for shares in CMB.TECH.The appraisal claims do not contest the validity or effectiveness of the Merger, but relate solely to the determination of the fair value of the shares held by the dissenting shareholders.CMBTreaffirms that Golden Ocean shareholders were offered fair value in the Merger and will address these claims appropriately. CMB.TECH remains listed on the New York Stock Exchange and Euronext Brussels under the ticker symbol ‘CMBT’. As of 20 August 2025, CMB.TECH is also listed on Euronext Oslo Børs under the ticker symbol ‘CMBTO’. The merger creates one of the world's largest diversified listed maritime groups, featuring: A combined diversified fleet of around 250 vessels, including dry bulk vessels, crude oil tankers, chemical tankers, container ships, offshore wind vessels and port vesselsA future-proof fleet with more than 80 hydrogen- and ammonia-ready vessels, offering low-carbon fuel optionalityFair market value of the fleet of approximately USD 11.1 billion, underscoring scale and asset valuesYoung and fuel-efficient fleet with an average age of 6.1 yearsSolid revenue visibility with a contract backlog of approximately USD 3.0 billion, supporting predictable cash flows and shareholder returnsGlobal capital market presence with listings in New York, Brussels and Oslo, with 38% expected free float providing trading liquidityRobust liquidity position exceeding USD 400 million, including cash on hand and undrawn credit facilities, providing financial flexibility and growth capacity Supervisory Board changes Mr. Marc Saverys has decided to resign as member and chairman of the Supervisory Board of CMB.TECH. Mr. Marc Saverys joined the Supervisory Board of CMB.TECH after the SGM of 23 March 2023 as a non-independent member. Mr. Patrick de Brabandere, as representative of Debemar BV has been appointed to succeed Mr. Marc Saverys as chairman of the Supervisory Board. The Supervisory Board has further decided to co-opt Mrs. Gudrun Janssens as independent member within the Supervisory Board: Mrs Gudrun Janssens oversees BIMCO's EU-related marine environment, safety and technical affairs from the Brussels office. She has significant expertise in ship recycling. She studied Chemistry with a focus on environmental sciences and began her professional career at the Public Waste Agency of Flanders in 2000. As a senior policy advisor and member of the Belgian delegation to the IMO, she was involved in shaping the Belgian policy on ship waste management and ship recycling for over 15 years. Gudrun also worked for the European Community of Shipowners’ Associations (ECSA) and the Royal Belgian Shipowners Associations as Head of Environmental and Technical Affairs, managing environmental and climate-related shipping issues at both European and international levels. Publication half year report and change in publication date earnings releases CMB.TECH published its half year report on the company website this morning (28 August 2025). You can find the reports here. Furthermore, the company has decided to postpone the publication date of its third quarter 2025 earnings press release and accompanying conference call. The Q3 2025 earnings will be announced on 26 November 2025. CMB.TECH FLEET DEVELOPMENTS Commercial agreements Fortescue Fortescue and Bocimar, part of CMB.TECH, have signed an agreement for an ammonia-powered Newcastlemax featuring a dual fuel engine. The 210,000-dwt vessel is part of CMB.TECH’s series of large dry bulk carriers currently on order at Qingdao Beihai Shipyard and is expected to be delivered to Fortescue by the end of next year. It will play a vital role taking iron ore from Pilbara to customers in China and around the world. Sales Euronav On 30 April 2025, CMB.TECH announced that it had sold three VLCCs, Iris (2012- 314,000 dwt), Hakone (2010 - 302,624 dwt) and Hakata (2010 - 302,550 dwt) as part of its fleet rejuvenation. The sales generated a total capital gain of 96.7 million USD. Iris has been delivered to their new owners on May 7, 2025 and Hakone on July 8, 2025 respectively. Hakata will be delivered in the beginning of September 2025.The VLCC Iris (2012- 314,000 dwt) generated a capital gain of approx. 57.1 million USD during Q2 and the sales of Hakata (2010 - 302,550 dwt) & Hakone (2010 - 302,624 dwt) will generate a total capital gain of approx. 39.3 million USD in Q3 2025. On 25 August 2025, the Company entered into an agreement to sell the Suezmax Sofia (2010 - 165,000 dwt) for a net sale price of USD 40.1 million. The sale will generate a gain of approximately USD 20.4 million and is expected to be delivered to its new owner in the fourth quarter of 2025. Newbuilding deliveries On 10 April 2025, the Company took delivery of Newcastlemax Mineral Suomi (2025 - 210,761 dwt). On 23 April 2025, the Company took delivery of Newcastlemax Mineral Sverige (2025 - 210,761 dwt) On 9 April 2025, the Company took delivery of the CTV TSM Windcat 59 . On 23 May 2025, the Company took delivery of Newcastlemax Mineral Polska (2025 - 210,761 dwt). On 23 June 2025, the Company took delivery of Newcastlemax Mineral Cesko (2025 - 210,761 dwt). On 2 July 2025, the Company took delivery of the CTV Windcat 58. On 24 July 2025, the Company took delivery of the CSOV Windcat Rotterdam. On 8 August 2025, the Company took delivery of Newcastlemax Mineral Slovensko (2025 - 210,761 dwt). MARKET & OUTLOOK Euronav – Tanker Markets1 Tanker markets experienced heightened volatility in Q2 2025, with notable disruption in June due to escalating conflict in the Middle East. This geopolitical tension tightened a market that had previously been easing into the typically softer summer period, with average earnings reaching a five-month low in mid-June. However, conditions reversed sharply as average weighted crude tanker earnings surged to USD 47,519/day by June 20th — among the highest level in over a year. This was largely driven by a spike in Very Large Crude Carrier (VLCC) rates in the Middle East Gulf, with spot earnings on the Middle East–China route exceeding USD 75,000/day in late June, marking a two-year high. Despite the regional conflict, oil flows through the Strait of Hormuz — a critical chokepoint for approximately 34% of global seaborne oil trade — remained steady, with vessel transits staying within normal ranges following the mid-June escalation. Following the Israel–Iran ceasefire on June 24th, market conditions began to stabilise. Nonetheless, the situation remains fluid and warrants continued close monitoring. In recent weeks, oil markets have seen relative calm as geopolitical risks have subsided and demand forecasts remain steady. Despite this, charter rates continue to trend significantly above the 10-year average TCE rate for the summer season (July: +33% for VLCCs and +59% for Suezmaxes). According to AXS Marine data, China’s crude oil imports declined on a year-on-year basis for April, May and June — by 0.3%, 8.9%, and 5.9% respectively. For much of the past decade, China has been the primary driver of global oil demand, accounting for approximately 60% of global growth. However, recent trends suggest that the outlook for Chinese oil consumption continues to undergo a fundamental shift, with significant implications for global oil trade patterns. Much of China’s abrupt slowdown in fuel demand growth is driven by changes in the underlying economy, with high growth in services and a significant slowdown in the diesel-intensive construction sector. In June, new energy vehicles (NEVs) accounted for 52.7% of total vehicle sales in China, reflecting a decisive move toward electrified transportation. Globally, NEVs are expected to displace over 5mpd of gasoline and diesel by 2030. This trend is further supported by a growing adoption of LNG-powered and fully electric trucks, particularly in freight and logistics sectors, and the rapid expansion of high-speed and urban rail networks. In addition, while in Western economies, the rise of renewables — primarily wind and solar — has largely displaced coal-fired power generation, with grid intermittency managed by natural gas and, to a lesser extent, battery storage, the picture in China is different. Despite substantial investments in renewables, coal still maintains a dominant role in China’s energy mix. As the world’s largest miner, importer and consumer of coal, China continues to expand its coal-fired power capacity. Rather than displacing coal, it appears that renewables in China are more directly challenging crude oil’s role in the economy. This is primarily because China is rapidly electrifying both its industrial base and transport infrastructure. As a result, the country is reducing its reliance on imported crude — a commodity that remains susceptible to geopolitical disruptions and volatile price swings. The strategic shift toward greater energy self-sufficiency and electrification in China marks a structural transformation in the country’s energy demand profile. This transition is expected to have lasting implications for global oil trade flows. Nonetheless, major forecasting agencies — the IEA, EIA, and OPEC — continue to project oil demand growth of +0.7 million barrels per day (mb/d), +0.8 mb/d, and +1.3 mb/d respectively in 2025. Although these forecasts have seen modest upward revisions in recent months, they remain well below historical growth levels. Seaborne crude oil trade, as measured in billion tonne-miles, is increasingly being distributed more evenly across the broader Asian region. China is now expected to account for 33.3% of Asian seaborne imports in 2025, with India at 10.5%, South Korea at 9.8% and the rest of Asia comprising 13.9%. While China's oil demand is plateauing — with a longer-term decline expected — India has emerged as the world’s most dynamic growth engine for oil consumption. India's rapidly expanding economy, driven by urbanisation, infrastructure expansion and industrial development, is highly dependent on oil. Unlike many other regions that are accelerating their transition to electric vehicles, India’s oil demand is heavily concentrated in transport fuels. The country’s total oil consumption is projected to increase by 1 mb/d between 2024 and 2030, reinforcing its growing significance in the global oil demand equation. On the oil supply side, June marked the third consecutive month in which eight OPEC and OPEC+ members engaged in voluntary production cuts were permitted to raise output, with their combined production quota increasing by 411 kb/d month-on-month. Looking ahead, OPEC+ has reaffirmed its intention to boost production by a further 548 kb/d in August – concluding the whole first tranche of voluntary cuts (2.2 mb/d). There is a notable disconnect between OPEC+ quotas, actual production and exports. Monthly output often diverges from quotas due to past overproduction, capacity constraints preventing some members from meeting allocations and others consistently producing above their targets. Looking ahead, projecting seaborne crude exports for the remainder of 2025 is challenging, though seasonality typically supports an uptick in the fourth quarter. Despite these planned increases, global demand growth appears increasingly fragile. The IEA, EIA and OPEC have all maintained their 2026 demand growth projections at +0.7 mb/d, +1.1 mb/d, and +1.3 mb/d, respectively. In light of these figures, the supply-demand balance is becoming a growing concern. The IEA now forecasts an oil market surplus of 1.5 mb/d in 2025 and 2.1 mb/d in 2026. This anticipated oversupply is beginning to draw attention from key industry stakeholders and could prompt a reassessment of OPEC+ strategy. Any shift in policy would carry significant implications for upstream investment decisions and the broader global oil production landscape. From a vessel supply side perspective, ordering activity has picked up further, pushing the VLCC orderbook-to-fleet (OB/F) ratio to 13.9% and the Suezmax OB/F ratio to 19.4%. While these figures may appear substantial at first glance, they are insufficient when viewed against the backdrop of an aging global tanker fleet. Adjusting for vessel retirements at 20, 25 and 30 years of age, net fleet growth is projected to turn negative through 2028 for both VLCCs and Suezmaxes. Currently, 17% of the VLCC fleet and 19% of the Suezmax fleet are over 20 years old — thresholds typically associated with phase-out or reduced commercial viability. The replacement challenge becomes even more pronounced when looking further ahead. By 2030, 39% of the VLCC fleet and 40% of the Suezmax fleet will be over 20 years old, indicating a steep increase in fleet obsolescence. This accelerated aging underscores the need for fleet renewal, particularly as environmental regulations tighten and charterers favour younger, more efficient tonnage. Euronav has 10 VLCCs (average age 8.4y) and 18 Suezmaxes (average age 7.3y) on the water. Additionally, it has 5 VLCCs and 2 Suezmaxes on order. Q2 2025 Performance Highlights: Euronav VLCC achieved average TCE of USD 44,981 per day in Q2, and Q3 2025 spot rate (to date): 77% fixed at USD 32,056 per dayEuronav Suezmax achieved average TCE of USD 40,160 per day in Q2, and Q3 2025 spot rate (to date): 76% fixed at USD 39,364 per day Bocimar – Dry-Bulk Market2 Iron ore remains the primary driver of Capesize vessel demand, comprising 72.1% of the segment's total seaborne cargo volumes in H1 2025. As such, Capesize tonnage demand is highly correlated with global iron ore trade flows, particularly imports into China, which account for 76.4% of total seaborne iron ore volumes. Given this concentration, fluctuations in Chinese import activity tend to have an immediate and pronounced impact on the broader Capesize market. Notably, iron ore shipment volumes have remained robust in H1 2025, with volumes picking up after the disappointing Q1 volumes (cfr. seasonal weakness and adverse weather conditions in the Atlantic Basin). Seaborne export of iron ore increased y-o-y in May with 8.2%, June with 7.4% and July with 6.8%. Looking ahead, recent Q2 production updates from major iron ore producers reinforce a constructive outlook for seaborne supply. Vale reported Q2 2025 iron ore output of 83.6 million tons, up 3.7% y-o-y, while maintaining its full-year production guidance at 325–335 million tons. Fortescue Metals Group (FMG) also delivered strong results, with Q4 FY25 (June fiscal year ended) shipments totalling approximately 55 million tons (+3.3% y-o-y), bringing full-year volumes to 198 million tons—at the upper end of its 190–200 million tons guidance range. FMG is guiding further growth in FY26, with projected shipments of 195–205 million tons. BHP reported Q2 2025 production of 70.3 million tons, up 2.0% y-o-y. Fiscal year 2025 iron ore output reached 263 million tons, marking a 1% increase y-o-y and in line with guidance of 255–265.5 million tons. For FY26, BHP has issued a slightly higher production guidance of 258–269 million tons. Meanwhile, Anglo American reported Q2 2025 production of 15.94 million tons (+2.0% y-o-y) and reaffirmed its full-year guidance of 57–61 million tons. While production gains across the major miners are modest, the resilience in output levels provides a supportive backdrop for Capesize demand and seaborne iron ore trade. According to Goldman Sachs, China’s steel production remains resilient, with no meaningful output cuts observed despite recurring market speculation and rumours. Utilisation rates at steel mills continue to exceed 90%, supported by strong profit margins in the range of USD 30–40 per ton. Although steel demand is seasonally soft, it is holding steady on a y-o-y basis, with solid activity in infrastructure and manufacturing sectors helping to offset ongoing weakness in the property market. A notable trend supporting seaborne iron ore demand is the growing preference among mills for higher-grade ore. This shift is underpinned by expanding margins and stricter environmental constraints. Blast furnace utilisation remains elevated above 90%, while pig iron output has surged to record levels, exceeding 2.4 million tons per day. Whereas iron ore restocking had previously been conducted on a just-in-time basis, the combination of improved steel margins and robust order books has increased mills’ willingness to tolerate higher input costs. Many are now actively procuring seaborne iron ore at USD 105 per ton to preserve margins, with reports indicating some mills have secured volumes through the end of August. This marks a strategic shift, reflecting growing confidence in the sustainability of current profitability levels. Bauxite is seen as a secondary driver of Capesize demand. In H1 2025, Bauxite accounted for 10.7% of Capesize seaborne cargo volumes, reflecting its growing role in the segment’s trade dynamics. Global seaborne bauxite volumes are projected to increase by 19.0% y-o-y in 2025, largely driven by rising exports from Guinea to China. This growth mirrors China's robust demand for aluminium, underpinned by structural expansion in its NEV and renewable energy sectors. Importantly, the Guinea–China trade route, being significantly longer than the traditional Australia–China route, contributes disproportionately to ton-mile demand—an increasingly critical metric for Capesize employment. While Guinean exports most likely will face temporary weather-related disruptions during West Africa’s May–October monsoon season, the broader outlook for bauxite trade remains strongly supportive of Capesize demand through 2025. Although bauxite volumes remain relatively small compared to iron ore in absolute terms, their contribution to ton-mile growth is materially significant. Looking ahead, the anticipated 2026 ramp-up of Guinea’s Simandou iron ore project is expected to further boost long-haul Capesize loadings from West Africa, tightening vessel availability and adding further upside to the segment’s fundamentals. The third driver for Capesize demand is coal – as it accounted for 15.1% of Capesize seaborne cargo volumes in H1 2025. However, global seaborne coal trade is forecast to decline by approximately 7.9% y-o-y in 2025, with Chinese, Indian and Japanese imports expected to fall by 11%, 7%, and 1% respectively. This contraction is largely attributed to increased domestic coal production (China 1H25 +6.1% y-o-y, India Apr’24-Feb’25 +5.5%) and elevated stockpiles in both China and India. For China specifically, improved rail connectivity from Mongolia and the accelerating shift toward renewable energy sources for power generation (1H25 -4.5% y-o-y coal consumption) did also impact seaborne coal import. The weakness in coal trade has weighed on dry bulk markets more broadly, contributing to underperformance in the smaller vessel segments and creating spillover pressure on the Capesize market during Q1 and large parts of Q2. Globally, estimated billion tonne miles of coal transportation is set to decline in 2025 (-7.9%), and in 2026 (-4.9%). Earlier than expected seasonal reduction in coal inventories at power plants and ports in Southern China, in combination with high-temperature days in China and Northeast Asia, could lead to temporary incremental seaborne coal imports in China during the next quarter. To maintain (and further increase) Capesize vessel activity at current levels, coal volumes remain a swing factor in supporting a sustained market recovery. The Capesize and Newcastlemax orderbook currently stands at 9.8% of the active fleet. Approximately 30% of the existing fleet is over 15 years old and is increasingly uneconomical to operate amid rising environmental compliance costs. New vessel contracting remains subdued, constrained by limited shipyard availability, elevated construction costs and persistent uncertainty regarding future propulsion technologies. 32 large bulk carriers have been ordered year-to-date August, compared to 83 orders placed in the whole of last year. Net fleet growth is projected at just 1.5% in 2025 and 1.9% in 2026. However, when factoring in drydocking schedules and increased maintenance requirements, actual available capacity may contract, especially as more vessels are sidelined for regulatory retrofits. Furthermore, fleet productivity is being curbed by environmental regulations such as EEXI and CII, which are enforcing lower average vessel speeds and effectively tightening supply. In this context, the constrained fleet expansion supports a favourable supply-demand balance and underpins a positive long-term outlook for Capesize earnings. It is estimated that Capesize fleet utilisation will rise from 83.0% in 2025 to 85.0% in 2026 and further to 86.0% by 2027. For the broader dry bulk market, overall fleet utilisation is expected to remain steady at approximately 83.5% through the same period. As of August 8th, Bocimar has 17 super-eco 210,000 DWT Newcastlemaxes on the water (average age <1y) and 11 newbuildings on order. Q2 2025 Performance Highlights: Bocimar Newcastlemax fleet achieved average TCE of USD 23,081 per day in Q2 – 23.5% above the Q1 5TC Baltic Capesize Index (USD 18,681 USD /day). Q3 2025 spot rate (to date): 88% fixed at USD 28,323 per dayGolden Ocean Newcastlemax/Capesize fleet achieved Q2 2025 TCE actuals at 18,577 USD/day, and Q3 TCE quarter to date rates at 23,600 USD/day (71% fixed). Golden Ocean Kamsarmax/Panamax Q2 2025 TCE achieved actuals at 10,552 USD/day, and Q3 TCE quarter to date rates at 13,600 USD/day (94% fixed) Delphis – Container Markets3 The global container shipping market remained volatile throughout the second quarter of 2025, marked by sharp fluctuations in spot rates and evolving trade dynamics. Early in the quarter, spot rates declined amid weaker demand signals, only to surge in May following the announcement of a trade agreement between China and the United States. This surge was largely driven by front-loading and temporary booking momentum, which faded by June, leading to another round of rate corrections. Regionally, the most pronounced rate pressures were observed on the Asia–U.S. West Coast (USWC) lanes, reflecting both capacity repositioning and competitive rate dynamics. Year-to-date, the Shanghai Containerized Freight Index (SCFI) has declined by 35.3%, while the China Containerized Freight Index (CCFI) is down 16.7%, underscoring the overall softness in spot market conditions. Despite near-term rate volatility, the longer-term demand outlook has improved modestly. The recent de-escalation of trade tensions, evidenced by the China–U.S. trade deal, has alleviated market concerns around tariff-induced disruption. While short-term volume growth may decelerate as front-loaded cargo volumes normalise, the ongoing trend toward diversified and increasingly complex global supply chains may lend structural support to baseline tonnage demand over the medium term. The Red Sea re-routing continues with Houthi attacks on the Magic Seas and Eternity C in July delaying normalisation efforts. As a result, continued vessel rerouting via the Cape of Good Hope is absorbing over 10% of the global containership fleet, thereby artificially supporting fleet utilisation levels, which remain elevated at 86–87%. On the supply side, the container fleet is poised for continued expansion. The current orderbook stands at 30.7% of the in-service fleet, although growth is highly concentrated in the larger vessel segments. Notably, ships of 17,000 TEU have an extensive OB/F of 68.9%, compared to just 5.5% for the 6,000–8,000 TEU range and 5.4% for sub-3,000 TEU vessels. Looking forward, fleet utilisation is forecast to decline gradually as new tonnage is delivered. By 2028, utilisation is expected to ease to 83–84%, and, when adjusted to exclude current Red Sea–related disruptions, the underlying utilisation rate could crash to as low as 72%. CMB.TECH’s 4 x 6,000 TEU (average age 1.25y) and 1 NB 1,400 TEU container vessels are all employed under 10 to 15-year time charter contract. Bochem – Chemical Markets4 The chemical tanker market has continued to soften, with freight rates easing in recent months, nonetheless, most routes remain resilient. In May, the freight rate for 15,000 tons of chemicals on the Middle East-Far East route fell to USD 47.6/ton, 26.0% lower than the 2024 average, albeit in line with the past 10 years (about USD 49/ton). The 19,999 dwt stainless steel chemical tanker one-year charter rent fell to USD 18,750 per day, 16% lower than the peak last summer but still 27.0% higher than the average of the past 10 years. Trade lanes are shifting in response to evolving tariff structures, and the Red Sea remains a challenging region for navigation and logistics. In terms of ton nautical mile trade, the continued detour of ships due to the Red Sea disruption has contributed to a ~3.3% increase in global chemical ton nautical mile trade. Several core trade routes, particularly those between the US and Asia in both directions, have seen declining volumes, largely due to weaker manufacturing activity and ongoing trade tensions. Global chemical production growth is slowing, primarily due to industry overcapacity and squeezed margins among chemical producers. Exceptions include China, which is expected to grow chemical output by 4.1% between 2025 and 2027, and India, forecasted at 3.7% growth over the same period. Worldwide, global chemical production growth is projected at 2% during this timeframe. The chemical tanker fleet is projected to grow by about 2.7% annually from 2025 to 2027, but considering that some ships transporting refined oil products (cfr. swing tonnage) will return to the chemical tanker market, the actual capacity growth rate may be higher. The orderbook for stainless steel chemical tankers amounts to 12.0% of the existing fleet (OB/F), while about 28% of the fleet is above 20 years, potentially triggering scrapping and replacement activity. Bochem’s 25,000 DWT chemical tankers fleet comprises out of 5 delivered vessels and 9 NB vessels (average age <1y). They are employed under a 10-year time charter (6 vessels), under a 7-year time charter (6 vessels) and in the spot pool (2 vessels). Q2 2025 performance highlights: Bochem achieved TCE Q2 2025 of USD 22,411 per day USD/day (spot pool) Q3 2025 spot rates quarter-to-date: USD 17,244 per day Windcat – Offshore (Wind) Markets5 The spring season in the Northern European crew transfer vessel (CTV) market began slowly, with only a limited number of spot requirements emerging in April and May. Throughout this period, some CTVs remained consistently available to meet any spot demand – contributing to on average, slightly lower rates than those observed during the same period last year. Toward the end of the second quarter, a higher number of vessels were placed on charter; however, many of these charters were for short-term projects only. European CTV utilisation levels stood at March 76%, April 85%, May 88% and June 91%. Unlike last year, when market activity significantly declined after August and September, the current season is expected to extend further into the year, with some charter extensions already secured for late summer dates. Looking ahead, vessel owners are showing increased optimism for the 2026 season and beyond, anticipating a rise in new projects that will drive demand for CTVs and lead to an upward trend in charter day rates. Currently, the CTV fleet stands at 704 units versus an orderbook of 109 units (OB/F 15.5%). Active offshore wind capacity is projected to reach 95 GW by end-2025, representing an increase of 16.8% (+16 GW) across the year. This robust growth is set to be underpinned by a large volume of capacity currently under construction (standing at 55 GW). Near-term growth will largely be in European and Chinese markets, which are forecast to account for 34% and 51% of 2025 growth respectively. However, poor levels of secured offtake in the first half of 2025 highlight the ongoing difficulty in converting auction wins into fully bankable future projects. Ongoing cost pressures, varied political support and regulatory uncertainties are weighing on project investments, with developers taking a cautious approach in the Offshore Wind sector. One notable development this year is the growing interest from the oil and gas sector in dedicated CSOV use. In fact, oil and gas operators are now dominating the chartering landscape, with three out of the top four charterers this quarter coming from that industry. For the 2025 summer season, the existing CSOV fleet is nearly fully booked, and availability is expected to become more favourable for charterers only from October onwards. Day rates, which dipped during the winter as usual, have increased into the summer season, with average rates for 2025 remaining broadly consistent with previous years. So far this year, four new wind-focused CSOVs have been ordered (NB order 2024: 19). Additionally, 15 vessels are scheduled for delivery in the second half of 2025, which will influence supply dynamics moving forward. Overall, the CSOV fleet stands at 60 units versus an orderbook of 57 units (OB/F 95.0%). Windcat has 1 CSOV and 56 CTVs (average age 9.8y) on the water, with 5 more CSOV s and 7 CTVs newbuildings in the pipeline. Q2 2025 performance highlights: Windcat CTVs achieved TCE Q2 2025 of USD 3,146 per day (utilisation 90.9%)Windcat CTV Q3 2025 spot rates to-date: so far 91.5% fixed at USD 3,335 per day CONFERENCE CALLThe call will be a webcast with an accompanying slideshow. You can find the details of this conference call below and on the “Investor Relations” page of the website. The presentation, recording & transcript will also be available on this page. Webcast Information Event Type: Audio webcast with user-controlled slide presentation Event Date: 28 August 2025 Event Time: 8 a.m. EST / 2 p.m. CET Event Title: “Q2 2025 Earnings Conference Call” Event Site/URL: https://events.teams.microsoft.com/event/4c5a9385-1280-4ac8-a49b-2384494ac75d@d0b2b045-83aa-4027-8cf2-ea360b91d5e4 To attend this conference call, please register via the following link. Telephone participants who are unable to pre-register may dial in to the respective number of their location (to be found here). The Phone conference ID is the following:354 264 600# Announcement Q3 2025 results – 26 November 2025 About CMB.TECH CMB.TECH (all capitals) is one of the largest listed, diversified and future-proof maritime groups in the world with a combined fleet of about 250 vessels: dry bulk vessels, crude oil tankers, chemical tankers, container vessels, offshore wind vessels and port vessels. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers. CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, United States and Africa. CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol “CMBT” and on Euronext Oslo Børs under the ticker symbol “CMBTO”. More information can be found at https://cmb.tech Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. This information is published in accordance with the requirements of the Continuing Obligations on Euronext Oslo Børs. Condensed consolidated interim statement of financial position (unaudited) (in thousands of USD) June 30, 2025 December 31, 2024 ASSETS Non-current assets Vessels 6,306,131 2,617,484 Assets under construction 746,330 628,405 Right-of-use assets 202,564 1,910 Other tangible assets 23,741 21,628 Prepayments 876 1,657 Intangible assets 16,675 16,187 Goodwill 172,350 — Receivables 89,211 75,076 Investments 117,948 61,806 Deferred tax assets 8,648 10,074 Total non-current assets 7,684,474 3,434,227 Current assets Inventory 58,340 26,500 Trade and other receivables 422,893 235,883 Current tax assets 4,465 3,984 Cash and cash equivalents 155,048 38,869 640,746 305,236 Non-current assets held for sale 74,154 165,583 Total current assets 714,900 470,819 TOTAL ASSETS 8,399,374 3,905,046 EQUITY and LIABILITIES Equity Share capital 239,148 239,148 Share premium 460,486 460,486 Translation reserve 9,285 (2,045) Hedging reserve 351 2,145 Treasury shares (284,508) (284,508) Retained earnings 902,569 777,098 Equity attributable to owners of the Company 1,327,331 1,192,324 Non-controlling interest 1,225,511 — Total equity 2,552,842 1,192,324 Non-current liabilities Bank loans 3,660,298 1,450,869 Other notes 199,217 198,887 Other borrowings 1,200,179 667,361 Lease liabilities 4,108 1,451 Other payables 1,580 — Employee benefits 1,072 1,060 Deferred tax liabilities 495 438 Total non-current liabilities 5,066,949 2,320,066 Current liabilities Trade and other payables 191,894 79,591 Current tax liabilities 9,644 9,104 Bank loans 352,666 201,937 Other notes 3,733 3,733 Other borrowings 105,933 95,724 Lease liabilities 115,588 2,293 Provisions 125 274 Total current liabilities 779,583 392,656 TOTAL EQUITY and LIABILITIES 8,399,374 3,905,046 Condensed consolidated interim statement of profit or loss (unaudited) (in thousands of USD except per share amounts) 2025 2024 Jan. 1 - June 30, 2025 Jan. 1 - June 30, 2024 Shipping income Revenue 622,852 492,377 Gains on disposal of vessels/other tangible assets 103,791 502,547 Other operating income 20,155 38,245 Total shipping income 746,798 1,033,169 Operating expenses Raw materials and consumables (5,128) (1,678) Voyage expenses and commissions (123,742) (85,903) Vessel operating expenses (175,473) (100,013) Charter hire expenses (1,620) (17) Depreciation tangible assets (162,767) (80,529) Amortisation intangible assets (1,602) (1,348) Impairment losses (3,573) — General and administrative expenses (56,395) (36,287) Total operating expenses (530,300) (305,775) RESULT FROM OPERATING ACTIVITIES 216,498 727,394 Finance income 25,707 23,416 Finance expenses (208,147) (69,396) Net finance expenses (182,440) (45,980) Share of profit (loss) of equity accounted investees (net of income tax) 1,571 2,570 PROFIT (LOSS) BEFORE INCOME TAX 35,629 683,984 Income tax benefit (expense) (2,840) (4,364) PROFIT (LOSS) FOR THE PERIOD 32,789 679,620 Attributable to: Owners of the company 51,766 679,620 Non-controlling interest (18,977) — Basic earnings per share 0.27 3.43 Diluted earnings per share 0.27 3.43 Weighted average number of shares (basic) 194,216,835 197,886,375 Weighted average number of shares (diluted) 194,216,835 197,886,375 Condensed consolidated interim statement of comprehensive income (unaudited) (in thousands of USD) 2025 2024 Jan. 1 - June 30, 2025 Jan. 1 - June 30, 2024 Profit/(loss) for the period 32,789 679,620 Other comprehensive income (expense), net of tax Items that will never be reclassified to profit or loss: Remeasurements of the defined benefit liability (asset) — 182 Items that are or may be reclassified to profit or loss: Foreign currency translation differences 11,330 (309) Cash flow hedges - effective portion of changes in fair value (1,794) 1,268 Other comprehensive income (expense), net of tax 9,536 1,141 Total comprehensive income (expense) for the period 42,325 680,761 Attributable to: Owners of the company 61,302 680,761 Non-controlling interest (18,977) — Condensed consolidated interim statement of changes in equity (unaudited) (In thousands of USD) Share capital Share premium Translation reserve Hedging reserve Treasury shares Retained earnings Equity attributable to owners of the Company Non-controlling interest Total equity Balance at January 1, 2024 239,148 1,466,529 235 1,140 (157,595) 807,916 2,357,373 — 2,357,373 Profit (loss) for the period — — — — — 679,620 679,620 — 679,620 Total other comprehensive income (expense) — — (309) 1,268 — 182 1,141 — 1,141 Total comprehensive income (expense) — — (309) 1,268 — 679,802 680,761 — 680,761 Transactions with owners of the company Business Combination — — — — — (796,970) (796,970) — (796,970) Dividends to equity holders — (835,132) — — — (52,439) (887,571) (887,571) Treasury shares acquired — — — — (126,913) — (126,913) — (126,913) Total transactions with owners — (835,132) — — (126,913) (849,409) (1,811,454) — (1,811,454) Balance at June 30, 2024 239,148 631,397 (74) 2,408 (284,508) 638,309 1,226,680 — 1,226,680 Share capital Share premium Translation reserve Hedging reserve Treasury shares Retained earnings Equity attributable to owners of the Company Non-controlling interest Total equity Balance at January 1, 2025 239,148 460,486 (2,045) 2,145 (284,508) 777,098 1,192,324 — 1,192,324 Profit (loss) for the period — — — — — 51,766 51,766 (18,977) 32,789 Total other comprehensive income (expense) — — 11,330 (1,794) — — 9,536 — 9,536 Total comprehensive income (expense) — — 11,330 (1,794) — 51,766 61,302 (18,977) 42,325 Transactions with owners of the company Business Combination - Initial purchase — — — — — — — 1,460,354 1,460,354 Business Combination - Subsequent purchases — — — — — 73,705 73,705 (210,771) (137,066) Dividends to Non-controlling interest — — — — — — — (5,095) (5,095) Total transactions with owners — — — — — 73,705 73,705 1,244,488 1,318,193 Balance at June 30, 2025 239,148 460,486 9,285 351 (284,508) 902,569 1,327,331 1,225,511 2,552,842 Condensed consolidated interim statement of cash flows (unaudited) (in thousands of USD) 2025 2024 Jan. 1 - June 30, 2025 Jan. 1 - June 30, 2024 Cash flows from operating activities Profit (loss) for the period 32,789 679,620 Adjustments for: 247,711 (392,766) Depreciation of tangible assets 162,767 80,529 Amortisation of intangible assets 1,602 1,348 Impairment losses (reversals) 3,573 — Provisions (149) (163) Income tax (benefits)/expenses 2,840 4,364 Share of profit of equity-accounted investees, net of tax (1,571) (2,570) Net finance expense 182,440 45,980 (Gain)/loss on disposal of assets (103,791) (502,547) (Gain)/loss on disposal of subsidiaries — (19,707) Changes in working capital requirements (63,149) 12,767 Change in cash guarantees (2,736) (44,494) Change in inventory (7,860) 757 Change in receivables from contracts with customers 5,156 45,353 Change in accrued income (4,044) 3,770 Change in deferred charges (44,064) 4,002 Change in other receivables 17,102 8,356 Change in trade payables 37,373 3,331 Change in accrued payroll 518 (865) Change in accrued expenses (43,814) (15,216) Change in deferred income 10,868 1,735 Change in other payables (31,648) 6,038 Income taxes paid during the period (1,296) (4,253) Interest paid (146,037) (54,637) Interest received 3,080 13,910 Dividends received from other investments 4,276 — Net cash from (used in) operating activities 77,374 254,641 Acquisition of vessels and vessels under construction (547,113) (444,570) Proceeds from the sale of vessels 262,974 1,511,765 Acquisition of other tangible assets (828) (3,077) Acquisition of intangible assets (1,343) (386) Proceeds from the sale of other (in) tangible assets — 2,000 Net cash on deconsolidation / sale of subsidiaries — 822 Investments in other companies — (45,000) Loans from (to) related parties (1,331) — Acquisition of a subsidiary, net of cash acquired (1,098,897) (1,149,886) Repayment of loans from related parties — (79,930) Lease payments received from finance leases 933 782 Net cash from (used in) investing activities (1,385,605) (207,480) (Purchase of) Proceeds from sale of treasury shares — (126,913) Proceeds from new borrowings 2,474,701 1,365,022 Repayment of borrowings (703,016) (206,701) Repayment of lease liabilities (9,686) (32,291) Repayment of commercial paper (142,007) (213,545) Repayment of sale and leaseback (29,888) (8,902) Transaction costs related to issue of loans and borrowings (23,128) (4,477) Dividends paid (5,395) (903,331) Acquisition of non-controlling interest (137,066) — Net cash from (used in) financing activities 1,424,516 (131,138) Net increase (decrease) in cash and cash equivalents 116,285 (83,977) Net cash and cash equivalents at the beginning of the period 38,869 429,370 Effect of changes in exchange rates (106) (1,494) Net cash and cash equivalents at the end of the period 155,048 343,899 1 Source: AXS Marine, Clarksons SIN, Morgan Stanley, Commodore Research, Reuters, IEA2 Source: AXS Marine, Clarksons, Breakwave Advisors, Jefferies, Clarksons, SMM, Goldman Sachs, FMG, Vale, BHP, Morgan Stanley3 Source: Clarksons SIN, Jefferies4 Source: Clarksons SIN, Stolt Tankers, WTO, BRS 5 Source: Clarksons, GWEC, Rystad Energy CMBT_Q2_Earnings_release_ENG