CMB.TECH's Green Gambit: Building a Future Fleet Amid Market Swings

ANTWERP, Belgium – November 26, 2025 – Maritime giant CMB.TECH NV presented a complex picture of the global shipping industry with its third-quarter 2025 results, revealing a sharp year-over-year decline in profit that belies a surge in underlying earnings and an aggressive strategy to build the sustainable fleet of the future. While profit for the period fell, the company's proactive fleet modernization, strategic expansion into offshore wind, and pioneering investments in hydrogen and ammonia fuel technology signal a firm navigating beyond short-term volatility toward long-term leadership in a decarbonizing world.

A Tale of Two Financials

At first glance, CMB.TECH’s Q3 2025 profit of $17.3 million marks a significant drop from the $98.1 million reported in the same period of 2024. This trend mirrors a broader market correction, as competitors across container, tanker, and dry bulk segments also reported softening results compared to the exceptional market conditions of the previous year. However, a deeper look reveals a more robust story. The company’s EBITDA—a key measure of operational profitability—rose impressively to $238.4 million from $177.1 million in Q3 2024.

This robust EBITDA performance, backed by a formidable $2.95 billion contract backlog, highlights the resilience of CMB.TECH’s diversified model. While some peers reported more modest earnings, CMB.TECH’s strong operational cash flow across its varied segments—from crude tankers to offshore support vessels—allowed it to weather the "soft summer" that CEO Alexander Saverys described. In his commentary, Saverys noted the subsequent market rebound, stating, "tanker and dry bulk markets came roaring back and are at multi-year highs," adding that stronger Q4 bookings are poised to "significantly improve the result going forward."

Forging a Future-Proof Fleet

The core of CMB.TECH's strategy lies in its relentless fleet renewal program, a clear commitment to shedding older, less efficient assets in favor of cutting-edge, environmentally friendly vessels. During the third quarter, the company took delivery of seven newbuilds, including two "Super-Eco" Newcastlemax bulk carriers, a VLCC tanker, a chemical tanker, and three advanced vessels for the offshore wind sector.

Simultaneously, the company continued to divest older tonnage, selling the 2007-built VLCC Dalma and the 2009-built Capesize Battersea. These sales not only generated significant capital gains—totaling over $60 million from these and other recent sales—but also lowered the fleet's average age and carbon footprint. This dual approach of strategic acquisition and divestment is central to what Saverys termed the "rejuvenation and decarbonization" of the fleet.

This commitment extends far beyond simply buying newer ships. CMB.TECH is aggressively positioning itself at the vanguard of the industry's green transition. The company has inked landmark deals for ammonia-powered vessels, including joint ownership and charter agreements with Japanese shipping leader MOL for nine such ships. These vessels, some "ammonia-fitted" and others "ammonia-ready," represent a tangible step toward a zero-carbon future. Further cementing its leadership in alternative fuels, a subsidiary has ordered two hydrogen-powered Crew Transfer Vessels (CTVs), and the company is establishing a new hydrogen engine R&D center in Japan.

Riding the Resurgent Commodity Wave

The company's optimistic outlook is heavily supported by recovering fundamentals in its key markets. The press release details a dry bulk sector buoyed by surging iron ore imports into China, which reached an all-time high in September, and a booming bauxite trade from Guinea. These long-haul trades are significantly boosting tonne-mile demand, particularly for the larger Capesize vessels that form a core part of CMB.TECH's Bocimar division. This growth is expected to more than offset a projected decline in the seaborne coal trade. With a limited orderbook for new vessels and a substantial portion of the global fleet over 15 years old, the supply-demand balance appears tilted in favor of modern fleet owners like CMB.TECH.

The tanker market tells a similar story of strength. A surge in production from OPEC+ and non-OPEC+ nations, combined with geopolitical complexities and sanction-related trade inefficiencies, has increased oil on water and extended voyage distances. This has driven fleet utilization and freight rates to multi-year highs, with CMB.TECH’s Q4-to-date VLCC spot rates soaring to over $68,000 per day, more than double the Q3 average. While the tanker orderbook is growing, a significant portion of the existing global fleet is aging, with 40% of both VLCCs and Suezmaxes set to be over 20 years old by 2030, creating a pressing need for the kind of modern, efficient tonnage CMB.TECH is adding.

New Leadership, New Horizons in Offshore Wind

Underpinning this strategic evolution is a refresh in corporate governance. The cooptation of Carl Steen and Gudrun Janssens to the Supervisory Board brings a wealth of specialized expertise. Steen, former Chairman of tanker giant Hafnia and a veteran of shipping finance at DNB, provides deep industry and financial acumen. Janssens adds formidable corporate law and governance experience, crucial for a listed entity navigating complex international regulations and large-scale investments.

This strategic focus is perhaps most evident in the company's expansion in the offshore wind sector. Through its subsidiary Windcat, CMB.TECH has ordered a large Multi-Purpose Accommodation Service Vessel (MP-ASV), with options for five more. These "CSOV XL" vessels are designed to support the construction and maintenance of next-generation offshore wind farms. The move is exceptionally well-timed. The market for these high-spec vessels is tightening, with demand outstripping supply. This is reflected in the staggering charter rates Windcat is achieving for its existing CSOV fleet, with Q4-to-date rates fixed at an average of nearly $119,000 per day—more than four times its Q3 average. This investment firmly plants CMB.TECH in the heart of the energy transition, capturing value not only from transporting traditional commodities but also from building the renewable energy infrastructure of tomorrow.