CMB Tech has reported a significant swing to a net loss for the second quarter of 2025, despite a substantial increase in revenue following its recent merger with Golden Ocean. The Belgian shipping and technology group’s bottom line was hit by a sharp rise in operating and finance costs, and compared to a prior-year period that was heavily boosted by gains on vessel sales.
For the three months ending June 30, the company posted revenues of $387.8 million, a 54 per cent increase from the $252 million recorded in the second quarter of 2024. Despite this top-line growth, the company recorded a net loss of $7.6 million, a stark reversal from the $184.4 million profit reported in the same period last year.
The move into the red was driven by a significant increase in the company's outgoings. Vessel operating expenses more than doubled to $113.6 million, while voyage expenses and commissions rose to $81.3 million.
Net finance expenses also saw a large increase, climbing to $118.2 million from $30.5 million in the prior-year quarter. The second quarter result included a $57.1 million capital gain from the sale of the very large crude carrier (VLCC) Iris.
A key development during the period was the completion of the merger with Golden Ocean in August, which the company described as a "big milestone." The company said the move creates a diversified fleet of around 250 vessels and has led to new listings for CMB Tech on the New York Stock Exchange and the Euronext Oslo Børs, in addition to its existing Brussels listing.
Chief Executive Alexander Saverys commented, "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.” In a sign of confidence, the company declared an interim dividend of five cents per share.