CMB Tech reports $40m profit, $2.9b contract backlog in Q1 2025

CMB Tech has reported its non-audited financial results for the first quarter ended March 31, 2025.

The company realised a net gain of US$40.4 million in Q1 2025 (US$495.2 million in Q1 2024) and increased its contract backlog by US$921 million to US$2.94 billion.

Revenue in Q1 2025 totalled US$235.044 million (US$240.377 million in Q1 2024) while gross operating profit for the same period reached US$158.4 million (US$550.5 million in Q1 2024).

"During the first quarter of 2025, we have acquired Hemen's stake in Golden Ocean and signed a term sheet for a stock for-stock merger with Golden Ocean," said CMB Tech CEO Alexander Saverys. "This would propel us to the top of dry bulk shipowners worldwide and significantly increase our exposure to dry bulk markets at an interesting point in the cycle."

Saverys added that CMB Tech has continued executing its strategy by rejuvenating its fleet and signing long-term contracts for low carbon ships. Three older vessels were sold, five newbuilds were delivered, and multiple commercial agreements were signed, adding close to US$1 billion to the company's contract backlog.

The delivered newbuilds include four bulk carriers and Hydrocat 60 (pictured), a hydrogen-powered catamaran crewboat operated by Dutch offshore support specialist Windcat.

"If the merger with Golden Ocean is approved, our fleet would grow to more than 250 modern vessels operating under five shipping brands," said Saverys. "This will give us all the necessary firepower to continue investing in our fleet and seize opportunities."