The Belgian shipping group CMB.Tech, owned by the Saverys family, has reported a net profit of $139.1 million for the 2025 financial year. Of this, $89.1 million was attributable to the fourth quarter.
EBITDA amounted to $944.2 million for the full year, compared to $1.17 billion in the previous year – a decline that is primarily due to the absence of extraordinary capital gains from 2024. By contrast, revenue rose significantly from $940 million to $1.67 billion, largely reflecting the merger with Golden Ocean, which was completed in August 2025. Meanwhile, the order backlog grew to $3.05 billion.
CMB-Tech has fully acquired Golden Ocean
The year 2025 was primarily characterized by the merger with the dry bulk specialist Golden Ocean. CMB.Tech initially acquired around 40.8% of Golden Ocean’s shares from Hemen Holding in March and finally took over the company in full in August via a share swap. This increased the fleet to around 250 ships and more than doubled the balance sheet total – from $3.9 billion to $8.4 billion.
At the same time, CMB.Tech continued to rejuvenate its fleet: 17 newbuildings were acquired, including eight Newcastlemax bulkers, one crude oil tanker, one chemical tanker, five crew transfer vessels (CTVs) and two construction support and operations vessels (CSOVs). At the same time, twelve older vessels were sold, generating capital gains totaling $192.6 million.
Strategically, the Antwerp-based company is increasingly focusing on alternative propulsion systems: CMB.Tech signed an agreement with the Japanese shipping company MOL for nine ammonia-powered vessels and an agreement with the Australian commodities group Fortescue for an ammonia dual-fuel Newcastlemax. CMB.Tech also invested in the Chinese ammonia supply chain at the beginning of 2026 and acquired shares in the company Andefu Energy Technology.
Board member steps down
In the first quarter of 2026, CMB.Tech sold eight additional vessels, six VLCCs and two Capesize bulkers, with a book profit of around $269 million. The reduction of older tonnage in favor of more modern and alternatively powered units thus remains the defining theme of the corporate strategy. Executive Board member Benoit Timmermans has announced his resignation as of May 1; his duties as Chief Strategy Office (CSO) will be taken over by the remaining members of the Executive Board, according to the press release.
