Cmb.Tech Nv (NYSE: CMBT)

CMB. TECH NV is a diversified maritime group that owns and operates a fleet of about 250 seagoing vessels including newbuildings, comprising dry bulk carriers, crude oil tankers, chemical tankers, container ships and offshore energy vessels. The company develops low carbon solutions across its divisions and supplies hydrogen and ammonia fuel to customers from its own production or third party sources. It also works on hydrogen powered industrial applications such as trucks, locomotives and straddle carriers. A hydrogen production facility in Namibia uses a 6.5 hectare solar plant to power a 5 megawatt electrolyser for green hydrogen.

CMB. TECH NV generates revenue primarily from chartering its vessels on spot and time charter markets and from the sale of low carbon fuels. Shipping activities provide freight income from dry bulk, crude oil, chemical, container and offshore contracts under both spot and time charter arrangements. Its hydrogen and ammonia production facilities, together with long term offtake agreements, generate additional income from fuel sales to maritime and industrial customers. The company also earns revenue from technical services related to low carbon engine development and port equipment.

The company operates through the following segments: Bocimar, Euronav, Bochem, Delphis and Windcat.

• Bocimar: owns and operates a dry bulk fleet of about 105 vessels on water, including 36 Newcastlemax, 39 Capesize, 26 Kamsarmax and 4 Panamax ships, with 10 super eco dual fuel ammonia ready Newcastlemax vessels on order for delivery in 2026 and 2027 and two 5,000 dwt coasters scheduled for 2026.

• Euronav: engaged in the maritime transport of crude oil and crude oil storage, operating a fleet of 10 VLCCs, 17 Suezmaxes and 2 floating storage and offloading units, with 4 super eco dual fuel ammonia ready VLCCs on order for 2026/2027 delivery and 2 super eco Suezmax vessels on order for Q2 2026.

• Bochem: owner and operator of 14 stainless steel chemical tankers of 25,000 dwt on water, with 1 additional 25,000 dwt ammonia ready vessel expected in Q1 2026 and 2 dual fuel fitted 17,000 dwt bitumen tankers planned for Q4 2026, plus orders for 4 more 25,000 dwt ammonia ready chemical tankers for delivery in 2028 and 2 26,000 dwt ammonia powered stainless steel tankers for 2029.

• Delphis: specialises in medium sized container ships, operating 4 6,000 TEU vessels that are ready to be fitted with ammonia engines and 1 1,400 TEU newbuilding under construction at Qingdao Yangfan Shipbuilding, expected in Q4 2026, fitted with a dual fuel ammonia engine under long term charters with CMA CGM and Yara NCL.

• Windcat: provides crew transfer vessels and offshore service operation vessels to the offshore wind and oil and gas sectors, with a fleet of 58 crew transfer vessels on water, 5 additional crew transfer vessels delivered in 2025 and 5 crew transfer vessels on order for 2026/2027, plus 2 offshore service operation vessels delivered in 2025, 4 such vessels on order from Q1 2026 to Q1 2027 and 1 multipurpose amphibious support vessel on order for 2027.

CMB. TECH NV ranks among the largest listed owners of diversified tonnage, competing with major shipping groups such as Frontline, Golden Ocean and other independent tanker and bulk carriers. Its competitive advantage stems from a balanced fleet mix that spans dry bulk, crude oil, chemical, container and offshore sectors, early investment in dual fuel ammonia and hydrogen ready vessels, and an integrated green fuel value chain that includes hydrogen production in Namibia, ammonia offtake with Jiangsu Andefu Energy Technology Co., Ltd., and storage and bunkering infrastructure projects. The company also benefits from strategic technical partnerships with engine manufacturers such as WinGD and Volvo Penta to develop low carbon propulsion systems.

The company serves a broad customer base that includes oil majors, mining and agribulk companies, container lines such as CMA CGM and Yara NCL, chemical producers, offshore wind developers and industrial users of hydrogen and ammonia. Specific named customers referenced in the filing are Yara NCL, CMA CGM, Andefu and CEEC Hydrogen Energy, as well as North Oil Company for its floating storage contracts and the Stolt Tankers Pool which manages chemical tanker voyages under long term agreements.