Cmb.Tech (CMBT) Q2 2024 earnings summary

Executive summary

• Q2 2024 net profit reached $184.4 million, with H1 profit totaling $679.6 million and a name change to CMB.TECH effective October 1, 2024.

• Major fleet expansion included seven newbuilds delivered, sales of older tankers, and new hydrogen-powered vessels ordered.

• Significant vessel sales and new long-term charters added $161 million to contract backlog.

• Sale of Euronav Shipmanagement to Anglo-Eastern completed, generating a $20 million profit.

• Strong exposure to favorable tanker and dry bulk markets, with decarbonization initiatives and rebranding underway.

Financial highlights

• Q2 2024 revenue was $252 million; EBITDA for Q2 was $261.2 million; H1 2024 revenue reached $492.4 million.

• Net profit for Q2 was $184.4 million; H1 profit $679.6 million; last 12 months profit at $1.2 billion.

• Adjusted Q2 profit, excluding capital gains, was $88 million.

• H1 2024 dividends totaled $5.72/share, with $4.57/share paid in Q2 and $1.15/share interim dividend in July.

• Share buyback of 8 million shares for $126 million completed in H1.

Outlook and guidance

• All shipping markets are in a positive supply-demand balance, with strong outlook across all divisions.

• Ongoing investment in fleet renewal, with one newbuilding delivery per month through H1 2027.

• Decarbonization optionality (NH3/H2 readiness, dual fuel) positions the company for future regulatory changes.

• Global seaborne trade expected to grow 2.3% in 2024, with tonne-mile growth of 5.1% from Red Sea re-routing.

• Cautious outlook due to geopolitical shifts, sanctions, and Chinese economic uncertainty.