Cmb.Tech (CMBT) Q2 2025 earnings summary

Executive summary

• Completed merger with Golden Ocean, creating the largest listed diversified maritime group with 206–250 vessels and 44 on order, and expanding the dry bulk division.

• Net loss of $7.6 million in Q2 2025, compared to a net gain of $184.4 million in Q2 2024, with EBITDA at $224.1 million.

• Declared interim dividend of $0.05 per share, payable in October 2025.

• Significant fleet expansion and rejuvenation, including delivery of 8 newbuildings and sale of older vessels.

• Secured a $2 billion facilities agreement for refinancing existing debt.

Financial highlights

• Q2 2025 revenue: $252.0 million, down from $387.8 million in Q2 2024; EBITDA for Q2 2025: $224.1 million.

• Net loss of $7.6 million or -$0.04 per share in Q2 2025; Q2 2024 net gain was $184.4 million or $0.95 per share.

• Liquidity stood at $388.4–$400 million at quarter-end, including cash and undrawn credit facilities.

• Contract backlog stands at $2.93 billion.

• Outstanding CapEx commitments total $1.86–$1.9 billion.

Outlook and guidance

• Positive outlook for tankers and dry bulk, with large spot exposure and favorable fundamentals.

• Ongoing newbuilding program and further fleet rejuvenation planned, including first dual fuel NH3 Newcastlemax by Q1 2026.

• Market volatility expected due to geopolitical tensions and evolving global trade patterns.

• Focus on securing time charters for new projects and decarbonization initiatives.

• Offshore wind market remains healthy with strong utilization and continued fleet expansion.