CMB.Tech publishes transcript of Q2 2024 earnings conference call

• CMB.Tech’s Q2 2024 earnings call featured CEO Alexander Saverys and CFO Ludovic Saverys, highlighting a net profit of $184 million, $420 million of liquidity, a $2.1 billion contract backlog, and $2.7 billion of outstanding capex at quarter-end.
• Capital actions and portfolio moves included a $5.72 per share total dividend and distribution for the first half, an 8,000,000-share buyback for about $126 million, a $79 million capital gain on the sale of three VLCCs, and a $20 million extraordinary profit from selling the ship management unit to Anglo-Eastern.
• The tanker market update pointed to Q2 spot earnings near $50,000 per day for VLCCs and Suezmaxes, with Q3-to-date fixtures at $34,000 for 61% of VLCC days and $41,000 for about half of Suezmax days; management also reiterated five ammonia-powered VLCC newbuildings on order.
• Growth spending remained centered on “future-proof” tonnage, including a sixth CSOV, two hydrogen-powered CTVs, and a collaboration with Damen to build four hydrogen-powered tugboats; the fleet is projected to reach about 160 vessels by end-2026.
• Management flagged Namibia as a key decarbonization option, targeting end-2024 for a small hydrogen station, aiming for an ammonia tank terminal FID in Q4 or Q1 with delivery “somewhere” in 2028, and confirming talks with Exxon on a chemical tanker project for seven ships with no contracts signed.

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