CMB.TECH NV has sold multiple vessels, generating a total capital gain of $46.52 million, with deliveries expected in Q1 2025.
Quiver AI Summary
CMB.TECH NV has announced the sale of several vessels, resulting in a total capital gain of $46.52 million. Notably, the Suezmax Cap Lara, built in 2007, was sold for a capital gain of $18.77 million and will be delivered in the first quarter of 2025. Additionally, the VLCC Alsace, sold earlier, generated approximately $27.5 million, with its delivery already completed. The company also sold the Windcat 6 after 18 years of service, yielding a capital gain of $0.25 million, with delivery at the end of January 2025. CMB.TECH, a diversified maritime group based in Antwerp, Belgium, operates over 160 vessels and is listed on Euronext Brussels and the NYSE.
Potential Positives
- CMB.TECH has successfully sold multiple vessels, generating a total capital gain of 46.52 million USD, positively impacting its financial performance.
- The sale of the Suezmax Cap Lara and the VLCC Alsace will contribute significant gains of 18.77 million USD and approximately 27.5 million USD, respectively, which enhances the company's revenue.
- The company's diversified fleet of over 160 vessels and involvement in hydrogen and ammonia fuel production position it favorably in the evolving maritime and energy markets.
- Successful fleet management reflected in the timely delivery of sold vessels evidences operational efficiency and effective asset utilization.
Potential Negatives
- The press release indicates that the company is selling multiple vessels, which may suggest a reduction in fleet size and potential concerns about operational capability or liquidity.
- Forward-looking statements highlight inherent uncertainties and risks, including potential legal actions and market fluctuations that could negatively impact future performance.
- The need for safe harbour protections for forward-looking statements may imply a greater level of risk and uncertainty surrounding the company's future plans and projections.
FAQ
What is the total capital gain generated by CMB.TECH from vessel sales?
CMB.TECH has generated a total capital gain of 46.52 million USD from different vessel sales.
Which vessels did CMB.TECH recently sell?
The recently sold vessels include the Suezmax Cap Lara, VLCC Alsace, and Windcat 6.
When will the Suezmax Cap Lara be delivered to its new owner?
The Suezmax Cap Lara will be delivered to its new owner during the first quarter of 2025.
What is the significance of CMB.TECH's vessel sales?
The vessel sales represent strategic moves to generate capital gains and optimize the company's maritime operations.
Where can I find more information about CMB.TECH?
More information about CMB.TECH can be found on their official website at https://cmb.tech.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
Antwerp, Belgium, Jan. 28, 2025 (GLOBE NEWSWIRE) -- CMB.TECH NV (“CMBT”, “CMB.TECH” or “the Company”) (NYSE: CMBT & Euronext: CMBT) has sold different vessels, generating a capital gain of 46.52 million USD in total.
Euronav
CMB.TECH has sold the Suezmax Cap Lara (2007, 158,826 dwt). The sale will generate a capital gain of 18.77 million USD. The vessel will be delivered to the new owner during the first quarter of 2025.
The VLCC Alsace (2012 – 299,999 DWT) has successfully been delivered to its new owner. A capital gain of approximately USD 27.5 million will be booked in Q1 2025.
Windcat
The Windcat 6 has also been sold, after 18 years of service. The sale will generate a capital gain of 0.25 million USD. The vessel will be delivered to its new owner at the end of January 2025.
Announcement Q4 2024 results – 27 February 2025
About CMB.TECH
CMB.TECH (all capitals) is a diversified and future-proof maritime group. We own and operate more than 160 seagoing vessels: crude oil tankers, dry bulk vessels, container ships, chemical tankers, offshore wind vessels, tugboats and ferries. We also offer hydrogen and ammonia fuel to customers, through own production or third-party producers.
The company is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, United States and Africa.
CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol CMBT.
More information can be found at https://cmb.tech
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words “believe", “anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “potential”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include potential legal actions by other parties relating to the Market Court’s decision, the outcome of the proceedings pending before the Enterprise Court in Antwerp, the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
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