CMBT report Q2 2025

Industry Discussions Shipping News
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CMBtech (CMBT) announced Q2 2025 results on 08/28/25. The major event, completed after the quarter ended, was the addition of the Golden Ocean (GOGL) fleet.
The actual company results

  • Rev of $387.8M
  • EBITDA of $224M
  • Net Loss (after tax) of $7.6M
  • Took delivery of 8 vessels, including 6 Newcatlemax vessels.
  • CMBT sold a pair of VLCCs during Q2 2025 with a net capital gain of over $39M for the pair

With the GOGL fleet included, CMBT now has a fleet of around 250 vessels. That includes (post merger) 119 dry bulk vessels, 69 offshore wind vessels, and 37 tankers. There are also some other vessel types. It has been suggested that CMBT will likely clean-up the fleet a little more. My guess is, likely on the dry bulk side, and perhaps, at a slower pace, tankers. Q4 2025 will see the exit of a Suezmax vessel.

I had a token GOGL position prior to the merger. Those shares have converted to CMBT shares (Position is under $700), and I havenā€™t really thought too much about the next steps. But definitely, not adding to my CMBT stake.

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Do you have a specific reason or is it just amorphously unclear as to the future?

JimA

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Good question. A couple of reasons.

  1. CMBT is now more than just a shipping company. At this time, I have not really studied the non-shipping side.
  2. On the shipping side, I donā€™t really like the fleet composition. In vessel count, the largest segments, dry bulk and offshore, are not too appealing here.
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And in looking at their website; it appears there will be overseas tax withholding. Iā€™ve never had to deal with that and not sure I like the idea. Is that an issue?

JimA

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I noticed the dividend announcement on a second pass of the CMBT report, payment in Oct 2025. Is the tax withholding a problem? Primarily depends on the account and the size. In a Roth ac, once the Belgian tax is withheld, one cannot reclaim the tax. . In a taxable account, there are ways to get much of the foreign tax withholding reclaimed. Of course, with the new US tariff focus, tax treaties are subject to change.

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Well, my investment is in a Roth. But my investment strategy is ā€œSimplicityā€; note the capital ā€˜Sā€™. Even if it were taxes I could reclaim, this would just make things more complicated and byzantine. Iā€™ll ponder on this for a time as I also donā€™t sell things. I havenā€™t actually sold a share of stock in close to 9 years.

JimA

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The upcoming CMBT payout is not significant - 5c/sh.
With 100 shares, thatā€™s $5 payout and $1.50 in withholding.
With 1000 shares, thatā€™s a $50 payout and $15 in withholding.

As mentioned prior, my number is closer to the lower end. At this time.

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After the merge I ended up with 950 - so I guess at some point I need to sell my shares. Oh well, it was fine while it lasted.

JimA

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Well, the ex-dividend date is 10/02/25 - so there is a few weeks to make a CMBT decision. In my case, the full payout is too small to be a factor. I did some additional digging into CMBT (new thread). I notice there is additional upside on the dry bulk fleet for Q3 2025, and more haziness with the CTV (Crew Transfer Vessel) fleet. Since the CTV has a lower revenue run-rate, it drops down the list as a factor. At this time, if evaluating CMBT, focus on the dry bulk segment. In particular, focus on the Newcastlemax/Cape category. Then, probably the tanker segment.

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Actually, I was a bit more interested in their H2 involvement. Sounded interesting; not sure of the realities but maybe there is potential down the road.

JimA