CMBtech (CMBT) is a shipping entity that includes CMB, Euronav and Bocimar among its “brands”. The family behind the company is the Saverys. Sometimes it is hard to distinguish whether it is the family or the company actions. Case in point being an acquisition of Johan Fredriksen’s 40.8% stake in Golden Ocean (GOGL). CMBT report the initial acquisition, and subsequent acquisition of GOGL shares as a CMBT acquisition. More on this later.
Some stats
- Revenue of $235M
- Profit $40.4M
- No div declared
- Announced some vessel deliveries and vessel sales
Back to the GOGL story. CMBT has acquired enough shares to trigger a low-ball acquisition offer for the remainder of the GOGL shares. CMBT will exchange 0.95 shares of CMBT per GOGL share. The GOGL fleet will fold into the CMBT fleet, and create a very large, diverse shipping fleet with over 250 vessels.
CMBT sold a VLCC and a Suezmax during Q1 2025. The company also announced plans to dispose three, still modern, VLCCs. Though not mentioned in the above report, I have read reference to CMBT ordering new dual fuel tankers. It sound like there are also ongoing plans to convert some of the Newcastlemax newbuilds into dual-fuel vessels.