Euronav ( (CMBT) ) has released its Q3 earnings. Here is a breakdown of the information Euronav presented to its investors.
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CMB.TECH, formerly known as Euronav, is a diversified maritime company that operates more than 160 seagoing vessels across various sectors including crude oil tankers, dry bulk vessels, container ships, and offshore wind vessels. The company recently announced its third-quarter 2024 earnings, showcasing a profit of USD 98.1 million and a year-to-date profit of USD 777.7 million. Notable developments include a name change to CMB.TECH, the delivery of eight new vessels, and the sale of two Suezmax tankers.
CMB.TECH reported a net gain of USD 98.1 million in Q3 2024, slightly down from the USD 114.6 million recorded in the same period last year. The company’s revenue for the third quarter was USD 221.8 million, a decrease from USD 278.4 million in Q3 2023. Significant strategic moves include the inauguration of a new hydrogen engine R&D center in Japan and a new time charter contract that increases the company’s contract backlog to USD 2.06 billion.
The company completed the sale of two older Suezmax tankers, generating a capital gain of USD 61.4 million, and took delivery of multiple new vessels, including container and chemical tankers. CMB.TECH’s ongoing transformation is marked by its focus on fleet diversification and decarbonization, aligning with its long-term strategy.
Looking ahead, CMB.TECH remains cautiously optimistic about its market positioning amidst global economic uncertainties. The company continues to focus on executing its strategy of decarbonization and fleet optimization while navigating the evolving market dynamics in the maritime industry.
