The strong financial turnaround, fleet modernization, and strategic ammonia-powered vessel agreements position CMB.TECH for continued growth. The significant increase in contract backlog to $3.05 billion suggests strong future revenue visibility. Traders should monitor the integration of Golden Ocean and the execution of the ammonia vessel strategy.
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Executive Summary
CMB.TECH reported its 2025 financial results, showing a full-year profit of $139.1 million, up from a loss of $870.8 million in 2024. Revenue nearly doubled to $1.67 billion. The company completed its merger with Golden Ocean, expanded its fleet with 17 newbuild deliveries, sold 12 older vessels for $192.6 million in capital gains, and secured major ammonia-powered vessel agreements with Fortescue and MOL. Contract backlog increased to $3.05 billion.
Key Facts
- Full-year 2025 profit was $139.1 million, compared to a loss of $870.8 million in 2024
- Revenue increased to $1.67 billion in 2025 from $940.2 million in 2024
- Completed merger with Golden Ocean on August 20, 2025
- Delivered 17 newbuild vessels and ordered 9 additional vessels
- Sold 12 older vessels, generating $192.6 million in capital gains
- Signed landmark agreements for ammonia-powered vessels with Fortescue and MOL
- Total contract backlog increased to $3.05 billion
- Cash and cash equivalents increased to $146.5 million from $38.9 million
Financial Impact
Profit increased by $1.01 billion year-over-year, revenue increased by $725.8 million, and cash position improved by $107.6 million
Risk Factors
- Integration risks from the Golden Ocean merger
- Execution risk in the transition to ammonia-powered vessels
- Potential volatility in shipping rates affecting future earnings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000919574-26-001995 |
| Document: d12132922_6-k.htm | 0000919574-26-001995 |
| Document: 0000919574-26-001995-index-headers.html | 0000919574-26-001995 |
| Document: 0000919574-26-001995-index.html | 0000919574-26-001995 |
| Document: 0000919574-26-001995.txt | 0000919574-26-001995 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 6-K | $18.99 | awaiting T+60 | — | $18.32 (−3.55%) |
Oct 9, 2026 17d ago | 6-K | $20.92 | awaiting T+60 | — | $18.32 (−12.45%) |
Oct 8, 2026 18d ago | 6-K | $20.60 | awaiting T+60 | — | $18.32 (−11.09%) |
Sep 23, 2026 4w ago | 6-K | $19.04 | awaiting T+60 | — | $18.32 (−3.81%) |
Aug 27, 2026 8w ago | Press Release | $18.28 | awaiting T+60 | — | $18.32 (+0.19%) |
Aug 13, 2026 10w ago | Press Release | $16.96 | awaiting T+60 | — | $18.32 (+7.99%) |
Jun 29, 2026 17w ago | 6-K | $13.99 $19.16 | ▲ +36.95% | ▲ +34.14% | $18.32 (+30.91%) |
Jun 22, 2026 18w ago | 6-K | $15.96 $19.66 | ▲ +23.18% | ▲ +19.94% | $18.32 (+14.76%) |
Jun 22, 2026 18w ago | Press Release | $15.27 $19.56 | ▲ +28.09% | ▲ +26.35% | $18.32 (+19.94%) |
May 26, 2026 21w ago | 6-K | $15.75 | awaiting T+60 | — | $18.32 (+16.29%) |
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