reports
- Kristof Samoy
CMB.Tech Signing charter agreement with Fortescue for NH3 fitted Newca...
CMB.Tech signed an agreement with the Australian miner Fortescue to charter a new ammonia-powered vessel. The 210k dwt ammonia-powered Newcastlemax will feature a dual fuel engine and is expected to be delivered by the end of 2026. No contract details have been disclosed, but as the Newcastlemax has been bought at risk by CMB a while ago the charter terms are expected to yield appealing IRRs and bring long contract duration. Following the LT charter agreement with MOL announced a few weeks back,...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
Fortescue and CMB.TECH sign agreement for ammonia-powered ore carrier
Fortescue and CMB.TECH sign agreement for ammonia-powered ore carrier Antwerp, April 14, 2025 (GLOBE NEWSWIRE) -- CMB.TECH NV (NYSE: CMBT & Euronext: CMBT) (“CMB.TECH” or the “Company”) has signed an agreement with Fortescue to charter a new ammonia-powered vessel. This emphasises the commitment of both companies to decarbonise the shipping industry. This 210,000-dwt ammonia-powered Newcastlemax will feature a dual fuel engine and is expected to be delivered by the end of 2026. Fortescue and Bocimar, part of CMB.TECH, have signed an agreement for an ammonia-powered Newcastlemax featur...
- Rune Majlund Dahl
Novo Nordisk (Buy, TP: DKK900.00) - Subdued prescription growth in Q1
We have updated our model with the latest IQVIA data, and see downside risk to Visible Alpha consensus. We see Q1e global sales for Wegovy of DKK17,898m (c2.2% below consensus) and Ozempic of DKK31,642m (c1.5% below consensus). While a reaffirmation of guidance could offer relief, we have lowered our target price, primarily on lower-than-expected GLP-1 sales. We reiterate our BUY but have cut our target price to DKK900 (1,040).
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
US Tariffs Navigating the impact on Benelux equities
Trumps reciprocal tariffs caused a massive blow to equity markets, following a pressured period of escalating trade wars. Retaliatory measures can further heavily damage market confidence, as seen Friday when China announced their 34% tarrif of US goods. International trade policies have never moved this erratic and untransparant, with uncertainty and volatility being the baseline for now. In this report we highlight the key stocks in our coverage relevant to this discussion.
EURN EURONAV NV
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
FAGR FAGRON SA
EVS EVS BROADCAST EQUIPMENT SA
XIOR XIOR STUDENT HOUSING N.V.
SOLB SOLVAY SA
UCB UCB S.A.
COFB COFINIMMO SA
DIE D'IETEREN SA
AGFB AGFA-GEVAERT NV
IBAB ION BEAM APPLICATIONS SA
AALB AALBERTS N.V.
ONTEX ONTEX GROUP N.V.
MELE MELEXIS NV
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
EXO EXOR N.V.
ASML ASML HOLDING NV
ARGX ARGEN-X SE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
AUTL AUTOLUS THERAPEUTICS ADS
BAR BARCO NV
DEME DEME GROUP NV
FLOW FLOW TRADERS LTD
SYENS SYENSQO
- Hilde Van Boxstael
- Kristof Samoy
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
CMB.TECH announces final year results
CMB.TECH announces final year results CMB.TECH ANNOUNCES FINAL YEAR RESULTS TRANSFORMATIONAL YEAR AND STRONG EARNINGS ANTWERP, Belgium, 27 March 2025 – CMB.TECH NV (“CMBT”, “CMB.TECH” or “the Company”) (NYSE: CMBT & Euronext: CMBT) reported its final financial results today for the full year ended 31 December 2024. HIGHLIGHTS 2024 Profit of USD 93.1 million in Q4 2024 bringing full year profit to USD 870.8 million Total contract backlog increased to USD 2.94 billionName change from Euronav to CMB.TECH (ticker symbol CMBT)CMB.TECH focused on its fleet rejuvenation with 21 newbuild delive...
- Kristof Samoy
CMB.Tech Landmark LT charter agreement with MOL & controlling half of ...
Last Friday Golden Ocean announced that CMB.Tech now controls two out of four of its board seats. This follows the strategic acquisition in early March of the 40.8% stake previously held by John Frederiksen. This morning during trading hours, CMB.Tech further bolstered its position by announcing a significant long-term time charter agreement with the Japanese shipping conglomerate MOL, involving nine ammonia-ready/fitted vessels. This agreement adds approximately $675 million (pro rata) to its $...
- Hilde Van Boxstael
- Kristof Samoy
- Sharad Kumar S.P
- Thomas Couvreur
- Jørgen Lian
CMB.TECH (Sell, TP: USD7.60) - Dry bulk expansion at a premium
We expect more news to be announced on its Golden Ocean ambitions in the weeks ahead, but the recent SEC filing could indicate a potential future share-based tie-up. In such a scenario, CMB.TECH would vastly expand its dry bulk exposure, with potentially cash-generating assets on the water. However, this is at odds with our more muted dry bulk sector outlook and what we believe was a premium valuation. We reinstate our recommendation with a SELL and USD7.6 target price.
- Rune Majlund Dahl
Zealand Pharma (Buy, TP: DKK1150.00) - Deal delivery
We are positive on the partnership with Roche for petrelintide and view the financial terms as favourable for Zealand Pharma. While we had included Roche as the partner for petrelintide in our base case, the deal terms are better than we assumed. Thus, we have updated our valuation for petrelintide to DKK731 NPV/share. We reiterate our BUY and have increased our target price to DKK1,150 (1,010), based on our SOTP NPV.
- Jørgen Lian
‘The times they are a-changin’
The recurring theme at our 18th Energy & Shipping Conference was geopolitical uncertainty and a potential trade war, warranting a wait-and-see approach, particularly on the Trump 2.0 effect. The consensus view pointed to high asset values, with no rush to the yards, aligning with below-NAV valuations across most of our coverage. However, panellists generally saw less downside risk than the 25% average discount to steel for our Tanker, Dry Bulk and Gas coverage. Overall, the day highlighted uncer...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- ING Helpdesk
Benelux Morning Notes
Air France-KLM: Surprising 4Q to the upside. CMB.TECH: A golden step into Golden Ocean? EVS: Evertz 3Q25 results. GBL: Boosting its liquidity profile. Gimv: Continued transaction spree post capital increase. Solvay: 4Q24 beat, 2025F guide in-line, reaffirmed 2028F target. Talabat: Completes InstaShop acquisition
- Jørgen Lian
CMB.TECH (No_rec, TP: USD) - Recommendation and target price withdrawn
The company has agreed to acquire Hemen’s Golden Ocean stake (40.8%) at a price around the peak share price in May 2024, and above the market (46%) and our NAV (15%). On the face of it, we see NAV dilution for CMB.TECH, while initially the only change for Golden Ocean shareholders is a shift in main shareholder from John Fredriksen to the Saverys family. Given DNB Markets’ role in the transaction, we have withdrawn our recommendation and target price.
- Kristof Samoy
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
- Jørgen Lian
CMB.TECH (Hold, TP: USD10.00) - Costly road to sustainable goals
CMB.TECH is transitioning into a modern, future-proof fleet and diversifying cash flows along the way. However, we believe the shift will continue to strain the company’s balance sheet and dividend potential in the coming quarters. Further, given our more constructive view on the tanker segments versus dry bulk, we continue to prefer its pure tanker peers in the near term. Hence, we reiterate our HOLD and have lowered our target price to USD10.0 (10.7).
- ING Helpdesk
Benelux Morning Notes
Aalberts: Dividend and outlook better than expected. Ackermans & van Haaren: Anticipating an all-time-high result from core segments. Ageas: FY24 in line, strong capital, outlook for upsteams. AMG: Strong 4Q24 beat and 2025F guidance upgrade. CFE: Solid results and balance sheet, outlook weak. CMB.TECH: Cautious on outlook. Corbion: Not so sweet. CTP: Good results, 2025 outlook realistic. D'Ieteren: Boyd's Five-Year Goals. Exor: Ferrari €3bn ABB and €1bn SBB. Sofina: Further ...
AGS AGEAS SA/NV
UCB UCB S.A.
DIE D'IETEREN SA
CFEB COMPAGNIE D'ENTREPRISES CFE SA
SOF SOFINA SA
ACKB ACKERMANS & VAN HAAREN NV
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
CSM CORBION NV
EXO EXOR N.V.
WDP WAREHOUSES DE PAUW SCA
CTPNV CTP NV
SYENS SYENSQO
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
CMB.TECH announces Q4 2024 results
CMB.TECH announces Q4 2024 results CMB.TECH ANNOUNCES Q4 2024 RESULTS STRONG RESULTS DESPITE SLOW MARKETS ANTWERP, Belgium, 27 February 2025 – CMB.TECH NV (“CMBT”, “CMB.TECH” or “the Company”) (NYSE: CMBT & Euronext: CMBT) reported its non-audited financial results today for the fourth quarter ended 31 December 2024. HIGHLIGHTS Profit of USD 93.1 million in Q4 2024 bringing YTD profit to USD 870.8 million Delivery of 7 newbuilding vesselsSale of 4 Suezmaxes Selena (2007, 150,205 dwt), Cap Victor (2007, 158,853 dwt), Cap Felix (2008, 158,765 dwt) & Cap Lara (2007, 158,826 dwt)Sale of Win...
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