Summary of CMB Tech and Golden Ocean Merger Presentation Industry and Companies Involved - Industry: Maritime and Shipping - Companies: CMB Tech and Golden Ocean Key Points and Arguments 1. Merger Overview: The merger between CMB Tech and Golden Ocean is a stock-for-stock transaction, with CMB Tech as the surviving entity. Post-merger, shareholders will own approximately 67.33% of the new company [3][2] 2. Exchange Ratio: The exchange ratio is set at 0.95 CMB Tech shares for one Golden Ocean share, valuing CMB Tech at 14.49 per share [3][2] 3. Headquarters and Listings: CMB Tech is headquartered in Antwerp with global offices. It is listed on NYC and Euronext in Brussels, while Golden Ocean's listings will disappear post-merger, with plans for a relisting on Oslo Burs [4][5] 4. CMB Tech's Fleet: CMB Tech operates a fleet of approximately 160 ships across five divisions, including dry bulk, chemical tankers, containerships, crude oil tankers, and offshore wind [6][8] 5. Financials: CMB Tech reported a net profit of CHF 870 million and has a liquidity of GBP 350 million, with a contract backlog of GBP 3 billion and outstanding CapEx of GBP 2.2 billion [8][9] 6. Golden Ocean's Fleet: Golden Ocean is the largest listed owner of Capesize vessels, with a fleet of 91 ships, an average age of around eight years, and a leverage of 37% on loan facilities [10][11] 7. Combined Fleet Post-Merger: The combined fleet will exceed 250 vessels, with a projected net asset value (NAV) of $14.9 per share and a significant reduction in average fleet age to six years [13][14] 8. Decarbonization Strategy: The merged entity will focus on low-carbon solutions, including modern eco fleets and ships capable of being retrofitted for hydrogen and ammonia [15][21] 9. Market Outlook: The company is positive on the tanker and dry bulk markets, with expectations of structural undersupply in the tanker market and healthy demand from Asia, particularly China [33][36][47] 10. Regulatory Support: The strategy aligns with European regulations aimed at decarbonization, including the proposed greenhouse gas tax set to be implemented in 2028 [22][21] Additional Important Content 1. Investment Strategy: The company aims to diversify investments across segments, allowing for flexibility in capital allocation based on market conditions [16][17] 2. Fleet Modernization: There is a focus on rejuvenating the fleet by potentially selling older vessels and investing in modern tonnage [60][61] 3. Long-term Contracts: The company emphasizes the importance of long-term contracts to stabilize cash flows and reduce risk [71][72] 4. Bauxite Trade Growth: The bauxite trade is expected to grow significantly, contributing to increased shipping demand for Capesize vessels [51][52] 5. Challenges in Chemical Tankers: The company remains cautious about the chemical tanker market, with limited spot exposure [55][56] This summary encapsulates the critical aspects of the merger presentation, highlighting the strategic direction, financial metrics, and market outlook for the combined entity.
Cmb.Tech NV (CMBT) 2025 Capital Markets Day Transcript