Here are a few analogies for CMB.Tech:

• A **Cummins or Caterpillar** focused on developing and deploying **hydrogen and ammonia engines and fueling solutions** for decarbonizing shipping and heavy industry.
• A **Shell or BP** that exclusively develops and supplies **hydrogen and ammonia fuels and their propulsion systems** for shipping and heavy industry.
• The **Tesla of zero-emission marine and heavy industrial propulsion**, using **hydrogen and ammonia combustion** instead of electric batteries.

• Hydrogen and Ammonia Engine Technology: CMB.TECH develops and manufactures advanced internal combustion engines capable of running on clean fuels like hydrogen and ammonia for marine and heavy-duty industrial applications.
• Hydrogen and Ammonia Fuel Systems: The company provides integrated bunkering and fuel supply systems designed to safely store and deliver hydrogen and ammonia to vessels and industrial equipment.
• Hydrogen-powered Vessels and Industrial Solutions: CMB.TECH designs, builds, and operates a range of innovative hydrogen-powered ships and offers hydrogen conversion solutions for various industrial applications.

CMB.Tech (symbol: CMBT) primarily operates on a Business-to-Business (B2B) model, providing hydrogen-powered engines, vessels, and industrial applications to other companies and public entities. Their solutions are aimed at the decarbonization of heavy-duty applications in the marine and industrial sectors.

Based on publicly available information, major customers and significant projects for CMB.Tech include:

• Port of Antwerp-Bruges: A key client for CMB.Tech's marine applications. CMB.Tech delivered the world's first hydrogen-powered tugboat, the "Hydrotug," to the Port of Antwerp-Bruges for its operations. The Port of Antwerp-Bruges is a public port authority and not a publicly traded company with a stock symbol.
• Jan De Nul Group: A global leader in dredging, marine, and civil engineering. CMB.Tech is supplying hydrogen-powered engines and integration for a fleet of 14 new dredgers for Jan De Nul Group. Jan De Nul Group is a privately held company.

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Alexander Saverys, Chief Executive Officer & Member of Management Board

Alexander Saverys has served as the Chief Executive Officer of CMB.Tech (formerly Euronav NV) since November 22, 2023. He has been the CEO of CMB, the parent company and a diversified shipping group, since 2014. Coming from the influential Saverys family, who are anchor shareholders in CMB.Tech, Alexander has been instrumental in transforming CMB into a pioneer of zero-emission shipping, focusing on hydrogen and ammonia as future fuels. He founded his own shipping company, Delphis. Alexander led CMB.Tech through a significant period of change, notably opposing the merger between Euronav and Frontline, which ultimately resulted in CMB acquiring a majority stake in Euronav and its subsequent renaming to CMB.Tech. His strategic vision for CMB.Tech emphasizes fleet diversification, optimization, and decarbonization, utilizing profits from traditional oil transport to fund green initiatives. He is also leading CMB.Tech's mega-merger with Golden Ocean, expected to close in Q3 2025, which aims to create one of the world's largest diversified listed maritime groups.

Ludovic Saverys, Chief Financial Officer & Member of Management Board

Ludovic Saverys has held the position of Chief Financial Officer and Member of the Management Board at CMB.Tech (formerly Euronav NV) since November 21, 2023. He is also a member of the prominent Saverys family, which holds significant influence and ownership within CMB.Tech.

Michael Saverys, Chief Chartering Officer & Member of Management Board

Michael Saverys serves as the Chief Chartering Officer and a Member of the Management Board at CMB.Tech. He is part of the Saverys family, which has a key involvement in the company's strategic decisions and operations.

Maxime Van Eecke, Chief Commercial Officer & Member of Management Board

Maxime Van Eecke is the Chief Commercial Officer and a Member of the Management Board at CMB.Tech.

Benoit Louis Timmermans, Chief Strategy Officer & Member of Management Board

Benoit Louis Timmermans holds the title of Chief Strategy Officer and is a Member of the Management Board at CMB.Tech.

• Rapid advancements and increasing adoption of battery electric technology for heavy-duty applications. While CMB.Tech primarily focuses on applications where hydrogen/ammonia offer superior energy density (e.g., long-haul shipping, very heavy-duty trucks, industrial uses), significant progress in battery energy density, charging speeds, and cost-effectiveness (e.g., Tesla Semi, Volvo Electric Trucks, Daimler Truck initiatives, new battery technologies enabling longer ranges) could expand the viable scope of battery electric vehicles into market segments previously considered exclusive to hydrogen, thereby limiting the addressable market for CMB.Tech's hydrogen engine solutions.
• Growing adoption and infrastructure development for green methanol as an alternative marine fuel. CMB.Tech is a pioneer in ammonia-fueled marine engines and bunkering solutions. However, green methanol is quickly emerging as a favored decarbonization pathway for some major shipping lines (e.g., Maersk's substantial investments in methanol-fueled vessels). Methanol presents fewer handling challenges than ammonia and its bunkering infrastructure is developing rapidly, positioning it as a direct and strong competitor for decarbonizing the marine sector, which is a key market for CMB.Tech.

CMB.Tech is a diversified cleantech maritime group that focuses on hydrogen and ammonia as fuel solutions for marine and industrial applications. The company's main products and services revolve around hydrogen-powered engines, dual-fuel solutions (diesel-hydrogen and diesel-ammonia), and the production and distribution of green hydrogen and ammonia.

The addressable markets for CMB.Tech's main products and services include:

• Global Hydrogen Powered Engine Market: This market is projected to reach USD 34.7 billion in 2030 and grow to USD 87.3 billion by 2040.
• Global Hydrogen Marine Engine Market: Valued at USD 1.12 billion in 2024, this market is projected to reach USD 8.75 billion by 2033, growing at a CAGR of 22.6% from 2025 to 2033.
• Global Hydrogen Internal Combustion Engine Market: This market was valued at USD 13.58 million in 2024 and is expected to reach approximately USD 325.61 million by 2034, with a compound annual growth rate (CAGR) of 37.40% from 2025 to 2034.
• Global Hydrogen-Fueled Ship Market: This market is estimated at USD 2 billion in 2025 and is projected to reach USD 8 billion by 2033, at a CAGR of 15% from 2025 to 2033. Another source indicates the market size was USD 1,700 million in 2024 and is expected to grow to USD 12 billion by 2035 at a CAGR of 19.4% during the forecast period (2025 - 2035).
• Global Marine Hydrogen Fuel Cell Generator Market: This market is projected to grow from an estimated USD 500 million in 2024 to over USD 2 billion by 2030, with a CAGR exceeding 25%.
• Global Hydrogen Market (overall for various applications, including industrial and transportation): The global hydrogen market was valued at USD 204.5 billion in 2024 and is estimated to grow at a CAGR of 12.2% from 2025 to 2034, reaching USD 603.3 billion by 2034. Other projections estimate the market at USD 282.63 billion in 2025, reaching USD 556.56 billion by 2034 with a CAGR of 7.82%. The market is driven by the increasing trend of switching to low-emission and sustainable energy solutions for transportation, power generation, and industrial uses.
• Global Hydrogen Storage and Transportation Market: Valued at USD 950.9 million in 2023, this market is expected to reach USD 5,298.3 million by 2033, exhibiting a CAGR of 18.74%.
• Global Transportation Liquid Hydrogen Market: This market was valued at USD 22.4 billion in 2023 and is estimated to register over 6% CAGR between 2024 and 2032.

Expected Drivers of Future Revenue Growth for CMB.Tech (CMBT) over the Next 2-3 Years:

1. Strategic Merger and Fleet Expansion: The recently completed merger with Golden Ocean Group significantly expands CMB.Tech's operational scale, creating an estimated $11 billion fleet powerhouse with over 250 vessels. This merger diversifies CMB.Tech's revenue streams, particularly strengthening its presence in the dry bulk segment, where it is positioned as a leading global player by fleet value. The company is also actively expanding its fleet with newbuilds and optimizing its existing vessels through strategic sales of older ships.
2. Leadership in Maritime Decarbonization and Green Fuel Technology: CMB.Tech is strategically transforming into a leader in green-fuel shipping, aggressively investing in and deploying ammonia and hydrogen-powered vessels. This includes the delivery of new vessels and the establishment of a hydrogen engine R&D center. The company anticipates that by 2026, its combined fleet will include 9 ammonia-powered vessels, with over 25 more dual-fuel capable ships projected by 2030. This focus is driven by tightening emissions regulations and increasing client demand for low-carbon shipping solutions.
3. Robust Contract Backlog and Long-Term Charters: CMB.Tech benefits from a substantial contract backlog, which amounted to $2.93 billion as of Q2 2025. This backlog includes long-term charters for its ammonia-ready and dual-fuel vessels with major clients like Fortescue and MOL, providing significant revenue visibility for several years. These long-term agreements de-risk a portion of the company's newbuild program and support higher fleet utilization.
4. Diversification Across Shipping Segments: The company operates a diversified maritime group with over 150 seagoing vessels across various segments, including crude oil tankers, dry bulk vessels, container ships, chemical tankers, and offshore wind vessels. This broad exposure to different shipping niches helps to stabilize revenue streams and mitigate risks associated with fluctuations in any single market.

Share Repurchases

• In the second half of 2024, CMB.Tech completed the repurchase of 8 million shares valued at $126 million.
• CMB.Tech purchased a total of 263,771 of its own shares on NYSE and Euronext Brussels in 2024.

Share Issuance

• In August 2025, CMB.Tech issued approximately 95.9 million new ordinary shares as consideration for its stock-for-stock merger with Golden Ocean Group Limited.

Outbound Investments

• In March 2025, CMB.Tech acquired 81,363,730 shares in Golden Ocean Group Limited from Hemen Holding Limited at a price of $14.49 per share, totaling approximately $1.18 billion.
• In August 2025, CMB.Tech completed a stock-for-stock merger with Golden Ocean Group Limited, resulting in one of the largest diversified maritime groups globally with a combined fleet of around 250 vessels.

Capital Expenditures

• As of Q2 2025, CMB.Tech's outstanding capital expenditure commitments were $1.86 billion, with $1.6 billion already having committed financing and $270 million unfunded.
• In 2024, CMB.Tech focused on fleet rejuvenation, which included 21 newbuild deliveries (comprising Suezmaxes, dry bulk carriers, container vessels, chemical tankers, and CTVs), and ordered an additional 7 vessels (including Newcastlemaxes, product tankers, one container vessel, and CSOVs).
• The primary focus of these capital expenditures is on shipbuilding innovations, future-proof builds, and the establishment of new shipping routes, with an emphasis on hydrogen and ammonia-powered vessels.