Euronav NV, a leading crude oil tanker fleet operator, in partnership with its controlling shareholder CMB NV, revealed the signing of a definitive share purchase agreement for the acquisition of CMB.TECH NV. The transaction, valued at USD 1.15 billion in cash, marks a pivotal step in Euronav’s renewed strategy of diversification, decarbonization, and optimization.
CMB.TECH, a dynamic cleantech maritime group, specializes in the construction, ownership, operation, and design of large marine and industrial applications. These utilize dual-fuel diesel-hydrogen, diesel-ammonia, and monofuel hydrogen engines. Providing hydrogen and ammonia fuel, either self-produced or sourced externally, CMB.TECH operates across four divisions: Marine, Technology & Development, H2 Infra, and Industry.
The strategic value of CMB.TECH’s “future-proof” fleet of 106 low-carbon vessels, with 46 under construction, aligns with Euronav’s renewed strategy focused on diversification, decarbonization, and optimizing its crude oil tanker fleet. The acquisition is seen as a significant step toward creating a leading, future-proof shipping platform, positioning the company as a reference in sustainable shipping.
CMB and Euronav anticipate the transaction will enable a flywheel strategy, tapping into each stage of the energy transition toward low-carbon shipping. This moves leverages Euronav’s existing tanker tonnage to recycle capital into more future-proof, attractive, and diversified markets and contracts. Notably, Euronav’s current customer portfolio is strategically positioned at the center of the energy transition, seeking low-carbon tanker shipping services.
The transaction adheres to Belgian law (Article 7:116 of the BCCA) related-party transactions procedure, receiving approval from the Euronav Supervisory Board. The Committee of independent directors, guided by Degroof Petercam Corporate Finance as an independent financial expert, provided a fairness opinion on the transaction’s valuation. Detailed information is available in the attached Euronav announcement, with the fairness opinion and advice accessible on the company’s website.
CMB.TECH: Pioneering Sustainable Maritime Solutions
CMB.TECH operates across four key divisions, with the marine division being its largest. This division engages in the construction, ownership, operation, and design of a diverse range of low and zero-carbon ships. These vessels, including offshore wind support vessels, dry bulk vessels, container vessels, chemical tankers, tugboats, and ferries, are powered by dual-fuel diesel-hydrogen, diesel-ammonia, and monofuel hydrogen engines.
The integration of drivetrain components, hydrogen and ammonia storage, and bunkering is facilitated by an in-house engineering team in collaboration with Original Equipment Manufacturers (OEMs) and shipyards.
In addition, CMB.TECH’s H2 infra division provides hydrogen and ammonia fuel through in-house production or third-party sourcing. This division focuses on designing, developing, and operating technology and infrastructure for the production and distribution of green hydrogen and ammonia. Serving as a crucial link, the H2 infra division acts as a flywheel for both the Marine and Industry divisions, ensuring that the green hydrogen and green ammonia value chain contributes to a financially sustainable energy transition.
CMB.TECH’s Industry division is dedicated to developing heavy-duty industrial applications powered by hydrogen. This commitment stems from a goal to provide affordable, reliable, and sustainable solutions that reduce emissions and minimize the environmental footprint of clients. The division employs advanced technology to convert existing diesel engines into dual-fuel and monofuel engines, offering flexibility and cost-effectiveness. The range includes high-speed options for smaller-scale applications, as well as medium-speed and slow-speed engines for marine and heavy-duty purposes.
With a proven track record, CMB.TECH has successfully executed commercial projects globally across its diverse divisions. The company also collaborates extensively with a wide array of original equipment manufacturers to advance the development of engines and applications.
Strategic Rationale and Vision for the Future
The acquisition aligns with Euronav’s commitment to diversification and accelerated optimization of its crude oil tanker fleet. The synergy between Euronav’s existing customer base and CMB.TECH’s sustainable solutions is anticipated to position the company as a leader in low-carbon shipping.
Alexander Saverys, CEO of Euronav and CMB, expressed enthusiasm, stating, “This acquisition allows the Company to rapidly and meaningfully execute its diversification and decarbonization strategy.”
About Euronav NV
Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav’s owned and operated fleet consists of 1 V-Plus vessel, 31 VLCCs (with a further three under construction), 22 Suezmaxes (with a further four under construction) and 2 FSO vessels.
About CMB NV
CMB (Compagnie Maritime Belge) is a diversified shipping and cleantech group based in Antwerp, Belgium. CMB owns and operates 150 vessels in dry bulk (Bocimar), containers (Delphis), chemicals (Bochem) and offshore wind (Windcat). CMB is also active in cleantech (CMB.TECH) and real estate (MCA Facilities, Maritime Campus Antwerp). CMB has offices in Japan, Namibia, Singapore, China, Germany, UK and The Netherlands.