Q2 2024 Euronav NV Earnings Call Transcript
Key Points
- CMB.Tech NV (CMBT) reported a strong net profit of $184 million for Q2 2024, contributing to a half-year profit of nearly $680 million.
- The company declared a dividend of $1.15 in Q2, bringing the total dividends for the half-year to $5.72.
- CMB.Tech NV (CMBT) has a substantial contract backlog of approximately $2.1 billion, indicating strong future revenue potential.
- The company successfully completed a share buyback program, acquiring 8 million shares for approximately $126 million.
- CMB.Tech NV (CMBT) is expanding its fleet, with plans to grow from 117 vessels by the end of 2024 to 160 vessels by the end of 2026.
- The company has a significant outstanding CapEx of $2.7 billion, which could impact future cash flows.
- CMB.Tech NV (CMBT) remains heavily exposed to spot market volatility, with 75% of open days for 2024 and 80% for 2025.
- The container market faces challenges with a large order book and mixed demand indicators, potentially impacting future profitability.
- The company is still awaiting final investment decisions on key projects, such as the ammonia tank terminal in Namibia, which could delay potential revenue streams.
- There are ongoing discussions with Exxon about a chemical tanker project, but no firm contracts have been signed yet, creating uncertainty about future business opportunities.
Welcome to this Q2 2024 earnings release. I'm joined here today by our CFO, Ludovic Saverys. My name is Alexander Saverys, I'm the CEO of CMB.TECH. And topics of today's call will be a financial highlight first of all of the quarter, also highlighting everything we have done during the quarter and then we will zoom in on all our marine division, division-by-division and give you a market outlook to finish off with the conclusion and Q&A.
If you've seen the press release this morning, you have seen that the heading was transformation in full swing, and it means our company is in full transformation. We had an incredibly busy second quarter, ratifying the name change from Euronav to CMB.TECH. The ticker symbol has already changed. The real name change will take place on October 1.
But meanwhile, doing a lot of business, adding a contract backlog to our already large contract backlog. We have older new vessels. We have sold older tankers. We have taken delivery of many, many ships. And last but not least, we have also concluded our partnership with
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