This move means more signals about Euronav's future intention to diversification and sustainability, the Saverys family-controlled Compagnie Maritime Belge (CMB) has facilitated the acquisition of CMB.TECH by Euronav, one of Europe's leading tanker brands. The $1.15 billion cash deal positions Euronav to broaden its influence in the maritime industry, with a specific focus on clean technology.
CMB.TECH, a diversified group comprising four divisions, aligns seamlessly with Euronav's renewed strategy of diversification, decarbonization, and optimizing its existing tanker fleet. The acquisition encompasses a range of segments, including offshore wind support, dry bulk, container, and chemical tankers, all powered by innovative dual-fuel diesel-hydrogen, diesel-ammonia, and monofuel hydrogen engines.
The new strategy is set down by the value creation potential of CMB.TECH's low-carbon fleet, boasting 106 vessels, with an additional 46 vessels under construction. The companies anticipate that this acquisition will position the group as a reference in sustainable shipping, contributing to each stage of the energy transition towards low-carbon shipping.
Alexander Saverys, CEO of both Euronav and CMB, expressed enthusiasm for this significant milestone, emphasizing the company's dedication to executing a comprehensive diversification and decarbonization strategy. The deal is structured to leverage the cash proceeds from the earlier VLCC fleet sale to Frontline, a move agreed upon in October.
