- CMB.TECH NV has sold three Suezmax vessels to a wholly owned subsidiary of CMB NV as part of its fleet rejuvenation strategy.
- The sale includes vessels Selena (2007, 150,205 dwt), Cap Victor (2007, 158,853 dwt), and Cap Felix (2008, 158,765 dwt).
- The sale will generate a capital gain of $70.93 million USD.
- The vessels will be delivered to their new owner in December 2024.
- The transaction is compliant with Belgian law and reviewed by an independent committee and statutory auditors.
- The sale aligns with CMB.TECH’s strategic goals of fleet modernization and decarbonization.
CMB.TECH NV (“CMBT”, “CMB.TECH” or “the Company”) (NYSE: CMBT & Euronext: CMBT) has finalized the sale of three Suezmax vessels—Selena (2007, 150,205 dwt), Cap Victor (2007, 158,853 dwt), and Cap Felix (2008, 158,765 dwt)—to a wholly owned subsidiary of CMB NV. This sale is a key step in the company’s strategic objective of modernizing its fleet and advancing its focus on decarbonization and operational efficiency. The transaction is expected to generate a capital gain of $70.93 million USD and marks a significant move towards achieving sustainability and strategic investment goals.
The vessels will officially transfer ownership in December 2024. This transaction follows all necessary legal and procedural guidelines under Belgian law and was classified as a related-party transaction due to the involvement of Bocimar International NV (“BOI”), a wholly owned subsidiary of CMB NV, which is the major shareholder in CMB.TECH NV.
Details of the transaction
The sale includes three Suezmax tankers, none of which are equipped with dual-fuel engines. The purchase price of $119,490,000 USD was established based on the highest aggregate fair market valuation provided by two independent and reputable shipbrokers, Braemar and VesselsValue.
Transaction rationale
The capital proceeds from this sale will enable CMB.TECH NV to invest in its strategic vision of decarbonizing and optimizing its fleet through the development of future-proof newbuild vessels or by providing initial funding for such projects.
Committee review and auditor opinion
To ensure transparency and compliance, a committee of three independent members of CMB.TECH NV’s Supervisory Board conducted a detailed review of the sale’s terms and conditions. The committee issued a written opinion stating that the sale is not unlawful, and it is unlikely to disadvantage the company. This favorable opinion highlights that the transaction’s benefits outweigh any potential risks.
Furthermore, the statutory auditor verified the financial and accounting data related to this transaction. The auditor confirmed that all data provided are accurate, consistent, and aligned with financial standards, without any irregularities.
This strategic sale represents a major step for CMB.TECH NV as it balances strategic growth, sustainability objectives, and governance transparency while advancing its vision for a modernized and environmentally sustainable fleet.
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Source: CMB.TECH
