Euronav buys energy company CMB.TECH to greenify its fleet

Tanker shipping company Euronav has bought CMB.TECH, the subsidiary of Compagnie Maritime Belge (CMB) that is betting on hydrogen and ammonia as green fuels. Euronav is paying CMB, its main shareholder, $1.15 billion (€1.04 billion) for the acquisition.

The acquisition is part of the Saverys family's (Euronav's owners) plan to green Euronav's current fleet of oil tankers, according to a press release issued on Friday evening. CMB.TECH has a fleet of 106 low-carbon vessels, 46 of which are still under construction.

"We believe this will lead to the creation of a leading, future-proof shipping platform, with Euronav becoming the reference in sustainable shipping," the press release says.

The acquisition will be financed by the sale of part of Euronav's fleet of Very Large Crude Oil Carriers (VLCCs) to Frontline. The deal was completed just a few weeks ago after a nearly two-year battle for control of Euronav, which would have created the world's largest oil tanker shipping company. However, the Saverys family blocked the merger with Frontline because they had a different vision for the future.

The deal still has to be approved by shareholders at an Extraordinary General Meeting. A name change is also proposed: CMB.TECH is to become the new name of the company, while the tanker division will be called Euronav. The acquisition is expected to be completed in February next year.

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