CMB.TECH and MOL sign landmark agreement for nine ammonia-powered vessels

24 Mar 2025 10:30 CET

CMB.TECH AND MOL SIGN LANDMARK AGREEMENT FOR NINE AMMONIA-POWERED VESSELS


ANTWERP, Belgium, 24 March 2025 – CMB.TECH NV (“CMBT”, “CMB.TECH” or “the
Company”) (NYSE: CMBT & Euronext: CMBT) is pleased to announce that it has
signed an agreement with Mitsui O.S.K. Lines, Ltd. (“MOL”) and MOL CHEMICAL
TANKERS PTE. LTD. (“MOLCT”) for nine ammonia-powered vessels. These vessels will
be among the world's first ammonia-powered Newcastlemax bulk carriers and
chemical tankers. The delivery of these ships is expected between 2026 and
2029.

This landmark agreement between MOL/MOLCT, and CMB.TECH involves nine
ammonia-powered ships. Three ammonia-fitted 210.000 dwt Newcastlemax bulk
carriers currently on order at Qingdao Beihai Shipyard will be jointly owned by
CMB.TECH and MOL and chartered to MOL for a period of 12 years each. Six
chemical tankers - two ammonia-fitted and four ammonia-ready - have been ordered
at China Merchants Jinling Shipyard (Yangzhou) by CMB.TECH and chartered to
MOLCT for 10 and 7 years each respectively.

The Newcastlemaxes will be delivered in 2026 and 2027, whilst the chemical
tankers’ delivery is expected in 2028 and 2029.

Alexander Saverys, CEO of CMB.TECH said: ”We are proud and honoured to sign this
landmark agreement with MOL and MOLCT, one of the most respected shipowners in
the world. MOL and CMB.TECH share the same vision of decarbonising the maritime
industry, and the partnership for these nine vessels is a major milestone
towards achieving shipping industry’s goals of net zero emissions by 2050.
Thanks to this agreement, CMB.TECH increases its contract backlog by 921 million
USD (to USD 2.94 billion USD), clearly demonstrating that our strategy of fleet
rejuvenation, decarbonisation and diversification is yielding tangible results.”


Announcement final year results – 27 March 2025

Contact

CMB.TECH
Katrien Hennin
Head of Marketing and Communications CMB.TECH
+32 499 39 34 70
katrien.hennin@cmb.tech

About CMB.TECH

CMB.TECH is a diversified and future-proof maritime group. We own and operate
more than 150 seagoing vessels: crude oil tankers, dry bulk vessels, container
ships, chemical tankers, offshore wind vessels & workboats. We also offer
hydrogen and ammonia fuel to customers, through own production or third-party
producers.

The company is headquartered in Antwerp, Belgium, and has offices across Europe,
Asia, United States and Africa.

CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol
CMBT.

More information can be found at https://cmb.tech

About MOL

Mitsui O.S.K. Lines (MOL), headquartered in Tokyo, is a leading shipping company
with the world’s second-largest fleet of about 900 vessels and the largest
chemical tanker fleet globally. The MOL fleet includes dry cargo ships,
liquefied natural gas (LNG) carriers, car carriers, and tankers. In addition to
the traditional shipping businesses, MOL also offers wellbeing & lifestyle
businesses such as real property, terminal operations, and ferry services, as
well as social infrastructure businesses such as logistics and offshore wind
power. With one of the largest merchant fleet and about 140 years of history,
experience, and technology, MOL will make a leap forward to become a global
social infrastructure company, support people's daily lives from the blue ocean,
open the way to a prosperous future, and deliver new value to all stakeholders.


Website: https://www.mol.co.jp/en/

About MOL CT

Along with Fairfield Chemical Carriers, a wholly owned subsidiary of MOLCT, the
company has the industry's largest stainless steel tank chemical fleet of more
than 110 vessels in service worldwide, transporting a wide variety of liquid
chemicals, vegetable oils, animal fats and lubricants. The company employs
approximately 410 people, and operates a total of 12 offices in Tokyo,
Copenhagen, London, Rotterdam, Houston, Stanford, Bogota, Dubai, Durban, Busan,
and Shanghai, with its headquarters in Singapore.


Website: www.molchemtankers.com



Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbour protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions and
other statements, which are other than statements of historical facts. The
Company desires to take advantage of the safe harbour provisions of the Private
Securities Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbour legislation. The words “believe”,
“anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “potential”,
“may”, “should”, “expect”, “pending” and similar expressions identify
forward-looking statements.

The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or accomplish
these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include potential legal actions by other parties
relating to the Market Court’s decision, the outcome of the proceedings pending
before the Enterprise Court in Antwerp, the failure of counterparties to fully
perform their contracts with us, the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates and vessel
values, changes in demand for tanker vessel capacity, changes in our operating
expenses, including bunker prices, dry-docking and insurance costs, the market
for our vessels, availability of financing and refinancing, charter counterparty
performance, ability to obtain financing and comply with covenants in such
financing arrangements, changes in governmental rules and regulations or actions
taken by regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events, vessels
breakdowns and instances of off-hires and other factors. Please see our filings
with the United States Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties.

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