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Compagnie Maritime Belge
Compagnie Maritime Belge
Compagnie Maritime Belge
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House Flag of the Compagnie Maritime Belge
A pre-World War II poster for the Compagnie Maritime Belge
Typical colors of CMB cargo ships in the 1970s (Memling, 1973)

The Compagnie Maritime Belge (CMB) is one of the oldest Antwerp ship-owners. It is controlled by the Saverys family who also own major stakes in the Exmar and Euronav groups.

History

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CMB was founded in 1895 under the name Compagnie Belge Maritime du Congo (CBMC). At the request of Leopold II of Belgium and with support from British investors, a maritime connection was opened with Congo Free State. On 6 February 1895 the CMBC ship Léopoldville was the first to leave port of Antwerp for Congo Free State. For sixty years the Congo boats (Kongoboten) were a constant presence in the port of Antwerp.

In 1930 CBMC acquired Lloyd Royal Belge, another Belgian shipowner. The name of the new company became Compagnie Maritime Belge (CMB), and new lines were opened towards America and the Far East.

During World War, on 24 December 1944, CMB's 1928 Leopoldville while transporting the 66th Infantry Division, Leopoldville was torpedoed and sank in under 3 hours, losing 763 American soldiers and 56 crew.

After World War II, the company introduced new ships, including the cargo passenger liners Jadotville (1956) and Baudouinville (1957). However, in 1961 it sold both these liners to P&O, who renamed them Chitral and Cathay and placed them in service in the Far East.

In 1960 the company Armement Deppe was acquired, and between 1975 and 1982 gradually also the tramp ship company Bocimar. The company entered the dry bulk trade in 1962 and continues to be a major dry bulk operator under its Bocimar banner. In 1975, the CMB group took a minority share in the dry bulk tramping company, Bocimar, which was increased to a majority share in 1982. In 1988, CMB bought Hessenatie, a large general cargo and container handling company in Antwerp.[1] In July 1991 the Société Générale de Belgique, until then the main shareholder of the CMB, sold its shares to the holding Almabo and its shipping society Exmar, led by Marc Saverys. In 1995, half of CMB Transport (CMBT) was sold to Safmarine, a South African shipping company. In 1999, with the sale of the African network of AMI, CMB group's participation in the liner sector ceased and they focussed on the bulk carrier sector. In the same year, CMB gained full control of Euronav, an operator of crude oil tankers.

On June 28, 2019, Ocean Yield ASA announced the acquisition of newcastlemax dry bulk vessel from CMB for 40 million (USD) net of a seller's credit, with 15-year bareboat charter to CMB.[2][3][4]

In 2020, it was announced that the HydroTug, the first hydrogen-powered tugboat will be deployed in the port of Antwerp.[5]

Companies and holdings

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Dry Bulk - Bocimar

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Charlesville, one of the CMB's liners

Bocimar International NV's fleet mainly consists of Capesize and Handysize bulk carriers. Some of these vessels are owned jointly with other shipowners such as the Wah Kwong Group (Hong Kong) and the Oak Maritime Group (Taiwan).[6] It continues to build new vessels, the latest among them being at Hanjin Subic shipyard (HHIC Phil) and Samjin Shipyard (Korea)[7]

Bocimar's business consists mostly of the transport of dry bulk goods, especially coal, ores and grains. It has a portfolio of contracts with customers from the steel and energy sectors, especially those from Japan.[8]

Bocimar has offices in Tokyo (CMB Japan), Hong Kong, Singapore and New Delhi.

Its handy size vessels are further owned under Bohandymar, a subsidiary completely owned by the CMB Group.

Bocimar's vessels usually carry the prefix Mineral, CMB (vessels owned by Bocimar) or FMG (Vessels chartered out to Fortescue Metals Group)

As of 2017, its fleet consisted of 60 vessels ranging from Handysize to Capesize.[9]

CMB owns 1 panamax tanker

Delphis (Container shipping)

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"Delphis" redirects here. For the suffix "-delphis", see List of commonly used taxonomic affixes.

Delphis NV is a regional container shipping company headquartered in Antwerp, Belgium.[10] Delphis was founded in March 2004 and has offices in Antwerp and Oslo.[11] It operates as a subsidiary of Saverco NV, one of the holding companies of CMB[12] and provides logistics services in Europe through its subsidiary, Delphis logistics (founded 2009).[13] Delphis fully owns the logistics company Team Lines and acquired the Sjursoya container terminal in Oslo, Norway in 2009.[14] In March 2012, the remaining bulk carrier interests of Delphis were transferred formally to the CMB group.[15]

Delphis controls a fleet of 40 owned and chartered container vessels ( 500 to 2500 TEU capacity) of which it owns 10 container vessels, including A La Marine, El Torro, Hermes Arrow and Maersk Nimes [16] Its management team consists of Alexander Saverys (managing director), Chris Vermeersch (chief financial officer and manager finance).

ASL Aviation

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ASL Aviation group is registered in Dublin. It owns, operates and manages a fleet of nearly 90 aircraft.[17] It was formed in 1972 as Air Bridge Carriers UK, acquired by the Hunting group in the 1980s, rechristened to Hunting Cargo Airlines in 1992 and transferred to Ireland in 1997. In June 1998, it was sold to a consortium consisting of CMB and Safair (part of the Imperial Group) and rechristened ACL (Air Contractors Limited). In 2007, Imperial sold its shareholding, and CMB has been its sole owner since 2010.

Its major clients include DHL, UPS, TNT Express and Aer Lingus; and it charters out its aircraft through Europe Airpost and Safair.

As of September 2013, ASL Aviation's owned fleet consisted of:

Shareholding

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Shares of the CMB group are listed on NYSE Code CMB.BR, Euronext[19] Brussels and are included in the Next 150 index. Its major shareholders are Saverco/Marc Saverys (49,43%), Victrix/Virginie Saverys (15,99%) with the balance owned by CMB and third parties[20]

Similar to other ship owners, CMB's earnings declined in the worldwide economic recession starting from 2007. However, they started to bounce back towards the end of 2012,[21] and started recording profits from 2013.[22]

See also

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References

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Other sources

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Compagnie Maritime Belge

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The Compagnie Maritime Belge (), founded on 24 January 1895 in as the Compagnie Belge Maritime du Congo, is a privately held shipping enterprise initially established to operate regular passenger and cargo services between and the under the auspices of King Leopold II. Originally backed by British interests through the Elder Dempster Line, it transitioned to independent operations focused on colonial trade routes. Renamed in 1930 following the acquisition of the Lloyd Royal Belge, the company expanded its liner services to encompass transatlantic routes to North and as well as lines to the , building a fleet that included numerous cargo-passenger vessels despite significant losses during the World Wars. Under the ownership of the since the mid-, CMB evolved from traditional liner operations into a diversified maritime group, ceasing services post-World War II and pivoting toward bulk carriers, tankers, and specialized vessels, with subsidiaries managing over 100 ships by the late . Key achievements include its longevity as one of Antwerp's oldest shipowners and pioneering efforts in sustainable shipping, such as commissioning the Hydrotug I in 2019, the first hydrogen-powered , and developing dual-fuel vessels for reduced emissions. The group holds major stakes in entities like Euronav for crude oil tankers and CMB.TECH for alternative energy propulsion systems, reflecting adaptation to global energy transitions and fleet modernization. Notable controversies have marked CMB's history, including a 2000 ruling on liner conference practices where CMB participated in agreements deemed abusive under collective dominance, leading to antitrust scrutiny over market allocation on Mediterranean routes. Additionally, a faced Belgian prosecution in 2016 for allegedly violating waste export regulations by selling the vessel Mineral Water for scrapping in without proper handling, though acquitted in 2021 with the public prosecutor appealing the decision, highlighting tensions between maritime economics and environmental enforcement. These episodes underscore CMB's navigation of regulatory landscapes amid its operational scale, with the company maintaining a focus on as its base for global .

Overview

Founding and Corporate Profile

The Compagnie Maritime Belge (CMB) traces its origins to 1895, when it was founded as the Compagnie Belge Maritime du Congo (CBMC) to operate regular passenger and cargo shipping services to the Belgian Congo, at the request of King Leopold II of Belgium. Initially, operations were confined to routes serving the Congo region, supporting colonial trade and transport needs. In 1930, following the absorption of the Lloyd Royale Belge, the company rebranded as Compagnie Maritime Belge, expanding its scope beyond African routes. Headquartered in , , CMB operates as a family-controlled maritime group, with the holding controlling interests. The company functions primarily as a holding entity with investments in shipping subsidiaries focused on dry bulk carriers, chemical tankers, and specialized vessels. It maintains stakes in major operators such as Euronav and CMB.TECH, overseeing a diversified fleet engaged in global . As one of Europe's oldest independent shipowners, CMB emphasizes long-term asset ownership and in bulk and sectors, with a history rooted in Antwerp's maritime tradition. Its supports strategic investments in vessel management and chartering, adapting to evolving demands.

Fleet and Global Operations

The fleet of Compagnie Maritime Belge, primarily managed through its CMB.TECH, comprises approximately 250 ocean-going vessels as of 2025, encompassing dry bulk carriers, crude tankers, chemical tankers, ships, offshore support vessels, and tugs. This diversified composition supports a range of types, with dry bulk operations handled by Bocimar, which includes 12 owned Newcastlemax vessels and 16 additional units on order for delivery between 2025 and 2027, alongside and other bulk carriers. Tanker segments, under the Euronav brand, focus on very large crude carriers (VLCCs) and product tankers for energy transport. Innovative vessels feature dual-fuel and mono-fuel engines compatible with and , aligning with decarbonization efforts, including early adoption of hydrogen-powered ships like demonstration units developed in partnership with Japanese shipbuilders. Global operations span international trade routes, emphasizing spot and period charters for commodities such as , , and grains in dry bulk segments, and crude worldwide via tanker fleets. Bocimar's activities target major bulk trade lanes, including trans-Pacific and Atlantic routes, while tanker operations serve key export-import corridors from the , , and to refineries in and . The 2025 merger with Golden Ocean Carrier Group integrated 89 dry bulk vessels, expanding capacity to over 13.5 million deadweight tonnes and enhancing route coverage in global dry markets. CMB.TECH's port and offshore vessels support localized operations in European waters and emerging projects, with a strategic emphasis on alternative fuels to reduce emissions across voyages.
The MS Georg Büchner, an example of CMB's specialized fleet vessels, underscores the group's focus on innovative propulsion technologies integrated into operational assets.

Historical Development

Early Years and Expansion (1895–1950s)


The Compagnie Belge Maritime du Congo (CBMC) was established on 24 1895 as a of the British to facilitate passenger and cargo transport between and the , fulfilling demands from King Leopold II for dedicated colonial shipping routes. Initial operations focused exclusively on the Antwerp-Matadi-Leopoldville service, utilizing small steamers such as the Leopoldville (2,500 GRT, launched 1895) and Albertville (3,953 GRT, launched 1896) to handle colonial trade in rubber, , and other commodities. By the early , the fleet expanded with larger vessels like the Elisabethville (8,178 GRT, 1921), supporting increased traffic amid Belgium's growing economic interests in the Congo. In 1930, CBMC merged with the Lloyd Royale Belge, adopting the name Compagnie Maritime Belge (CMB) and broadening its scope beyond colonial routes to include liner services to North and South America as well as the Far East. This expansion incorporated additional tonnage, such as the Albertville (5) (10,338 GRT, 1928, later upgraded for 16.5-knot speeds) and Leopoldville (5) (1929), enabling diversified cargo and passenger operations. The merger marked a shift from niche Congo-focused shipping to a more global presence, leveraging Antwerp's port infrastructure for competitive liner trades. During , CMB's fleet suffered severe losses, with vessels like the sunk in 1940 and the Leopoldville (5) torpedoed in 1944 while serving as a British carrying over 2,200 soldiers across the . Most of the pre-war fleet was destroyed or requisitioned, disrupting operations until postwar reconstruction. In the late , CMB rebuilt rapidly, commissioning five sister ships between 1948 and 1950—including the and Leopoldville (6), each at 10,901 GRT—to restore Congo and transoceanic services, positioning the company for sustained expansion into the mid-20th century.

Post-War Growth and Diversification (1960s–1990s)

Following the independence of the in 1960, Compagnie Maritime Belge (CMB) experienced a sharp decline in passenger and liner traffic to the region, leading to the sale of four "Ville"-class vessels and prompting a strategic pivot toward diversified global operations. To offset these losses, CMB acquired Armement Deppe, enabling expansion into liner services to the and . This marked the onset of post-colonial adaptation, with the company commissioning bulk carriers as early as 1965, including Panamax-sized vessels designed for transporting ore, coal, and grain, reflecting a causal shift driven by declining colonial routes and rising global demand for dry bulk commodities. In the mid-1960s, CMB further diversified into , commissioning four "Painter"-class vessels in 1963–1964 for North Atlantic routes, which were later retrofitted for container use amid industry-wide under ISO guidelines in 1965. By 1967, the company entered specialized bulk transport with the "Mineral Gent," an ore carrier built to shuttle Brazilian to the Sidmar steel plant in , underscoring empirical adaptation to industrial raw material flows. The late 1960s saw joint ventures like Dart Containerline in 1969 with Canadian and British partners, resulting in three 1,860 TEU ships, which expanded CMB's presence in transatlantic trade. The 1970s accelerated fleet modernization and geographic reach, with the introduction of the "Fabiolaville" in —a passenger-cargo vessel accommodating 71 passengers—and the acquisition of a majority stake in STOCATRA, an bulk terminal operator, in 1976 to integrate upstream . That year also brought delivery of two non-cellular vessels from , each equipped with six deck cranes for enhanced handling efficiency. launched containerized services to the in 1977 through Franco-Belgian Services, deploying 2,080 TEU vessels, and ventured into (LNG) transport with a carrier delivered from Boelwerf in in 1978 for Algerian gas shipments. Into the 1980s, CMB consolidated its bulk and segments via the 1983 merger with BOCIMAR, bolstering dry bulk capabilities, alongside the commissioning of three ore-bulk-oil () carriers for versatile liquid and solid cargo handling. fleet growth included the 1,402 TEU "Plantin" in 1981, chartered out amid instability, and larger vessels such as two C-class (1,316 TEU) and two 2,257 TEU ships by 1983. A pivotal landside expansion occurred in 1988 with the acquisition of Hessenatie, a major operator of general cargo and terminals, integrating stevedoring and warehousing to support maritime operations. By the early , CMB articulated ambitions to triple its overall size by 1992 through targeted investments in shipping and ancillary services, aligning with broader industry consolidation. This era's growth, evidenced by specialized vessel orders and acquisitions, positioned CMB as Belgium's preeminent shipping entity, with diversification mitigating risks from volatile liner markets via resilient bulk and terminal assets.

21st Century Restructuring and Mergers

In the early 2000s, CMB undertook internal restructuring of its dry bulk operations, including adjustments to and partnerships to adapt to market fluctuations in commodity shipping. By 2009, its subsidiary Bocimar restructured shipping arrangements with Fortescue Metals Group, establishing joint ventures for vessel operations to secure long-term contracts amid rising demand for transport. A pivotal shift occurred in 2023 when Saverco NV, controlled by the , launched a voluntary bid for CMB's outstanding shares at €152.50 per share, aiming to consolidate family ownership and address liquidity constraints from its public listing on . The bid succeeded, with Saverco acquiring 99.20% of shares by June 21, 2023, leading to CMB's delisting from the exchange and transition to private status, enhancing strategic flexibility for the family-led group. CMB's influence extended to Euronav NV, where it held a significant stake and opposed a proposed all-stock merger with announced in July 2022, citing undervaluation and strategic misalignment. Following 's termination of the deal in January 2023, negotiated the purchase of 's 24.47% stake in Euronav for $1.5 billion in October 2023, combined with its existing holdings to gain majority control. This paved the way for Euronav's acquisition of 's cleantech-focused subsidiary on February 8, 2024, for $2.4 billion, integrating and ammonia-ready vessels into a diversified fleet and reorienting toward decarbonization. The group's expansion culminated in CMB.TECH's stock-for-stock merger with Ltd., announced May 28, 2025, and completed on August 20, 2025, after shareholder approval representing 92.72% of Golden Ocean's shares. The transaction added 89 dry bulk vessels to CMB.TECH's existing tanker and multipurpose fleet, forming a 250-vessel entity valued at $11.1 billion, positioned as a leader in diversified maritime operations with enhanced scale for efficiency and initiatives. These moves reflect 's evolution from a traditional to a privately steered powerhouse emphasizing consolidation and technological adaptation in volatile shipping markets.

Business Segments and Holdings

Dry Bulk and Bulk Carrier Operations (Bocimar)

Bocimar International NV serves as the dry bulk shipping division of Compagnie Maritime Belge (), now operating under CMB.TECH following corporate restructurings, focusing on the ownership and chartering of for transporting dry commodities including , , , , and minor bulks across global trade routes. Established as a key segment within CMB's maritime portfolio, Bocimar manages a fleet tailored to large-scale bulk trades, emphasizing , newcastlemax, , and supramax vessels to handle varying cargo volumes and port access requirements. Prior to the August 2025 acquisition of Limited, Bocimar operated approximately 30 dry bulk vessels, including 12 owned newcastlemax carriers with capacities exceeding 200,000 deadweight tons (DWT), and had 16 additional newcastlemax newbuilds on order for delivery between 2025 and 2027. The merger integrated fleet, valued at $11.1 billion with an average age of 6.1 years, adding 89 dry bulk vessels—primarily and newcastlemaxes—resulting in a combined dry bulk portfolio of around 120 vessels under Bocimar's management, positioning it among the largest owners of such globally. This expansion supports diversified chartering strategies, with second-quarter 2025 time charter equivalent (TCE) rates for Bocimar's newcastlemax fleet averaging $23,081 per day, outperforming the Baltic Index by 23.5%. Bocimar's operations prioritize efficiency in major bulk trades, such as Australia-to-China routes and Atlantic shipments, leveraging 's historical expertise in shipping since 1895 while adapting to market volatility through spot and period charters. Fleet utilization benefits from strategic investments in younger, fuel-efficient vessels, aligning with broader CMB.TECH goals for operational resilience amid fluctuating freight rates and commodity demand. Post-merger integrations include evaluations for vessel disposals to optimize the asset base, ensuring alignment with high-value trades while maintaining a focus on dominance, which constitutes the majority of the expanded .

Tanker, Container, and Specialized Shipping

The tanker operations of (CMB), integrated under CMB.TECH, encompass crude oil transportation via the Euronav brand, which manages very large crude carriers (VLCCs) and tankers designed for global crude oil marine transport and storage. These vessels form a core component of CMB.TECH's pre-merger fleet of over 160 seagoing ships, with ongoing fleet rejuvenation efforts including the sale of older units like the VLCC Dalma (built 2007) in 2025 to prioritize modern, efficient tonnage. Chemical tanker activities are conducted through Bochem, specializing in the ownership and operation of modern, high-quality chemical carriers, including "ammonia-ready" designs. Notable vessels include the 25,000 dwt Bochem Houston (built 2023), secured on a long-term time charter and pooled with Stolt Tankers, and the Bochem Santos (delivered October 2025), alongside a series of six newbuilds ordered from China Merchants Jinling Shipyard. Bochem has also chartered a 26,000 dwt newbuild (delivery October 2025) to Ultratank for seven years, reflecting stable demand in chemical product trades. Container shipping is managed by Delphis, CMB.TECH's brand for medium-sized container vessels targeting regional and efficient feeder routes. Delphis owns the Yara Eyde, the world's first ammonia-fuelled (6,000 TEU capacity), built in and emphasizing low-emission operations. The brand has expanded with additional 6,000 TEU newbuilds, including the Delphis 6000 TEU V7 series from CMI Jinling Shipyard, slated for delivery in the second half of 2026 and featuring ammonia dual-fuel capability to align with decarbonization goals. Specialized shipping focuses on offshore wind support via Windcat, a leading provider of crew transfer vessels (CTVs) and service operation vessels (SOVs/CSOVs) for turbine installation, , and personnel transport in European wind farms. CMB acquired Windcat from Seacor Marine in December 2020, gaining a fleet initially comprising around 46 windfarm support vessels and establishing dominance in offshore personnel transfers. Recent advancements include the , the first in an Elevation Series CSOV (launched August 2025), capable of accommodating 120 personnel with enhanced comfort and hybrid propulsion, and a series of six hydrogen-dual-fuel CSOVs ordered with Damen Shipyards, the initial unit launched in October 2024 to support commissioning operations. Windcat has outsourced technical management for its CSOVs to Anglo-Eastern, ensuring operational scalability amid growing offshore capacity.

Aviation and Ancillary Services (ASL Aviation)

ASL Aviation Holdings DAC, formerly ASL Aviation Group, functioned as Compagnie Maritime Belge's (CMB) primary , specializing in leasing, and operations, and services as an extension of CMB's ecosystem. Established formally in June 2008, ASL's roots trace to 1970 with Safmarine's acquisition of Tropair (Pty) Ltd. in and the 1972 formation of Air Bridge Carriers, but CMB's involvement began in June 1998 when it joined a consortium with (Pty) Ltd. to acquire European Air Transport, later rebranded under ASL. CMB held a controlling 51% stake alongside 3P Air Freighters' 49% until June 2019, when STAR Capital Partnership LLP completed a full acquisition for an undisclosed sum, divesting CMB from direct aviation operations. Under CMB ownership, ASL expanded through targeted acquisitions, including TNT Airways in May 2016 (renamed ), integrating narrowbody freighter operations for and express logistics clients like and Amazon. The group operated subsidiaries across Europe, , , and , emphasizing ACMI (, crew, maintenance, ) charters, which accounted for the bulk of by providing flexible capacity without full risks. By the late 2010s, ASL managed a fleet exceeding 90 , including freighters for long-haul cargo and conversions for regional routes, supporting over 150 airports globally with a of around 3,000 employees from 51 nationalities. This diversification complemented CMB's maritime bulk and tanker segments by enabling multimodal freight solutions, though remained a smaller contributor compared to core shipping. Post-divestiture, ASL continued independent growth, announcing in June 2021 an order for up to 20 737-800 converted freighters (10 firm, 10 options) to modernize its narrowbody fleet amid rising demand. While CMB retained no operational control after 2019, the aviation venture underscored its mid-2000s to hedge maritime cyclicality through high-margin ancillary services, yielding synergies in before the strategic exit to focus on core competencies.

Ownership and Governance

Saverys Family Control and Shareholding Structure

The Saverys family exercises full control over Compagnie Maritime Belge (CMB) NV, a privately held entity with no publicly traded shares, primarily through the intermediary holding company Saverco NV. This structure ensures concentrated family ownership, insulating strategic decisions from external shareholders. Saverco NV's shares are divided approximately equally among three Saverys siblings—Alexander Saverys, Ludovic Saverys, and Michael Saverys—each holding roughly 33.33% of the entity, which in turn owns and directs CMB's operations and subsidiaries. Marc Saverys, the family patriarch, has historically influenced governance, including roles such as chairman in affiliated entities, though day-to-day leadership has shifted to the next generation, with Alexander Saverys serving as a key executive figure in CMB-linked ventures. The Saverys family also owns major stakes in the Exmar group (focused on LNG infrastructure) and historically and currently in the Euronav group (now largely controlled through CMB's ownership and recent takeovers). This ownership model has enabled the family to pursue long-term investments in shipping segments like bulk carriers and tankers without dilutive public equity pressures, as evidenced by CMB's acquisitions and restructurings, such as the 2023 of a controlling stake in Euronav (now rebranded under CMB.Tech), where the family's position yielded over 88% ownership post-bid. The absence of minority shareholders in CMB proper minimizes disputes, though related public entities like Euronav have seen family-led maneuvers to consolidate control amid external bids.

Key Investments and Strategic Alliances

The Saverys family, through its control of CMB, has directed significant investments into shipping subsidiaries and green maritime technologies, emphasizing diversification beyond traditional crude oil transport. In 1995, CMB co-founded Euronav NV as a joint venture to focus on tanker operations, which later evolved into CMB.Tech following a 2023 acquisition and rebranding strategy aimed at decarbonization. By November 2024, Saverys entities had increased their ownership in CMB.Tech to 92% via a share tender offer, consolidating control over its fleet and alternative fuel initiatives. These investments align with a broader portfolio including stakes in Bocimar for dry bulk operations and Exmar for LNG infrastructure, reflecting a strategy to mitigate cyclical risks in shipping through multi-segment exposure. Strategic alliances have centered on technological partnerships for sustainable shipping. In 2021, CMB formed a with Japan's Tsuneishi Shipbuilding to develop (H2ICE) , building on collaborations initiated in 2019 for -powered vessels, with applications targeted for industrial and marine sectors in . More recently, in 2025, CMB.Tech pursued a stock-for-stock merger with , a Norwegian dry bulk operator, to create a diversified entity with enhanced scale in bulk and tanker segments, potentially valued at billions and positioned for green fuel adoption. Additionally, CMB.Tech entered a landmark agreement with (MOL) for the joint operation of nine ammonia-powered vessels, marking a push into zero-emission carriers amid regulatory pressures for fleet decarbonization. Beyond maritime hardware, CMB committed to a $3.5 billion production project in , announced in May 2024, with initial output projected for late 2024, leveraging the country's potential to supply e-fuels for shipping and positioning Saverys holdings in the . These alliances and investments underscore a approach prioritizing long-term technological bets over short-term yields, often involving collaborations for vessel acquisitions, as seen in a 2013 partnership for secondhand buys totaling around $100 million. Such moves have drawn scrutiny from minority shareholders in past mergers, like the Euronav delisting, but have enabled CMB to maintain family-led strategic autonomy.

Innovations and Sustainability

Decarbonization Technologies and Hydrogen Initiatives

Compagnie Maritime Belge, through its cleantech division CMB.TECH, has prioritized as a key pathway for decarbonizing maritime operations, particularly for smaller vessels and activities, while advocating for larger ships to achieve scalability in emissions reduction. The company committed to net-zero emissions across its shipping operations starting in 2020 by offsetting CO2 through verified carbon credits, with a long-term goal of a fully zero-carbon fleet by 2050. This strategy integrates dual-fuel internal engines (ICE), which allow vessels to operate on or traditional fuels, reducing emissions without full overhauls. CMB.TECH's BeHydro initiative features engines tested on hydrogen-powered vessels, including the Hydrocat catamaran prototype launched in 2016 and the Hydroville, the world's first hydrogen-electric passenger ferry operational since 2017 in . In 2023, the company opened the world's first multimodal refueling station in , capable of supplying ships, trucks, and other port equipment with up to 1,000 kg of hydrogen daily from renewable . Further advancements include the Hydrobingo project for hydrogen-fueled barges and a hydrogen-powered harbor tug introduced in in 2021, demonstrating practical zero-emission towing capabilities. To secure green hydrogen supply chains, CMB.TECH acquired full ownership of the Hyphen Hydrogen Energy project in Namibia's in October 2025, aiming for initial production of 300,000 tons of ammonia annually by late 2026, expandable to 2 million tons for export to via maritime routes. This integrates with vessel designs, such as four -ready coastal cargo ships ordered with Boeckmans in 2023 and up to eight dual-fuel -diesel tugs planned with Damen Shipyards, certified by for or newbuilds. CMB.TECH's approach emphasizes empirical testing of ICE over fuel cells for cost-effectiveness in heavy-duty applications, with over 80 vessels in its fleet prepared for or ammonia fuels post-mergers.

Fleet Modernization and Efficiency Measures

In pursuit of enhanced and , Compagnie Maritime Belge (), through its CMB.TECH , has implemented a fleet rejuvenation strategy involving the sale of older vessels and acquisition of modern newbuilds designed for lower emissions and higher . In 2024, this included the delivery of 17 new vessels across tanker, , and segments, alongside the sale of 23 aging units to generate capital for reinvestment. By October 2025, five additional newbuilds were delivered, with sales of vessels such as the 306,543 dwt VLCC Dalma for $48 million and the 169,390 dwt Battersea for $24.8 million, yielding material gains and reducing average fleet age. Newbuild orders emphasize eco-efficient designs compliant with IMO's Energy Efficiency Design Index (EEDI) Phase 3 standards, incorporating advanced hull forms via , wake equalizing ducts, and shaft generators. As of December 2024, CMB.TECH had 46 vessels under construction, including five eco-type VLCCs, two tankers, 18 Newcastlemax bulk carriers (10 ammonia dual-fuel), and six commissioning service operation vessels (CSOVs) with hybrid battery systems providing 994 kWh storage and 3 MW power output. The 2025 merger with Golden Ocean added 89 modern dry bulk carriers to Bocimar's fleet, bolstering capacity with younger, more efficient assets averaging lower carbon intensity. Bocimar's partnership with MOL for the world's first ammonia dual-fuel bulkers further advances this, with initial deliveries targeted for 2026. For the existing fleet of over 250 ocean-going vessels, efficiency enhancements include over 100 scheduled retrofit projects from 2022 to 2027 during dry-dockings, focusing on hydrodynamic optimizations and auxiliary systems. Key installations comprise propeller boss cap fins, Mewis Duct® devices, modifications, high-performance anti-fouling coatings, and LED lighting replacements, which collectively reduce fuel consumption by optimizing and hull resistance. Ballast Water Management Systems (BWMS) retrofits ensure compliance with 2019 IMO mandates, while operational protocols leverage the ZeroNorth digital platform for real-time voyage optimization, weather routing, and trim adjustments. These measures have yielded measurable improvements, with Bocimar achieving a Carbon Intensity Indicator (CII) rating of A, an Energy Efficiency Operational Indicator (EEOI) of 3.77 gCO₂/tonne-mile, and an Annual Efficiency Ratio (AER) of 1.67 gCO₂ per tonne-nautical mile across its dry bulk operations. The broader tanker fleet maintained an AER of 2.46 gCO₂ per tonne-nautical mile as of October , supporting CMB's alignment with IMO CII reduction targets of 40% by 2030 relative to 2008 baselines. Such initiatives prioritize empirical performance data over unsubstantiated projections, with ongoing monitoring via Ship Energy Efficiency Management Plans (SEEMP) to verify reductions in fuel use and emissions.

Antitrust Violations and EU Fines (1990s–2000s)

In the late , Compagnie Maritime Belge (), as a member of the CEWAL liner , participated in practices that the later deemed abusive under Article 82 of the EC Treaty (now Article 102 TFEU), involving a collective dominant position in the liner shipping trade between (now ), , and ports (excluding the ). These infringements occurred from July 1987 to November 1989 and included insisting on exclusive handling rights through an agreement with 's state agency Ogefrem (July 1987–September 1989), deploying "fighting ships" offering selective rebates below costs to counter non-conference competitors (May 1988–November 1989), and imposing loyalty contracts combined with blacklisting non-compliant shippers (July 1987–November 1989). The Commission determined these actions artificially maintained CEWAL's near-monopoly, distorting competition and affecting intra-Community trade. The first addressed these practices in its December 23, 1992, decision (93/82/EEC), imposing an initial fine of 9.6 million ECU on for the abuses. However, the Court of First Instance (CFI, now General Court) annulled the fines in 1996 (Cases T-24/93 et al.) on procedural grounds related to rights of defense, prompting appeals and further review. The (ECJ) upheld the Commission's substantive findings in its March 16, 2000, judgment (Cases C-395/96 P and C-396/96 P), confirming that the selective price cuts constituted abuse despite being defensive measures against price wars, as they fell below average avoidable costs and lacked objective justification. This ruling remitted the case for recalculation of fines, accounting for the time elapsed since the infringements. On April 30, 2004, the Commission reimposed a reduced fine of €3.4 million on CMB, reflecting a €50,000 abatement per infringement for the lapse of time while maintaining the severity assessment due to the practices' impact on competition. CMB appealed this decision to the CFI (Case T-276/04), but the court upheld it in 2008, affirming the Commission's discretion in fining for collective dominance abuses in liner conferences. These proceedings highlighted regulatory scrutiny on liner conferences' defensive tactics, though subsequent legislation (e.g., 2006 reforms) granted limited exemptions for such agreements until their abolition in 2010. No additional major antitrust fines against CMB were recorded in the during the or beyond this CEWAL matter.

Shareholder Disputes and Merger Conflicts

In 2022, , holding approximately 19.6% of Euronav NV shares, publicly opposed a proposed all-share merger between Euronav and , valued at $4.2 billion, announced on April 8. The , controlling CMB, argued the deal undervalued Euronav and favored 's founder , leading CMB to nominate alternative board candidates in May to block the transaction. Euronav's board rejected these nominations, citing a lack of and potential weakening of , but CMB's stake prevented Frontline from achieving the required or simplified merger under Belgian law. Frontline abandoned the merger in January 2023 following proceedings initiated by Euronav over the unilateral withdrawal. On October 9, 2023, resolved the impasse by agreeing to purchase Frontline's 26.12% stake in Euronav for $18.43 per share, securing 53% voting control and triggering a mandatory public bid for remaining shares at the same price. The deal closed in November 2023, with claims settled, allowing to proceed. By March 2024, had acquired 88.61% of Euronav shares through the bid, despite legal challenges in U.S. and European courts attempting to halt it. Minority shareholder FourWorld Investments, holding a small stake, initiated multiple lawsuits against CMB, alleging the Frontline merger collapse and subsequent Euronav acquisition were invalid due to improper valuations and conflicts of interest. In September 2024, a Belgian court largely rejected FourWorld's claims but ruled CMB had undervalued special advantages worth $104 million in calculating the bid price, ordering an additional payout of approximately $46 million to tendering s. CMB contested the ruling's scope, noting most arguments were dismissed and appealing aspects potentially leading to its own claims for damages exceeding €400 million; hearings are scheduled for 2026. This dispute highlighted tensions in CMB's consolidation strategy, with FourWorld launching a dedicated to rally opposition.

Financial Performance and Market Position

Compagnie Maritime Belge's financial performance in the late 20th and early 21st centuries mirrored the shipping sector's volatility, driven by fluctuations in freight rates, geopolitical disruptions, and strategic shifts from liner to bulk and specialized transport. Detailed public financial data prior to the 1990s remains limited, as the company operated primarily as a private entity focused on fleet expansion for African and transatlantic routes during its formative years post-1895 founding. By the 1990s, as a publicly quoted group on the Brussels exchange, CMB diversified into dry bulk carriers via Bocimar, crude tankers via Euronav, and liquefied gas via Exmar, which buffered against downturns but exposed it to commodity cycles. In , consolidated turnover stood at €1,247 million, with profits at €30 million, supported by operations across tankers (€187 million turnover), dry bulk (€176 million), and emerging gas (€179 million). The following year marked a contraction, with turnover falling to €886 million and profits to €12 million, attributable to the discontinuation of unprofitable liner services (which had contributed €196 million in ), depressed dry bulk rates leading to €26 million losses at Bocimar, and tanker segment shortfalls from cutbacks (€11 million loss at Euronav). Cash flow declined from €261 million to €157 million, though shareholders' equity rose to €548 million amid asset sales generating €29 million in gains, partially offset by a €15 million loss on a . Recovery ensued into the , with consolidated profits climbing to €26 million in 2002 and €61 million in 2003, fueled by higher gas transport earnings at Exmar and capital gains, including €55 million from CMB's sale of tankers to its affiliate Euronav. This period preceded Euronav's 2004 spin-off, after which CMB retained stakes but shifted focus to investments yielding steadier returns from specialized fleets. By the mid-2010s, challenges reemerged; for the first half of 2015, gross profit was negative €12.2 million amid low prices impacting tanker demand. Overall, historical trends underscore CMB's resilience through diversification, though profits remained sensitive to global trade volumes and energy markets.
YearConsolidated Turnover (€ million)Consolidated Profit (€ million)
19981,24730
199988612
2002N/A26
2003N/A61

Recent Results and Future Outlook (Post-2020)

Following the challenges of the early period, Compagnie Maritime Belge (CMB), operating through its listed entity CMB.TECH NV, recorded a net loss of USD 338.8 million in 2021, amid low freight rates and operational disruptions in global shipping. Recovery ensued with elevated charter rates driven by bottlenecks and geopolitical tensions, yielding a net profit of USD 203.3 million in 2022 and USD 858.0 million in 2023. This upward trend persisted into , with full-year net profit reaching USD 870.8 million, supported by revenue of USD 940.25 million and a contract backlog expansion to USD 2.94 billion by year-end. In the first half of 2025, quarterly profits included USD 40.4 million for Q1, reflecting sustained demand in tanker segments despite moderating rates. The completion of CMB.TECH's merger with in August 2025 marked a strategic pivot toward diversification, integrating 115 dry bulk carriers into CMB's fleet and expanding total vessels beyond 250, enhancing resilience against tanker market cyclicality. This move, coupled with ongoing fleet optimization and gains from vessel disposals (e.g., USD 57.3 million in Q2 2025), positions the company for balanced exposure across wet and dry bulk segments. Looking ahead, CMB.TECH anticipates steady earnings from its enlarged backlog and VLCC charter renewals, while prioritizing decarbonization through and technologies to meet IMO emissions targets, including a 40% reduction by 2030 relative to 2008 levels. Fleet modernization and strategic alliances are expected to mitigate regulatory pressures and capitalize on demands, though vulnerability to freight rate volatility and fuel price fluctuations remains. CEO Alexander Saverys emphasized the efficacy of this "decarbonization, diversification, and optimization" approach in sustaining profitability amid uncertain global trade dynamics.

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