Belgian tanker operator Euronav has successfully sealed a groundbreaking deal, acquiring 100% shares in cleantech maritime group CMB.TECH for a substantial $1.15 billion in cash. This strategic move marks a pivotal moment in Euronav’s evolution, aligning with its revamped strategy focusing on diversification, decarbonization, and the optimization of its existing crude oil tanker fleet.
Euronav’s bold initiative stems from CMB.TECH’s visionary approach, boasting a ‘future-proof’ fleet comprising 106 low carbon vessels, with an impressive 46 vessels currently under construction. The transaction, initially disclosed in December 2023, underscores Euronav’s commitment to staying ahead in the rapidly changing maritime landscape.
The acquisition not only secures Euronav’s position as a key player in the industry but also signals its proactive response to the increasing demand for sustainable shipping solutions. The move towards a greener fleet aligns with global efforts to reduce carbon footprints, positioning Euronav as a responsible and forward-thinking maritime entity.
An interesting aspect of the deal is Euronav’s proposal to rebrand its corporate identity to CMB.TECH after the completion of the transaction and subsequent offer. Despite this change, the company plans to retain the ‘Euronav’ name as the brand identity for its tanker division, ensuring a seamless transition while emphasizing its commitment to both traditional and eco-friendly shipping.
The $1.15 billion cash transaction emphasizes the economic gravity of this acquisition and reinforces the industry’s recognition of the value embedded in sustainable practices. It not only marks a significant investment for Euronav but also highlights the broader shift within the maritime sector towards embracing clean and efficient technologies.