eurn-20240630

June 30, 2024

(in thousands of USD)

Notional
Value

Fair Value -
Assets

Fair Value -
Liabilities

Change
recognized
in OCI

Interest rate swaps

USD 150.0 million facility

關於前瞻性聲明的警告

記述

本報告中討論的事項可能構成前瞻性聲明。1995年《私人證券訴訟改革法》爲前瞻性聲明提供了安全港保護，以鼓勵公司提供有關其業務的展望性信息。

1995年的《私人證券訴訟改革法案》爲前瞻性聲明提供了安全港保護，以鼓勵公司提供有關其業務的展望性信息。

鼓勵公司提供有關其業務的前瞻性信息。前瞻性聲明包括有關計劃、目標、目標、策略、未來事件或表現以及基本假設和其他非歷史事實的聲明。

前瞻性聲明包括有關計劃、目標、目標、策略、未來事件或表現，以及基本假設和其他非歷史事實的聲明。

前瞻性聲明包括有關計劃、目標、目標、策略、未來事件或表現，以及基礎假設和其他非歷史事實的聲明。

歷史事實之外的其他陳述包括關於計劃、目標、目標、策略、未來事件或表現的聲明，以及基本假設和其他陳述。

我們希望利用1995年《私人證券訴訟改革法案》的安全港規定

並在其相關內容中包含此警告聲明。本報告及我們或代表我們所作的任何其他

書面或口頭聲明可能包括前瞻性聲明，反映我們對未來事件和財務業績的當前看法，並非意欲

對未來結果提供任何保證。在本文件中使用「相信」、「預期」、「預計」

、「估計」、「打算」、「尋求」、「計劃」、「目標」、「項目」、「潛力」、「繼續」、「考慮」，

「可能」、「可能」、「可能」、「可能」、「可能」、「可能」、「可能」、「可能」、「可能」和類似表達、術語或短語可能

識別出前瞻性聲明。

這些前瞻性的聲明不是歷史事實，而是基於當前的預期，

估計，假設和關於業務和我們未來財務結果的讀者投射

不應過於依賴它們。本報告中的前瞻性聲明是基於

各種假設，其中許多又基於進一步的假設，包括但不限於

管理層對歷史運營趨勢，我們記錄中包含的數據以及第三方提供的其他數據的審查

儘管我們認爲這些假設在做出時是合理的

但因爲這些假設本質上受到重大的不確定性和

無法預測且超出我們控制範圍的突發因素的影響，我們無法保證

您認爲我們將實現或完成這些期望、信念或預測。

除了本報告其他地方討論的重要因素和事項，以及參考文檔中提到的內容。

在我們看來，可能導致我們實際結果和發展與前瞻性聲明中討論不同的重要因素。

這些因素包括但不限於：

世界經濟和貨幣的強度；

•一般市場狀況，包括但不限於原油市場和我們油輪的市場、租金率和船舶價值的波動；

一般市場狀況，包括但不限於原油市場和我們油輪的市場、租金率和船舶價值的波動；

•對於與我們的船隻相當的供應和需求，包括其背景下的

全球可能加速的氣候變化過渡，這將加速負面影響

對石油需求和運輸產生影響;

•國際制裁、禁運、進出口限制、國有化、海盜、恐怖主義

襲擊和武裝衝突，包括俄羅斯和烏克蘭之間的最近衝突以及

以色列和哈馬斯之間的衝突影響紅海;

•融資和再融資的可獲性，以及公司將來獲得此類融資或

再融資的能力，以及以可接受的利率獲得融資或再融資，以及遵守限制性和其他

我們融資安排中的條款；

•我們獲得現有和未來補助和津貼的能力；

•我們的業務策略和增長及未來業務運營的其他計劃和目標，包括

計劃和非計劃資本支出；

•可能的收購、業務策略及預計的資本支出或營業費用，

包括船塢修理、檢驗、升級和保險成本；

•我們產生現金以滿足償付債務的能力；

•我們的營運和維護成本水平，包括燃料油價格、船塢維修和保險

費用；

•潛在的責任來自未決或未來的訴訟;

•現貨租金率的顯著下降可能影響我們的盈利能力;

•投資者、銀行和其他利益相關者對環境、社會和管治（ESG）的期望

與符合ESG措施相關的成本;

•熟練工人的可用性及相關勞動成本;

•燃料成本或燃油價格的增加;


CMb.TECH & Euronav		Financial Report 2024


3

•未能保護我們的信息系統免受安全漏洞或故障或不可用的影響

這些系統在相當長的一段時間內處於何種狀態；

•可能干擾我們業務運營的潛在網絡攻擊；

•全球金融市場的狀況可能會對我們獲得更多資金的能力產生不利影響

融資；

•我們船舶的市場價值波動不定，可能會下降；

•中國金融危機和中美貿易緊張局勢的威脅日益增加；

•從石油向其他能源的轉移，例如電力、天然氣、液化天然氣或

氫氣;

•與能源轉型和機隊/系統向替代品的振興相關的技術風險

推進；

•聯合國、美國、歐盟、英國和/或其他有關當局實施的制裁；

•任何不遵守1977年《美國反海外腐敗法》或《反海外腐敗法》或其他適用條款的行爲

與賄賂有關的法規；

•貨幣、利率和外匯匯率的波動及其影響

2023年6月30日之後終止我們的任何債務的倫敦銀行同業拆借利率（LIBOR）

那個參考倫敦銀行同業拆借利率；

•國內和國際總體政治狀況，包括貿易戰和分歧

石油生產國之間，包括非法原油貿易；

•事故、環境因素、政治事件、公衆可能導致航線中斷

健康威脅，國際敵對行動，包括烏克蘭和紅海的持續事態發展

區域、恐怖分子的行爲或遠洋船隻上的海盜行爲；

•船舶故障和停租情況；

•聲譽風險，包括與氣候變化相關的風險；

•遵守政府、稅收（包括碳相關法規）、環境和安全法規

及相關費用；

•與公共利益組織提出的索賠有關的未來訴訟可能產生的責任，或

對未能適應或減輕氣候影響採取積極行動；

•由於歐盟分類法或相關領土，資本成本增加或獲得資金的機會受到限制

分類法規；

•任何不遵守國際海事組織、聯合國修正案的行爲

聯合國海事安全和防止船舶污染機構（IMO）（

國際海事組織公約附件六的修正案（以下簡稱IMO 2020）

經1978年有關議定書修訂的1973年防止船舶污染，

統稱爲 MARPOL 73/78，此處統稱爲 MARPOL，這將降低最高限額

船舶可能向空氣中排放的硫量，自2020年1月1日起適用於我們；

•任何不遵守《國際船舶控制和管理公約》的行爲'

截至2019年9月適用於我們的壓載水和沉積物或 bWm；

•任何不遵守即將出台的 EC Fit-for-55 法規，特別是不遵守歐盟排放的行爲

海事和FueLeu海事貿易計劃；

•任何不遵守歐洲大型商業航運船舶回收法規的行爲

懸掛歐盟或歐盟旗幟的船隻，迫使船東回收的成員國

他們的船隻只在列入歐洲船舶清單的安全和健全的船舶回收設施中

自2019年1月1日起適用的回收設施；

•新的環境法規和限制，無論是在全球層面上是否由

國際海事組織，和/或區域或國家當局強制執行，例如

歐盟或個別國家；

•我們根據比利時法律和可能提供的不同救濟權註冊成立

與包括美國在內的其他縣相比；

•美國稅務機關將公司視爲「被動外國投資公司」；

•被要求爲美國來源收入納稅；

•新產品和新技術對我們行業的影響；

•交易對手未能充分履行與我們的合同；

•我們對關鍵人員的依賴；

•保險覆蓋範圍是否充足；

•我們從客戶那裏獲得賠償的能力；

•法律、條約或法規的變化；

•我們的子公司無法申報或支付股息；

•衍生工具的損失；以及

•我們的債務安排下的利率風險。


CMB.tech 和 Euronav		2024 年財務報告


4

These factors and the other risk factors described in this annual report and other reports that we furnish

or file with the U.S. Securities and Exchange Commission or the SEC, are not necessarily all of the

important factors that could cause actual results or developments to differ materially from those

expressed in any of our forward-looking statements. Other unknown or unpredictable factors also could

harm our results. Consequently, there can be no assurance that actual results or developments

anticipated by us will be realized or, even if substantially realized, that they will have the expected

consequences to, or effects on, us. These forward looking statements are made only as of the date of this

report. These forward looking statements are not guarantees of our future performance, and actual

results and developments may vary materially from those projected in the forward looking statements.

Given these uncertainties, prospective investors are cautioned not to place undue reliance on such

forward-looking statements. We undertake no obligation, and specifically decline any obligation, except as

required by law, to publicly update or revise any forward-looking statements, whether as a result of new

information, future events or otherwise. Given these uncertainties, prospective investors are cautioned

not to place undue reliance on such forward-looking statements. We undertake no obligation, and

specifically decline any obligation, except as required by law, to publicly update or revise any forward-

looking statements, whether as a result of new information, future events or otherwise.

CONDENSED INTERIM FINANCIAL STATEMENTS AND

PREPARATION BASE

This document contains the condensed consolidated interim financial statements for the six-month period

ended June 30, 2024. The financial report has been prepared in accordance with International Financial

Reporting Standards issued by the International Accounting Standards Board (IASB) and as adopted by the

European Union, collectively "IFRS".

Throughout this report, all references to “Euronav,” the "Company,” “we,” “our,” and “us” refer to Euronav

NV and its subsidiaries. Unless otherwise indicated, all references to “U.S. dollars,” “USD,” “dollars,” “US$”

and “$” in this annual report are to the lawful currency of the United States of America and references to

“Euro,” “EUR,” and “€” are to the lawful currency of Belgium

Unaudited condensed consolidated interim statement of financial

position

(in thousands of USD)



	Note	June 30, 2024	December 31, 2023
ASSETS

Non-current assets
Vessels	12	2,035,607	1,629,570
Assets under construction	12	678,498	106,513
Right-of-use assets	12	2,204	32,936
Other tangible assets	12	22,110	644
Prepayments	12	1,886	—
Intangible assets	13	16,661	14,194
Receivables	20	63,998	2,887
Investments	25	61,238	519
Deferred tax assets	-	5,604	280

Total non-current assets		2,887,806	1,787,543


CMB.TECH & Euronav		Financial Report 2024


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Current assets
Inventory	21	32,787	22,511
Trade and other receivables	22	280,985	307,111
Current tax assets	-	3,366	869
Cash and cash equivalents	-	343,899	429,370
		661,037	759,861

Non-current assets held for sale	8	182,806	871,876

Total current assets		843,843	1,631,737

TOTAL ASSETS		3,731,649	3,419,280

EQUITY and LIABILITIES

Equity
Share capital	-	239,148	239,148
Share premium	-	631,397	1,466,529
Translation reserve	14	(74)	235
Hedging reserve	14	2,408	1,140
Treasury shares	14	(284,508)	(157,595)
Retained earnings	-	638,309	807,916

Equity attributable to owners of the Company		1,226,680	2,357,373

Non-current liabilities
Bank loans	16	1,212,215	362,235
Other notes	16	198,551	198,219
Other borrowings	16	476,693	71,248
Lease liabilities	16	2,183	3,363
Other payables	17	—	146
Employee benefits	-	1,157	1,669
Provisions	23	125	274
Deferred tax liabilities	-	13	—

Total non-current liabilities		1,890,937	637,154

Current liabilities
Trade and other payables	17	94,219	124,013
Current tax liabilities	-	7,110	4,768
Bank loans	16	405,261	166,124
Other notes	16	3,733	3,733
Other borrowings	16	100,480	92,298
Lease liabilities	16	2,919	33,493
Provisions	23	310	324

Total current liabilities		614,032	424,753

TOTAL EQUITY and LIABILITIES		3,731,649	3,419,280


The accompanying notes on pages 13 to 51 are an integral part of these condensed interim financial statements


CMB.TECH & Euronav		Financial Report 2024


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Unaudited condensed consolidated interim statement of profit or loss

(in thousands of USD except per share amounts)



	Note	2024	2023
		Jan. 1 - Jun. 30, 2024	Jan. 1 - Jun. 30, 2023
Shipping income
Revenue	9	492,377	688,116
Gains on disposal of vessels/other tangible assets	12	502,547	22,064
Other operating income	9	38,245	14,768
Total shipping income		1,033,169	724,948

Operating expenses
Raw materials and consumables	-	(1,678)	—
Voyage expenses and commissions	10	(85,903)	(71,545)
Vessel operating expenses	10	(100,013)	(118,017)
Charter hire expenses	-	(17)	(1,531)
Depreciation tangible assets	12	(80,529)	(111,109)
Depreciation intangible assets	13	(1,348)	(798)
General and administrative expenses	10	(36,287)	(26,749)
Total operating expenses		(305,775)	(329,749)

RESULT FROM OPERATING ACTIVITIES		727,394	395,199

Finance income	11	23,416	23,505
Finance expenses	11	(69,396)	(83,649)
Net finance expenses		(45,980)	(60,144)

Share of profit (loss) of equity accounted investees (net of income tax)	25	2,570	(9)

PROFIT (LOSS) BEFORE INCOME TAX		683,984	335,046

Income tax benefit (expense)	-	(4,364)	1,820

PROFIT (LOSS) FOR THE PERIOD		679,620	336,866

Attributable to:
Owners of the company	15	679,620	336,866
Basic earnings per share	15	3.43	1.67
Diluted earnings per share	15	3.43	1.67
Weighted average number of shares (basic)	15	197,886,375	201,828,035
Weighted average number of shares (diluted)	15	197,886,375	201,878,050


The accompanying notes on pages 13 to 51 are an integral part of these condensed interim financial statements


CMB.TECH & Euronav		Financial Report 2024


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Unaudited condensed consolidated interim statement of cash flows

(in thousands of USD)


	Note	2024	2023
(in thousands of USD)		Jan. 1 - Jun. 30, 2024	Jan. 1 - Jun. 30, 2023
Cash flows from operating activities
Profit (loss) for the period		679,620	336,866

Adjustments for:		(392,766)	148,027
Depreciation of tangible assets	12	80,529	111,109
Depreciation of intangible assets	13	1,348	798
Provisions	-	(163)	(149)
Income tax (benefits)/expenses	-	4,364	(1,820)
Share of profit of equity-accounted investees, net of tax	25	(2,570)	9
Net finance expense	11	45,980	60,144
(Gain)/loss on disposal of assets	12	(502,547)	(22,064)
(Gain)/loss on disposal of subsidiaries	9	(19,707)	—

Changes in working capital requirements		12,767	(33,886)
Change in cash guarantees	-	(44,494)	(25)
Change in inventory	21	757	(1,615)
Change in receivables from contracts with customers	22	45,353	(21,652)
Change in accrued income	22	3,770	(10,809)
Change in deferred charges	22	4,002	(7,728)
Change in other receivables	22	8,356	(1,568)
Change in trade payables	17	3,331	17,031
Change in accrued payroll	17	(865)	636
Change in accrued expenses	17	(15,216)	(6,058)
Change in deferred income	17	1,735	(511)
Change in other payables	-	6,038	(736)
Change in provisions for employee benefits	-	—	(851)

Income taxes paid during the period	-	(4,253)	(6,268)
Interest paid	-	(42,489)	(56,001)
Interest received	-	13,910	12,842

Net cash from (used in) operating activities		266,789	401,580

Acquisition of vessels and vessels under construction	12	(444,570)	(208,629)
Proceeds from the sale of vessels	12	1,511,765	40,523
Acquisition of other tangible assets	12	(3,077)	(511)
Acquisition of intangible assets	13	(386)	(42)
Proceeds from the sale of other (in)tangible assets	12	2,000	—
Net cash on deconsolidation / sale of subsidiaries	-	822	—
Investments in other companies	20	(45,000)	—
Net cash paid in business combinations and joint ventures	24/25	(1,149,886)	—


CMB.TECH & Euronav		Financial Report 2024


11


Lease payments received from finance leases	-	782	944
Advances on proceeds from the sale of vessels	-	—	27,500

Net cash from (used in) investing activities		(127,550)	(140,215)

(Purchase of) Proceeds from sale of treasury shares	14	(126,913)	1,501
Proceeds from new borrowings	16	1,365,022	746,013
Repayment of borrowings	16	(206,701)	(402,652)
Repayment of lease liabilities	16	(32,291)	(11,586)
Repayment of commercial paper	16	(213,545)	(220,157)
Repayment of sale and leaseback	16	(100,980)	(41,907)
Transaction costs related to issue of loans and borrowings	16	(4,477)	(3,919)
Dividends paid	14	(903,331)	(346,671)

Net cash from (used in) financing activities		(223,216)	(279,378)


Net increase (decrease) in cash and cash equivalents		(83,977)	(18,013)

Net cash and cash equivalents at the beginning of the period	-	429,370	179,929
Effect of changes in exchange rates	-	(1,494)	2,616

Net cash and cash equivalents at the end of the period	-	343,899	164,532

of which restricted cash	-	—	—


The accompanying notes on pages 13 to 51 are an integral part of these condensed interim financial statements


CMB.TECH & Euronav		Financial Report 2024


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Notes to the condensed consolidated interim financial statements for

the six-month period ended June 30, 2024

Note 1 - Reporting entity

Note 2 - Basis of preparation

Note 3 - Use of judgements and estimates

Note 4 - Changes in significant accounting policies

Note 5 - Changes in consolidation scope

Note 6 - Significant events

Note 7 - Segment reporting

Note 8 - Assets held for sale and discontinued operations

Note 9 - Revenue and other operating income

Note 10 - Expenses for shipping activities

Note 11 - Net finance expenses

Note 12 - Property, plant and equipment

Note 13 - Intangible assets

Note 14 - Equity

Note 15 - Earnings per share

Note 16 - Interest-bearing loans and borrowings

Note 17 - Trade and other payables

Note 18 - Financial instruments

Note 19 - Deferred tax assets and liabilities

Note 20 - Non-current receivables

Note 21 - Bunker inventory

Note 22 - Trade and other receivables

Note 23 - Provisions and contingencies

Note 24 - Business Combination

Note 25 - Investments

Note 26 - Subsequent events

Note 27 - Standards issued but not yet effective

Note 28 - Statement on the true and fair view of the consolidated financial statements and the fair overview of the

management report


CMB.TECH & Euronav		Financial Report 2024


13

Note 1 - Reporting entity

Euronav NV (the “Company”) is a company domiciled in Belgium. The address of the Company’s registered

office is De Gerlachekaai 20, 2000 Antwerpen, Belgium. The condensed consolidated interim financial

statements ("interim financial statements") as at and for the six months ended June 30, 2024 comprise the

Company and its subsidiaries (together referred to as Euronav or the “Group”) and the Group’s interest in

associates and joint ventures.

Note 2 - Basis of preparation

These condensed consolidated interim financial statements have been prepared in accordance with lAS 34

Interim Financial Reporting. They do not include all the information required for a complete set of IFRS

annual financial statements and should therefore be read in conjunction with the consolidated financial

statements for the year ended December 31, 2023 that have been prepared in accordance with

International Financial Reporting Standards issued by the International Accounting Standards Board (IASB)

and as adopted by the European Union, collectively "IFRS".

Changes to and new significant accounting policies are described in Note 4.

These condensed consolidated interim financial statements were authorized for issue by the Supervisory

Board on August 6, 2024.

Note 3 - Use of judgements and estimates

The preparation of interim financial statements requires management to make judgements, estimates and

assumptions that affect the application of accounting policies and the reported amounts of assets and

liabilities, income and expenses. Actual results may differ from these estimates.

The significant judgements made by management in applying the Group's accounting policies and the key

sources of estimation uncertainty were the same as those described in the last annual financial

statements with the exception of the judgement used for the non-current asset related to the Oceania

security deposit (see Note 20).

Measurement of fair values

A number of the Group's accounting policies and disclosures require the measurement of fair values, for

both financial and non-financial assets and liabilities.

The Group has an established control framework with respect to the measurement of fair values. This

includes a valuation team that has overall responsibility for overseeing all significant fair value

measurements, including Level 3 fair values, and reports directly to the CFO.

The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third

party information, such as broker quotes or pricing services, is used to measure fair values, then the

valuation team assesses the evidence obtained from the third parties to support the conclusion that such

valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which such

valuations should be classified. Significant valuation issues are reported to the Group Audit and Risk

Committee.

When measuring the fair value of an asset or a liability, the Group uses market observable data as far as

possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used

in the valuation techniques as follows.

•Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability,

either directly (i.e. as prices) or indirectly (i.e. derived from prices).

•Level 3: inputs for the asset or liability that are not based on observable market data (unobservable

inputs).


CMB.TECH & Euronav		Financial Report 2024


14

If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels

of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level

of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting

period during which the change has occurred.

Further information about the assumptions made in measuring fair values are included in the following

notes:

•Note 8 - Assets and liabilities held for sale and discontinued operations and

•Note 18 - Financial Instruments

Note 4 - Changes in significant accounting policies

The accounting policies adopted in the preparation of these condensed consolidated interim financial

statements are consistent with those applied in the Group's consolidated financial statements as at and

for the year ended December 31, 2023, that have been prepared in accordance with IFRS.

On January 4, 2024, Euronav Shipping NV paid the security deposit of USD 45.7 million to the High Court of

Malaya (Malaysia) as security for the release from arrestation. Considering that the deposit will either be

refunded or used to settle any potential future liability which gives the Group the rights to obtain future

economic benefits from it, the deposit qualifies as an asset and has been accounted for as a non-current

asset as per June 30, 2024 because Euronav doesn’t expect an outcome of the ongoing proceedings within

the year.

The Company entered on February 7, 2024 into a share purchase agreement for the acquisition of 100% of

the shares in CMB.TECH NV which was a transaction under common control for which the Company has

chosen to apply book value accounting. The Company had the option to restate the 2023 figures, adding

CMB.TECH as of November 22, 2023, the date CMB acquired Euronav, but elected not to restate its 2023

comparatives.

On April 18, 2024, the Group has purchased 10% of the shares in Anglo-Eastern Univan Group Limited and

has been accounted for as an investment with no significant influence at cost.

During the current financial period, the Group has adopted all the new and revised Standards and

Interpretations issued by the International Accounting Standards Board (IASB) and the International

Financial Reporting Interpretations Committee (IFRIC) of the IASB as adopted by the European Union and

effective for the accounting year starting on January 1, 2024. The Group has not applied any new IFRS

requirements that are not yet effective as per June 30, 2024.

The following new Standards, Interpretations and Amendments issued by the IASB and the IFRIC as

adopted by the European Union are effective for the financial period:

•Amendments to IAS 1: Presentation of Financial Statements for classification of liabilities as current or

non-current (issued January 2020)

•Amendments to IFRS 16: Leases to clarify how a seller-lessee subsequently measures sale and

leaseback transactions (issued September 2022)

•Amendments to IAS 1: Presentation of Financial Statements regarding the classification of debt with

covenants (issued October 2022)

•Amendments regarding disclosures for IAS 7: Cash Flow Statements and IFRS 7: Financial Instruments

relating to supplier finance arrangements (issued May 2023)

The adoption of these new standards and amendments has not led to major changes in the Group’s

accounting policies.


CMB.TECH & Euronav		Financial Report 2024


15

Note 5 - Changes in consolidation scope

On February 7, 2024, Euronav held a Special Meeting of Shareholders to approve the purchase of 100% of

the shares of CMB.TECH NV for a total purchase price of USD 1.15 billion in cash (see Note 24). CMB.TECH

is a diversified and future-proof maritime group. CMB.TECH builds, owns, operates and designs large

marine and industrial applications that run on dual-fuel diesel-hydrogen and diesel-ammonia engines and

monofuel hydrogen engines. CMB.TECH offers hydrogen and ammonia fuel that it either produces or

sources from external produces to its customers. CMB.TECH is active throughout the full hydrogen value

chain through three different divisions: Marine, H2 infra and H2 Industry. The Company assessed the

accounting treatment of the acquisition and concluded that the transaction will be accounted for as a

common control transaction. Therefore IFRS 3 has not been applied.

On April 16, 2024, Euronav NV (“Euronav”) and Anglo-Eastern Univan Group (“Anglo-Eastern”) concluded a

Heads of Agreement for the sale and purchase of Euronav Ship Management Hellas (“ESMH”), Euronav’s

ship management arm. Euronav and Anglo-Eastern intend to join forces through this sale, with the latter

assuming ownership of ship management responsibilities for the vessels currently under ESMH on an “as

is” basis. This transaction will provide Anglo-Eastern with a strong local presence in the Greek market while

also greatly enhancing its footprint in large crude oil tankers. Post-integration, ESMH will become part of

Anglo-Eastern’s vast global network, offering the combined entity a wide range of growth opportunities in

different regions and ship types. The transaction has been concluded on June 18, 2024 and ESMH has

been deconsolidated from the Group as from that date. The Company realized a gain of USD19.7 million

on this sale and has been recognized under other operating income (see Note 9).

Besides the transactions as described above, no new subsidiaries were established or acquired, nor were

there any liquidations of subsidiaries.

Note 6 - Significant events

On November 8, 2023, the Company sold the ULCC Oceania (2003 - 441,561 dwt), for USD 43.1 million. The

vessel was accounted for as a non-current asset held for sale as at December 31, 2023, and had a carrying

value of USD 8.3 million. The vessel was delivered to her new owner on January 15, 2024. A capital gain of

USD 34.8 million has been recognized in the consolidated statement of profit or loss in the first quarter of

2024.

On December 4, 2023, the Company entered into a sale and leaseback agreement for the Suezmax Cedar

(2022 – 157,310 dwt). The vessel was sold and was leased back under a 14-year bareboat contract. The

vessel was delivered to her new owner at January 10, 2024. The transaction has not been accounted for as

a sale due to the purchase obligation and has been considered as a finance arrangement accounted for

under other loans (see Note 16).

On February 6, 2024, the Company took delivery of Suezmax Bristol (2024 – 156,851 dwt).

On February 7, 2024, Euronav held a Special Meeting of Shareholders to approve the purchase of 100% of

the shares of CMB.TECH NV for a total purchase price of USD 1.15 billion in cash (see Note 5 and Note 24).

Shareholders voted the voluntary resignation of Mrs. Grace Reksten Skaugen, Mr. Ole Henrik Bjorge, Mr.

Cato H. Stonex, Mr. John Fredriksen and Mr. Patrick De Brabandere as members of the Supervisory Board.

They approved the cooptation of Mr. Patrick Molis and Mrs. Catharina Scheers as independent members

of the Supervisory Board, Mr. Bjarte Bøe and Debemar BV, permanently represented by Mr. Patrick De

Brabandere, as members of the Supervisory Board. Shareholders also approved the interim discharge of

the Supervisory Board: Mrs. Grace Reksten Skaugen, Mr. Ole Hendrik Bjorge, Mr. Cato H. Stonex, Mr. John

F. Fredriksen and Mr. Patrick De Brabandere.

On February 14, 2024, CMB announced the launch of the mandatory public takeover bid on all the shares

in Euronav. The acceptance period in respect of the bid opened on February 14, 2024 and closed on March

15, 2024. The bid price amounts to USD 17.86 per share in cash, i.e. USD 18.43 per share less USD 0.57

dividend per share.


CMB.TECH & Euronav		Financial Report 2024


16

On February 26, 2024, the Company announced that it has concluded an order for two bitumen tankers

with China Merchants Jinling Shipyard (Yangzhou) Dingheng Co. (Yangzhou, China). The vessels are

expected to be delivered in the fourth quarter of 2026 and have been chartered to a strong counterparty

for 10 years upon delivery from the shipyard. The vessels will have dual-fuel green methanol engines that

are ready to be retrofitted for future operation on ammonia. The ordered vessels’ deadweight will be

17,000 tons, which is twice the 8,000 ton average of the existing fleet.

On February 27, 2024, the Company announced it has been informed that certain funds managed by

FourWorld Capital Management LLC (“FourWorld”) have filed a complaint in the United States District

Court for the Southern District of New York in connection with CMB’s U.S. takeover bid for the shares of

the Company. The Company is not involved in these proceedings. On March 14, 2024, the Company has

been informed that the claim has been rejected by the United States District Court for the Southern

District of New York.

On March 4, 2024, the Company announced it has been informed that certain funds managed by

FourWorld Capital Management LLC (“FourWorld”) have also filed a request with the Market Court in

Belgium in connection with CMB’s Belgian offer for the shares of the Company. The Company is not

involved in these proceedings. On March 15, 2024, the Company has been informed that the Market Court

in Belgium has denied the request to suspend the closing of the Belgian offer.

On March 18, 2024, the Company confirmed that the acceptance period of the mandatory public takeover

bid launched by CMB NV (the "Bidder") for all shares issued by Euronav NV (“Euronav”) not already owned

by CMB or its affiliates (the "Bid"), expired on March 15, 2024. During the acceptance period, 69,241,955

shares in Euronav, representing 31.47% of the outstanding shares in Euronav, were tendered into the Bid.

As a result, the Bidder will hold a total of 177,147,299 shares in Euronav, representing 80.51% of the

outstanding shares in Euronav. Taking into account the 17,790,716 treasury shares held by Euronav and

the 24,400 shares held by Saverco NV, the Bidder and persons affiliated with it together will hold

194,962,415 shares, representing 88.61% of the outstanding shares in Euronav.

On March 19, 2024, the Company took delivery of the super-eco Newcastlemax Mineral France (2024 -

210,000 dwt).

On March 20, 2024, the Company announced it has sold the VLCC Nectar (2008 – 307,284 dwt), VLCC

Newton (2009 – 307,284 dwt), and VLCC Noble (2008 – 307,284 dwt). This transaction has generated a

capital gain of approximately USD 79.0 million which has been recognized upon delivery to her new owner

in the second quarter of 2024. Furthermore, the Company concluded an order for two Newcastlemaxes

and one additional VLCC at Qingdao Beihai Shipyard. The vessels are expected to be delivered in Q1 and

Q2 2027.

On March 22, 2024, the Company announced it has purchased on the NYSE and on Euronext Brussels a

total of 4,719,534 of its own shares. Following these transactions, the Company now owns 22,510,249

shares (10.23% of the total outstanding share count).

On March 29, 2024, the Company announced it has purchased on the NYSE and on Euronext Brussels a

total of 2,620,931 of its own shares. Following these transactions, the Company now owns 25,131,181.00

shares (11.42% of the total outstanding share count).

On April 8, 2024, the Company announced it has purchased on the New York Stock Exchange and on

Euronext Brussels a total of 412,926 of its own shares. Following these transactions, the Company now

owns 25,544,107 shares (11.61% of the total outstanding share count).

On April 8, 2024, the Company announced it has been informed that certain funds managed by FourWorld

Capital Management LLC ("FourWorld") have also filed a claim with the Enterprise Court in Antwerp,

Belgium. The claim relates to the integrated solution for the strategic and structural deadlock within

Euronav announced on October 9, 2023, of which CMB NV’s mandatory offer on all outstanding shares in

the Company that closed on March 15, 2024 formed the final piece, as well as Euronav’s acquisition of

CMB.TECH NV. FourWorld requests that all decisions of Euronav’s Supervisory Board and general meeting

in relation to these transactions, as well as the transactions themselves, are declared null and void. In this

regard FourWorld has summoned all parties involved in these transactions, i.e. Euronav, CMB NV,

Frontline plc, Famatown Finance Limited, Hemen Holding Limited and Geveran Trading Co. Limited.

On April 12, 2024, the Company took delivery of the Bochem Casablanca (2024 - 25,000 dwt).


CMB.TECH & Euronav		Financial Report 2024


17

On April 15, 2024, the Company announced it has purchased on the New York Stock Exchange and on

Euronext Brussels a total of 263,771 of its own shares. Following these transactions, the Company now

owns 25,807,878 shares (11.73% of the total outstanding share count).

On April 16, 2024, Euronav NV and Anglo-Eastern Univan Group announced a Heads of Agreement for the

sale and purchase of Euronav Ship Management Hellas (“ESMH”), Euronav’s ship management arm (see

Note 5). The transaction has been concluded on June 18, 2024 together with the purchase of 10% of the

shares in Anglo-Eastern Univan Group Limited (see Note 25).

On May 13, 2024, the Company took delivery of the CMA CGM Baikal. This vessel has been sold and a

capital gain of USD 15.6 million was booked in the second quarter of 2024 (see Note 12).

On May 24, 2024, the Company took delivery of the Windcat 57, the first CTV of the hydrogen-powered MK

5 series. The vessel is deployed in Scotland.

On June 24, 2024, the Company took delivery of the fifth super-eco Newcastlemax Mineral Deutschland

(2024 – 210,000 dwt).

On June 28, 2024, the Company took delivery of the Bochem Shanghai (2024 – 25,000 dwt).

Note 7 - Segment reporting

The Group distinguishes three operating segments: the Marine division, the H2 Infra division and the H2

Industry division. These three divisions operate in different markets.

•Marine: the Marine division is the largest division in the Group. It builds, owns, operates and designs a

wide range of low and zero-carbon ships and features a future-proof fleet with hydrogen-powered

vessels such as CTVs, ferries, CSOVs, and tugboats, alongside ammonia-powered large bulk carriers,

container ships, chemical and crude oil tankers. The marine division consists of 6 brands: Euronav,

Bocimar, Delphis, Bochem, Windcat, and Tugboats & Ferries.

•H2 Infra: the H2 Infra division is at the forefront of developing and securing the green molecule supply.

The company integrates and manages key technology and infrastructure for the production and

distribution of green hydrogen and ammonia.

•H2 Industry: H2 Industry is a leading provider of scalable dual-fuel industrial applications. Its proven

combustion technology enables the company to develop heavy-duty hydrogen-powered applications that

offer flexibility, robustness and cost-effectiveness.

The segment profit or loss figures and key assets as set out below are presented to the Chief Operating

Decision Maker (CODM) and the Management Board on at least a quarterly basis to help the key decision

makers in evaluating the respective segments. Following the acquisition of CMB.TECH in February 2024,

the markets in which the Group operates have expanded. Consequently, the Group has decided to update

its segment reporting to reflect these changes. Additionally, please note that the Floating Storage Units

(FSOs) have been incorporated into the marine segment under the Euronav brand name.


CMB.TECH & Euronav		Financial Report 2024


18

Note 8 - Assets and liabilities held for sale and discontinued

operations

Assets held for sale

As of December 31, 2023, the ULCC Oceania (2003 - 441,561 dwt) was accounted for as a non-current asset

held for sale and had a carrying value of USD 8.3 million. The vessel was delivered to its new owner on

January 15, 2024. Taking into account the sales commission, the net gain on this vessel amounts to

USD 34.8 million and was recorded in the consolidated statement of profit or loss in the first quarter of

2024.

On October 9, 2023, the Company announced the agreement between two reference shareholders CMB

NV ("CMB") and Frontline plc/Famatown Finance Ltd ("Frontline") on a transaction involving multiple

interdependent agreements. Part of the agreement included the sale of 24 VLCC tankers from the Euronav

fleet for a total of USD 2.35 billion. 13 VLCC tankers, that were part of the fleet sale to Frontline, have been

booked as a non-current asset held for sale (Alice, Anne, Aquitaine, Dominica, Desirade, Alboran, Aral,

Andaman, Hatteras, Delos, Doris, Derius and Camus) as of December 31, 2023 for a total carrying value of

USD 862.6 million. The last vessel (Camus) has been delivered to her new owners on March 19, 2024. The

net gain on this transaction for the vessels delivered in 2024 amounts to USD 372.7 million and is

recorded in the first quarter of 2024.

On May 21, 2024, the Company sold the VLCC Alsace (2012 - 320,350 dwt) for USD 96.9 million. The vessel

is accounted for as a non-current asset held for sale as at June 30, 2024 and has a carrying value of

USD 69.4 million. The net gain on the vessel amounts to USD 27.5 million and will be recognized upon

delivery to its new owners which is expected to take place in the first quarter of 2025.

On June 27, 2024, the Management Board formally decided to commit to a plan to sell Suezmax vessels

Statia (2006 - 150,205 dwt) and Cap Felix (2008 - 158,765 dwt) and VLCC vessels Hakata (2010 - 302,550

dwt) and Ingrid (2012 - 314,000 dwt). An active program to locate a buyer and complete the plan has been

initiated and the vessels are actively marketed for sale in line with their fair values. It is expected to be

completed within a year from the decision and in line with IFRS 5, the assets are qualified and classified as

non-current assets held for sale for a total combined book value of USD 113.4 million as per June 30, 2024.

The Group sold the FAST platform to ZeroNorth during the fourth quarter of 2023. Taking into account the

sales price of USD 2.0 million, the net capital gain amounts to USD 0.4 million. Closing of the deal and

official transfer date was on April 1, 2024.

Discontinued operations

As of June 30, 2024 and as of December 31, 2023 the Group had no operations that met the criteria of

discontinued operations.


CMB.TECH & Euronav		Financial Report 2024


21

Note 9 - Revenue and other operating income

In the following table, revenue is disaggregated by type of contract


	June 30, 2024											June 30, 2023
	Marine							H2 INFRA	H2 INDUSTRY	Less: Eliminations	Total	Marine	Less: Eliminations	Total
	Euronav	Bocimar	Delphis	Bochem	Windcat	Other	Total					Euronav
Pool Revenue	113,125	—	—	8,889	—	—	122,014	—	—	—	122,014	362,745	—	362,745
Spot Voyages	219,780	29,705	—	—	—	—	249,485	—	—	—	249,485	243,381	—	243,381
Revenue from contracts with customers	332,905	29,705	—	8,889	—	—	371,499	—	—	—	371,499	606,126	—	606,126
Time Charters	92,284	176	9,011	1,794	17,060	553	120,878	—	—	—	120,878	81,990	—	81,990
Lease income	92,284	176	9,011	1,794	17,060	553	120,878	—	—	—	120,878	81,990	—	81,990
Total revenue	425,189	29,881	9,011	10,683	17,060	553	492,377	—	—	—	492,377	688,116	—	688,116

Other income	35,774	1,130	263	—	—	754	37,921	362	841	(879)	38,245	14,768	—	14,768

The decrease in revenue is mostly related to the decrease in pool revenue which is mainly due to a lower number of vessels in the pool as per June 30, 2024

compared to the first six months of 2023. The difference can be explained by comparing the respective TCE rates and on hire days. The TCE rates and on hire days for

VLCCs were 45,600 USD/day and 2,564 on hire days for the first half year of 2024 compared to 53,100 USD/day and 6,977 on hire days for the first six months of 2023.

For Suezmax spot voyages, the TCE rates for first half year 2024 and 2023 were respectively 54,600 USD/day compared to 69,700 USD/day. The decrease in revenue is

partially compensated by the acquired vessels from CMB.TECH as per February 2024 active in the dry bulk segment. The increase in revenue from time charters of

tankers is due to a higher number of vessels on time charter and the acquisition of CMB.TECH vessels on time charter.

Other operating income includes revenues related to the daily standard business operation of the fleet and that are not directly attributable to an individual voyage.

The increase in other operating income is mainly due to the sale of Euronav Ship Management Hellas (see Note 5), received liquidated damages resulting from the

sale of the N-class vessels (Noble, Nectar and Newton) and to claim settlements.


CMB.TECH & Euronav		Financial Report 2024


22

Note 10 - Expenses for shipping activities

Voyage expenses and commissions


	For the six month period ended

(in thousands of USD)		June 30, 2024	June 30, 2023

Commissions paid		(9,158)	(8,363)
Bunkers		(59,270)	(50,720)
Other voyage related expenses		(17,475)	(12,462)
Total voyage expenses and commissions		(85,903)	(71,545)

The voyage expenses and commissions increased in the first six months of 2024 compared to the same

period in 2023 mainly due to an increase in bunker costs.

The increase in bunker cost and commissions paid in the first semester of 2024 is mainly due to the

integration of the CMB.TECH vessels as of February, 2024 and thus more vessels operating on the spot.

For vessels operated on the spot market, voyage expenses are paid by the shipowner while voyage

expenses for vessels under a time charter contract, are paid by the charterer. The 24 vessels sold and

delivered to Frontline do not have a significant impact on the voyage expenses since these were mainly

operating in the pool. Voyage expenses for vessels operated in a Pool, are paid by the Pool.

The majority of other voyage expenses are port costs and agency fees which are owner's expenses on

voyage charters. Port costs vary depending on the number of spot voyages performed and the number

and type of ports.

Vessel operating expenses


	For the six month period ended

(in thousands of USD)		June 30, 2024	June 30, 2023

Operating expenses		(92,813)	(107,614)
Insurance		(7,200)	(10,403)
Total vessel operating expenses		(100,013)	(118,017)

The operating expenses relate mainly to the crewing, technical and other costs to operate vessels. Crewing

costs are related to crew wages, travel and victualling costs. Technical costs relate mainly to maintenance,

spare parts and forwarding costs. Other costs are mainly port cost and costs for certifications and

inspections. The decrease in operating expenses is mainly related to the decrease of number of vessels in

the fleet during the first half of 2024 compared to 2023. This is mainly due to the 24 VLCCs that have been

sold and delivered to Frontline in course of the fourth quarter of 2023 and the first quarter of 2024. This is

partially offset by the integration of the CMB.TECH vessels as of February, 2024.


CMB.TECH & Euronav		Financial Report 2024


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Note 11 - Net finance expenses


	For the six month period ended

(in thousands of USD)	June 30, 2024	June 30, 2023

Interest income	13,292	10,945
Change in fair value of fuel derivatives recognized in P&L	—	3,210
Foreign exchange gains	10,124	9,350
Finance income	23,416	23,505

Interest expense on financial liabilities measured at amortized cost	(53,869)	(61,058)
Interest leasing	(198)	(438)
Change in fair value of fuel derivatives recognized in P&L	—	(6,445)
Fair value adjustment on interest rate swaps	—	137
Other financial charges	(5,111)	(5,394)
Foreign exchange losses	(10,218)	(10,451)
Finance expense	(69,396)	(83,649)

Net finance expense recognized in profit or loss	(45,980)	(60,144)

Interest expense on financial liabilities measured at amortized cost decreased in the first six months of

2024 compared to the same period in 2023. This decrease was related to a decrease in interest expenses

on bank loans due to a lower average outstanding debt in 2024 compared to the same period last year

mainly due to the sale of the 24 vessels to Frontline.

Change in fair value of fuel derivatives recognized in P&L is attributable to a decrease in expenses related

to swaps, mainly on the commodity swaps or futures in connection with the Company's low sulfur fuel oil

program for which hedge accounting could not be applied, resulting in a net impact for first half year 2023

of USD 3.2 million. These fuel derivatives were used to hedge the purchased fuel on board of the ULCC

Oceania against a price decrease. In November 2023, management decided to discontinue the bunker

storage and offloading program and sold the ULCC Oceania. As a consequence, there is no longer an

active fuel hedging program during 2024.

Interest leasing is the interest on lease liabilities.


CMB.TECH & Euronav		Financial Report 2024


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Note 12 - Property, plant and equipment


(in thousands of USD)	Note	Vessels	Vessels under construction	Right-of- use assets	Other tangible assets	Pre- payments	Total PPE
At January 1, 2024
Cost	—	3,265,939	106,513	56,241	4,717	—	3,433,410
Depreciation & impairment losses	—	(1,636,369)	—	(23,304)	(4,072)	—	(1,663,745)
Net carrying amount		1,629,570	106,513	32,937	645	—	1,769,665

Acquisitions	—	41,582	402,988	—	1,243	1,834	447,647
Acquisitions through business combinations	24	425,564	477,565	1,431	22,219	670	927,449
Disposals and cancellations	—	(108,749)	—	(30,000)	—	(595)	(139,344)
Depreciation charges	—	(77,916)	—	(955)	(1,658)	—	(80,529)
Transfer to assets held for sale	8	(182,806)	—	—	—	—	(182,806)
Transfers	—	308,470	(308,470)	—	—	—	—
Exit from the consolidation scope		—	—	(1,184)	(137)	—	(1,321)
Translation differences	—	(108)	(98)	(25)	(202)	(23)	(456)
Balance at June 30, 2024		2,035,607	678,498	2,204	22,110	1,886	2,740,305


At June 30, 2024
Cost	—	3,528,029	678,498	5,340	30,180	1,886	4,243,933
Depreciation & impairment losses	—	(1,492,422)	—	(3,136)	(8,070)	—	(1,503,628)
Net carrying amount		2,035,607	678,498	2,204	22,110	1,886	2,740,305

In the first six months of 2024, the Statia, Selena and Newton have been dry-docked. The cost of planned

repairs and maintenance is capitalized and included under the heading Acquisitions.

On January 22, 2024, the Company lifted the repurchase option for VLCC Newton (2009 - 307,284 dwt) that

was under a bareboat contract for an aggregate amount of USD 30 million. The vessel was previously

accounted for as a right-of-use asset.

On February 6, 2024, the Company took delivery of the Suezmax Bristol (2024 – 156,851 dwt).

On March 19, 2024, the Company took delivery of the fourth super-eco Newcastlemax Mineral France

(2024 – 210,000 dwt).

On April 12, 2024, the Company took delivery of the chemical tanker Bochem Casablanca (2024 - 25,000

dwt).

On May 13, 2024, the Company took delivery of the container vessel CMA CGM Baikal. This vessel has

been sold and a capital gain of USD 15.6 million was booked in the second quarter of 2024.

On May 24, 2024, the Company took delivery of the Windcat 57, the first hydrogen-powered CTV of the

Mark 5 series. The unit is deployed in Scotland.

On June 24, 2024, the Company took delivery of the fifth super-eco Newcastlemax Mineral Deutschland

(2024 – 210,000 dwt).

On June 28, 2024, the Company took delivery of the chemical tanker Bochem Shanghai (2024 – 25,000

dwt).


CMB.TECH & Euronav		Financial Report 2024


26

The other tangible assets include the Hydrotug, the hydrogen refuelling station and a range of machinery,

equipment and vehicles.

The Group had fifty vessels under construction at June 30, 2024, for an aggregate amount of installments

paid of USD 678.5 million. The amounts presented within "vessels under construction" relate to five eco-

type VLCCs, three eco-type Suezmax, two dual-fuel bitumen tankers, twenty-three Newcastlemax bulk

carriers, two 6,000 TEU container vessels, four chemical tankers, six CSOVs (Commissioning Service

Operations Vessels), one coaster vessel of 5,000 dwt, one 1,400 TEU ammonia-powered container vessel

and three Hydrocat CTVs (Crew Transfer Vessel). The Group capitalizes borrowing costs related to the

financing of the newbuild vessels as reported under vessels under construction. As per June 30, 2024, the

total amount that was capitalized amounts to USD 19.4 million at an average interest rate of 7%.

Disposal of assets – Gains/losses


(in thousands of USD)	Note	Sale price	Book Value	Gain	Loss
Cap Charles - Sale	—	40,523	18,459	22,064	—
At June 30, 2023		40,523	18,459	22,064	—

		Sale price	Book Value	Gain	Loss
Alice - Sale	—	85,965.6	61,626	24,340	—
Anne - Sale	—	86,275.4	62,820	23,455	—
Aquitaine - Sale	—	90,268	58,657	31,611	—
Dominica - Sale	—	82,685	52,826	29,859	—
Desirade - Sale	—	85,965	56,071	29,894	—
Alboran - Sale	—	86,418	56,362	30,056	—
Aral - Sale	—	86,472	56,445	30,027	—
Andaman - Sale	—	86,976	56,636	30,340	—
Hatteras - Sale	—	90,310	59,368	30,942	—
Delos - Sale	—	112,888	83,611	29,277	—
Doris - Sale	—	113,010	84,438	28,572	—
Derius - Sale	—	104,627	81,458	23,169	—
Camus - Sale	—	123,420	92,228	31,192	—
Oceania - Sale	—	43,120	8,294	34,826	—
Noble - Sale	—	53,955	25,716	28,239	—
Nectar - Sale	—	53,955	23,873	30,082	—
Newton - Sale	—	53,955	33,285	20,670	—
CMA CGM Baikal - Sale		71,500	55,879	15,621	—
Corporate - Sale		2,000	1,625	375	—
At June 30, 2024		1,513,765	1,011,218	502,547	—

On October 9, 2023, the Company announced the agreement between two reference shareholders CMB

NV ("CMB") and Frontline plc/Famatown Finance Ltd ("Frontline") on a transaction involving multiple

interdependent agreements. Part of the agreement is the sale of 24 VLCC tankers from the Euronav fleet

for a total of USD 2.35 billion. A total of 11 VLCC tankers have been delivered before December 31, 2023.

The 13 remaining vessels (Alice, Anne, Aquitaine, Dominica, Desirade, Alboran, Aral, Andaman, Hatteras,

Delos, Doris, Derius and Camus) delivered in the first quarter of 2024 contributed to a total capital gain of

USD 372.7 million, which was recorded in the first quarter of 2024.

On November 8, 2023, the Company sold the ULCC Oceania (2003 - 441,561 dwt), for USD 43.1 million. The

vessel was accounted for as a non-current asset held for sale as at December 31, 2023, and had a carrying


CMB.TECH & Euronav		Financial Report 2024


27

value of USD 8.3 million. The vessel was delivered to her new owner on January 15, 2024. Taking into

account the sales commission, the net gain on this vessel amounts to USD 34.8 million and was recorded

in the consolidated statement of profit or loss in the first quarter of 2024.

On March 15, 2024, the Company sold the N-class vessels Noble, Nectar and Newton for a net sale price

after commission of USD 161.9 million. The vessels have all been delivered during the second quarter of

2024 and the net gain of USD 79.0 million on the transaction was recognized in the consolidated

statement of profit or loss.

On November 11, 2021, the Company agreed to sell the container vessel CMA CGM Baikal for a net sale

price of USD 71.5 million. The vessel has been delivered to her new owners in the second quarter of 2024

and a net gain of USD 15.6 million has been booked in the consolidated statement of profit or loss.

Impairment

Vessels

The Group defines its cash generating unit as a single vessel, unless such vessel is operated in a pool, in

which case such vessel, together with the other vessels in the pool, are collectively treated as a cash

generating unit. The carrying amounts of The Group’s non-financial assets are reviewed at each reporting

date to determine whether there is any indication of impairment. If any such indication exists, the asset’s

recoverable amount is estimated.

In accordance with IAS 36, the Group has updated its review of various internal and external indicators

performed as of December 31, 2023 to determine whether there were indications that vessels in the

marine segment were impaired as of June 30, 2024.

The following are examples of internal indications of impairment that are considered in assessing whether

indicator-based impairment testing is necessary:

1.the obsolescence or physical damage of an asset;

2.significant changes in the extent or manner in which an asset is (or is expected to be) used that have

(or will have) an adverse effect on the entity;

3.a plan to dispose of an asset before the previously expected date of disposal;

4.indications that the performance of an asset is, or will be, worse than expected;

5.cash flows for acquiring the asset, operating or maintaining it that are significantly higher than

originally budgeted;

6.net cash flows or operating profits that are lower than originally budgeted; and

7.net cash outflows or operating losses. [IAS 36.12(e)–(g), 14]

The following are examples of external indications of impairment that are considered in assessing

whether indicator-based impairment testing is necessary:

1.market capitalization below net asset value;

2.a significant and unexpected decline in market value;

3.significant adverse effects in the technological, market, economic or legal environment;

4.increases in market interest rates

After analyzing the potential impairment indicators and considering the strong performance in the first

half of 2024, the positive outlook for the second half of 2024 and beyond, the current share price and the

fair market values of the fleet, the Company conclude that there are no indications of impairment.

Consequently, we have determined that no further impairment testing is required.

Security

All vessels financed with bank loans are subject to a mortgage to secure bank loans (see Note 16).


CMB.TECH & Euronav		Financial Report 2024


28

Note 13 - Intangible assets


(in thousands USD)	Note	Customer contracts	Other intangible assets	Total intangible assets
At January 1, 2024
Cost	-	16,569	1,267	17,836
Depreciation	-	(2,469)	(1,173)	(3,642)
Net carrying amount		14,100	94	14,194

Acquisitions	-	—	386	386
Acquisitions through business combinations	24	—	3,538	3,538
Depreciation charges	-	(776)	(572)	(1,348)
Exit from the consolidation scope	-	—	(67)	(67)
Translation differences	-	—	(42)	(42)
Balance at June 30, 2024		13,324	3,337	16,661

At June 30, 2024
Cost	-	16,569	6,222	22,791
Depreciation & impairment losses	-	(3,245)	(2,885)	(6,130)
Net carrying amount		13,324	3,337	16,661

In connection with the acquisition in 2022 of the remaining 50% in TI Asia and TI Africa, a part of the price

paid was related to an intangible asset (customer contracts with NOC for the service part, i.e. recharge of

opex, maintenance and crew). Management estimated the fair value of the intangible asset related to the

service component of the NOC contract, resulting in a value of USD 16.6 million at May 31, 2022. This

amount will be depreciated till the end of the contractual service, or until July 21, 2032 and September 21,

2032 respectively.


CMB.TECH & Euronav		Financial Report 2024


30

Note 14 - Equity

Translation reserve

The translation reserve comprises all foreign exchange differences arising from the translation of the

financial statements of foreign operations.

Hedging reserve


	June 30, 2023
(in thousands of USD)	Notional Value	Fair Value - Assets	Fair Value - Liabilities	Change recognized in OCI
Interest rate swaps
USD 173.6 million facility - Cap Quebec and Cap Pembroke	53,511	1,807	—	22
USD 173.6 million facility - Cap Corpus Christi and Cap Port Arthur	56,838	4,689	—	(503)
USD 713.0 million facility	216,889	15,557	—	(2,199)
USD 73.45 million facility	68,859	5,477	—	13
USD 150.0 million facility	100,013	3,049	254	547
USD 447.0 million facility - part USD 140.0 million term loan	70,000	1,039	64	901
Fx swaps
Fx Euro hedges	31,000	671	78	(447)

The Group, trough the long term charter parties with Valero for two Suezmaxes (Cap Quebec and Cap

Pembroke), entered on March 28, 2018 and April 20, 2018, in two IRSs for a combined notional value of

USD 86.8 million. These IRSs are used to hedge the risk related to the fluctuation of the Libor rate and

qualify as hedging instruments in a cash flow hedge relationship under IFRS 9. These instruments have

been measured at their fair value; effective changes in fair value have been recognized in OCI and the

ineffective portion has been recognized in profit or loss. These IRSs are matching the repayment profile of

the underlying USD 173.6 million facility. On November 9, 2023 these hedges have been unwound due to

the repayment of the underlying facility and have been recognized in profit or loss.

As part of the fuel hedging program, the Group entered during 2023 into several commodity swaps and

futures in connection with its low sulfur fuel oil project for a combined notional value of USD 72.2 million.

These swaps are used to hedge a potential increase in the index underlying the price of low sulfur fuel

between the purchase date and the delivery date of the product, i.e. when title to the low sulfur fuel is

actually transferred. These instruments do not qualify as hedging instruments in a cash flow hedge

relationship under IFRS9. The changes in fair value are directly recognized in profit or loss. In November

2023, management decided to discontinue the bunker storage and offloading program and sold the ULCC

Oceania. As a consequence, there is no longer an active fuel hedging program during 2024.


CMB.TECH & Euronav		Financial Report 2024


31

The Group, through the long term charter parties with Valero for two Suezmaxes (Cap Corpus Christi and

Cap Port Arthur), entered on October 26, 2020 in two IRSs for a combined notional value of USD

70.1 million with effective date in 2021. These IRSs are used to hedge the risk related to the fluctuation of

the Libor rate and qualify as hedging instruments in a cash flow hedge relationship under IFRS 9. These

instruments have been measured at their fair value; effective changes in fair value have been recognized

in OCI and the ineffective portion has been recognized in profit or loss. These IRSs are matching the

repayment profile of the underlying USD 173.6 million facility. On November 9, 2023 these hedges have

been unwound due to the repayment of the underlying facility and have been recognized in profit or loss.

The Group entered in the second half of 2020 in six Interest Rate Swaps (IRSs) for a combined notional

value of USD 237.2 million with effective date in 2021. These IRSs are used to hedge the risk related to the

fluctuation of the Libor rate in connection with the new USD 713.0 million sustainability linked loan and

qualify as hedging instruments in a cash flow hedge relationship under IFRS 9. These instruments have

been measured at their fair value; effective changes in fair value have been recognized in OCI and the

ineffective portion has been recognized in profit or loss. On November 9, 2023 these hedges have been

unwound due to the repayment of the underlying facility and have been recognized in profit or loss.

The group entered on January 26, 2022 into an interest rate swap agreement, in relation to the USD

73.45 million term loan which had been concluded for the acquisition of the Suezmaxes Cedar and Cypres

for a notional value of USD 73.45 million. This IRS is used to hedge the risk related to the fluctuation of the

Libor rate and qualifies as hedging instrument in a cash flow hedge relationship under IFRS 9. This

instrument has been measured at fair value; effective changes in fair value have been recognized in OCI

and the ineffective portion has been recognized in profit or loss. This IRS is matching the repayment

profile of the underlying USD 73.45 million facility. On November 24, 2023 this hedge has been unwound

due to the repayment of the underlying facility and has been recognized in profit or loss.

The Group, in connection to the USD 150.0 million facility raised on June 21, 2022, entered into several

Interest Rate Swaps (IRSs) for a combined notional value of USD 109.4 million. These IRSs are used to

hedge the risk related to the fluctuation of the SOFR rate and qualify as hedging instruments in a cash flow

hedge relationship under IFRS 9. These instruments have been measured at their fair value; effective

changes in fair value have been recognized in OCI and the ineffective portion has been recognized in profit

or loss. These IRSs are matching the repayment profile of the facility and mature on March 31, 2030. The

notional value of these instruments at June 30, 2024 amounted to USD 87.1 million. The fair value of these

instruments at June 30, 2024 amounted to USD 2.4 million (see Note 20 and 22) and USD 1.3 million has

been recognized in OCI in 2023.

The Group, in connection to the USD 447.0 million facility raised on December 6, 2022, entered into two

Interest Rate Swaps (IRSs) for a combined notional value of USD 70.0 million. These IRSs are used to hedge

the risk related to the fluctuation of the SOFR rate and qualify as hedging instruments in a cash flow hedge

relationship under IFRS 9. These instruments have been measured at their fair value; effective changes in

fair value have been recognized in OCI and the ineffective portion has been recognized in profit or loss. On

November 9, 2023 these hedges have been unwound due to the repayment of the underlying facility and

has been recognized in profit or loss.

The Group entered on August 22, 2022 into four Fx Swaps to hedge 20% of the short position for 2023 and

entered into several Fx Swap transactions during the first half 2023. These Fx Swaps are used to hedge the

risk related to the fluctuation of EUR/USD. The hedges qualify as hedging instruments in a cash flow hedge

relationship under IFRS 9. These instruments have been measured at their fair value; effective changes in

fair value have been recognized in OCI and the ineffective portion has been recognized in profit or loss.

The notional value of these instruments at June 30, 2023 amounted to USD9.0 million. The fair value of

these instruments at June 30, 2023 amounted to USD 0.5 million and USD (0.5) million has been

recognized in OCI in 2023. All these hedges matured in the 2nd half of 2023.

During first half 2023, the Group entered into several FX swap transactions to hedge the risk related to the

fluctuation of EUR/USD, as a large part of the operational expenses are euro expenses while the income

generated is in USD. The hedges qualify as hedging instruments in a cash flow hedge relationship under

IFRS 9. These instruments have been measured at their fair value; effective changes in fair value have been

recognized in OCI and the ineffective portion has been recognized in profit or loss. The notional value of

these instruments at June 30, 2023 amounted to USD 22.0 million. The fair value of these instruments at

June 30, 2023 amounted to USD 0.0 million (see Note 17 and 22) and 0 USD has been recognized in OCI in

2023. All these hedges matured in the 2nd half of 2023.

No Fx swaps have been entered into in 2024.


CMB.TECH & Euronav		Financial Report 2024


32

Treasury shares

As of June 30, 2024 Euronav owned 25,807,878 of its own shares, compared to 17,790,716 of shares

owned on December 31, 2023. In the six months period ended June 30, 2024 Euronav purchased on the

NYSE and on Euronext Brussels a total of 8,017,162.

Distributions

During its meeting of May 7, 2024, the Supervisory Board of Euronav decided it will make a proposal to a

Special Shareholders’ Meeting to be held on July 2, 2024 to distribute USD 1.15 per share to all

shareholders. This payout in cash is proposed as a combination of a dividend of USD 0.27 per share and a

repayment from the share issue premium of USD 0.88 per share.

On May 16, 2024, the Annual Shareholders' meeting approved a full year dividend for 2023 of USD 4.57

per share. This pay out was a combination of a dividend of USD 0.27 per share, subject to 30% withholding

tax and a share premium of USD 4.30 per share via the issue premium reserve. Of the share premium

distribution, USD 0.81 per share is subject to 30% withholding tax.

The total amount of dividends declared in the first six months of 2024 was USD 887.6 million and

USD 903.3 million was paid in the first six months of 2024.


CMB.TECH & Euronav		Financial Report 2024


33

Note 15 - Earnings per share

Basic earnings per share

The calculation of basic earnings per share was based on a result attributable to ordinary shares and a

weighted average number of ordinary shares outstanding during the six month period ended June of each

year, calculated as follows:

Result attributable to ordinary shares


	For the six month period ended

		June 30, 2024	June 30, 2023

Result for the period (in USD)		679,620,307	336,866,321
Weighted average number of ordinary shares		197,886,375	201,828,035
Basic earnings per share (in USD)		3.43	1.67

Weighted average number of ordinary shares


(in shares)	Shares issued	Treasury shares	Shares outstanding	Weighted number of shares
On issue at January 1, 2024	220,024,713	17,790,716	202,233,997	202,233,997
Issuance of shares	—	—	—	—
Purchases of treasury shares	—	8,017,162	(8,017,162)	(4,347,622)
Withdrawal of treasury shares	—	—	—	—
Transfer of treasury shares	—	—	—	—
On issue at June 30, 2024	220,024,713	25,807,878	194,216,835	197,886,375

Diluted earnings per share

For the six months ended June 30, 2024, the diluted earnings per share (in USD) amount to 3.43 (2023:

1.67). As of January 1, 2024, the Company no longer has instruments that can give rise to dilution. At June

30, 2023 236,590 options issued under the LTIP 2015 were excluded from the calculation of the diluted

weighted average number of shares because these 236,590 options were out-of-the money and have been

considered as anti-dilutive, all LTIPs were terminated during the 2nd half of 2023 due to the change of

control.

Weighted average number of ordinary shares (diluted)

The table below shows the potential weighted number of shares that could be created if all stock options

and restricted stock units were to be converted into ordinary shares.

There are no more remaining outstanding instruments at June 30, 2024 which can give rise to dilution. At

June 30, 2023, the Euronav stock options of the LTIP 2015 and the RSU's of the LTIP 2021 and LTIP 2022

could have give rise to dilution.


CMB.TECH & Euronav		Financial Report 2024


34

Note 16 - Interest-bearing loans and borrowings


(in thousands of USD)	Note	Bank loans	Other Notes	Lease liabilities	Other borrowings	Total
More than 5 years	—	30,203	—	206	52,337	82,746
Between 1 and 5 years	—	332,032	198,219	3,157	18,911	552,319
More than 1 year		362,235	198,219	3,363	71,248	635,065
Less than 1 year	—	166,124	3,733	33,493	92,298	295,648
At January 1, 2024		528,359	201,952	36,856	163,546	930,713

New loans	—	960,666	—	—	404,356	1,365,022
Scheduled repayments	—	(101,701)	—	(32,092)	(220,500)	(354,293)
Early repayments	—	(105,000)	—	—	—	(105,000)
Acquisitions through business combinations	24	332,529	—	1,500	234,491	568,520
Other changes	—	4,267	332	—	(2,072)	2,527
Exit from the consolidation scope	—	—	—	(1,137)	—	(1,137)
Translation differences	—	(1,644)	—	(25)	(2,648)	(4,317)
Balance at June 30, 2024		1,617,476	202,284	5,102	577,173	2,402,035

More than 5 years	—	252,468	—	282	392,253	645,003
Between 1 and 5 years	—	959,747	198,551	1,901	84,440	1,244,639
More than 1 year		1,212,215	198,551	2,183	476,693	1,889,642
Less than 1 year	—	405,261	3,733	2,919	100,480	512,393
Balance at June 30, 2024		1,617,476	202,284	5,102	577,173	2,402,035

The amounts shown under "New Loans" and "Early Repayments" related to bank loans include drawdowns

and repayments under revolving credit facilities during the year.


CMB.TECH & Euronav		Financial Report 2024


35

Bank loans

Terms and debt repayment schedule

The terms and conditions of outstanding loans were as follows:



(in thousands of USD)				June 30, 2024			December 31, 2023
	Cur r.	Nominal interest rate	Year of mat.	Facility size	Drawn	Carrying value	Facility size	Drawn	Carrying value
Unsecured Revolving loan 80.0M	EUR	SOFR + CAS + 1.45%	2026	85,000	85,000	85,149	88,400	—	(66)
Secured FSO loan 150M	USD	SOFR + 2.15%	2030	116,120	116,120	115,195	124,809	124,809	123,728
Secured vessels loan Refi - Revolving facility 932M*	USD	SOFR + 2.30% - 2.90%	2028	932,432	778,681	772,381	725,000	—	(8,398)
Secured vessels loan Refi - Transition facility 293M	USD	SOFR + 2.30% - 2.90%	2025	293,415	293,415	291,258	368,225	368,225	365,662
Secured vessels loan Refi - Newbuild facility 190M	USD	SOFR + 2.30% - 2.90%	2028	—	—	—	47,500	47,500	47,433
Credit Line Belfius Windcat EUR 1.25M	EUR	SOFR + 1.83%	—	1,338	1,338	1,338	—	—	—
Credit Line KBC Windcat EUR 1.25M	EUR	SOFR + 2.40%	—	1,338	1,338	1,338	—	—	—
Loan BNPPF 100M	EUR	Euribor + 1.00%	2037	107,197	57,449	57,449	—	—	—
Loan CEXIM I 152M	USD	SOFR + 2.06%	2036	151,993	44,811	43,983	—	—	—
Loan CEXIM II 280M	USD	SOFR + 1.80%	2035	279,910	175,077	171,060	—	—	—
Loan CEXIM III 224M	USD	SOFR + 2.06%	2038	224,000	—	—	—	—	—
Loan KBC/Belfius Windcat EUR 78M	EUR	Euribor + 3.25%	2027	83,481	44,229	43,883	—	—	—
Loan SocGen EUR 50M	EUR	Euribor + 1.00%	2037	53,646	25,439	25,439	—	—	—
Loan SocGen EUR 8.8M	EUR	Euribor + 1.10%	2033	8,949	8,949	9,003	—	—	—
Total interest-bearing bank loans				2,338,819	1,631,847	1,617,476	1,353,934	540,534	528,359

* The total amount available under the revolving loan facilities depends on the total value of the fleet of tankers securing the

facility.

The facility size of the vessel loans can be reduced if the value of the collateralized vessels falls under a

certain percentage of the outstanding amount under that loan.


CMB.TECH & Euronav		Financial Report 2024


36

Other borrowings

On June 6, 2017, the Group signed an agreement with BNP to act as dealer for a Treasury Notes Program

with a maximum outstanding amount of 50 million Euro. On October 1, 2018, KBC was appointed as an

additional dealer in the agreement and the maximum amount was increased from 50 million Euro to

150 million Euro. As of June 30, 2024, the outstanding amount was USD 79.4 million or 74.2 million Euro

(December 31, 2023: USD 87.8 million or 79.1 million Euro). The Treasury Notes are issued on an as

needed basis with different durations and initial pricing is set to 60 bps over Euribor. The Company enters

into FX forward contracts to manage the transaction risks related to these instruments issued in Euro

compared to the USD Group currency. The FX contracts have a same nominal amount and duration as the

issued Treasury Notes and they are measured at fair value with changes in fair value recognized in the

consolidated statement of profit or loss. On June 30, 2024, the fair value of these forward contracts

amounted to USD (0.3) million.

On December 4, 2023, Euronav entered into a sale and leaseback agreement for the Suezmaxes Cypres

(2022 – 157,310 dwt) and Cedar (2022 – 157,310 dwt), the last one delivered at January 10, 2024. The

vessels were sold and were leased back under a 14-year bareboat contract at a rate equal to an

amortization element of USD 13,590 per day per vessel and an interest element based on term SOFR plus

435 basis points, which can be reduced by the sustainability saving. The sustainability saving is a CII score

of A or B which will lead to a margin reduction of 10 basis points. In accordance with IFRS, this transaction

was not accounted for as a sale but Euronav as seller-lessee will continue to recognize the transferred

asset, and recognized a financial liability equal to the net transfer proceed of USD 153.8 million. As of June

30, 2024, the outstanding amount was USD 147.4 million in total. At the end of the bareboat contract, the

Company has a purchase obligation of USD 7.39 million per vessel. Euronav may, at any time on and after

the fourth anniversary, notify the owners the charterers' intention to terminate this charter on the

purchase option date and purchase the vessel from the owners for the applicable purchase option price.

The CMB.TECH Group has entered into a number of sale and leaseback arrangements in relation to its

newbuilding program, which also feature a pre-delivery finance component. The sale and leaseback

financing agreements have a term of between 10 and 15 years from the delivery of the respective vessels

and carry an interest rate of SOFR plus 2.00% to 4.21%. At the end of the bareboat contract, the Company

has a purchase option or a purchase obligation. As at June 2024, the outstanding balance under these

facilities was USD 344.5 million.

During the course of the year, the CMB.TECH Group entered into a 10-year sale and leaseback

arrangement for the financing of two dry bulk vessels to be built at Beihai Shipyard. The facility carries an

interest of SOFR plus 2.45% as from delivery of the respective vessels. Upon the conclusion of the

bareboat contract, the Company will have the option to purchase the vessel. As of June 30, 2024, the

facility is used for an amount of USD 6.4 million.

In accordance with IFRS, these transactions were not accounted for as a sale. However, the Group will

continue to recognise the transferred assets, and has recognised a financial liability equal to the net

transfer proceeds.

Following the acquisition of the CMB.TECH Group by Euronav in February 2024, the presentation of pre-

delivery financing as part of the sale and bareboat (post-delivery) financing has been thoroughly reviewed

to align accounting treatment and presentation. As this pre-delivery financing is inextricably linked to the

post-delivery financing, there is a right to defer the settlement for at least 12 months as at the reporting

date.

This is disclosed in the line item more than five years until the moment of delivery.

The future lease payments for these leaseback agreements are as follows:


(in thousands of USD)	June 30, 2024	December 31, 2023

Less than one year	19,841	4,547
Between one and five years	85,406	19,130
More than five years	395,308	52,828
Total future lease payables	500,555	76,505


CMB.TECH & Euronav		Financial Report 2024


38

Note 18 - Financial instruments

Accounting classifications and fair values

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not

include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value,

such as trade and other receivables and payables.


		Carrying amount				Fair value
(in thousands of USD)	Note	Fair value - Hedging instruments	Financial assets at amortized cost	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
December 31, 2023

Financial assets measured at fair value
Forward exchange contracts	22	1,515	—	—	1,515	—	1,515	—	1,515
Interest rate swaps	20-22	1,286	—	—	1,286	—	1,286	—	1,286
		2,801	—	—	2,801

Financial assets not measured at fair value
Non-current receivables	20	—	1,624	—	1,624	—	—	1,535	1,535
Lease receivables	20	—	2,854	—	2,854	—	2,268	—	2,268
Trade and other receivables *	22	—	279,775	—	279,775	—	—	—	—
Cash and cash equivalents	—	—	429,370	—	429,370	—	—	—	—
		—	713,623	—	713,623


CMB.TECH & Euronav		Financial Report 2024


40



		Carrying amount				Fair value
(in thousands of USD)	Note	Fair value - Hedging instruments	Financial assets at amortized cost	Other financial liabilities	Total	Level 1	Level 2	Level 3	Total
June 30, 2024
Financial assets measured at fair value
Interest rate swaps	20-22	2,408	—	—	2,408	—	2,408	—	2,408
		2,408	—	—	2,408

Financial assets not measured at fair value
Non-current receivables	20	—	62,660	—	62,660	—	—	62,660	62,660
Lease receivables	20	—	2,072	—	2,072	—	1,609	—	1,609
Trade and other receivables *	22	—	239,456	—	239,456	—	—	—	—
Cash and cash equivalents	—	—	343,899	—	343,899	—	—	—	—
		—	648,087	—	648,087

Financial liabilities measured at fair value
Forward exchange contracts	16	299	—	—	299	—	299	—	299
		299	—	—	299

Financial liabilities not measured at fair value
Secured bank loans	16	—	—	1,532,476	1,532,476	—	1,555,592	—	1,555,592
Unsecured bank loans	16	—	—	85,000	85,000	—	85,149	—	85,149
Unsecured other notes	16	—	—	202,284	202,284	197,785	—	—	197,785
Other borrowings	16	—	—	577,173	577,173	—	571,142	—	571,142
Lease liabilities	16	—	—	5,102	5,102	—	4,554	—	4,554
Trade and other payables *	17	—	—	71,649	71,649	—	—	—	—
		—	—	2,473,684	2,473,684

* Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 22), deferred income and VAT payables (included in other payables) (see Note 17), which

are not financial assets (liabilities) are not included.


CMB.TECH & Euronav		Financial Report 2024


42

Measurement of fair values

Valuation techniques and significant unobservable inputs

Level 1 fair value was determined based on the actual trading of the unsecured notes, due in 2026, and the trading price on June 30, 2024. The following tables show

the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant unobservable inputs used.


Financial instruments measured at fair value
Type	Valuation Techniques	Significant unobservable inputs
Forward exchange contracts	Forward pricing: the fair value is determined using quoted forward exchange rates at the reporting date and present value calculations based on high credit quality yield curve in the respective currencies.	Not applicable
Interest rate swaps	Swap models: the fair value is calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates.	Not applicable
Commodity derivatives	Fair value is determined based on the present value of the quoted forward price.	Not applicable

Financial instruments not measured at fair value
Type	Valuation Techniques	Significant unobservable inputs

Non-current receivables (consisting primarily of shareholders' loans)	Discounted cash flow	Discount rate and forecasted cash flows

Lease receivables	Discounted cash flow	Discount rate

Other financial liabilities (consisting of secured and unsecured bank loans and lease liabilities)	Discounted cash flow	Discount rate

Other financial notes (consisting of unsecured notes)	List price	Not applicable


CMB.TECH & Euronav		Financial Report 2024


43

Transfers between Level 1, 2 and 3

There were no transfers between these levels in 2023 and for the six-month period ended June 30, 2024.

Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far

as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable

losses or risking damage to the Group’s reputation. The sources of financing are diversified and the bulk of the loans are irrevocable, long-term and maturities are

spread over different years.

The following are the remaining contractual maturities of financial liabilities:


		Contractual cash flows December 31, 2023
(in thousands of USD)	Note	Carrying Amount	Total	Less than 1 year	Between 1 and 5 years	More than 5 years
Non derivative financial liabilities
Bank loans and other notes	16	730,311	837,126	217,328	587,681	32,117
Other borrowings	16	163,546	214,641	99,058	40,363	75,220
Lease liabilities	16	36,856	37,732	33,806	3,651	276
Current trade and other payables *	17	106,613	106,613	106,613	—	—
		1,037,326	1,196,112	456,805	631,694	107,613

Derivative financial liabilities
Interest rate swaps	17	146	(9)	(876)	797	70
		146	(9)	(876)	797	70


CMB.TECH & Euronav		Financial Report 2024


44


		Contractual cash flows June 30, 2024
(in thousands of USD)		Carrying Amount	Total	Less than 1 year	Between 1 and 5 years	More than 5 years
Non derivative financial liabilities
Bank loans and other notes	16	1,819,760	2,164,574	649,802	1,214,901	299,870
Other borrowings	16	577,173	810,706	134,888	186,643	489,175
Lease liabilities	16	5,102	5,635	3,075	2,214	346
Current trade and other payables *	17	71,649	71,649	71,649	—	—
		2,473,684	3,052,564	859,414	1,403,758	789,391

Derivative financial liabilities
Interest rate swaps	17	—	719	(148)	860	7
		—	719	(148)	860	7

* Deferred income and VAT payables (included in other payables) (see Note 16), which are not financial liabilities, are not included.

The Group has secured bank loans that contain loan covenants. A future breach of covenant may require the Group to repay the loan earlier than indicated in the

above table. As of June 30, 2024 and December 31, 2023, the Group was in compliance with all of the covenants contained in the debt agreements.

The interest payments on variable interest rate loans in the table above reflect market forward interest rates at the reporting date and these amounts may change as

market interest rates change. It is not expected that the cash flows included in the table above (the maturity analysis) could occur significantly earlier, or at

significantly different amounts than stated above.


CMB.TECH & Euronav		Financial Report 2024


45

Note 19 - Deferred tax assets and liabilities

Euronav NV and its subsidiaries had available combined cumulative tax losses and other tax credits

carried forward of USD 212.1 million and USD 114.3 million as of June 30, 2024 and December 31, 2023,

respectively. Under current local tax laws, these loss carry forwards have an indefinite life and may be

used to offset future taxable income of Euronav NV and its subsidiaries.

The Company did not recognize deferred tax assets of USD 47.9 million and USD 28.6 million as of June 30,

2024 and December 31, 2023, respectively, that can be carried forward against future taxable income,

because it is not considered more likely than not that these deferred tax assets will be utilized in the

foreseeable future.

Note 20 - Non-current receivables



(in thousands of USD)	June 30, 2024	December 31, 2023

Shareholders loans to joint ventures	11,805	2
Derivatives	1,008	—
Cash guarantees and deposits	46,173	1,616
Other non-current receivables	4,682	6
Lease receivables	330	1,263
Total non-current receivables	63,998	2,887

The increase in shareholder loans to joint ventures mainly relates to the loans provided to BeHydro and

JPN H2Hydro and to joint ventures within the Windcat group of companies, i.e. TSM Windcat and FRS

Windcat Offshore Logistics.

The increase in cash guarantees and deposits as of June 30, 2024 compared to December 31, 2023 relates

to a cash security of USD 45.7 million lodged with the High Court of Malaysia in January, 2024. The cash

security equals the claimed amount and was required to lift the arrest on the vessel Oceania which was

subsequently sold and delivered to her new owners.

The lease receivables relate to the subleases of office space to third parties regarding the leased offices of

Euronav MI II Inc. (formerly Gener8 Maritime Inc.).

Note 21 - Inventory

The bunker inventory mainly relates to the bunker fuel stored on board of the vessels. As of June 30, 2024

the carrying amount of the bunker inventory on board of the vessels amounted to USD 22.1 million (2023:

USD 22.5 million). Bunkers delivered to vessels operating in the TI Pool, are sold to the TI Pool and bunkers

on board of these pooled vessels are no longer shown as bunker inventory but as trade and other

receivables.

The inventory on board of our vessels is accounted for on a first-in, first-out basis. No write down is

needed as long as the freight market remains robust offsetting potential higher weighted average

consumption costs of the bunker oil consumed from that inventory.

Bunker expenses and consumed lubricants are recognized in profit or loss upon consumption.

The other inventory amounts to USD 10.7 million and relates to trucks purchased to be converted into

hydrotrucks for resale and spare parts used for the conversion of regular engines to hydrogen powered

engines.


CMB.TECH & Euronav		Financial Report 2024


46

Note 22 - Trade and other receivables


(in thousands of USD)	June 30, 2024	December 31, 2023

Receivable from contracts with customers	137,854	88,544
Receivable from contracts with customers - TI Pool	87,115	169,339
Accrued income	12,877	13,706
Accrued interest	835	1352
Deferred charges	35,426	17,601
Deferred fulfillment costs	705	2,278
Other receivables	3,030	11,414
Lease receivables	1,742	1,591
Derivatives	1,401	1,286
Total trade and other receivables	280,985	307,111

The increase in receivables from contracts with customers is primarily attributable to the outstanding

receivables resulting from the acquisition of CMB.TECH as of February 2024.

The receivables from contracts with customers - TI Pool relates to income to be received by the Group

from the Tankers International Pool. These amounts decreased in the first six months of 2024 mainly due

to a decreased number of vessels in the pool in following of the sale of 24 vessels to Frontline (see Note

12) compared to December 31, 2023.

The increase in deferred charges is mainly due to the acquisition and consolidation of CMB.TECH as per

February, 2024 and relates mainly to arrangement fees on predelivery financing of newbuild vessels.

Fulfillment costs represent primarily bunker costs incurred between the date on which the contract of a

spot voyage charter was concluded and the next load port. These expenses are deferred according to IFRS

15 Revenue from Contracts with Customers and are amortized on a systematic basis consistent with the

pattern of transfer of service. The lease receivables relate to the subleases of office space to third parties

regarding the leased offices of Euronav MI II Inc. (formerly Gener8 Maritime Inc.).

The derivatives as of June 30, 2024 relate to the fair market value of the Interest Rate Swaps in connection

with the USD 150 million facility (FSO Africa and FSO Asia).


CMB.TECH & Euronav		Financial Report 2024


47

Note 23 - Provisions and contingencies


(in thousands of USD)	Note	Onerous contract	Total

At January 1, 2024		598	598
Provisions used during the year	-	(163)	(163)

Balance at June 30, 2024		435	435
Non-current	-	125	125
Current	-	310	310
Total		435	435

The Group is currently involved in a litigation with RMK Maritime (RMK). RMK have commenced legal

proceedings in the London High Court against Euronav seeking USD 12,993,720 in damages in relation to

unpaid advisory services provided by RMK to Euronav concerning its merger with Gener8 in 2016 and

2017. Based on an external legal advice, management believes that it has strong arguments that the risk

of an outflow is less than probable and therefore no provision is recognized. The case will be heard in May

2025.

The Group is also involved in a claim from Fourworld. Fourworld has filed a claim against CMB NV and an

identical claim to Euronav NV as well as all parties concerned in the deal with Frontline. They want to

overturn the following 3 decisions; (1) the sale of 24 vessels from Euronav to Frontline, (2) the termination

of the arbitration between Euronav and Frontline and (3) the acquisition of CMB.TECH by Euronav.

Hearings will take place in May 2026. Management believes that Fourworld has no strong arguments and

evidence and that the risk for Euronav is low and therefore no provision is recognized.

Additionally, the Group is still involved in a litigation concerning the Oceania. A cash security of

USD 45.7 million has been lodged with the High Court of Malaysia in January, 2024 (see Note 20). There is

no change compared to December 31, 2023 with regards to the assessment of the case.

Note 24 - Business Combination

Euronav and CMB NV (“CMB”), its controlling shareholder, announced on December 22, 2023, that they

entered into a share purchase agreement for the acquisition of 100% of the shares in CMB.TECH NV

(“CMB.TECH”) (the “Transaction”) for a purchase price of USD 1.15 billion in cash. CMB.TECH is a diversified

future-proof maritime group. CMB.TECH builds, owns, operates and designs large marine and industrial

applications that run on dual-fuel diesel-hydrogen and diesel-ammonia engines and monofuel hydrogen

engines. CMB.TECH offers hydrogen and ammonia fuel that it either produces or sources from external

produces to its customers.

CMB.TECH is active throughout the full hydrogen value chain through three different divisions: Marine, H2

infra, and H2 Industry. The value creation of the new strategy is driven by CMB.TECH’s “future-proof” fleet

of 106 vessels, of which 46 are under construction.

The Transaction fits into the Company’s renewed strategy of diversification, decarbonization and

accelerated optimization of the Company’s current crude oil tanker fleet. The parties believe that the

Transaction will lead to the creation of the leading, future proof shipping platform, with the Company

becoming the reference in sustainable shipping. CMB and Euronav believe that the addition of CMB.TECH

to Euronav’s business will enable a flywheel strategy – positioning the Group to tap into each step of the

energy transition towards low carbon shipping, with a clear vision on value creation for its shareholders.

Euronav’s older tanker tonnage provides excellent opportunities to recycle capital over time into more

future proof, attractive and diversified end-markets and contract types. In addition, Euronav’s current

customer portfolio is located at the centre of the energy transition and looking for low-carbon tanker

shipping services.


CMB.TECH & Euronav		Financial Report 2024


48

The transaction was approved by an Extraordinary General Meeting on February 7, 2024 and has been

completed on February 8, 2024.

The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the

acquisition date.


(in thousands of USD)	Note
Vessels	12	425,564
Assets under construction	12	478,235
Other tangible assets	12	23,650
Intangible assets	13	3,538
Investments in equity accounted investees	25	12,399
Receivables	-	16,514
Deferred tax assets	-	5,414
Current assets	-	57,128
Cash and cash equivalents	-	4,176
LT loans and borrowings	-	(532,439)
Provisions	-	(111)
Current liabilities	-	(138,038)
Total identifiable net assets acquired		356,030

(in thousands of USD)
Consideration transferred	-	1,153,000
Total identifiable net assets acquired	-	356,030
		796,970

Current assets are comprised of trade debtors, inventory and deferred charges. Current liabilities are

primarily constituted by short-term loans and borrowings related to the newbuild program, trade debts

and accrued costs and deferred income related to the shipping activities.

The transaction has been considered as a transaction under common control and therefore IFRS 3 does

not apply. Hence book value accounting was applied which resulted in the recognition of an adjustment of

USD 797 million in retained earnings to reflect the difference between the consideration paid and the

identifiable net assets acquired.

Contribution to revenue and profit/loss

Since their acquisition by the Group, the acquired companies contributed revenue of USD 67.9 million and

a gain of USD 13.7 million to the Group’s consolidated results for the six months ended June 30, 2024. If

the acquisition had occurred on 1 January 2024, management estimates that the Group’s consolidated

revenue for the six months ended June 30, 2024 would have been USD 501.7 million and consolidated

profit for the six months period ended June 30, 2024 would have been USD 678.9 million.

Acquisition related costs

The Group incurred approximately USD 1.0 million of legal fees, mainly related to due diligence costs and

advisory fees. These acquisition-related costs for the business combination were expensed as incurred

and are included in 'General and administrative expenses'.


CMB.TECH & Euronav		Financial Report 2024


49

Note 25 - Investments

At cost

The investment in other companies of USD 45.0 million relates to the purchase of 10% of the shares of

Anglo-Eastern Univan Group Limited (see Note 4 and 6).

Equity-accounted investees



(in thousands of USD)	June 30, 2024	December 31, 2023
Assets
Interest in joint ventures	16,237	518
TOTAL ASSETS	16,237	518

Joint Ventures

The following table contains a roll forward of the balance sheet amounts with respect to the Group’s joint

ventures:


	ASSET
(in thousands of USD)	Investments in equity accounted investees	Shareholders loans
Gross balance	597	850
Offset investment with shareholders loan	826	(826)
Balance at January 1, 2023	1,423	24

Reversal prior year offset investment with shareholders loan	(826)	826
Group's share of profit (loss) for the period	(927)	—
Gross balance	(330)	850
Offset investment with shareholders loan	848	(848)
Balance at December 31, 2023	518	2

Reversal prior year offset investment with shareholders loan	(848)	848
Group's share of profit (loss) for the period	2,570	—
Movement shareholders loans to joint ventures	—	(44)
Capital increase / (decrease) in joint ventures	1,063	—
Translation differences	(216)	113
Business combinations	12,399	11,638

Gross balance	15,485	12,557
Offset investment with shareholders loan	752	(752)
Balance at June 30, 2024	16,237	11,805

The increase in investments in equity accounted investees and shareholders loans to joint ventures at June

30, 2024 is mainly related to the acquisition of CMB.TECH (see Note 5).


CMB.TECH & Euronav		Financial Report 2024


50

Note 26 - Subsequent events

On July 2, 2024, the Company announced the formal approval by the shareholders meeting of the name

change from Euronav NV to CMB.TECH NV. The name change will be effective as of October 1, 2024. In the

same meeting the distribution to shareholders of USD 0.88 per share from the available share premium

and the intermediary dividend to shareholders of USD 0.27 per share has been approved.

On August 5, 2024, the Company took delivery of the Mineral Italia (2024 – 210,000 dwt).

On August 6, 2024, the Company took delivery of the CMA CGM Etosha (2024 – 6,000 TEU).

On August 8, 2024, the Company took delivery of the Bochem New Orleans (2024 – 25,000 dwt).

Note 27 - Standards issued but not yet effective

The Group elected not to early adopt the following new Standards, Interpretations and Amendments,

which have been issued by the IASB and the IFRIC but are not yet effective as per June 30, 2024 and/or not

yet adopted by the European Union as per June 30, 2024 and for which the impact might be relevant:

•Amendments to IAS 21: The Effects of Changes in Foreign Exchange Rates for lack of exchangeability

(issued August 2023)

•Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (issued

May 2024)

•New standard IFRS 19: Subsidiaries without Public Accountability: Disclosures (issued May 2024)

•New standard IFRS 18: Presentation and Disclosure in Financial Statements (issued April 2024)

None of the other new standards, interpretations and amendments, which have been issued by the IASB

and the IFRIC are not yet effective as per June 30, 2024 and/or not yet adopted by the European Union as

per June 30, 2024, are expected to have a material effect on the Group's future financial statements.

Note 28 - Statement on the true and fair view of the

consolidated financial statements and the fair overview of the

management report

Mr. Marc Saverys, Chairperson of the Supervisory Board, Mr. Alexander Saverys, CEO and Mr. Ludovic

Saverys, CFO, hereby certify that, to the best of their knowledge, (a) the condensed consolidated interim

financial statements as of June 30, 2024 and for the six-month period then ended, which have been

prepared in accordance with IAS 34 “Interim Financial Reporting” as issued by the IASB and as adopted by

the European Union, give a true and fair view of the assets, liabilities, financial position and results of

Euronav NV and the entities included in the consolidation, and (b) the interim management report

includes a true and fair overview of the information required to be included therein under Article 13 §5

and §6 of the Royal Decree of November 14, 2007 on the obligations of issuers of financial instruments

admitted to trading on a regulated market.


CMB.TECH & Euronav		Financial Report 2024


51


	June 30, 2024
	Marine						H2 Infra	Industry	Less: Eliminations	Total
	Euronav	Bocimar	Delphis	Bochem	Windcat	Other
Revenue	425,189	29,881	9,011	10,683	17,060	553	—	—	—	492,377
Profit (loss) before income tax	671,532	4,154	17,236	2,142	(618)	(9,972)	(1,987)	1,497	—	683,984


Non-current assets	3,343,616	631,928	141,309	195,559	207,206	32,668	15,518	7,039	(1,687,038)	2,887,806
Current assets	1,013,501	14,710	41,802	8,504	15,532	487,207	1,720	20,335	(759,467)	843,843
TOTAL ASSETS	4,357,117	646,638	183,111	204,063	222,738	519,875	17,238	27,374	(2,446,505)	3,731,649

Equity	2,342,432	(547)	63,668	3,155	26,891	248,120	11,556	16,733	(1,485,328)	1,226,680
Non-current liabilities	1,424,560	318,117	91,894	125,997	123,467	8,009	171	422	(201,700)	1,890,937
Current liabilities	590,125	329,068	27,549	74,911	72,380	263,746	5,511	10,219	(759,477)	614,032
TOTAL LIABILITIES	4,357,117	646,638	183,111	204,063	222,738	519,875	17,238	27,374	(2,446,505)	3,731,649


	For the six month period ended

(in thousands of USD)		June 30, 2024	June 30, 2023

Wages and salaries		(7,332)	(3,849)
Social security costs		(1,603)	(512)
Equity-settled share-based payments		—	851
Activated costs		358	—
Other employee benefits		(750)	(570)
Employee benefits		(9,327)	(4,080)

Administrative expenses		(25,780)	(21,031)
Tonnage Tax		(866)	(1,766)
Claims		(477)	(20)
Provisions		163	148

Total general and administrative expenses		(36,287)	(26,749)



(in thousands of USD)	Total	2024		2025		2026		2027

Commitments in respect of:
Tankers	755,340	129,340		95,370		463,310		67,320
Dry bulk vessels	1,316,062	311,773	—	573,421	—	355,518	—	75,350
Container vessels	143,373	90,802		15,009		37,562		—
Chemical tankers	214,272	68,972		47,200		98,100		—
CSOVs	264,725	35,646		143,853		60,499		24,728
Total	2,693,772	636,533		874,853		1,014,989		167,398



(in thousands of USD)	June 30, 2024	December 31, 2023

Derivatives	—	146
Total non-current other payables	—	146
Trade payables	40,495	42,032
Accrued expenses	28,610	43,898
Accrued payroll	1,890	2,724
Dividends payable	541	16,301
Deferred income	22,500	17,355
Other payables	183	1,703
Total current trade and other payables	94,219	124,013


	EURONAV NV
	(Registrant)

Dated: August **, 2024	By:	/s/ Alexander Saverys
		Alexander Saverys
		Chief Executive Officer


(in thousands of USD)	Note	Share capital	Share premium	Translation reserve	Hedging reserve	Treasury shares	Retained earnings	Total equity
Balance at January 1, 2023		239,148	1,678,336	(24)	33,053	(163,024)	385,976	2,173,465

Profit (loss) for the period	—	—	—	—	—	—	336,866	336,866
Total other comprehensive income (expense)	—	—	—	171	(1,666)	—	—	(1,495)
Total comprehensive income (expense)		—	—	171	(1,666)	—	336,866	335,371

Transactions with owners of the company
Dividends to equity holders	—	—	(211,807)	—	—	—	(157,684)	(369,491)
Treasury shares delivered in respect of share-based payment plans	—	—	—	—	—	1,501	—	1,501
Equity-settled share-based payment	—	—	—	—	—	—	(851)	(851)
Total transactions with owners		—	(211,807)	—	—	1,501	(158,535)	(368,841)

Balance at June 30, 2023		239,148	1,466,529	147	31,387	(161,523)	564,307	2,139,995


	June 30, 2023
	Marine	Less: Eliminations	Total
	Euronav
Revenue	688,116	—	688,116
Profit (loss) before income tax	335,046	—	335,046

	December 31, 2023
	Marine	Less: Eliminations	Total
	Euronav
Non-current assets	1,787,543	—	1,787,543
Current assets	1,631,737	—	1,631,737
TOTAL ASSETS	3,419,280	—	3,419,280

Equity	2,357,373	—	2,357,373
Non-current liabilities	637,154	—	637,154
Current liabilities	424,753	—	424,753
TOTAL LIABILITIES	3,419,280	—	3,419,280



(in thousands of USD)				June 30, 2024			December 31, 2023
	Curr.	Nominal interest rate	Year of mat.	Facility size	Drawn	Carrying value	Facility size	Drawn	Carrying value
Unsecured notes	USD	6.25%	2026	200,000	200,000	202,284	200,000	200,000	201,952
Total other notes				200,000	200,000	202,284	200,000	200,000	201,952


CMb.TECH & euronav		2024年基本報表