CMB.TECH and MOL Forge Agreement for Ammonia-Powered Vessels

Euronav ( (CMBT) ) has shared an announcement.

CMB.TECH has signed a landmark agreement with Mitsui O.S.K. Lines and MOL Chemical Tankers for nine ammonia-powered vessels, marking a significant step towards decarbonizing the maritime industry. This agreement, which increases CMB.TECH’s contract backlog by $921 million, aligns with the industry’s goal of achieving net zero emissions by 2050 and demonstrates the company’s commitment to fleet rejuvenation and diversification.

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CMB.TECH is a diversified maritime group that owns and operates over 150 vessels, including crude oil tankers, dry bulk vessels, container ships, and chemical tankers. The company also provides hydrogen and ammonia fuel and is headquartered in Antwerp, Belgium, with offices across Europe, Asia, the United States, and Africa. CMB.TECH is listed on Euronext Brussels and the NYSE.

YTD Price Performance: -9.54%

Average Trading Volume: 84,412

Technical Sentiment Signal: Buy

Current Market Cap: $1.86B

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