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Assets and liabilities held for sale and discontinued operations | 12 Months Ended
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Dec. 31, 2024
Non-Current Assets Held For Sale And Discontinued Operations [Abstract] |
Assets and liabilities held for sale and discontinued operations | Assets and liabilities held for sale and discontinued operations Assets held for sale The assets held for sale can be detailed as follows:
(in thousands of USD) |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Marine |  | 165,583 |  |  | 871,876 |  |  | 18,459 |
H2 Infra |  | — |  |  | — |  |  | — |
H2 Industry |  | — |  |  | — |  |  | — |
Total assets held for sale |  | 165,583 |  |  | 871,876 |  |  | 18,459 |
(in thousands of USD) |  | (Estimated) Net sale price |  | Book Value |  | Asset Held For Sale |  | Impairment Loss |  | (Expected) Gain
At January 1, 2023 |  | 40,523 |  |  | 18,459 |  |  | 18,459 |  |  | — |  |  | 22,064 |
Assets transferred to assets held for sale |  |  |  |  |  |  |  |  |  |
Alice |  | 86,153 |  |  | 61,626 |  |  | 61,626 |  |  | — |  |  | 24,528 |
Anne |  | 86,617 |  |  | 62,820 |  |  | 62,820 |  |  | — |  |  | 23,797 |
Aquitaine |  | 90,453 |  |  | 58,657 |  |  | 58,657 |  |  | — |  |  | 31,796 |
Dominica |  | 82,840 |  |  | 52,826 |  |  | 52,826 |  |  | — |  |  | 30,014 |
Desirade |  | 86,153 |  |  | 56,071 |  |  | 56,071 |  |  | — |  |  | 30,082 |
Alboran |  | 86,503 |  |  | 56,367 |  |  | 56,367 |  |  | — |  |  | 30,136 |
Aral |  | 86,797 |  |  | 56,445 |  |  | 56,445 |  |  | — |  |  | 30,352 |
Andaman |  | 87,130 |  |  | 56,636 |  |  | 56,636 |  |  | — |  |  | 30,494 |
Hatteras |  | 90,337 |  |  | 59,368 |  |  | 59,368 |  |  | — |  |  | 30,969 |
Delos |  | 113,020 |  |  | 83,611 |  |  | 83,611 |  |  | — |  |  | 29,409 |
Doris |  | 113,330 |  |  | 84,438 |  |  | 84,438 |  |  | — |  |  | 28,892 |
Derius |  | 104,670 |  |  | 81,458 |  |  | 81,458 |  |  | — |  |  | 23,212 |
Camus |  | 123,797 |  |  | 92,228 |  |  | 92,228 |  |  | — |  |  | 31,569 |
Oceania |  | 43,120 |  |  | 8,294 |  |  | 8,294 |  |  | — |  |  | 34,826 |
Corporate |  | 2,000 |  |  | 1,031 |  |  | 1,031 |  |  | — |  |  | 969
Assets sold from assets held for sale |  |  |  |  |  |  |  |  |  |
Cap Charles |  | (40,523) |  |  | (18,459) |  |  | (18,459) |  |  | — |  |  | (22,064) |
At December 31, 2023 |  | 1,282,920 |  |  | 871,876 |  |  | 871,876 |  |  | — |  |  | 411,044 |
At January 1, 2024 |  | 1,282,920 |  |  | 871,876 |  |  | 871,876 |  |  | — |  |  | 411,044 |
Assets transferred to assets held for sale |  |  |  |  |  |  |  |  |  |
Cap Lara |  | 33,213 |  |  | 14,437 |  |  | 14,437 |  |  | — |  |  | 18,776 |
Alsace |  | 96,850 |  |  | 69,388 |  |  | 69,388 |  |  | — |  |  | 27,462 |
Ingrid |  | — |  |  | 44,811 |  |  | 44,811 |  |  | — |  |  | — |
Hakata |  | — |  |  | 36,899 |  |  | 36,899 |  |  | — |  |  | — |
Windcat 6 |  | 275 |  |  | 48 |  |  | 48 |  |  | — |  |  | 227 |
Assets sold from assets held for sale |  |  |  |  |  |  |  |  |  |
Alice |  | (86,153) |  |  | (61,626) |  |  | (61,626) |  |  | — |  |  | (24,528) |
Anne |  | (86,617) |  |  | (62,820) |  |  | (62,820) |  |  | — |  |  | (23,797) |
Aquitaine |  | (90,453) |  |  | (58,657) |  |  | (58,657) |  |  | — |  |  | (31,796) |
Dominica |  | (82,840) |  |  | (52,826) |  |  | (52,826) |  |  | — |  |  | (30,014) |
Desirade |  | (86,153) |  |  | (56,071) |  |  | (56,071) |  |  | — |  |  | (30,082) |
Alboran |  | (86,503) |  |  | (56,367) |  |  | (56,367) |  |  | — |  |  | (30,136) |
Aral |  | (86,797) |  |  | (56,445) |  |  | (56,445) |  |  | — |  |  | (30,352) |
Andaman |  | (87,130) |  |  | (56,636) |  |  | (56,636) |  |  | — |  |  | (30,494) |
Hatteras |  | (90,337) |  |  | (59,368) |  |  | (59,368) |  |  | — |  |  | (30,969) |
Delos |  | (113,020) |  |  | (83,611) |  |  | (83,611) |  |  | — |  |  | (29,409) |
Doris |  | (113,330) |  |  | (84,438) |  |  | (84,438) |  |  | — |  |  | (28,892) |
Derius |  | (104,670) |  |  | (81,458) |  |  | (81,458) |  |  | — |  |  | (23,212) |
Camus |  | (123,797) |  |  | (92,228) |  |  | (92,228) |  |  | — |  |  | (31,569) |
Oceania |  | (43,120) |  |  | (8,294) |  |  | (8,294) |  |  | — |  |  | (34,826) |
Corporate |  | (2,000) |  |  | (1,031) |  |  | (1,031) |  |  | — |  |  | (969) |
At December 31, 2024 |  | 130,337 |  |  | 165,583 |  |  | 165,583 |  |  | — |  |  | 46,464 |
On December 14, 2022, the Company sold the Suezmax Cap Charles (2006 - 158,881 dwt), for a net sale price of $40.5 million. This vessel was accounted for as a non-current asset held for sale as at December 31, 2022, and had a carrying value of $18.5 million as of that date. The vessel was delivered to its new owner on February 16, 2023. Taking into account the sales commission, the net gain on this vessel amounts to $22.1 million and was recorded in the consolidated statement of profit or loss in the first quarter of 2023. On October 9, 2023, the Company announced the agreement of 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 $2.35 billion. A total of 11 VLCC tankers have been delivered before December 31, 2023 (see Note 8). As at December 31, 2023, 13 VLCC tankers, that were part of the fleet sale to Frontline, have been booked as an asset held for sale (Alice, Anne, Aquitaine, Dominica, Desirade, Alboran, Aral, Andaman, Hatteras, Delos, Doris, Derius and Camus) for a total carrying value of $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 $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 $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 $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 $34.8 million and was recorded in the consolidated statement of profit or loss in the first quarter of 2024. CMB.TECH announced a new chapter in the evolution of the FAST platform. In a strategic move to enhance capabilities and ensure continued growth, CMB.TECH transferred the FAST platform to ZeroNorth. The sale price (included in the heading "Corporate") amounts to $2.0 million. The net gain amounts to $0.4 million. Closing of the deal and official transfer date was on April 1, 2024. On May 21, 2024, the Company sold the VLCC Alsace (2012 - 320,350 dwt) for $96.9 million. The vessel is accounted for as a non-current asset held for sale as at December 31, 2024, and has a carrying value of $69.4 million. The net gain on the vessel amounts to $27.5 million and was recognized upon delivery to her new owners on January 27, 2025. On June 27, 2024, the Management Board formally decided to commit to a plan to sell 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 $81.7 million as per December 31, 2024. The Windcat 6 has been sold, after 18 years of service on December 18, 2024 for an amount of $275 thousand. The CTV is accounted for as a non-current asset held for sale as at December 31, 2024, and has a carrying value of $48 thousand. The sale generates a gain $227 thousand and was recognized upon delivery to the new owner on March 13, 2025. On December 31, 2024, CMB.TECH has sold the Suezmax Cap Lara (2007, 158,826 dwt) for $33.2 million. The vessel is accounted for as a non-current asset held for sale as at December 31, 2024, and has a carrying value of $14.4 million. The sale generated a gain of $18.8 million and was recognized upon delivery to the new owner on March 10, 2025. Discontinued operations As of December 31, 2024 and December 31, 2023, the Group had no operations that meet the criteria of a discontinued operation.

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