Fortescue and CMB.TECH sign agreement for ammonia-powered ore carrier
Antwerp, April 14, 2025 (GLOBE NEWSWIRE) -- CMB.TECH NV (NYSE: CMBT & Euronext: CMBT) ('CMB.TECH' or the 'Company') has signed an agreement with Fortescue to charter a new ammonia-powered vessel. This emphasises the commitment of both companies to decarbonise the shipping industry. This 210,000-dwt ammonia-powered Newcastlemax will feature a dual fuel engine and is expected to be delivered by the end of 2026.
Fortescue and Bocimar, part of CMB.TECH, have signed an agreement for an ammonia-powered Newcastlemax featuring a dual fuel engine. The 210,000-dwt vessel is part of CMB.TECH's series of large dry bulk carriers currently on order at Qingdao Beihai Shipyard and is expected to be delivered to Fortescue by the end of next year. It will play a vital role taking iron ore from the Pilbara to customers in China and around the world.
While Fortescue is committed to eliminating Scope 1 and 2 emissions from its Australian iron ore operations by 2030, its target of Net Zero Scope 3 emissions by 2040 reflects the challenge of eliminating emissions from the shipping of its products to customers and from steelmaking.
Fortescue has taken a global leadership position by advocating for the early adoption of zero emission fuels such as green ammonia, widely accepted as the long-term solution, and the bypassing of transitional fuels such as biofuels and LNG.
The Fortescue Green Pioneer, the world's first dual-fuel ammonia-powered vessel, has been in London since early March and will soon embark on a tour of global ports to bring attention to the need for a hastened transition to zero emissions fuels.
Fortescue Metals CEO Dino Otranto said:
'Our landmark agreement with Bocimar sends a clear signal to the market – now is the time for shipowners to invest in green ammonia-powered ships. The days of ships operating on dirty bunker fuel, which is responsible for 3 per cent of global carbon emissions, are numbered. We continue to implore shipping regulators to show the character and leadership that is necessary to ensure this happens sooner rather than later. Our agreement with Bocimar is just the beginning. Through the Fortescue Green Pioneer we have demonstrated that the technology to decarbonise shipping exists now. We will continue to work with like-minded companies like Bocimar to transition our fleet to low and zero-emissions vessels and help accelerate the widespread adoption of green ammonia as a marine fuel.'
Alexander Saverys, CEO of CMB.TECH said:
'Fortescue and Bocimar have been close partners for more than 20 years. We share the same values and are both passionate about decarbonising the maritime industry. Based on our common belief that green ammonia is the fuel of the future, we were able to conclude this important agreement on the road to zero emission shipping. This is the beginning of an exciting journey to build more ammonia-powered ships that will stimulate more green ammonia production projects. We need to decarbonise today to navigate tomorrow.'
Announcement first quarter 2025 results – 14 May 2025
About CMB.TECH
CMB.TECH is a diversified and future-proof maritime group. We own and operate more than 150 seagoing vessels: crude oil tankers, dry bulk vessels, container ships, chemical tankers, offshore wind vessels & workboats. We also offer hydrogen and ammonia fuel to customers, through own production or third-party producers.
The company is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, United States and Africa.
CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol CMBT.
More information can be found at https://cmb.tech
About Fortescue
Fortescue is the technology, energy and metals group accelerating the commercial decarbonisation of industry, rapidly, profitably and globally. The metals business comprises iron ore operations in the Pilbara, Western Australia as well as a pipeline of exploration projects globally in Africa, Latin America and Australia. By 2030, they aim to have their Australian iron ore operations running on green energy, achieving Real Zero Scope 1 and 2 terrestrial emissions. Their Energy business is building a global portfolio of renewable green hydrogen and green ammonia projects and developing green technology solutions. As their business develops globally, their commitment to building thriving communities expands withthem. Delivering positive social and economic change through training, employment and business development opportunities is a key focus.
fortescue.com
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words 'believe', 'anticipate', 'intends', 'estimate', 'forecast', 'project', 'plan', 'potential', 'may', 'should', 'expect', 'pending' and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
Attachment
Katrien Hennin CMB.TECH +32 499393470 [email protected]
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
40 minutes ago
- Yahoo
2 Dividend Stocks to Hold for the Next 2 Years
Dividend stocks can generate reliable passive income. The key is to find companies that have a strong track record of paying and increasing their dividends. Investors also want to be sure that they are picking companies that can generate enough earnings and free cash flow to cover and raise their dividends in the future. These 10 stocks could mint the next wave of millionaires › Since the pandemic began, the stock market has proven to be erratic, plunging at times only to quickly recover and launch into fresh bull markets. Today, with plenty of new uncertainty due to issues including President Donald Trump's trade wars, U.S. fiscal concerns, and the concerning trajectory of the U.S. economy, more volatility is certainly on the docket. That's why investors may want to check out some dividend stocks, which can provide reliable passive income. The returns of dividend stocks can be much more dependable than those of non-payers, especially if you choose ones with good track records and the ability to grow their earnings and free cash flows so they can keep regularly increasing their payouts. Here are two dividend stocks that meet those criteria that investors can feel comfortable buying and holding for the next two years. The iconic footwear and apparel company Nike (NYSE: NKE) has been less than iconic as a stock lately. It's now down by about 39% over the last five years (as of June 4). Intensifying competition in the footwear and apparel space, struggles with the brand, and an excessive focus on digital promotions and sales have resulted in the company underperforming in recent years. To change its trajectory, the board hired longtime Nike veteran Elliot Hill out of retirement to take the helm, and Nike is now deeply entrenched in his turnaround plan. Hill is focused on getting the company back to what it does best -- renewing its intense focus on the brand, leading the way on product innovation, and reactivating and improving its sales relationships with wholesalers. Hill also said earlier this year that Nike will be focused on five product areas -- running, basketball, football, training, and sportswear -- and three markets: the U.S., the United Kingdom, and China. But as some analysts have pointed out, Nike's turnaround could take longer than expected, especially if the global trade war continues or if the U.S. economy tips into a recession. A longer turnaround could make it difficult to entice investors to buy and hold the stock, which is why Nike is likely to make paying and raising its dividend a priority. Its yield of about 2.6% at the current share price isn't bad, but it trails most Treasury yields right now and over the past few years. In November, Nike increased its quarterly dividend by 8%, marking the 23rd consecutive year the company has hiked the payout. In a couple more years, Nike is likely to join an exclusive club -- the Dividend Aristocrats®, which are S&P 500 companies that have increased their payouts for a minimum of 25 straight years. (The term Dividend Aristocrats® is a registered trademark of Standard & Poor's Financial Services LLC.) Its ascension into that group will give Nike added some credibility among dividend investors. Nike also has a trailing 12-month free cash flow yield of 5.66%, more than double its current dividend yield. Nike has a good dividend track record and clear incentives to keep raising its payouts to reward shareholders for their patience. If its turnaround is successful, that should also enable the company to grow earnings and free cash flow, which will also bolster its capacity to pay higher dividends. If you've followed Wells Fargo (NYSE: WFC), then you know that the bank has been on a bumpy ride over the last decade. In 2016, it came to light that large numbers of employees at the bank had been opening banking and credit card accounts in customers' names without those customers' authorization. The scandal evolved into a reputational nightmare for Wells Fargo and cost it billions of dollars in fines and lost profits. Regulators put various restrictions and consent orders on the bank to monitor its actions. In addition, the Federal Reserve in 2018 put an asset cap on it, preventing it from growing its balance sheet above $1.95 trillion -- limiting its ability to expand, pursue acquisitions, and make more money. In 2019, the bank brought on Charlie Scharf to take over as CEO, and he did a tremendous amount of work to overhaul the bank's regulatory infrastructure and leadership team. Scharf also significantly cut expenses, sold off non-core assets, and ramped up higher-returning businesses like investment banking and credit card lending. This year, after Trump returned to the White House, banking regulators under his administration quickly terminated the consent orders that were put in place to monitor its behavior in the wake of the scandal, and just recently lifted the asset cap. That's a massive deal for the bank, which can now begin to grow its balance sheet again and go on the offensive in the financial services market. During the pandemic, Wells Fargo was one of the few banks forced to cut its dividend due to regulations put into place by the Federal Reserve. While the bank has been able to regrow its payout, its yield still sits in the bottom half of its peer group. Furthermore, broader deregulation of the banking sector from Trump and his administrators is likely on the way. I suspect the largest banks will eventually have much lower regulatory capital requirements than they have now, which will allow them to return more capital to shareholders. Furthermore, Wall Street analysts on average currently expect Wells Fargo to grow its diluted earnings per share by about 8% this year and by close to 14% next year, according to data provided by Visible Alpha. Over the last 12 months, Wells Fargo's dividends only consumed about 31% of earnings, so it should have plenty of opportunities to keep growing its payouts in the coming years. Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $363,030!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $38,088!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $674,395!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join , and there may not be another chance like this anytime soon.*Stock Advisor returns as of June 2, 2025 Wells Fargo is an advertising partner of Motley Fool Money. Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nike. The Motley Fool has a disclosure policy. 2 Dividend Stocks to Hold for the Next 2 Years was originally published by The Motley Fool
Yahoo
40 minutes ago
- Yahoo
If I Could Only Buy and Hold a Single Stock, This Would Be It.
While Netflix, Amazon, and Nvidia have delivered spectacular returns, they lack the diversification needed for a single-stock portfolio. Berkshire Hathaway operates like an expertly curated ETF, owning 68 distinct companies plus stakes in nearly 40 public companies. Despite not owning Berkshire myself, I recognize it as the safest choice for investors seeking a single long-term holding. 10 stocks we like better than Berkshire Hathaway › Let's make this clear from the start: I would never recommend owning just one stock for the long haul. A proper nest egg needs some variety, either in a carefully assembled basket of diverse stocks or focused on a broad market-tracking exchange-traded fund (ETF). For the sake of argument, however, I could imagine buying some Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) stock and just letting it roll. I know, I know. You wanted me to double down on Amazon (NASDAQ: AMZN), whose stock has absolutely crushed the general market in the long run. Or I could have picked Netflix (NASDAQ: NFLX), the media-streaming pioneer that's created most of my wealth so far and that might join the trillion-dollar market cap club in a few years. Perhaps you expected Nvidia (NASDAQ: NVDA), with its unmatched five-year returns and huge long-term future in the artificial intelligence (AI) industry. These stocks sure tick a few of the right boxes, but none of them are as naturally diversified as Berkshire Hathaway. That's really what I'm looking for in a "single stock for all ages." I own all three of the suggested Berkshire alternatives above, by the way. Netflix was an early name in my portfolio, inspired by fellow Fool Rick Munarriz's in-depth analysis of the company in the mid-2000s. When Netflix went through the Qwikster-branded separation of DVD and streaming services, I doubled down on my investment at a fantastic price. That particular Netflix stake has gained 10,350% in less than 14 years. But that's just my favorite play on the future of digital media services. I would never dare to make Netflix my only holding, just in case somebody builds a better media-streaming mousetrap. I wish I had pounced on Amazon much earlier, like Motley Fool co-founders Tom and David Gardner did. But I dragged my feet, and watched the online bookstore become an e-commerce buffet with a highly profitable side of cloud computing services. My oldest Amazon investment is only up by 430% since January 2017. Still, Amazon only operates in a couple of business sectors. The company (and stock) could be vulnerable to a sudden sea change in cloud computing, possibly led by Microsoft's (NASDAQ: MSFT) Windows Azure. And how well would Amazon's dominant e-commerce business perform if global rivals such as Alibaba (NYSE: BABA) or MercadoLibre (NASDAQ: MELI) found some traction in the American market? Amazon is not a one-trick pony, but the company should pick up a few more skills before entering this single-stock discussion. I'm especially worried about Nvidia's long-term tenacity. The early leader in AI accelerator hardware could very well run into a superior alternative in the next few years. The risk only grows larger if you stretch the timeline out over decades. Rivals like Advanced Micro Devices (NASDAQ: AMD) and Intel (NASDAQ: INTC) control tiny slices of the AI chip opportunity so far, but that could change. The next market-defining AI winner could be some upstart I haven't heard of yet. Moreover, leading cloud computing experts such as Microsoft and Amazon already design AI accelerators of their own, hoping to meet their exact needs at a lower cost. Nvidia's big growth spurt might have a few years left in it. I'm just not convinced that the stock will continue to rise after that. My largest Nvidia purchase has posted a 780% gain since June 2022, but I cashed in on those paper gains and sold most of my Nvidia shares earlier this year. This pony needs to learn a few more tricks, too. So diversity sets Berkshire apart from the biggest success stories of this era. Sure, Warren Buffett's stock-picking and wealth management expertise deserves tons of respect. But he is also known as a great mentor, and many of Berkshire's top-performing picks in recent years were added by Buffett's lieutenants. I expect the company to continue doing well when the Oracle of Omaha retires at the end of 2025. The stock is kind of like a carefully curated ETF. Berkshire Hathaway owns and operates 68 distinct companies these days. The names range from GEICO car insurance and Duracell batteries to Business Wire information services and the Burlington Northern Santa Fe railroad. Berkshire dabbles in e-commerce (Oriental Trading Company) and clothing (Fruit of the Loom), not to mention home construction (Clayton Homes) and fast food (Dairy Queen). This business list is almost as diverse as the S&P 500 (SNPINDEX: ^GSPC) market index. And that's just Berkshire's in-house brands. The company also owns stock in about 40 public companies. The largest investments include a $60.7 billion stake in Apple (NASDAQ: AAPL), a $45.1 billion position in American Express (NYSE: AXP), and a $28.5 billion holding of Coca-Cola (NYSE: KO). That's consumer electronics, financial services, and beverage distribution. Apple's gigantic presence may look risky, but the danger looks smaller when you also consider Berkshire's epic collection of fully owned businesses. Do you see a theme here? I do, but it's not a single industry. Berkshire is all about diversity, shielding the company and its investors against the temporary ups and downs in any one particular industry. I don't actually own any Berkshire Hathaway stock yet. I get my portfolio diversification kicks in other ways, with several dozen hand-picked stocks and a couple of broad index funds serving this purpose. That's arguably a mistake, since Berkshire's stock tends to outperform the S&P 500 in the long run, and I can't compete with the Buffett team's stock-picking skill. So if you're starting a new portfolio today, or just looking for an alternative to the common S&P 500 index funds, you should give Berkshire Hathaway a serious look. It's definitely a safer long-term bet than Nvidia, Netflix, or even Amazon. Before you buy stock in Berkshire Hathaway, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Berkshire Hathaway wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $669,517!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $868,615!* Now, it's worth noting Stock Advisor's total average return is 792% — a market-crushing outperformance compared to 171% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 2, 2025 John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. American Express is an advertising partner of Motley Fool Money. Anders Bylund has positions in Alibaba Group, Amazon, Intel, Netflix, and Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices, Amazon, Apple, Berkshire Hathaway, Intel, MercadoLibre, Microsoft, Netflix, and Nvidia. The Motley Fool recommends Alibaba Group and recommends the following options: long January 2026 $395 calls on Microsoft, short August 2025 $24 calls on Intel, and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy. If I Could Only Buy and Hold a Single Stock, This Would Be It. was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Oracle (ORCL) Unveils AI Upgrades to Utilities Platform to Streamline Operations and Cut Costs
We recently published a list of . In this article, we are going to take a look at where Oracle Corporation (NYSE:ORCL) stands against other buzzing AI stocks on latest news and ratings. On June 3rd, Oracle Corporation (NYSE:ORCL) unveiled AI-powered enhancements to the Oracle Utilities Customer Platform, helping deliver fast, accurate meter data management (MDM) and streamlining utility operations. The enhancements aim to simplify work for employees and improve performance across the platform, which powers metering, operations, and billing, sales and account management, customer service, and customer engagement, all in a single solution. A team of IT professionals meticulously crafting a large-scale enterprise performance management system. According to Oracle, the AI enhancements not only accelerate data processing speeds but also cut down operational costs and improve utility customer service. The Oracle Utilities Customer Platform integrates embedded AI and a unified data framework to help utility companies make smarter decisions using accurate meter readings. 'Globally, utilities have a multibillion-dollar opportunity to use AI to transform customer service and operations. With system complexity, costs, and customer needs all growing, it's getting difficult and expensive for many utilities to keep up. We're helping utilities tackle these challenges in ways just now becoming possible. By bringing AI and in-memory meter data processing into the Oracle Utilities Customer Platform, we're helping our clients streamline operations, cut costs, and deliver a more satisfying customer experience.' Oracle Corporation (NYSE:ORCL) is a database management and cloud service provider. Overall, ORCL ranks 4th on our list of buzzing AI stocks on latest news and ratings. While we acknowledge the potential of ORCL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
