CMB.TECH reported a loss of $7.5m in the second quarter of 2025, just eight days after it finalised its merger with dry bulk specialist Golden Ocean.

That’s quite the drop from the $184m profit recorded in the same quarter of 2024, although that result was largely due to the sale of several large vessels that completed during the period.

The loss can partly be attributed to an increase in finance expenses, which more than tripled from $30.5m in 2Q24 to $118.2m in 2Q25.

This, combined with a weak dry bulk market at the start of the year and softer TCE rates, meant the Saverys-owned company fell to its first quarterly loss since 2021.

But CMB.Tech continued with its fleet renewal drive, completing the sale of VLCC Iri (IMO: 9529968) (formerly Iris) for a gain of $57.1m and taking delivery of eight newbuildings, including six newcastlemaxes.

The 2010-built, 165,000 dwt crude tanker Sofia (IMO: 9461764) has also been sold by the Belgian company, for a capital gain of $20.4m to be recorded in Q4.

Just over a week ago, CMB.Tech completed its merger with Golden Ocean and added 89 vessels to its dry bulk fleet.

The process hasn’t gone completely smoothly though, as shareholders representing 12.5% of Golden Ocean have filed an appraisal under Bermuda law.

That appraisal contests whether those shareholders got fair value for their Golden Ocean shares, which were replaced with CMB.Tech shares following the merger.

CMB.Tech said it “reaffirms that Golden Ocean shareholders were offered fair value in the merger and will address these claims appropriately”.

Despite the loss, chief executive Alexander Saverys said his company’s “modern fleet is well positioned to create a lot of value in the months to come, particularly thanks to our exposure to strong tanker and dry bulk markets”.