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Euronav to change name to CMB.TECH
Euronav will be officially known as CMB.TECH from October this year following approval of the change at a shareholders' meeting.
Gary Howard
Jul 02, 2024
The name change will be preceded by a change to the company’s ticker symbol on Euronext and the New York Stock Exchange. The company said it had filed a request for the ticker to be changed from EURN to CMBT from July 15th on both exchanges.
The proposal to change the name of Euronav to CMB.TECH was part of Euronav’s $1.15bn acquisition of CMB’s green ships and green technology arm CMB.TECH earlier this year. Some 106 vessels were transferred to Euronav under that deal.
Euronav has now become the main entity within the CMB Group, encompassing its own tanker fleet, dry bulk fleet in Bocimar, container ships in Delphis, chemical tankers in Bochem, and offshore wind vessels in Windcat. While the name of the main company is changing, Euronav will remain the oil tanker shipping company within the CMB.TECH group.
The loss of the Euronav name is one of the final steps in a deal struck between Euronav and CMB to break a stalemate between Euronav and fellow tanker owner Frontline on the future of Euronav. The Euronav-Frontline saga reaches back to at least 2022 when an $4.2bn all-stock merger was agreed before being terminated by Frontline.
In October 2023, Frontline agreed to acquire 24 VLCCs from Euronav for $2.35bn partly funded by the sale of its 26% stake in Euronav to CMB, breaking Frontline's grip on Euronav.
The Euronav brand stretches back to 1989 as a subsidiary of CNN (Compagnie Nationale de Navigation) and in 1995 Euronav Luxembourg SA was formed as a joint venture between CNN and Compagnie Maritime Belge (CMB). Euronav NV acquired Euronav Luxembourg SA in 2022 in preparation for a successful demerger from CMB. The company went on to be listed on Euronext Brussels in 2004 and the NYSE in 2015.
LMB-BML 2007 Webmaster & designer: Cmdt. André Jehaes - email andre.jehaes@lmb-bml.be
