Cmb.Tech NV (CMBT) Earnings Call Transcript & Summary

Welcome to the Capital Markets Day of Euronav and CMB.TECH. We start with the forward-looking statements. Today's presentation is based on information available today, Friday, January 12, 2024, and not on any future date. This presentation is available on the Euronav website and will also be filed on Form 6-K with the SEC later today. The event is being recorded, and a video and transcript will be available on the Euronav website later today. This presentation contains forward-looking statements, including statements about our beliefs and expectations regarding the proposed transaction between Euronav and CMB.TECH and the potential benefits of that transaction. By their nature, forward-looking statements reflect current views with respect to future events and financial performance. Actual events and results will differ from these expectations, perhaps materially and neither Euronav nor CMB.TECH undertake to publicly update or revise any forward-looking statements. You will find the complete details of the forward-looking statements on this slide. CMB NV, the parent company of CMB.TECH is expected to launch a tender offer for the outstanding ordinary shares of Euronav. This presentation is separate from any takeover bid and is neither an offer to purchase nor a solicitation of an offer to purchase securities. [Operator Instructions] I will now hand the floor to Alexander to start the Capital Markets Day.

Dear value shareholders of Euronav NV, dear analysts, dear journalists, dear ladies and gentlemen. Welcome to Euronav's Capital Market Day. We have organized this event to provide you more information about the recently announced acquisition of CMB.TECH. We will dive more into details and numbers as the morning proceeds, hoping to provide you all the necessary facts and figures to properly understand what this transaction entails. A lot has been said and written about CMB, CMB.TECH and Euronav in the past 18 months. The content ranged from relatively accurate to totally off the mark. We understand it has been difficult to assess what the new diversification and decarbonization strategy for Euronav means without having access to more information. And I will not dwell on the reasons why we could not provide you with this information because this would involve too much lawyer talk, and we had enough of that over the past months. But here we are. And we are very happy to elaborate more about what Euronav and CMB.TECH will be about. Let me answer some important questions before we begin. Why did we not believe in a merger with Frontline? Why do we not believe in a stand-alone pure-play crude oil tanker company? It's actually quite simple, value creation. We believe that the diversified shipping group with a strong focus on decarbonization will create more value than a pure-play tanker company. This does not mean we will exit the tanker markets. We still see opportunities there, but not as a pure play. Why don't we pay out the full proceeds of the sale of the 24 VLCCs as dividends? The answer there, again, is value creation. We believe that we will create more value by reinvesting this money rather than just pay a huge dividend. This does not mean we are against dividends. We see dividends as a value creator, but not the only value creator. Why did we fast track the CMB.TECH acquisition before the opening of the mandatory bid for Euronav? Create clarity. Clarity about what we do with the $2.35 billion of cash we received through the 24 VLCCs, clarity about what diversification and decarbonization means in reality with real ships, real projects and real cash flows. And clarity about the way we want to create value in the years to come. Is the bid price and the mandatory takeover bid for Euronav fair? Yes. Is it overly generous? No. The bid is mandatory. We do it because the law says so. We have said on many occasions that we want to remain listed in Brussels and New York. This being said, the bid has the tremendous advantage of offering all of you and exit at a decade high price should you want to sell your shares. Is the acquisition price for CMB.TECH fair? Yes. Is it overly generous to CMB? Or in other words, is CMB selling at the top of the market and all the Euronav minority shareholders doing a bad deal? No. We have already disclosed and we'll disclose more in detail today how the CMB.TECH valuation has come about and what this means in terms of earnings potential in the coming years. You will see that this acquisition offers an [ enormous ] value creation potential, and we believe Euronav did a good deal. Ladies and gentlemen, after today, you should ask yourself one question: Do I believe in what the Euronav and CMB.TECH team is telling me today? Do I believe that holding a stock of a company that is a reference green shipping stock will create more value than continuing to be a company dependent 100% on the transport of crude oil? If the answer is no, you can sell today, tomorrow or you can sell your shares in March when the bid ends. If the answer is yes, I gladly welcome you to take a front seat on board of our big fleet of ships; destination, zero carbon shipping. I do not promise only calm seas all along this maritime adventure, but I do guarantee you that your captain and crew will do everything in their power to steer you safely and [indiscernible] through the energy transition and fascinating markets with one goal and one goal only, creating for value for everyone on board. And with this being said, let's get started. I can see the slide on my screen, but I don't think it's on the big screen. People in the room have the presentation on paper, so people that are dialing digitally can see the presentation. The presentation is split in four parts. I will first talk you about the CMB.TECH acquisition and remind you of the major aspects of that acquisition. I will then move into the creation of the reference and sustainable shipping, which is the new CMB.TECH that we envisage. And brother Ludovic will take you through the value creation and the value proposal we have with CMB.TECH and with Euronav. And we will then focus on the various business units and markets, which will be presented by my colleagues who are experts in the fields. I would like to start with the CMB.TECH transaction. Before I speak about CMB.TECH, I would like to give you an overview of Euronav after the sale of the 24 VLCCs. After the sale of the 24 VLCCs to Frontline, Euronav is the world's second largest independent quoted crude oil tanker company engaged in the transportation and storage of crude oil. And now people in the room can also see the presentation. Sustainability in Euronav is a core value, has been a core value and will continue to be a core value. There is a clear strategy to rejuvenate the fleets and have a future-proof newbuilding program, which we have recently initiated that will be at the core of our long-term value creation strategy. Our fleet today, as you can see on the right side, is 17 VLCCs on the water with three newbuildings on order that will be powered by ammonia. Our Suezmaxes is 22 ships on the water with another four on order. The average age of our fleet is 10 years for the VLCCs and a bit less than 8 years for the Suezmaxes. Last, but not least, we also have our two FSOs, which are operating in Qatar. Over the past years, we have returned $1.5 billion in dividends and we've had a share buyback program of $200 million. We are listed in New York and in Brussels with a market cap around $3.5 billion. At the bottom right of the slide, you can see that with 14,000 open days, a variation of $5,000 for instance, has a direct impact on our EBITDA of $70 million. CMB.TECH, the company we would like to acquire. CMB.TECH today is a company which is split in four divisions. There's a marine division, which is by and far, the largest part of the group. It is split up in bulk carrier division, Bocimar, with vessels powered by ammonia. The chemical tanker division Bochem with chemical tankers powered by ammonia -- a container division with container vessels powered by ammonia. We also have an offshore wind supply division called Windcat operating two ship types; crude transfer vessels, which are relatively small and bring people from the shore to the offshore wind parks and then much larger CSOVs, which are larger people carriers that go further offshore. And last, but not least, we also own one tugboat and two ferries. That marine division designs, builds and operates a future fleet powered by hydrogen and ammonia. And it is supported by two business units: H2 Infra, which is producing hydrogen and ammonia molecules and sourcing these molecules from third parties so that we can offer it to our customers. Technology and development, our center of engineers, which are developing the engines and bringing it on board of our vessels. Technology we use on all of our ships can also be used on land in heavy industrial applications, and these assets sits in our industry division. When you zoom in on the fleet CMB.TECH today, it's 60 ships on the water and 46 newbuildings. Split in the various divisions, as you can see, 62 vessels in offshore wind, 28 in dry bulk, 8 chemical tankers, 5 container vessels and 3 others. Roughly 50% is still powered by diesel. These are mainly our CTVs. And all the rest is either powered by ammonia or by hydrogen. Euronav has made an agreement with CMB to acquire CMB.TECH for an equity value of $1.15 billion. The fair market value of CMB.TECH and the price value is $3.649 billion. The bridge between the enterprise value and the equity value is $2.5 billion in debt, of which $500 million has already been drawn and $2 billion are installments we need to pay to the shipyards. Out of this $2 billion, $1.6 billion has already been secured with banks and $360 million still will need to come out of the Euronav cash. How do we want to pay the $1.15 billion equity and the $360 million that will come from the proceeds of the sale of the VLCCs to Frontline. My brother Ludovic will zoom in later on the detailed valuation of the various divisions. If the CMB.TECH acquisition is approved on the Special General Meeting on the 7th of February, what we will create is a combination of two entities, which on the left, Euronav, which is a best-in-class tanker platform with a high-quality base of VLCCs, Suezmaxes and FSOs, a very strong customer portfolio. All our Euronav customers are the center of the energy transition. Combined with, on the right, the current CMB.TECH, which is a market leader in green ships, has a modern fleet of over 100 low-carbon future-proof vessels and is operating an integrated hydrogen and ammonia value chain. Bringing this together, it is our aim to create a new CMB.TECH, the reference in sustainable shipping, creating value through a diversified fleet and a strong focus on decarbonization. We will use, produce, distribute and in the medium run, transport and carry low carbon fuels. We believe we can be the only investable diversified green shipping platform for ESG funds and investors and we continue, that's at least our intention to be listed in Brussels and in New York under the new ticker symbol CMBT. The fair market value of fleet is around $7 billion. I wanted to highlight as well the next steps and the little steps that have been taken or the big steps that have been taken recently. On the 9th of October, we struck a deal with Mr. Fredrickson, to acquire his shares in Euronav and to sell 24 VLCCs. This agreement was approved by the Special General Meeting in November. One month later, we have announced the acquisition by CMB.TECH, subject to a Special General Meeting of shareholders, which will take place on the 7th of February. After the 7th of February, the next milestone is the opening of the mandatory takeover bid on Euronav probably on the 14th of February, and then we hope to close this by the 15th of March. I would now like to move on to how we see the future for the new CMB.TECH. There, I have a small disclaimer that I need to read to you which is Euronav will propose to its shareholders to change its corporate name to CMB.TECH NV and CMB.TECH will also change its corporate name. A trading symbol for the renamed company will also be changed to CMBT on both NYC and Belgian Euronext. Further reference in the presentation and today, the CMB.TECH is forward-looking and describes the situation after the renaming for Euronav to CMB.TECH. Further reference to Euronav will be as the crude oil tanker division of CMB.TECH. This being said, let me take you through the following slides. The new CMB.TECH, CMBT, has a strong experienced management team. First and foremost, your presenter of today, myself as the CEO of the company. We have a very good CFO, my brother Ludovic; External Chief Commercial Officer, Maxime Van Eecke. My brother Michael is the Chief Charging Officer; and Benoit Timmermans is the Chief Strategy Officer. The five of us represent the Management Board of Euronav and will, if the transaction is approved on the 7th of February, represent the new Management Board of CMBT but we are not alone. We have a fantastic management team, which is supporting us on the day-to-day. And there are many more people that we could put on this slide, which are driving our vision and our strategy. I'd like to talk a little bit about the history of Euronav and CMB. In 1991, our family stepped into CMB as a controlling shareholder. In 1995, we cofounded Euronav together with CNN. 1997, Euronav became 100% owned tanker division of CMB. A couple of years later, in 2004, our ways split. We spun off Euronav as a separate listed company on the Brussels Stock Exchange. What you can see on the slide is a story of value creation by two companies, which is coming together after all these years in 2023. CMB, during all that time, has focused on diversifying its fleet and has clearly focused from 2015 and '16 on decarbonizing its fleets. Euronav, on the other hand, has grown its fleet and has become the largest independent tanker owner during all these years. We are now in 2023. We have announced the acquisition of CMB.TECH. And again, if it is approved at the next Special General Meeting, these two stories will come together again in one large investable company. What do we stand for? We want to be the global reference and sustainable shipping. That means four things. First and foremost, we create value with a diverse, sustainable and high-quality asset base and cash flows. We reward our shareholders. Secondly, CMB.TECH focuses on hydrogen for small ships, ammonia for large ships. We power green marine value chains, shipping assets, port assets, hydrogen and ammonia production infrastructure. Thirdly, we attract and inspire the best talents. And last, but not least, we want to serve our customers with the best, most reliable and safe services; our customers who are at the center of the energy transition. On this slide, you will recognize is, of course, based on the CMB.TECH, but with a big addition of the Euronav platform. New CMB.TECH will have four divisions, the large marine division, which I already highlighted to you, but with the addition of a very strong tanker platform, supported by H2 Infra, supported by technology and development and very much active as well on the land-based heavy industrial applications. It's a fleet on the water of 101 ships with 53 newbuildings in the pipeline. Average age of 4.6 years across the fleet. And as you can see, still 2/3 of the fleet, mainly the tankers of Euronav and the CTVs that are powered by diesel but 1/3 already in the pipeline to be powered by ammonia and hydrogen. And our business model is designed to enable the gray to green transition of the maritime industry. We have a focus on hydrogen for small ships, ammonia for large ships, and we want to create value for our shareholders with reliable, qualitative and safe services and, of course, attract the best talents. This slide shows you a bit more detail about the various large marine divisions. I will not dwell too long on it. I think it's important to highlight the fair market value of the fleet, which is very large, close to $7 billion. We have 154 vessels with more than 3,000 seafarers, 450 show-based staff and we have 70 engineers with more than 15 years of experience in the development of low carbon engines. A flywheel strategy of CMB.TECH, or the CMB.TECH Marine division, is a combination of our fleet and the production of molecules. We start by having a fleet that can use hydrogen and ammonia, Windcat, Bocimar, Bochem, [indiscernible] Euronav. By the fact that these ships had hydrogen and ammonia engines, they are enabling the production of hydrogen and ammonia; production that we will do ourselves, production that will be done by third parties. And the more these third parties produce the molecules, the more we will be able to use them onboard of our fleet and strengthen the rollout of our future-proof assets. It's an integration across the entire value chain in sustainable shipping, hydrogen and ammonia. It's diversified cash flows, which allow us to invest throughout the shipping cycles. And we will capitalize on the fleet size and the strategic investments we have in infrastructure. And all in all, it's a transportation of goods, something we have been doing for a long time, but with low-carbon solutions. We have added these slides to show to all of you that these are not just renders. The fleets are hitting the water. I've just come back yesterday from China, where we took delivery of one more container vessel and two more Newcastlemaxes. You can see the pictures there. We already have two chemical tankers on the water and there's four more coming this year. We have the HydroTug, which was launched just before Christmas. Many, many more vessels that will come into the fleet this year. We will show you the amount of open days that we already have in 2024 to show you that the cash flows are not coming in 5 years from now, but will actually come already very soon. CMBT on NYSE and Euronext wants to be a growth stock, a growth stock based on three things. First, a long-term trend and structural shift towards low carbon solutions. Second, the competitive advantage we believe we have at CMB.TECH to offer solutions to our customers, answer -- to give an answer to our customers who are faced with these new regulations. And last, but not least, there's more than 100,000 commercial vessels on the water in the world. The addressable market we have is huge. So with this combination of this long-term trends, our expertise and the large addressable market, we believe in growth, and we believe CMB.TECH will be a growth stock. About these regulations, everybody knows the EU regulation, the green deal, the [ FIT455 ], the EU ETS, the FuelEU Maritime Directive. But let's not forget, the rest of the world is there as well. The IMO this summer, 2023, has sharpened the CO2 targets for shipping. These limits will come. China, just come back from there, is also having, in their 5-year plans, a very clear target on low carbon industry and specifically low carbon shipping. Many regional initiatives will come, and this is why we believe that in the next 5 years, we could deploy $3 billion to $5 billion of investment in future-proof assets; green marine hydrogen assets, green marine ammonia assets. And I want to give you an example. You will see on this slide some calculations, and please read it at your leisure. I would like to take you to the assets. In the EU since the 1st of January of this year is the EU ETS. EU ETS means for ships that are calling European ports, you will have to pay for your CO2 emissions. Just like the cement industry or the steel industry already does since a long time. It's a tax, which is roughly $90 per ton of CO2, which is going to increase the cost of burning diesel on both of our ships. 100% of the CO2 emissions for ships are treated within Europe, 50% of CO2 emissions for vessels that come from outside of the EU and call EU ports. But there's more. On the 1st of January 2025, the FuelEU Maritime Directive will come into play. That directive will gradually lower the amount of CO2 a ship can emit per energy units. What does this mean? This means that, for instance -- from 2030, if you operate 10 large container vessels, and you continue to burn diesel, you will be faced with an extra bill per year of EUR 30 million to EUR 50 million spread out over these 10 ships. This is only 2030 to 2035. As from 2035, the rules become even more stringent, huge penalties if you continue to burn diesel. Adding just one ship, as you can see on the slide, which is powered by ammonia, could bring that bill down to zero. Now obviously, the clean fuels are more expensive. So this is not a saving of EUR 30 million to EUR 50 million straight to the bottom line. If we are very conservative, we will probably keep 10% to 15% of that saving. But then it comes to 2035, then comes 2040 and then it's going to accelerate. I want to show you here that actually, it already makes sense today to invest in future crew ships. The benefits will come because the regulations in the EU are already there and will be emulated, as I said before, in other regions of this world. Talking about an addressable market is talking about a number of ships. We're also talking about customers. People always ask me, do your customers pay to be green? I have to be honest, 80% of our customers want to be green, but they don't want to pay for it. But thankfully, as you can see on this slide, we are engaging with a lot of customers that are willing to co-invest and to partner with us into these low carbon solutions. And we believe this will only accelerate the addressable market and the amount of customers is huge. My last slide is to talk about growth. What we have put on this slide is discussions we are having today with customers, its plans and designs that we have in the pipeline. On the marine hydrogen powered, we have plans to roll out a series of tugboats, a series of hydrocat or CTVs. More CSOVs is powered by hydrogen and we want to extend our series of mini bulkers of which we have two today even further. On the ammonia side, we have exciting developments and exciting designs on Ultramax and Kamsarmax bulkers powered by ammonia. We are working on midsized container vessels powered by ammonia. We are looking at Aframaxes and LR2s, tankers powered by ammonia. And we would like to extend our series of chemical tankers 25,000 powered by ammonia. On the H2 Infra, we have a large project in Namibia. We will discuss this later on in the presentation, where we want to produce close to 200,000 tonnes of ammonia annually. But we're also working on offtake agreements. Two large offtake agreements in the U.S., one in Europe, and we have one specific green hydrogen offtake agreement we are working on in Europe. As you can see, our pipeline is big, the addressable market is big, and our customers want to engage with us on this. I would now like to pass on the word to my brother, Ludovic, who will talk to you about the value creation.

Good morning, everybody. My name is Ludovic Saverys. I'm the Chief Financial Officer of Euronav. As Alex mentioned in the nice introduction, where we're coming from, today, I'm going to zoom in a little bit more on valuation of the deal, but then also value creation of the combined platform. Valuation. This slide, you have seen. Euronav is buying 100% of the shares of CMB.TECH NV for $1.15 billion in cash. If you try to make the bridge from what is the whole company CMB.TECH works and then drill down into the liability it has and yes, it's -- we've made evaluation internally together with our financial advisers, KBC, Societe Generale and [indiscernible]. The four divisions. The marine division by far, the largest, obviously, we have done the typical net asset value calculation on the fair market value on the different segments, the dry bulk containers, chemicals, offshore wind, marine sites. The two others were industry, which are the land-based application powered by low carbon solutions and the H2 Infra, which is the sourcing and the production of the green molecules. Last, but not least, the technology and development center is more a cost center but has been looked at. The three latter parts, we've done a discounted cash flow, which I will go further into detail. That altogether brings the enterprise value of CMB.TECH to about $3.65 billion. We've talked about the cash price being paid, $1.15 billion in cash coming from the proceeds of the sale VLCCs. But more importantly, the $2.5 billion liabilities that will be rolled over, $0.5 billion is existing debt, existing debt from vessels on the water, existing debt on predelivery finance for some newbuildings. The remaining $2 billion in capital commitments, a lot of analysts have asked the question, what is the capital outflow in the coming years? Well, in the next 3, 3.5 years, Euronav now, the combined CMB.TECH, will pay another $2 billion to the yards. Of that $2 billion, $1.6 billion has already been secured, whether it's European banks, Chinese banks, Chinese leasing. These have been secured already -- and will be rolled over to the new CMB.TECH company. The remaining part, $3.6 -- $361 million will obviously come from the remaining cash in Euronav after the sale of the fleet of Frontline. Zooming in on the net asset value methodology we've done on the marine side. On this slide, there's a lot of numbers -- a lot of interesting numbers for readers and the investors because it details, one, the methodology; and then two, per vessel, what is the fair market value we have put these vessels in. Methodology, we've tried to keep it as objective as possible and so we've used broker valuations. Broker valuation, you probably know like Fearnley's, Clarksons, vessels value and others, we have used to look, make an average of these two broker valuations. And as an example, on the Newcastlemaxes, which is probably by far the largest part of the fair market value, we come around these newbuildings and vessel on the water around $72 million per vessel. Some of these vessels on the container side, the chemical tanks, already have long-term contracts, 10-year contracts. These have then been valued, seen by the brokers what that value is compared to what the current market is. And this has been added to the valuation of the company. Continuing through the industry parts. Industry and H2 Infra is a little bit more difficult to value because there is not just an independent valuator debt mix, a standard valuation. So we've done a business plan. The business span over 20 years, where basically management has made assumptions on how that company will grow together with our financial advisers to zoom in on the industry sides, where, as my colleagues will explain later, we focus on the building and selling or leasing of trucks, generators on hydrogen, port equipment, these are straddle carriers, reach stackers, Roro tractors, BeHydro, which is our joint venture in Belgium, where we build medium speed hydrogen engines, monofuel and dualfuel; and then the locomotives, which is a small division. As an example, on this slide, you can see in 2024, we expect to sell 75 dual fuel hydrogen trucks. Some of them have been announced already with [indiscernible] others are in the pipeline, and these are being built here in Antwerp and sold worldwide. The generators, for instance, this is a relatively small amount. 10 generators this year, together with our partnership with [ e-Power ], which will ramp up to 2026 to 36 generators. As you probably can see on total revenue, by 2026, these are relatively small amounts, $60 million to turnover on EBITDA of $30 million compared to the large cash-generating and profit-generating capacity of the marine side is relatively small. Nevertheless, we've then put this in the model where you take assumptions, obviously, it's a business plan on perpetual growth rates, weighted average cost of capital to be able to discount all that cash flow, and we've come to a valuation of $181 million enterprise value. As there's no debt in there, that's also the equity value. We've made a sensitivity on the bottom right, where, obviously, together with our financial advisers, we've tested what if the WACC is different, whatever the perpetual growth rate was different, and we can still see that if chosen the middle part. On the H2 Infra, that is probably even a harder task because on the one hand, we have our existing activities on the production of hydrogen here in Antwerp. We're building a smaller pilot that -- in Namibia. And then there is a very large scale project, which Michael will explain with about $2.5 billion to $3 billion of CapEx, where we will be a smaller shareholder but a driving shareholder, but there were the decision has not been taken yet. We have to put some probabilities on the execution of that whole plan. And there, after all the discounts with the various assumptions on the WACC and the perpetual growth, we've come to a valuation of about $90 million of enterprise value, which also is the equity value. These are our plans. They are future. We've also tested with our financial advisers. What other companies in the market are there that have similar plans that are publicly listed? And there, there has been examples of $200 million to $500 million of market cap on companies that have plans that are much smaller than ours. So we feel very comfortable on that valuation. As CMB is seen as a relative party to Euronav, in the whole transaction, we have taken an independent adviser, the [indiscernible] together with the Independent Directors of Euronav, has looked and tested what are the price $1.15 billion equity, what we've discussed, is a fair price. And there's been a very long report, which we have published on the Euronav websites, where the Independent Director has also done a positive advice on that transaction where we're trying to show on this slide the difference in valuation between both. Our value was $1.15 billion. The [indiscernible] come out of the independent adviser came to $1.3 billion. And we actually see that on the enterprise value, we almost match one-on-one with a very small difference, the enterprise value of the company. The big difference here, as you can read on the right side, is that the Independent Directors and their advisers have discounted the future $2 billion of CapEx. And obviously, in a higher interest rate environment, there's something to be said about that because we get an interest rate free delivery installments. We do not have to pay interest on the capital installments we have in the coming years. Nevertheless, we've kept the lower brackets of this valuation. On this slide, you can see that the Independent Directors have, together with their adviser, tested their valuation, whether it's on discounted cash flow, whether it was NAV, whether it was multiples on comparables, and they've put a sensitivity where the purchase price is still on the lower brackets of the various tests. Some analysts and media reports have asked questions on the -- hence, that previous management of Euronav has done on the valuation of the $720 million of CMB.TECH back in Q4 2021 and today. Now the company was dramatically different. The market backdrop was dramatically different. In 2021, there was a big hike on energy stocks, hydrogen stocks. And so we show on this slide, a snapshot, on the top side. On the Marine division, we had 40 vessels -- 47 vessels on the water and clearly, vessels on order for $1.8 billion. Now obviously, today in a transaction, it's much, much, much larger. And there's been a huge asset appreciation also on the vessels back then. On the H2 Infra and Industry, in about 2 years, we ramped up the prototype. We ramped up the production facilities on the H2 Infra, but also the business pipeline quite dramatically as on this slide, you can see a couple of the examples. Coming to the second part, value creation. So valuation was, on the one hand, on the transaction. Now we're looking forwards. We're a listed company with a long-term shareholder. I think we are, as a shareholder, perfectly incentivized together to lead this, to create value. But we also look at the clients. On the top side, you can see why we think we want to create value for the clients and then for the investors. The shareholders -- but also the existing ones and potentially the new ones we're going to attract. For our clients, it's core to our business. We're in the service business, where we own assets, we're an asset-intensive business, where we build, we try to think about what assets our clients want and try to bring to them something that they will use, which in return will get predictable cash flows. The goal of CMB.TECH new companies, obviously, to get access to long-term cash flows. [indiscernible] valuation, a lot of shipping companies are valued at an NAV business, which is a liquidating value. I think it doesn't give a lot of credit and merit for long-term businesses that an investor try to create value by saying we're just a liquidation. So obviously, we want to try to show more predictable cash flow, so people can start to value the company on a multiple of EBITDA back to the enterprise value. The long-term contracts with blue-chip counterparties obviously increased the creditworthiness of those cash flows. And where we definitely want, together with them, and we will show on some examples on the Newcastlemaxes on the container vessel, we're trying to share the risk, but also the rewards together with our clients, where we can give them their ways of reducing their Scope 3 emissions, as a third bullet point. Basically, we give the tools to our customers. In the various marine divisions, we try to give a future-proof vessels that our customers can use to have their own decarbonization trajectory. Investors. Still today, $3.5 billion market cap, dual listing, liquid stock. This is a perfect platform to attract investors. We have a very hard focus on ESG, and we dare to say it is real ESG. It is not just boardroom hype. We're getting down to the assets and putting them on the water to show the world that we can actually decarbonize already from today. We want to give a platform where people can invest. It is not easy today in various companies to have a very focus on the real energy transition, a real one because there's cash flow on the water. A real one because we're not afraid of using cash flows from older assets -- older generation assets, tankers, dry bulk vessels, but at least that can fuel that transition because today, there is a big need of equity deployment to get real [indiscernible] transition going on. So we use cash flow from the old money to fund the new. And then eventually, because of the long-term reference shareholder, try to attract a breed of long-term investors. People can step step in and out of the stock, obviously. But getting a long-term view is going to be critical if you want to ride this wave of energy transition. Now here, we're coming to one of my favorite slides. The next three slides, we'll try to -- There's a lot of numbers on there. On the marine side, what is our earnings capacity. And there is capacity on these various assets. It's about P&L breakeven, and it's about the market. You combine that together with the open days that Alex has mentioned already, and it's relatively easy for one to make its own assessment on what the cash generation measures can be on the profit-generating measures. As an example here, the Newcastlemax bulk carriers will have $22,000 per day P&L breakeven with an OpEx around $6,400, where actually vessels on the water, we were earning in Q4, actual numbers, roughly $30,000. This, as an example, the Newcastlemax today are making money. And you can see throughout the various divisions on the CMB.TECH divisions, the container vessel making money. Chemical tankers, they're interesting. CSOVs are probably the only one here which is not hitting the water yet. But if we look at the forecast of time charter earnings for 2024, you can see that the P&L breakeven of $30,000 on a CSOV could be delivered already will be making money. The bottom slide is back to the tanker business. These are figures that obviously we are publising every quarter. But just to give an example on the VLCC spot today, P&L break even of $26,000 earning actual -- well, it's an estimate, but we're close to actual $40,000. Suezmaxes, $42,000. So again, on the existing fleet and on the low P&L break evens, we believe we have an interesting story today. We've then taken the analyst consensus on what the future market is. Obviously, everyone needs to make their own assessments, but we've plugged in analyst consensus or actual contracts we have, for instance, on the chemical tanker, the containers, we have 10-year contracts, which are fixed. So there, the calculation is relatively easy, and we can still see a very nice profit-generating margin here on all the future cash flows that might come. Available days is probably the most important for people making their assessments on the cash flow generation, the profit generation in Euronav. We have, by 2026, a total amount of days of $30,000 -- 30,000 open date, sorry. Every $1,000 is $30 million. We don't have to wait until 2026. In 2024, we already have a big amount of vessels on the water. As you can see on the Newcastlemax, that's already 2,200 days. The 6,000 fuel container vessels, already 1,000 days. These are vessels that are making money today and will contribute to the bottom line of CMBT. The VLCC and Suezmax as you already know, but for us, this shows that we're not having to wait for low carbon cash flow in 5, 10 years, but actually, it's happening today. On this slide, we've made an illustrative balance sheet. So this is pure company calculation on combining at closing of the transaction, 15th of February, combining Euronav projected balance sheets and CMB.TECH projected balance sheets to then combine it. By Q1 figures, when we publish those in May, we will have much more revised figures, but this is already an illustrative balance sheet. Important to show here, there's been a lot of questions about goodwill. Because obviously, there's been a big uplift in value from CMB.TECH. Back to the purchase price. We have chosen, together with our auditors, to not revalue the assets on the marine side. So we keep them at book value. The goodwill that has been taken out of the equity, so that's the $780 million that you see. We have not taken any goodwill, and we will not take in the coming quarters. Coming back to the time line. You see here a NAV per share has been calculated at $18.43. We've then passed various hurdles to get to today where the bid price that we'll offer from 15th of February on until 15th of March through all the existing shares will be $17.86. But we believe that this will be an interesting entry opportunity for the existing investors to stay in or the new investors, obviously, to take part of this predicted upsize. We've touched upon it. We are diversified fleets. There is obviously a choice of a shipping company to be a pure play. We've chosen to be a different one and for two reasons. If you look on the bottom left, there is obviously the various cycles that we believe the various markets are in. Having a diversified fleets gives you the opportunity for a company to take the cash flows from sales, from operations at the higher cycle, like tankers to reinvest in divisions that are more lower cycle. We try to recycle your cash to be able to serve from wave to wave from trough to peak. On top of that, we do believe that there will be a difference for assets that are low carbon and conventional fuel in the years to come that will give an opportunity to earn more and better long-term cash flows compared to a great fleet. Last, but not least, we've talked about ESG transition. There is a big focus on ESG from the investors. And more and more, there's investors that can only invest in certain type of companies that have a very strong view on energy transition, but also are forced to. And so for us, it is definitely important to hit that flow of investors and try to convince and to buy stock in Euronav. To end my part, we repeat our value proposition for the investors. We give access to an energy transition focused large liquid stock. We focus on long-term value creation, diversified fleets, Tier 1 clients. As Alex mentioned, a lot of people think about ESG; think about in transition, not many of them really want to pay for it, but there is a good amount of people that want to do it. And these are often Tier 1 clients, investment-grade clients, which helps the credit portion obviously of CMBT. We're top ranked by Tier 1 ESG rating agency, as you can see on the bottom. We have been 3 consecutive years of B rating on the CDP. We think it's an interesting valuation point, and we have a strong anchor shareholders to try to navigate any transition. I think for that, and I will now pass on to Joris Daman to talk about the tanker market.

Good morning, everybody. Happy to kick off the first business units and market segment. My name is Joris Daman. I'm Head of Investor Relations of ESG of the new CMB.TECH entity. So I have three slides. On the first slide, I wanted to clarify a bit what is the role of Euronav as a BU segment, a crude oil transportation company in CMB.TECH; CMB.TECH being the future reference in sustainable shipping. How does that match? And how can Euronav support the swift just an equitable transition. These were the key outcomes, the key aims of the COP28 United Nations Climate Conference, and we are in full support there. It was also marked as the beginning of the end of the fossil fuels. So on your left-hand side, we have the oil demand scenarios. These are three scenarios. It's an average of several studies that are available out there in the market, where we have the new momentum. So after the Ukraine-Russia conflict, there was a new momentum whereby energy security, energy affordability became more important and energy transition a bit less. We have the accelerated scenario, accelerated being all the pledges that are taken by governments, by authorities that they would really become action. And then we have a third scenario, and that's called the net zero scenario. And the net zero scenario is, first of all, aligned with the 1.5 degrees Paris Climate Agreement, but also with the revised IMO greenhouse gas strategy of last year. And that's really key because we are a shipping company, and we want to be the reference in green shipping. It's aiming to be net zero by 2050, but you see that there is still a 27 million barrels of global oil demand on an annual basis that's offset by carbon capturing. So there will always be a certain demand for oil products in the foreseeable future. If you look at the right-hand graph, we made a translation of the scenario. So CMBT being the reference on sustainable shipping. What would that imply for the VLCC tonnage that would be required. So taking the assumption that today, we have roughly 900 VLCCs, we have kept the split between Suezmaxes and VLCCs equal, the split between pipeline and ship also equal, ton miles equal, so there are a lot of assumptions, but it's the main message here that we would require today, roughly 900 VLCCs and it will decline year-on-year by 5.5%, up until roughly 200 VLCCs by 2050. That's what we require. Then we added on top of that, okay, what are the amount of VLCCs that we have today? What's the order book? So we have the blue graph, and the blue graph shows, imagine that no new build orders would be there in the foreseeable future. The red graph shows, imagine that we gradually ramp up again, the newbuild orders to, on average, 25 per annum. What's really interesting in this graph is that by supporting a net zero situation, there is still a big requirement for VLCCs and that the requirement of VLCCs is bigger than the available tonnage even in a situation where we would build 25 VLCCs on an annual basis, really reinforcing that there is a place for a company like Euronav in an energy transition company, really gray to green energy transition. Main reason that you see that, let's say, the gap is becoming bigger in the coming years is that there was a big supply of VLCC tonnage between 2006 and 2012, and those ships are gradually becoming 15, 16 up to 20 years. And by that time, we either recycle them or they leave legal trade. That's the second key takeaway. And the third one, the tipping point. For me, the tipping point is not the moment where the red line crosses the green line, but is already earlier because asset value will have a forward-looking appreciation of the market. So it will start earlier around 2035, 2030, 2040. This is a rough order of magnitude estimation, but it shows the strategy why Euronav, as a business unit, is still placed within the CMB diversified clean tech shipping division. Now the market is good. It seems that for the foreseeable future, the market will remain good. Why are you then sharing a strategy of recycling all their tonnage to reinvest? There's two main reasons for it. On the left-hand side, you see the 10-year old tanker asset value in millions, where we speak today of an all-time high, taking not into consideration the 2004, 2008 super cycle. So today, the assets are at an all-time high in regard of asset valuation. So that means it's a good time to rethink about the strategy that you have. We take a forward-looking view at the market, and that's the right-hand graph, whereby we see a gradual ramp-up in the beginning of EU ETS. We add to that FuelEU. But we will also have IMO regulation because they have created the greenhouse gas with a strategy. They want to get to 2050 net zero situation. So they will also come with the global fuel levy. There will be additional legislation conventions be put in place over the next decade. And that will have an impact on the competitiveness of older ships, conventional ships. And that's what we show in the right-hand graph. And there, the main aim is that we do not want to wait to gradually reduce our fleet by each time waiting until their 20 to recycle or to replace. We want to creep on that. So we want to recycle our conventional fleet, our older conventional fleets and build up a future-proof fleet. And that's the, let's say, the green arrow in the bottom, whereby gradually building up future-proof [indiscernible], that will not be impacted by the upcoming legislation. Because, for example, the order, the [indiscernible] dual-fuel ammonia will not be impacted by the upcoming legislation because they have no carbon fuels. Those two slides were about, okay, why do we fit into CMBT as a business unit? What's our strategy in regard of recycling? This provides a bit an overview. The overview was already shared in the beginning and very well known in the market. But we are today still, the second largest publically listed crude oil platform. So if you want exposure in crude oil, if you want exposure in the next crude oil super cycle, Euronav is still the place to be as a business unit under the CMBT umbrella. We have 17 fleets on the water, 22 Suezmaxes, our two FSOs. 75% of our revenue is spot, 25% roughly under long-term contracts where we have two fleets. Under the long-term contract, we have our Suezmaxes, 5 Suezmaxes. Under Time Charter contract with revenue sharing, then we have the two FSOs under contract until 2032. If you look at the markets, this is very well known. There are two major items to be stressed here. 2024, we will hit a new peak in global oil demand, roughly 103 million barrels per day is forecast that are estimated to be achieved in 2024. We have the OPEC+ production cuts, which are prolonged. However, as a side effect of the production cuts, we know that the Atlantic Basin is more active and the ton-mile has grown in the last 6 months and is also estimated to grow further in 2024 by 3%. That's the market. If you look at the order book, we have there today an order book standing at 3.8% compared to the fleet up until last week. We had some orders popping up early this week, but it will not materially change at 3.8%. It will maybe become 4.1%. And if we fast forward 2 years, so imagine we are in 2026, 1/4 of the fleet will be 20 years or older, meaning that there is a market either for recycling or leaving, let's say, the legal trade. If you combine growing ton mile, growing oil demand, low order book, together with increasing regulations, so there will be some slow steam in the years ahead for the older tonnage, can estimate that utilization will further increase over the coming period and that rates should follow. That's about it from my side.

Good morning. My name is Michael Saverys. I'm Chief Chartering Officer of Euronav and very happy to present to you our views on Bocimar and the new division under CMBT where we are going to have 26 Newcastlemaxes and two hydrogen-powered mini-bulkers that are going to deliver in the next coming years. As Alex mentioned, he just came back from China. We are delivering two more Newcastlemaxes in the weeks to come. And the vessels that we're going to deliver in 2024, '25 and '26 are going to be initially ready or industry fitted. Basically, the future-proof fleets with increasing commercial value, obviously, as you know, the regulatory landscape is changing very dramatically. And what we are delivering are the most fuel-efficient Newcastlemaxes and dry bulk vessels on the planet. I will come back to you on that in the second slide, where we are going to be showing you the difference between 2012 Newcastlemax and a 2024 delivered Newcastlemax. Zooming in on the market. I think most of you know that dry bulk, generally speaking, follows the world GDP. We are expecting dry bulk growth for 2024 to be about 3%. In 2023, we had a relatively flat growth in the first -- or actually a negative growth in the first 6 months of the year. The second half of the year, we saw that we had an increase in the transport of iron ore, bauxite and grains, which ended in actually a very strong market for Q4 and actually a very strong market that we are expecting for 2024. Other supporting factors, obviously, for the dry bulk segment is that the new regulations means that the older fleet will have to slower their speeds. Slow speeds also means more demand. And just to zoom in now on the order book and utilization. On the supply, that is the most compelling story on dry bulk. Today, we have a current Capesize order book of about 20 million deadweight and that is only 5% of the Capesize fleet. But the real big shift that we are going to see in '24, '25, '26 is that the vessels that were built during the boom years of 2008 basically have been delivered in 2009, '10 and '11. About 70% of the Capesize fleet in 2027 will be 15 years and older. Obviously, by 2030, those ships will be 18 years. What does that mean today that on the biggest trade laying route, Australia, China today, these vessels can only be 15 years and younger. So by 2027, 70% of the Capesize fleets, and I think Joris zoomed in on the VLCCs that we have 1/4 of the fleet that is aging very rapidly. But here on Capesize, we have 70% of the Capesize fleet that will be older than 15 years in 2027. And that will be the year after we deliver the last Newcastlemax. Current trading patterns. We see that only a very, very small amount of vessels are trading 15 years and older in West Australia. But those are still contracts that were contracted back in 2006. So obviously, if all the vessels would be deployed on the West Australia routes as of 2027, it means that the market is very good. And obviously, we will benefit from it on our Newcastlemax fleet. Please, zoom in on the fleet profile of the fleet, the right-hand side bottom of the fleet to have a little bit more information on the numbers I've just given to you. Similar story. The age of the fleet, very old, but obviously with the CII regulations that we have by -- for the ships that are achieving a D rating for the 3 consecutive years or an E rating in a single year, corrective action plan must be developed and authorized and approved by a flag state. What does that mean is that we will need to -- if you have an older vessel on the water, you need to basically reduce the speed of your vessel further as your CII rating moves from an A to an E. With the Newcastlemax that we have on the water, we expect that we will keep an A rating for the next 7 to 10 years, depending on how many Newcastlemaxes the world is going to order. On the last part of the slide, I'm showing you the consumption of a Newcastlemax, the ones that we have on the water, which is the Mineral Belgium, then we have the Mineral Qingdao, which is a Newcastlemax that was built in 2020, and Mineral Maureen, which is a Newcastlemax that was built in 2012. We are zooming in on the consumption of these ships for West Australia to China round trip. It's about 35 days. We burn about 1,075 tonnes on the Mineral Maureen. In the Mineral Belgium, we burn about 700 tonnes. We do 10 voyages a year on these vessels. So the savings -- on the fuel savings on the Mineral Belgium is about 3,250 tonnes a year or $2.5 million. And this is the competitive advantage that these vessels have over the rest of the fleet. This is only monetary, but obviously in CO2 savings, the great advantage of our Newcastlemax fleet is that without looking and zooming in on the NH3 capabilities that these vessels will have, is that we have a reduction of Scope 3 emissions of up to 30% compared to the existing fleet that we have. So as I said, the dry bulk fleet has an extremely compelling supply side. The demand we know, it follows the GDP. So we are looking at fleet utilizations for '24, '25, '26, increased fleet utilizations. And so obviously, we are expecting to have very strong markets during these years. Ludovic also zoomed in on the actual performance of the fleet of those two new buildings that we had already on the water. They earned about $30,000 in the first half of -- second half of 2023 with a breakeven level of about $22,000. That's it from my side. Thank you. I pass the floor to Benoit Timmermans.

Good morning. My name is Benoit Timmermans. I'm the Chief Strategy Officer. And I think the sequence of the presentation couldn't be better because we were talking about diversification. I think talking about dry bulk followed by chemical tankers is quite a bit an example of diversification. Not only because we are probably in different points of the cycle, but also because the nature of the business is completely different. So welcome to the fantastic world of chemical tankers. Welcome to the world of the stainless steel. What are we transporting? We are transporting roughly 600 different products on those stainless steel tankers. Those chemicals are founding bricks of the industry and of consumer markets. It's in our daily lives. It's medicines, it's paints, it's detergents, it's car parts, it's sponges, it's food, it's oil, it's makeup, it's insulation, it's fertilizers, it's plastic, plastic fantastic, clothes, rainwear, explosives, fruits, vaccines, everything in this fantastic world of chemical tankers. We are building eight stainless steel 25,000 deadweights. This is the workhorse to come for the industry. Obviously, as already mentioned, those chemical tankers would be future proof. They would be able to be retrofitted to burn ammonia. Of those eight ships, two are today, operating [indiscernible] with a famous Norwegian chemical operator. We have committed the next four on long term with that same operator. The last two ships are unfixed. So we have a fair portion of spot exposure if we [indiscernible]. Now when I started all those products, which we carry and we can classify in organic, inorganic, I can go there [indiscernible] but that's not important. What you will understand is that the growth of the seaborne trades is even more linked towards GDP than anything else. It's a correlattion of 95%. So world GDP growth means growth in seaborne trade. Here is the fleet. Roughly 3,000 ships, but there's one big distinction is that some are coated units and some are stainless steel. We are only operating in the stainless steel segment. Stainless steel can take very corrosive specialty products, needs special attention and enables special trade which are premium trades. Where do we trade? Those are the main flows of commodities. Needless to say that out of the U.S., very rich in excess shale gas and excess shale oil, a lot of products can come out of there, it's the West Coast or the East Coast. A lot of trade to Europe. Europe used to be a net exporter. Lack of investments today, Europe has become a net importer. And then the big activity, of course, in the Far East with China being a major player soon to become, again, a net exporter. Trade volumes and ton-mile developments. There, you can see it, it's another expression in the first graph of the correlation between seaborne trades and amounts in [indiscernible]. What are the compelling elements in this story, apart from the fact that those are best-in-class, as Michael said, also very performance on the water with a lot of features, which our competitors do not have? It is the supply-demand outlook. We are facing a potential net fleet decline over the coming years. Little has been ordered -- little has been ordering as we speak [indiscernible] increase. It's very literally yard availability. It's a sophisticated ship to build. So the barriers of entry are fairly high, and we expect growth in seaborne trade. So the compelling story here, once again, is supply, demand. Thank you very much. I think there is a really little break now.

Dear all, also viewers at home, as mentioned, we will be taking a short break now, and we will be back at half past 11. Maybe also remind you that questions will be answered at the Q&A session after all the sessions. Thank you, and we will see you back in 15 minutes. [Break]

Good morning, everyone. Good afternoon to those dialing in from the Far East. My name is Maxime Van Eecke, I'm CCO of Euronav, but also the Managing Director of Delphis, to give you a little overview of the container markets and our current container fleet. Before elaborating on the container market fundamentals and our existing fleet, I wanted to explain a little bit that we, Delphis, as a tonnage provider, we stand for. We, as Delphis, we are and we want to continue to be the reference for highly quality containerships with a focus on green technologies. To that effect, our goal is to become the trusted partner for all our customers, their decarbonization journey. Indeed, despite the challenging container market conditions we're seeing today, there has and there still be the willingness from our customers to take a sort of through-the-cycle approach and engage with us on long-term projects and long-term discussions. This approach is usually driven by 2 things. The first one is our track record as a tonnage provider with the ability to develop state-of-the-art designs, which would give trading flexibility that our customers need in their daily operations. Secondly, it's throughout the years, we've built up an expertise in new technologies. Here, again, we can assist our customers to reduce their carbon emissions in their operations. And this is very well reflected in our fleet and the contracts on the ships. Today, we have 4 6,000 Super Eco containerships, which we are currently building in China, of which one has already been delivered last year and the rest will be delivered this year. There are certain specifics. These ships are the biggest ice class containerships in the world. They have high reefer capacity, again, providing to the customer, all the flexibility -- [indiscernible] ships around the world. These 4 ships are on charter to CMA with a long-term 10-year time charter. Aside from that, we have an additional project, that is the 1,400 TEU containership, which we've designed ourselves together with NCL and Yara, where we kind of built and eventually owe and this ship will be the first class -- or first ammonia-fitted containership in the world. Here, again, same principle, the ship will be operated a 15-year charter to Yara and NCL; will operate in the northern part of Europe. NCL and Yara will provide the ammonia to fuel that ship. If we're looking at the market fundamentals, you've probably noticed that the last 2, 3 years, we saw a surge in newbuilding orders. This has led with staggering newbuilding fee ratio of 27%. What does that mean? Well, that actually means that in the next 2 years, we're going to have 5 million TEU delivered. That means for the first year, 2024, we'll have more than 1 ship per year -- per day delivered. If one has to put this against demand side, where the IMF expects the global economy to grow with 2.9% in '24, 3.2% in '25, where we forecast [indiscernible] demand on various trade lanes to grow between 3% and 4% in '24 and 3.5% -- and 4.5% in 2025, excuse me, that one can very easily say that, unfortunately, supply will outpace demand in the next couple of years. We do see some factors that might reduce that supply demand cap. For instance, we expect demolition activity to increase. We forecast in 2024 demolition of about 700,000 to 720,000 TEU. With the new EU regulations, we expect this to have a positive influence on slow steaming. And obviously, with disruption in the Red Sea or, for example, with the drought at the Panama Canal, we expect this also to have a positive impact, the ton-mile ratio. That being said, despite the fact that we'll face challenging market conditions in the next 2 years, we, as Delphis, we remain very well protected, thanks to the contracts we managed to fix for our existing ships. In addition to that, we are extremely confident that, thanks to our expertise, we'll be able to continue to start new discussion on long-term projects with our clients, who are in a desperate need to start decarbonizing. The last slide I wanted to show, zooming in on our 1,400 TEU containership, because this is unique. Not only will we have built the first ammonia-fitted containership in the world, we're actually going to create the first -- I'm sorry, the first green route in the Northern Europe [indiscernible]. That is, together with ammonia partners like NCL and Yara in a 15-year term. That's about it from my side. I'm going to give you the word to Willem Van Der Wel, managing director of Windcat.

Good day. Can I continue? Or are we still figuring out some IT? Yes. Good day. My name is Willem Van Der Wel. I'm indeed the Managing Director of Windcat, the offshore wind supply division within CMB.TECH. I hope the slide will follow. Windcat, we currently operate a fleet of 52 crew transfer vessels or CTVs, with another 5 under construction, some of which are hydrogen-powered. Once the slide will show up on your screen, you will see a map where we show our current footprints throughout the European markets, the established offshore wind markets at this time. Windcat has experience of over 20 years in the offshore wind sector. And with that, we have a thorough understanding of the market's needs and with -- we've been able to continue to develop our vessels and services alongside the evolving needs of our clients. In the early wind farms, which were being built from smaller courts in shallow waters to later generations with further offshore, larger wind turbines, the demands have changed. And so with that, we continue to develop the right solutions for our customers. We are now further expanding that offering with hydrogen-powered commissioning and service operation vessels, CSOVs with a fleet of 5 hydrogen powered CSOVs on order and 1 further option. The Windcat elevation class, which I'll go speak about in more detail in a minute. Our understanding of the market and large network with our customers will allow us to provide a high quality of service also with this new asset type. To explain a little bit more on the vessel types that are being used in offshore wind, here, on this slide, you will see the various options that exist to transfer personnel to offshore wind turbine. Starting out on the left with the crew transfer vessel, the CTV, a high-speed vessel that can easily distribute a large number of personnel and their equipment on to different wind turbines in operating field. Very cost-effective solution, taking out personnel to wind farms on a day-to-day basis, departing in the morning, arriving back in the evening. CTV can support the industry throughout the entire life cycle, from construction on to operation and maintenance and even decommissioning, which will soon start for the very early wind farms as well. They are the main solutions for most existing wind farms; longer-term operational maintenance requirements, up to 20 years or maybe even longer. And we tend to charter out these vessels to the wind farm operators and turbine manufacturers who do the service on longer-term contracts, starting 2 or 5 years, but in some cases, even going up to the full lifetime of the wind farm. But now with wind farms moving further offshore and turbine growing in size, the CSOV provides an alternative to the shore-based concept of CTVs, whereby personnel and warehouses are brought on to the vessel and they can stay offshore for multiple weeks at a time. These vessels use sophisticated dynamic positioning systems to safely place them close by to the turbine, also in higher sea states. And then using a 3D motion-compensated gangway system to safely transfer the personnel onto these turbines. Besides the use for longer-term O&M, operation and maintenance services, these vessels have become instrumental in the construction phase and the commissioning phase of wind farm. Then, as a third option, helicopters can be used for personnel transfers as well, but it's only sporadically used due to the limitations in capacity and relatively high cost. The step into CSOVs comes as a natural progression for the company evolving with our customers to be able to provide them with the future personnel transfer solutions they require. Wind farms are moving further offshore. So some of the newly developed wind firms cannot be serviced by CTVs anymore. And therefore, the CSOV provides an alternative. It's been part of the strategy of Windcat for quite some years now to also offer these CSOVs. And we've now been able to realize this being part of CMB.TECH, a strategy we are further enhanced by delivering hydrogen fuels, CSOV. We will initially be focusing on the construction support market, more of a spot market, which will see significant growth and increase in day rates. And furthermore, we have the ability to also support the oil and gas market, where we can, of course, benefit from Euronav relationships within oil major. Turning now to the offshore wind markets. The next decade will show significant growth, not only in the established markets in Europe, but also further abroad, for example, in Asia. This is expected to increase the demand for CSOVs threefold by the end of the decade, which means that the current order book is insufficient for that demand. Top left, we will show you a little bit about the current -- CSOV market. 2023 showed a strong market, which is expected to continue in 2024 with sustained day rate increases. We're already seeing charters fixing for this year, but also for the next 2 years as they're signing up for their project construction. These are supporting the expectations on day rate developments. Scheduled deliveries, as I said, are still below the expected demand growth for the CSOVs driven by -- amongst others, the installation of new infra. On the graph on the right, you will show the average development over the last year of average day rates, where it's a continued sustained development, which we expect to continue over the next year. On the bottom left, a little bit more about the CTV market specifically, which has also seen a good year in 2023 with high demand for vessels, especially in the spring/summer, but continuing into the autumn as well. Majority of the demand there is from operating wind farms, but supported by additional construction demand for new projects. We've seen high spot market rates, even up to EUR 6,000 per day for 24 passenger vessel. Moving on a little bit further into the Windcat elevation class, a highly spec, bespoke design that we developed with our colleagues at CMB.TECH. The vessel of 90 -- or 89 meters in length can accommodate up to 120 people on board, including a vessels crew in 90 cabin. It features a large covered warehouse and open working deck for all the components required for the operation of our charter. In the center of the vessel, you will see a large tower, which is shown on the bottom left as well, which is the tower which is the basis of more of the vessel, actually, the motion compensated gangway, has been utilized to safely transfer personnel to the turbine and platform. Furthermore, the vessel is equipped with a large 3D motion compensated crane to also transfer cargo safely [indiscernible] and a helicopter deck for transfers of helicopters. The propulsion of the vessel is diesel electric. So we have generated power electric motors to the thrusters and it features a hybrid battery pack that already reduces the fuel consumption to a very low level. This is further enhanced by then installing a hydrogen fuel generator on board from day 1. First CSOV that brings clean fuel on board straight from the shipyard. Furthermore, there's a possibility to upgrade the other generators on board the vessel also to dual fuel in the future. The Windcat elevation class, a high-performance, hydrogen-powered CSOV. And now I hand you over to Roy Campe. Thank you.

Dear guests, good day. My name is Roy Campe. I'm the Chief Technology Officer for CMB.TECH. And I'm happy to give you insight on what CMB.TECH Industries business unit is doing. Before jumping into the technology, I would like to elaborate a bit more on the fuel choice that we are making. On the upper part, you see the traditional solutions on how to decarbonize traditional industries. It's about batteries, it's about solar energy, wind energy, nuclear, even LNG. But if you look towards how we can decarbonize our maritime, these solutions are not sufficient or are not enough to reach our goals. We believe we have to look into synthetic fuels. Synthetic fuels are based or start from hydrogen. Hydrogen, you can produce easily by splitting water with green electricity with an electrolyzer. So of course, if that is your base molecule, you're going to look for applications who can use directly that molecule as a fuel. Of course, if you look towards the number that Michael mentioned, a typical voyage, which is, let's say, using 700 tonnes of fuel on the round trip between Australia and China, you can see that hydrogen is not the best fuel to store in large quantities. Therefore, we need to combine that hydrogen molecule to a carrier. There are multiple carriers. BBD-1, on the right, it's LOHC technology, they call it. You combine the molecule of hydrogen towards, let's say, the thermal oil and then you can boil out that hydrogen again to use it. But of course, it's still an immature technology, has not been proven at large scale. The other molecule which you can use is CO2. But as you can understand, CO2 is the one we're trying to solve or it is a bit difficult to show that it is from a neutral point of view. It is possible, but it's not straightforward. Therefore, we believe that the molecule which we all breathe, 78% of all the molecules that we breathe is nitrogen, that we use that molecule to attach the hydrogen to. That molecule is called ammonia. It's known in maritime. It's being transported at, let's say large volumes. To my head, it's around 80 million tonnes, it's transported on a yearly basis by ships. The technology has proven for many years, so we believe that hydrogen and ammonia are the real choices if you would like to decarbonize our industry. It's nice to have a new fuel, but it's also about the technology how to use that fuel. We have chosen for combustion technology. Why? Because the ship is, let's say, typical using conservative technology because it has to be robust. You have to rely on it. It has to be -- it has to work, has to be cost efficient. So this is what the combustion technology platform can offer. Furthermore, I have, let's say, the 3 types of engines highlighted on this slide. Let's look towards the right bottom one. These are the high-speed engines. That's where our story started within CMB. In 2017, we have launched the hydro fuel. It was the first ship that used dual fuel hydrogen diesel engines that were converted from Volvo Penta engines and were approved by Lloyd's Register. As we believe that our technology is, let's say, focusing on heavy-duty, high-power demands because if we would like to decarbonize, you have to look into these engines first. Engines that are sailing, let's say, 6,000 hours a year. We also started looking to more power output. Therefore, we have started cooperating with MEN where we have a second series of engines, let's say, being complementary to what is Volvo Penta is offering together with us to the market. Of course, if you are building ships, we would like to have that ease. Engines are built for the lifetime of the ship. And there, you see that the lifetime of a high-speed engine is not enough, then you go to medium-speed engines, as these are rotating much lower, they have a much longer lifetime. And there, we have initiated in 2018 a joint venture with ABC Engines to develop the first hydrogen-powered engines above the medium-speed range. We go up to a power of 2.6 megawatts. We have them both in dual fuel, and we have them in mono fuel. If we go to the bigger engines, and there you see that combustion technology is the right way forward, that's the complexity of a low-speed engine is the same complexity as a lower one. The only thing that is different is the scale of everything. The camshaft is just bigger. The piston is, let's say, just wider, longer. We ought to see that for having the hydrogen molecule to power these low-speed engines, these 2-stroke engines, you see that the hydrogen storage is not sufficient anymore. So there, we have the clear choice to look into ammonia combustion. And then the property of ammonia that is very, let's say, not an easy to combust fuel is anticipated because a low-speed engine has plenty of time to burn the ammonia completely and very efficiently. We have done that, and we are cooperating with WinGD to bring these engines to the market. In order to come up with all the examples of ships, technologies, we have our own technology development center. This is not something new. It's a team with 25 years' experience in working in international projects, complex projects, working on innovation. We were the first ones to initiate hydrogen combustion in 2008 already on high-speed engines. So we have test cells, which are equipped with hydrogen technology. We have a team who's experienced with supplying the fuel towards these systems approving it, having safe systems, robust systems, reliable systems, and we have been doing that since 2008. As we have seen that it's not the technology of the engine that is the most difficult part is the chicken and egg story that we need to solve. And therefore, we have developed the dual fuel technology. Our first engine that apply to dual fuel technology is already from 2012. From that, we have been putting these into the field. There are more than 100 applications already driving or sailing around, and we have been fine-tuning our technology so that could be implemented to many more platforms. It's a nice team. I would welcome everybody of the guest also visiting our technology center because there is plenty of stuff to see. Now making the link with our maritime. Because we are still a maritime company, we believe that in the port, everything comes together. Is it not for the location where the hydrogen molecule will be produced due to large hydrogen electrolyzer, it will be to the import of the molecule into our port. And if you see that a port is a hotspot as well for heavy-duty equipment, which are very hard to electrify. You see that all in 1 cluster being located. I will highlight them over my next slides, what I really intend. Here, you see a typical picture of a port, of a terminal. And I can show you for many other ports similar-like pictures, but I'm going to highlight some topics to explain what we are doing. And maybe the easiest one, you can see a tugboat. We have these large ships. They are being assisted by tugboats, helping the ship to birth towards the terminal. Then you have the cargo with this, for example, a straddle carrier. And this is, in fact, the picture of the terminal, which is used to have our dual fuel straddle carrier. And that can bring, let's say, on 20 hours shifts a day, bringing the container towards the warehouse, where it's being picked up by trucks or by railway. And as you can see, the railway does not have these overhead lines to electrify because it's just not possible because we need to put these containers on top of the carriages. And you also see the high reefer amounts. They consume a lot of electricity. There, our hydrogen gensets can also power these reefers because I can tell you there will be a lot of equipment that needs to be electrified. The grid cannot easily make that transition. Therefore, hydrogen power gensets also an important one. Another project we developed is our mobile refueling. It's nice to develop the first CTV and the first hydrogen powered tugboat, but we also need to bring that molecule. We have developed a technology that brings the molecule from where it is being produced onboard of the ship or onboard of the application. And then as an ousting is that here you see at the back of the port as the chemical industry. The whole -- many ports have underground hydrogen pipelines. On this terminal, the hydrogen pipeline is there available. It's quite obvious that also in the port like Antwerp and Rotterdam, there are many other ports, there are large-scale projects being announced. We produce the molecule. This logistics chain is the one who can afford to have this molecule and is also having the need for this molecule. So going more a bit to detail about the system we have developed for the online audience is not easy, but behind me, there's a truck. People can see it, you can touch it. It's real. It's driving. It just came in here this morning. What do we do there? We start from a proven diesel tractor form, which has maintenance schedules, which has service technicians, which have, let's say, spare parts services around the world. The only thing that we did is we installed 6 hydrogen tanks on to a frame, and we bolted that frame on top of the chassis, and we use our dual fuel technology to start using that hydrogen and to thereby saving the emission. If the hydrogen is not available, because it's on a route where it's not passing any refueling station or there is maintenance at refueling station, it can always operate. But this is the most cost-effective, let's say, transition technology for that logistics industry. We have started on an easy way, meaning that we did not influence the software, we did not change the hardware. And we have, let's say, homologated mission test results, which are reaching, let's say, the 22%, and in the field were a bit higher. But it's our goal to convert the software to improve the hardware on these engines to reach the 80% emission reduction limit while driving at a high with the full load. And we see that possible to have in reach. The cargo handlers, as I said, maybe it sounds easy, but these equipments, they cannot drive on the public roads. So if you would have one refueling station on hydrogen, and there is a maintenance, TEU will always prefer to have a dual fuel technology. Furthermore, from our first project we learned is that as these systems cannot drive on the public roads, maintenance is being done on the terminal itself, meaning that you need to be able to train people to do that maintenance on the hydrogen technology. But now we see that people who do maintenance on a diesel engine can do maintenance on a hydrogen engine. And even on the hydrogen storage side, it's the same principle, it's the same tooling that you need. We see this as feasible at an affordable cost because we only need to install the hydrogen storage, which is, let's say, feasible, affordable to do. The nice thing is that our cooperation with Volvo Penta has resulted into an 8-liter engine. This is the workhorse of our port equipment. It's not just a straddle carrier. It's a yard tractor, Roro tractor, RTG crane and many more. So we believe these hotspots will help us also not only to bring hydrogen to the terminals, bringing hydrogen to the ships, but also bringing the technicians into the port, which we're going to require if our ship is coming to the port, if somebody is like doubting, I would like to have my hydrogen tugboat, how I'm going to organize it. This is for us the mix and making it work. Then you see also our belief into the locomotives, because we have our BeHydro platform that is co-developed with ABC Engines. Today, just in Belgium alone, they are driving 170 locomotives, which use the base engine, which we have converted into dual fuel. Also, we have many customers bringing ore towards our bulk carriers. They need to transport that ore from the mine towards the port. They show interest into chartering our, let's say, low-carbon ship, but then it's also an obvious question that the cargo from the port towards the mine also need to use the same platform. And we have the technology. The engine are there, are proven. And now we have started working in Africa on converting 2 of these locomotives with a hydrogen engine to showcase the technology showing, as we have done on our tugboat, as we have done on our CTV, as we have done on our trucks to showcase it works. We're ready for the market. We are ready to, let's say, decarbonize it. Also into the port. So we have the long haul trains. We also have shunting locomotives. These are smaller ones who make informed trains at this size. As you can understand that chemical sites, you cannot have electrical overhead lines because if they create a spark, it's just not allowed, they need to use diesel engines. Now we can offer something, which is zero carbon. And then again, if you're working with high-speed engines, these are -- these engines come at a much lower cost. You can easily swap them with the monofuel engine, which we also have, let's say, developed already, but there, the supply of the molecule needs to be there. Then as a last topic is the power gensets. As we have seen that these engines has been developed. We put them into the market, let's say, over the past years, we have fine tuned our technology. We have, let's say, entered into smart partnerships. And we see that the engines that we have are an ideal product also for, let's say, the leasing market. Because it's an engine, it's not cheap. It's not subjective to the quality of the hydrogen even if there's a bit of impurities into the hydrogen, the system always works even at this freezing temperatures, if it just remains outside as a backup, if you just press a button, it starts. This is proven. This is the way we'd like to go forward. And then the last thing is the link for the power part because there's a regulation that the big sea ships, when they come into the port they have to switch off their diesel engines. We can supply them with clean electricity everywhere in the port because we can easily install our engines, which are, in fact, also the engines which we have onboard of our ships. We put it on to a barge. We come from the water side or we can supply the electricity to the ships. So these are just ideas of the ecosystem of a port where we believe we can be also the added value to our bigger group. So now I would like to pass on the word to Liesbeth.

Good morning, good evening or good afternoon, depending where you're listening. So my name is Liesbeth Verhaert, and I'm responsible for the H2 Infra division at CMB.TECH. So I'm going to give you an overview on our projects and what we are doing currently in our division. So like Roy already stated, everything started with a small hydro wheel, passenger vessel on hydrogen, right? It's a starting point of CMB.TECH. And of course, it's not only about the vessel or about the ship, but we needed to supply it with hydrogen. And because there's not really a lot of solutions on the shelf, we build it, our own hydrogen refueling station in Antwerp, to support that first vessel. Based on that one, we, of course, had at one spot where we could source that hydrogen and where vessels could come onshore. But it's not a solution for everything. And because, of course, we also have port equipments, we also have tugboats, a lot of other equipment, which can't come to that one hub spot. And that's why we developed that mobile refueler, which can drive to every place to support with the refueling of that equipment. The next topic and the next ambition, but that's a project which is still in stability phase. If you look to hydrogen, it's not a refueling station because then, of course, we have onshore solutions, but that's our offshore solutions for our CTVs and other vessels. Then hydrogen is one of the molecules we're looking to, but we're, of course, also looking strongly into ammonia. Why ammonia? That's already explained by Roy in the previous slides, but it's really a critical thing for oceangoing vessels. If we want to have -- we have need for that ammonia, we need to produce it on a large scale, and we need to produce it cheap. That's a key topic. And that's why we're looking to Namibia because there, we have the opportunity to produce it at an economical cost. It's not only that one, that is, of course, also Namibia is a stable country. It's a democracy, let's say. So that's a key topic where we selected Namibia and also port infrastructure, and we are like a shipping company, ports is a key topic to evacuate your molecules. So that's a big added value and also land. It's not very crowded in Namibia, and there is a lot of abundant availability of land to build our projects there in Namibia. So we kickstarted there already several years ago and we formed a joint venture together with Olthaver & List, and that's the biggest private company in Namibia; more than 5,000 employees. So really with a lot of experience in Namibia. And we also discussed and put it forward a strategy, and it's not a strategy of going immediately, very big and strong. It's really a strategy of going step by step on a phased approach, different projects to build up experience and to make it step by step more concrete. That's really our aim and our ambition. And we can already say that we're very successful. Right? Because if you see of the picture above, it is a picture of our first project, which is currently in construction. It's a hydrogen refueling and production project, 5-megawatt electrolyzer and solar park. And we're currently building that project with the aim to have it operational in mid of this year. And below, you also see some other pictures of what we are doing within H2 Infra. So maybe going a little bit more in detail about our different phases, about our different projects and approach in Namibia. So we defined 4 phases. The first one, I already showed you the picture about the construction works, which are ongoing. You also see there the render, how it will look like within about 6 months. That's a small-scale project. But after that project, we are going to do -- go to the next project, really a bigger one, the ammonia storage and bunkering facility, which I will explain you later onwards. That keeps us access to the required infrastructure to bunker our vessels there with blue, green ammonia based on our ambition. So then the third step is really go to the industrial scale project, and that's almost gigawatt-scale project. And the last one is really having the platform to upscale largely based on the requirements. That's the phases. And so to go back to our first phase, but why has it such a big added value, that phase? Several reasons. We're building up expertise step by step, a local team. It sounds easy, but having the skills, engineers, train them, it takes time. So that's a big added value also getting experience in the country because sometimes governments can promise you the world. But in the end, you want to experience, you need to see it, you need to feel it and you need to prove it, right? And I'm happy to say that we're already proving it because we're building. We build up also reputation locally, right? It's key. It's a small country like I already stated. So everybody needs to trust you and to go within your story together. It's not only governments but also local communities. They saw a lot of investors the past years, the past decades. They want to see it. It's really seeing is believing, and that's a key topic. And of course, also it shows that we can do a project in Namibia. It's a key topic. So like -- it's like in below, you see a picture of our first hydrogen equipment, which was delivered already some months ago in Namibia together with the President and the workforce there at that spot. It's a project of about USD 40 million. It's not only the hydrogen production because afterwards, we also add small-scale ammonia plant at that site. So the second phase is our ammonia terminal. That's giving us the opportunity to bunker and to store ammonia locally. And it's creating a gateway from a country with abundant solar irradiation, and one of the best worldwide, to markets, to our fleet to the customers. Currently, we're doing the front-end engineering design. It's the basic engineering, let's say. And we're also looking to that jetty because there's an existing jetty, which can be adapted, which requires ammonia pipelines and that can be used. So it's close to that existing jetty in the port area, let's say. Ambition is to have it operational 2026. And then, of course, we're going to the last 2 phases. It's really scaling up, what we did then in those 2 small phases. The third phase is really build large-scale industrial plants to produce ammonia, about 900-megawatt solar park, a 500-megawatt electrolyzer. And of course, it's for our -- it's ambition is to have availability and access to that green molecule at low cost. And we will produce and -- produce that and do that project in cooperation with other companies, also acquiring the knowledge on green ammonia production. And what we are doing here will help us strongly also on offtake agreements -- other ammonia offtake agreements because, yes, it's not only this one, which will be sufficient. And then, of course, also it will give a platform and with this project we will make a platform for large-scale upscaling in the country -- in Namibia. So that's it. So we now did pre-feed and preparing for feed. So that's also the status and the ambition operational 2028. Then the last one, it's already mentioned, I think, because, of course, there will be a big need for green molecules. So it's not -- doesn't make sense to just have a place where you can do 1 project. It needs to have 1 project, it has the availability and the opportunity to upscale largely. And that's, of course, is the end goal. And then we can support that upscaling from CMB.TECH onwards. So that's the different phases of our project in Namibia. And I give the word back to our CEO, Alexander Saverys.

And dear all, we will now start the Q&A session. We will first handle the live questions, and then we will turn to the questions on Teams. [Operator Instructions] We will now start with the live Q&A session.

Good. Thank you, Ana. So as Ana said, well, first, let me thank all the presenters, my management team for giving you a lot of information, I think. There's, of course, more information in the presentation that was published this morning on our website. As Ana said, the questions that we could not answer today, never hesitate to send the questions afterwards. We'll definitely try to communicate this to you and every answer will always be published on our website. We'd like to start with questions from the live audience and the people that are logging in digitally, you will definitely have the occasion to ask your questions after that. So any questions in the audience here? Yes. Just 1 second. We're going to bring the microphone so that people online can listen to your question as well.

Please also begin with introducing yourself a little bit so everyone else will know.

No problem. So I'm [indiscernible] from KBC Securities. Thanks for the very informative Capital Markets Day. I have 3 questions, if I may. First is on the regulation enforcement. I think that's going to be very important to ETS, the IMO. So my first question is really, I think China has a very important position in the IMO. Can you say what's going on with the Chinese shipping companies? Are they also following your plans? I think if they do, then that could be a positive, or if they're hesitating, that might kind of force China to block or to play it more difficult?

Okay. So there's 2 questions on Chinese regulations and on Chinese shipping companies that compete with us. Let's first talk about the Chinese regulations. I think any Chinese vessel, Chinese own vessel that comes into EU will have to comply with EU regulations. Any foreign vessel that comes into China will have to comply with Chinese regulations. Has the Chinese developed a similar scheme as the EU yet? Answer is no. Are they talking about it? Answer is yes. Our feeling is that they will relatively quickly implement it. And if they do, it will only be positive for companies like ourselves because any vessels that would call China will have same regulations as in Europe. Now zooming in on our competitors in China. As you know, the vast majority of shipping companies in China and in many Asian countries are government-led, are policy companies, where bottom line sometimes is less important than geopolitics. Having said this, they are acutely aware that in order to remain competitive, they will need to follow some of the regulations that are being imposed worldwide. Are they doing it yet? No. They usually are early or late followers. Will they 1 day do it? I'm convinced they will.

Okay. And second question is on the container shipping. You referred to GDP growth as a driver, which has been so in the past. Now what we see now is some trends like deglobalization, nearshoring, so Chinese company is also moving their production into Europe. Can you comment anything? Is it something you've taken into your plans as we also saw I think lately in Antwerp shipping, container shipping has come down this year despite growth? So how's your view on that on the nearshoring potential?

I think shipping in general, is linked to GDP growth for sure. The deglobalization what you talk about is a double-edged sword. At face value, you might say, if relocation happens, it will be negative for shipping. That is not always the case. If you move a factory from China to Northern Africa, and that Northern African factory then starts exporting again to Vietnam or to the United States, it creates extra ton mile. It's very difficult to assess the impact of relocation of factories. What we do see is that there is a trend that container shipping demand grows. Sometimes it goes down, for instance, very immediately after the corona crisis. Then during the corona crisis, it goes up and it shoots up. But in general, it does follow GDP growth. We are not worried that there will be a fundamental decoupling between shipping demand in general and GDP growth.

Okay. And the last one is maybe a cheeky question. In your overview of the history, you have the spinoff of Euronav from CMB. I think just before that, there was also Exmar that was spun off from CMB. When we look at their plants, they -- I see certain similarities. And obviously, I think they're also still in the same building. Are there any obvious synergies? Or is that something in the future that you could consider to also integrate, or corporate, or merger, or any plans in that direction?

I love cheeky questions, but I don't think it is that cheeky. Look, we have a common history with Exmar, as you know. They have their own very clear view of their own strategy and sitting in the same building as a big advantage is that we can compare notes. We can see what they are doing, what we are doing. There are today, obviously, discussions ongoing like we have with many different companies on what their strategy is in decarbonization, on what kind of molecules they want to move in the future. But right now, there are no discussions, maybe what you are hinting at, at integrating operations even further. I think it's 2 distinct companies with 2 distinct strategies.

Thijs Berkelder, ABN AMRO - ODDO BHF. First question on CapEx guidance. You guide for something like $3 billion to $5 billion in the coming 3 years -- 3 to 5 years and your CMB.TECH in the construction CapEx was already like $2 billion. The remaining $1 billion to $3 billion of CapEx, where will that be going to? Does that include the $2 billion for Namibia, for instance, or something like that? And how much, let's say, oil tanker is envisioned there?

Yes. Thanks for the question. First, let me zoom in on the committed projects because the $3 billion to $5 billion that you are hinting at is guidance that we think that we can deploy in the next 5 years, but it's a very loose guidance. On the committed, we are now, as you know, still having to pay $2 billion in CapEx, of which $1.625 billion has already been financed with our banks and $361 million will come out of Euronav cash. So that's what's committed today. The $3.5 billion that we mentioned in the sheet is an indication -- a loose indication of what we think we can deploy in the next 5 years. Could it be $2 billion? It could be $2 billion. Could it be $10 billion? It could be $10 billion. It will very much depend on the pace at which we can develop the projects that are under discussion today.

Yes, clear. Second, maybe related question is in your presentation back, I'm not seeing the word Ocean yield and -- especially, on the Newcastlemax. How many vessels will be still leased back whatever construction? And is that, let's say -- in what way is this part of the CapEx? Of course, your CapEx guidance is IFRS...

So I get your question. So you saw the breakeven rates -- P&L breakeven rates that were in there. They obviously take into account the interest element of the different financings. And we have basically the whole variety of financing products. So the traditional shipping finance but also including the lease finance like, for instance, with Ocean yields.

And that's part...

That's including indeed in...

In the $1.6 billion...

The $1.6 billion, yes. The $500 million that we have already -- yes.

Yes. clear. Next question is on the purchase price, you indicate something like $780 million goodwill, which there's reverse accounting means CMB.TECH is bought for something like 3x equity. Is that correct, roughly? Yes. Okay. Just double checking there. Next question is on, are you -- let's say, the Board asked for a fairness opinion on the value of CMB.TECH itself. The assets, we've seen that has there also been a fairness opinion on the impact on diversification on the value of the whole of Euronav, meaning the potential of getting a holding discount similar to other diversified shipping or holding companies. Has there been any external adviser advising there and indicating well...

Not that I'm aware of. So you're specifically talking about the risk of Euronav, the new CMB.TECH in the future if the transaction gets approved to be seen as a holding and then a discount to the holding?

Yes.

No, that analysis has not been made as far as ever.

Okay. For now, maybe a final question is, are you aim to have free float or liquidity as high as possible post this a bit you're forced into. What now if, let's say, post period, the free float is just 10% or so? What is then scenario B or C?

We have very different scenarios where we have to buy 10%, 20%, 30% or 40%. But definitely, we will see what the outcome is. But for every scenario, there is a plan. Our ambition has been clearly stated. We don't want to delist. So logically, we will, of course, make sure or try to make sure that we have sufficient free float. But again, a lot will depend on how many people eventually will tender their shares.

Yes. Because many, let's say, of my, let's say, other clients all have their ticked boxes and probably require at least 25% free float or at least 30%, whatever they have been fine.

We are not selling a growth story for a company where we would envisage 10% free float. So we do want a large free float because otherwise, our whole growth story could be jeopardized. Or depending on the outcome of the mandatory bid, we will take the necessary measures and scenarios.