Euronav Inherits the Name of CMB.TECH, Continues Euronav Tanker Brand
In a move that symbolizes the Saverys family's long-sought control over oil tanker giant Euronav, the publicly-listed firm has taken on a new name. Euronav NV will now be known as CMB.TECH, the name of the former hydrogen technology division of the Saverys family business CMB. For charterers, little will change, as the new CMB.TECH will still operate a "Euronav" brand for its tanker operations.
In a special shareholder meeting, Euronav investors agreed to the name change, and to switch Euronav's stock ticker on Euronext and NYSE from "EURN" to "CMBT." (The Saverys family controls a supermajority of the shares in Euronav.)
The name change takes effect in October, but is preceded by the stock ticker change (July 15) and a change in the firm's web address (effective immediately). "Euronav.com" appears to have gone dark, and it refused a connection without any redirect as of Tuesday. All company information can now be found at "cmb.tech".
The name change appears to be a capstone on the long-running acquisition and merger of Euronav, which has integrated the firm with the Saverys family's existing holdings. Last October, after a protracted boardroom fight with John Fredriksen's Frontline, CMB wrested control of Euronav in a ship-for-stock swap. Frontline walked away with 24 VLCCs, while CMB received Frontline's 26 percent stake in Euronav.
Earlier this year, under CMB's new majority ownership, Euronav bought CMB.TECH from the CMB Group for $1.15 billion. It integrated more than 100 existing and ordered CMB vessels under the Euronav banner, and it diversified the tanker firm overnight. Euronav now has divisions in the clean product, chemicals, dry bulk, offshore wind and container segments. Euronav's renaming - with the identity of the CMB division it acquired - brings the process full circle.
The previous CMB.TECH entity was best known for its work in designing marine and industrial systems that operate with dual-fuel hydrogen and ammonia engines. Its highest-profile projects were a series of H2-powered tugs in Europe and a fleet of dual-fuel newbuilds. In joining with Euronav, it predicted "the creation of the leading, future proof shipping platform, with the company becoming the reference in sustainable shipping."