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IAC INC

IAC Inc is comprised of businesses including Angi Inc, Dotdash Meredith and Care.com, among many others ranging from early stage to established businesses. Its Dotdash Meredith segment consists of its Digital and Print businesses. Angi segment offers repairing and remodeling homes to cleaning and landscaping services. Care.com segment is a online destination for families to connect with caregivers for their children, aging parents, pets and homes and for caregivers to connect with families seeking care services. Search segment consists of a collection of websites providing general search services and information, and a Desktop business, which includes business-to-business partnership operations.

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Next Technology Holding Inc. - Ordinary Shares

NXTT

Next Technology Shares Halted On Circuit Breaker, Stock Now Up 751.6%

SKIN

The Beauty Health Company shares are trading higher after the company reported better-than-expected Q1 financial results

Super League Enterprise shares are trading lower after the company announced a $869,999 underwritten public offering of 5,117,647 shares at $0.17 per share.

Provides Clarity on Important Topics where Elliott Has Sought to Mislead Investors
Reiterates Strength of Company's Transformative Strategy and the Valuable Skills of Phillips 66's Board and Nominees in Contrast to Elliott's Risky, Misleading Analysis and Conflicted Nominees
Phillips 66 Urges Shareholders to Vote "FOR" ONLY Phillips 66's Nominees on the WHITE Proxy Card
Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) today provided investors with important information to make fully informed voting decisions at the Phillips 66 Annual Meeting on May 21, 2025. This overview is intended to ensure investors understand the facts on these critical topics as they assess how to cast their upcoming vote.
Reliable, Long-Term Value Creation
<ul>
<li>Since Mark Lashier became President &amp; CEO, Phillips 66 outperformed against relevant benchmarks, delivering total shareholder returns of 67% (compared to the S&amp;P 500 Energy at 45%, and our Synthetic Proxy Peer Median1 at 42%).2</li>
<li>In under 3 years, the Company returned over $14 billion to shareholders through share repurchases and dividends. We grew our dividend at a 15% CAGR since the spinoff3 in 2012, and our annual dividend paid increased every year.</li>
<li>While the Board recognizes the reliable returns we have provided for our shareholders, we are never satisfied and continuously review our portfolio with a sharp focus on long-term value creation.</li>
</ul>
Investors and analysts recognize the long-term potential inherent in the execution of our transformational strategy, which is in its early innings:
"PSX remains a Large Cap refining top pick. PSX's management team is focused on delivering growth at attractive returns, and further diversification and improvements to refining uptime might combine to restore PSX's premium positioning. We are Overweight rated." (Wells Fargo (4/25/2025))4
Effective Board Governance
<ul>
<li>Elliott helped to select Bob Pease and he has proven to be a constructive challenger in the boardroom. As Bob has directly stated, he supports the Board because it is actively working to get to the right answer, not protecting any individual's interests.</li>
<li>The Phillips 66 Board has demonstrated an ability to consistently refresh the boardroom. To ensure fresh and independent viewpoints, we have added five new independent directors in the past four years and two new nominees stand for election at this year's Annual Meeting.</li>
<li>Our directors and nominees have unparallelled experience taking decisive and transformative action when it makes sense, and together theyhave overseen more than $300 B in breakup or major divestiture transactions.</li>
</ul>
"[Mark Lashier] stressed that the board has taken a look at strategic options in the past and continues to do so regularly. As such, questions surrounding the makeup of the portfolio have been asked inside the boardroom. And answered. He also added there are plenty of folks in the boardroom who have been involved in spinoffs elsewhere and they'd be the kind of people who'd be raising their hand if they thought this one made sense. Lastly, he pointed out that "incredible dis-synergies" and "massive tax burdens" would come from midstream monetization. In today's deck, PSX claims these costs could amount to $28/share."(Gordon Haskett (4/28/2025))4
Elliott's Flawed Thesis to Separate Midstream and Sell CPChem
<ul>
<li>The Board has absolutely evaluated a breakup of Midstream and sale of CPChem, and following meaningful consideration, came to the conclusion that neither action is in the best interest of long-term shareholders at this time.</li>
<li>Simply put, Elliott's analysis is based on speculative analysis and flawed assumptions:
<ul>
<li>Elliott's $50 billion Midstream analysis ignores or significantly underestimates tax leakage, dis-synergies, buying power of potential buyers, among other factors that would destroy value uplift in a sale and/or spin scenario.</li>
<li>Elliott's valuation of CPChem has appreciated by 50% to $15 billion since 2023, while Chemical peers have traded down 19%5 during the same time frame.</li>
<li>We have carefully evaluated and disclosed important details around Elliott's flawed analysis in our recent investor presentation, which outlines the facts around the costs and risks of a CPChem sale or Midstream spin and the long-term value of the integrated business.</li>
</ul>
</li>
</ul>
We know the market recognizes Elliott's analysis is based on speculative valuations and flawed assumptions:
"Sale of companies may not work as: 1) buyers for these large assets are limited, 2) tax leakage could be high, 3) standalone Refining multiple may suffer (PSX is trading at a premium to MPC on standalone Refining)." (Citi (3/14/2025))4
"We believe selling CPChem ahead of two large projects coming online and close to the bottom of the margin cycle may not be the right idea." (Citi (2/13/2025)) 4
Refining Performance
<ul>
<li>Refining performance has been improving meaningfully, and we remain committed to continuously increasing margins in our Refining business.</li>
<li>As a result of optimizing our integrated value chain and cost reduction efforts, our R&amp;M EBITDA outperforms our core peer group by $2.80 per barrel6 in the Central Corridor and is in-line globally.</li>
<li>Between 2022 and 2024, Phillips 66 reduced refining adjusted controllable costs by $1.08 per barrel7, a 15% improvement and 44% above our original $0.75 per barrel target. These results surpassed both Marathon and Valero's respective cost improvements over the same period.7</li>
<li>By 2027, we aim to further reduce refining adjusted controllable costs from $5.90 to $5.50 per barrel.8 We expect that every $0.50 per barrel of cost reduction will improve adjusted EBITDA by roughly $315 million.9</li>
</ul>
We know the market sees the progress we are making:
"[We] recently analyzed PSX refining EBITDA per barrel on a like-for-like basis with peers, adjusting for Marketing, Midstream, and turnaround accounting. We found that PSX performs in-line with peers based on our analysis … This is better than the consensus view that PSX refining earnings lags peers." (TD Cowen (4/27/2025)) 4
"Management highlighted the completion of its large turnaround program, which should support improved refining earnings through the remainder of the year. We note the company remains focused on improving operational execution and yields across its refining footprint though accretive capital investments." (Goldman Sachs (5/1/2025)) 4
The Risk of Elliott's Nominees
<ul>
<li>Elliott's nominees, who have histories of value destruction, pose a risk to shareholders' investments and have redundant experience relative to our more qualified nominees.</li>
<li>Sigmund Cornelius and Brian Coffman both hold concerning and poorly disclosed ties to Elliott and Gregory Goff (CEO of Amber Energy, an Elliott portfolio company, who is pursuing an acquisition of CITGO, our direct competitor), creating serious questions about their ability to act in the best interests of all Phillips 66 shareholders.</li>
<li>There are serious questions about Elliott's expectation of director loyalty. Elliott's attempt to replace Bob Pease while denying Phillips 66 access to interview and evaluate its nominees is a clear testament to the activist's expectation of loyalty rather than true independence.</li>
</ul>
Phillips 66 Has the Right Nominees
<ul>
<li>John Lowe has over 30 years of experience in the energy sector and has created tangible value both in his executive and board positions at publicly traded energy companies.</li>
<li>Bob Pease, who we appointed with support from Elliott, has extensive refining and commercial experience from his over 39-year career, and his leadership overseeing major corporate transformations has made him a highly effective Director.</li>
<li>Nigel Hearne has substantial international upstream and downstream operating experience and will provide valuable refining operations and HS&amp;E expertise.</li>
<li>Howard Ungerleider holds over 30 years of chemicals leadership experience and oversaw the financial complexities of one of the largest and most complex mergers and spin-off transactions in recent history as CFO of DowDuPont.</li>
</ul>
Your Vote Matters
Phillips 66's Board of Directors urges shareholders to use only the WHITE proxy card to vote:
<ul>
<li>"FOR" all four of the candidates proposed by the Company and not Elliott's four nominees;</li>
<li>"FOR" management's proposal to approve the declassification of the Board of Directors; and</li>
<li>"AGAINST" Elliott's proposal requiring annual director resignations, which implementing would violate Delaware law and put your Board at significant legal and reputational risk</li>
</ul>
The Board strongly recommends that shareholders safeguard their investment in Phillips 66 by casting their vote as soon as possible, regardless of plans to attend the Annual Meeting virtually on May 21, 2025.
Shareholders may receive materials from Elliott Management that say "gold proxy card" or "gold voting instructions" or similar. Phillips 66 recommends that shareholders DISCARD any Gold voting materials they may receive from Elliott. Shareholders may cancel out any vote made using a Gold proxy card by voting again TODAY using the Company's WHITE proxy card. Only the latest-dated vote will count.

Management

Phillips 66 Reaffirms Commitment To Long-Term Value Through Transformational Strategy, Operational Improvements, And Strategic Portfolio Review While Rejecting Elliott's Breakup Plan; Says By 2027, Aims To Further Reduce Refining Adj Controllable Costs From $5.90 To $5.50 Per Barrel, Expect That Every $0.50 Per Barrel Of Cost Reduction Will Improve Adjusted EBITDA By Roughly $315M; Urges Shareholders To Vote 'Against' Elliott's Proposal

ASTS

CORRECTION: Next Technology Ticker Is 'NXTT'

Next Technology shares are trading higher on heavy volume. The company said as of March 31, it held ~5,833 Bitcoins with a carrying value of ~$481.7 million.

Democratic lawmakers are raising concerns over reported financial links between cryptocurrency exchange Binance and ventures tied to the Trump family, following a recently revealed $2 billion deal involving a <a href="https://www.benzinga.com/25/05/45312897/did-trump-backed-world-liberty-financial-bought-35-million-in-eth-heres-what-on-chain-data-says">Trump-backed digital token</a>.
What Happened: Senators Chris Van Hollen of Maryland and Elizabeth Warren of Massachusetts sent a letter to top Treasury and Justice Department officials seeking details on the matter and its implications for ongoing federal oversight of Binance, <a href="https://www.bloomberg.com/news/articles/2025-05-09/treasury-doj-pressed-by-senators-about-binance-ties-to-trump?embedded-checkout=true">according</a> to Bloomberg.
The inquiry follows a report that USD1, a stablecoin issued by a company under Trump family control, was used in March to settle a multi-billion-dollar investment by Abu Dhabi's MXG into Binance. 
The transaction, first disclosed publicly on May 1, has triggered new scrutiny of Binance's compliance record and raised ethical questions about political entanglements in digital asset markets.
Binance, the world&#8217;s largest crypto exchange, has already admitted to major compliance violations. 
Its former CEO, Changpeng Zhao, pleaded guilty in 2023, stepped down, and recently served a short prison sentence in the United States. 
Lawmakers argue the new information linking the firm to political figures warrants further investigation, especially given the exchange&#8217;s checkered legal history.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45324908/coinbase-launches-24-7-bitcoin-ethereum-futures-trading-what-does-that-mean">Coinbase Launches 24/7 Bitcoin, Ethereum Futures Trading: What Does That Mean?</a>
In the letter, the senators pressed Treasury Secretary Scott Bessent and Deputy Attorney General Lisa Monaco to clarify what actions are being taken to ensure Binance adheres to its previous plea agreement.
They also asked for updates on Binance's promised withdrawal from the U.S. market and whether the company ever sought clemency for Zhao from federal officials, an allegation previously reported by The Wall Street Journal.
What&#8217;s Next: Senators are also seeking information about whether Binance discussed listing a new Trump-related stablecoin or its business with <a href="https://www.benzinga.com/news/legal/25/04/45077156/trump-affiliated-world-liberty-financial-defies-ethics-concerns-raises-550-million">World Liberty Financial</a>, another Trump-linked crypto venture, during any meetings with Treasury or Justice Department representatives.
The letter was issued a day after Senate Democrats blocked a long-anticipated stablecoin bill. 
While some lawmakers cited missing language in the bill, others objected to a clause that would have barred Trump and other top officials from profiting from digital asset firms during or after their time in office. 
As of now, the legislation remains in limbo, with its path forward uncertain.
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</ul>
Image: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Senate Democrats Question Binance-Trump Stablecoin Ties Amid Blocked Stablecoin Legislation

Marriott Vacations Worldwide Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VAC#NYSE">VAC</a>) reported better-than-expected first-quarter adjusted EPS results and raised its FY25 adjusted EPS <a href="https://www.benzinga.com/quote/VAC/earnings">guidance on Thursday</a>.
Marriott Vacations reported quarterly earnings of $1.66 per share which beat the analyst consensus estimate of $1.49 per share. The company reported quarterly sales of $1.20 billion which missed the analyst consensus estimate of $1.21 billion.
&#8220;We had a strong first quarter growing first time buyer sales and Adjusted EBITDA, illustrating the power of our leisure-focused business model,&#8221; said John Geller, president and chief executive officer. &#8220;We are reiterating our full-year Adjusted EBITDA guidance in light of our strong profitability performance and progress on our transformation initiatives.&#8221;
Marriott Vacations raised its FY2025 adjusted EPS guidance from $6.30-$7.00 to $6.40-$7.10.
Marriott Vacations shares gained 0.5% to trade at $64.63 on Friday.
These analysts made changes to their price targets on Marriott Vacations following earnings announcement.
<ul class="wp-block-list">
<li>Goldman Sachs analyst Lizzie Dove maintained Marriott Vacations with a Sell and raised the price target from $48 to $55.</li>
<li>Mizuho analyst Ben Chaiken maintained the stock with an Outperform rating and lowered the price target from $112 to $105.</li>
</ul>
Considering buying VAC stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image is-resized"><img decoding="async" src="blob:https://editorial.benzinga.com/57059f3f-7b30-445a-8fc4-51b8a29bd8fe" alt="" style="width:551px;height:auto" /></figure>
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</ul>
Photo via Shutterstock

Earnings

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Markets

Analyst Ratings

These Analysts Revise Their Forecasts On Marriott Vacations Worldwide After Q1 Results

<a href="https://x.com/Greenidge_GREE/status/1920903582565437520" title="https://x.com/Greenidge_GREE/status/1920903582565437520">https://x.com/Greenidge_GREE/status/1920903582565437520</a>

GREE

Greenidge Generation Holdings Inc Posts On X "We're full steam ahead in our #Dresden facility with Bitcoin climbing over $100,000 a share. We're working around the clock to generate as much hashrate as possible $GREE $BTC #Bitcoin #100K"

Turkcell Iletisim Hizmetleri Q1 2025 Revenue TRY 47.963 Billion, Up From TRY 42.567 Billion YoY

Rocket Lab USA Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>) shares are trading lower Friday after the company reported first-quarter results that beat expectations but issued guidance that <a href="https://www.benzinga.com/general/space/25/05/45301984/rocket-lab-q1-earnings-revenue-beat-eps-beat-planned-neutron-launch-for-us-air-force-another-strong-quarter-ahead">signaled continued near-term losses.</a>
What To Know: The company generated $122.57 million in revenue for first-quarter, ahead of the $121.38 million analyst consensus. It posted a net loss of 12 cents per share, slightly narrower than the 13-cent loss expected. Revenue rose 32% year-over-year, supported by five successful Electron launches across three commercial satellite clients.
Despite solid execution, shares moved lower after Rocket Lab projected an adjusted EBITDA loss of $28 million to $30 million for the second quarter, even as revenue guidance of $130 million to $140 million came in line with expectations. The market could be focused on the continuation of operating losses, overshadowing top-line growth.
The company also disclosed plans to restructure under a new parent entity, Rocket Lab Corporation, which will replace Rocket Lab USA as the Nasdaq-listed company effective June 1. 
Additionally, Rocket Lab announced a U.S. Air Force contract involving its upcoming Neutron rocket for a point-to-point cargo transportation mission. In the related announcement, the company confirmed that Neutron's first launch remains on schedule for the second half of 2025.
RKLB Price Action: Rocket Lab shares were down 10.1% at $20.78 at the time of writing, according to <a href="https://pro.benzinga.com/dashboard">benzinga Pro.</a>
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Movers

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What's Going On With Rocket Lab Shares Today?

U.S. Vice President JD Vance is scheduled to deliver a keynote address at the upcoming <a href="https://in.benzinga.com/topic/bitcoin-conference">Bitcoin 2025 Conference</a> in Las Vegas, becoming the first sitting American vice president to publicly speak in support of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
What Happened: Vance will take the main stage at The Venetian on May 28 at 9:00 a.m. PST, <a href="https://bitcoinmagazine.com/politics/u-s-vice-president-jd-vance-to-speak-at-bitcoin-2025-conference">addressing</a> thousands of attendees as part of the event's "Code + Country" track.
The speech will also be broadcast via Bitcoin Magazine's media platforms and social channels.
His appearance comes one year after President Donald Trump gave remarks at Bitcoin 2024 during his presidential campaign. 
Vance's address is expected to focus on topics such as financial independence, technological innovation, and the role of Bitcoin in future U.S. economic policy.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45319226/ethereum-skyrockets-20-in-24-hours-what-is-driving-the-surge">Ethereum Skyrockets 20% In 24 Hours: What Is Driving The Surge?</a>
Why It Matters: Public financial records show <a href="https://www.benzinga.com/general/market-summary/24/11/42206673/trumps-running-mate-vice-president-pick-and-venture-capitalist-jd-vance-holds-etfs-bitcoin-and-more-here-is-a-look-at-his-portfolio">Vance personally holds</a> between $250,000 and $500,000 in Bitcoin, highlighting a direct financial interest in the digital asset he has supported during his time in the Senate.
In office, he has been critical of what he describes as federal regulatory overreach and has previously opposed actions by the U.S. Securities and Exchange Commission that target crypto companies and developers.
Vance has also cited international examples of government control over financial systems, such as the freezing of bank accounts during Canada's 2022 protests, as evidence of the need for decentralized alternatives like Bitcoin.
Organizers have stated that Vance's inclusion reflects broader political engagement with the future of decentralized finance.
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</ul>

$BTC

Vice President JD Vance To Speak At Bitcoin 2025 Conference In Las Vegas

For the second straight year, President Donald Trump could be a buzzworthy topic at the Cannes Film Festival—not because of a screening, but due to talks around a new biopic in development.
What Happened: While last year's &#8220;The Apprentice&#8221; premiered at Cannes and sparked backlash from Trump himself, this year no Trump-based film is on the schedule. However, Italian producer Andrea Iervolino is shopping a new $100 million Trump biopic project to potential partners during the festival, <a href="https://deadline.com/2025/05/donald-trump-film-biopic-ferrari-producer-andrea-iervolino-1236391172/">according </a>to Deadline.
The Italian producer is expected to talk with potential partners at the film festival with the goal of securing the budget in order to start filming by the end of 2025 in the United States, according to the report.
A cast has not been announced for the potential film.
Unlike "The Apprentice," which showed a darker side of President Trump's rise to power, the new biopic is expected to be a positive portrayal of the president according to the report.
The film is described as "a major new biographical film centered on the life and legacy of Donald J. Trump – real estate mogul, television icon, and 45th and 47th President of the United States."
"Whether one agrees or disagrees with his politics, there's no denying Donald Trump's impact on the modern era. As a producer, I'm interested in exploring the deeper story of the man – the rise, the challenges, the resilience. Our goal is to deliver a film that is bold, balanced, and artistically ambitious," Iervolino said.
Read Also: <a href="https://www.benzinga.com/general/entertainment/25/05/45201601/trump-wants-movies-made-in-america-again-heres-what-tariffs-on-films-could-mean-for-disney-netflix-stock">Trump Wants &#8216;Movies Made In America Again&#8217;: Here&#8217;s What Tariffs On Films Could Mean For Disney, Netflix Stock</a>
Why It's Important: While it's unknown if Iervolino has worked with the Trump team or gotten rights to any material about the president, the producer could have an edge in making a film that gets approval and support from the president.
Filmmaker and producer Keya Morgan is listed as a collaborator on the film by Iervolino. Morgan was previously the manager for comic book legend Stan Lee and was also involved in a dispute with Lee's family after his passing. Morgan has had Donald Trump Jr. as a client in the past.
A quick look at Morgan's X <a href="https://x.com/KeyaMorgan">account </a>shows a cover photo of the producer with Trump.
"The Apprentice" struggled at the box office, grossing $4 million domestically and $17.3 million worldwide, as <a href="https://www.boxofficemojo.com/title/tt8368368/?ref_=bo_se_r_1">reported </a>by BoxOfficeMojo. The film did manage to land several award nominations, including an <a href="https://www.benzinga.com/general/entertainment/25/03/44067420/2025-academy-awards-how-to-watch-betting-odds-will-a-film-about-donald-trump-win-any-awards">Academy Award nomination </a>for Sebastian Stan, who played Trump in the film.
Trump and his team tried to block the movie from theaters and sent cease and desist letters to the film's team.
A biopic that portrays Donald Trump in a more favorable or nuanced light—potentially with the former president's backing—could attract strong interest from studios and streaming platforms. If Trump publicly supports the project, it may further boost attention through his social media channels.
The Cannes Film Festival runs May 13 through May 24.
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</ul>
Photo: Shutterstock

Entertainment

Politics

Trump Fought Last Biopic — Will He Back New $100 Million Film Project With 'Balanced' Vision?

Capital Link's Trending News Webinar Series featured this week a discussion with Mr. Alexander Saverys, CEO of CMB.TECH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMBT#NYSE">CMBT</a>), who shared his views on the company's diversified business model, plans for decarbonization, and his vision for a maritime industry that balances tradition with bold innovation. 
<h5 class="wp-block-heading">Highlights</h5>
<ul class="wp-block-list">
<li>Ammonia and hydrogen are among the most promising future fuels that comply with regulations and do not emit CO2.</li>
<li>CMB.TECH is bridging the current NAV valuation gap by shifting investor focus from asset values to sustainable earnings power through a diversified business model, leveraging increased liquidity from the Golden Ocean merger and their decarbonization efforts to create long-term shareholder value.</li>
<li>The company plans on investing in long-term solutions, not waiting for regulations or subsidies, and prioritizing sustainable growth.</li>
<li>Africa is expected to be the next big thing in shipping as it will inspire new trade routes using more environmentally friendly technologies.</li>
</ul>
To access the full conversation, please visit the following link:
<a href="https://www.youtube.com/watch?v=Zh4CiKwge2Q">https://www.youtube.com/watch?v=Zh4CiKwge2Q</a>
The Power of Diversification
Unlike many publicly listed shipping firms that focus on single sectors, CMB.TECH operates across dry bulk, tankers, containers, offshore wind, and more counting 250+ vessels post-merger with Golden Ocean. This approach isn't just about hedging against cyclical downturns. It is about ensuring the company's growth and sustainability for the long term. With over a century in shipping, the Saverys family provides stability as anchor shareholders.
"We look ahead to what ships, engines, and cargo the industry will need in the coming decades. Shipping has long investment cycles, so future proofing is essential. Diversification lets us make the right decisions at the right time, no matter where we are in the cycle" Mr. Saverys explains.
As a result, a key theme of the discussion was the importance of&nbsp;stability and long-term vision&nbsp;in an industry often driven by short-term gains. The company's leadership, with deep roots in shipping, brings a perspective that prioritizes&nbsp;sustainable growth over quick wins.
"Thinking in decades, not quarters, is what allows us to make bold moves,"&nbsp; Mr. Saverys remarked.
<h5 class="wp-block-heading">Creating Sustainable Value</h5>
The persistent gap between shipping companies&#8217; net asset values (NAV) and their market valuations was a primary discussion topic. Mr. Saverys expressed disappointment with the market&#8217;s tendency to value shipping stocks primarily on liquidation value rather than earnings potential or strategic positioning. He noted that NAV represents just the value of ships minus debt and added that this overlooks the value of their operating platforms, technical expertise, and future earnings capacity.
CMB.TECH is taking concrete steps to bridge this gap. The Golden Ocean merger will increase the company&#8217;s free float from 8% to 38%, improving liquidity and making the stock more attractive to institutional investors. More fundamentally, Mr. Saverys commented that they want to be valued on their ability to produce earnings and cash flow, not just the appraised value of their vessels.
As disclosed in the recent Capital Markets Presentation in Oslo, post-merger with Golden Ocean, which is expected to close within Q3 2025, CMB.TECH will boast a fleet of 253 vessels with an average fleet age of 6.1 years, a contract backlog of $3 billion, capex commitments of $2.2 billion and a target leverage of 50% throughout the cycle. Also, a Fair Market Value of $11.1 billion, with an NV of around $14.9/share.
<h5 class="wp-block-heading">Delivering on Zero-Carbon Ambitions</h5>
While some shipowners explore biofuels, LNG, or methanol, CMB.TECH is placing its chips on&nbsp;ammonia and hydrogen, the only carbon-free fuels that according to Mr. Saverys align with current emissions targets.
The company is already moving aggressively and is currently overseeing one of the most ambitious newbuilding programs in the industry. There are 46 vessels on order, with the first ammonia-capable ships scheduled for delivery starting in 2026. These include eight bulk carriers and one container ship entering service in 2026, followed by additional vessels through 2027 and 2028. What makes this program particularly noteworthy is that all newbuilds will be equipped to operate on alternative fuels, except in cases where engine technology isn&#8217;t yet commercially available, making it cost effective.
When it comes to infrastructure there are challenges as bunkering networks for ships are still underdeveloped. While dedicated ammonia bunkering infrastructure doesn&#8217;t yet exist, the global ammonia trade already moves millions of tons annually for industrial use, meaning storage and handling infrastructure exists in many ports worldwide. Mr. Saverys believes early adopters will shape the market, much as they did with LNG. For the initial phase, Mr. Saverys envisions solutions like ship-to-ship transfers using existing LPG carriers, drawing parallels to how LNG bunkering developed gradually as demand increased.&nbsp;
When it comes to complying with IMO's regulations, it was noted that over relying on them to solve all problems is not the way to go. While acknowledging the importance of IMO policies like those expected from MEPC 83, Mr. Saverys stressed that CMB.TECH's strategy doesn&#8217;t depend on regulatory support.&nbsp; "Our business model must stand on its own," he insists. "If zero-carbon solutions stay three times more expensive than diesel, no subsidy or tax will bridge that gap." Instead CMB.TECH is investing directly in&nbsp;fuel production and engine development, by collaborating with manufacturers like WinGD.
<h5 class="wp-block-heading">Africa: The Next Frontier</h5>
One of Mr. Saverys' most intriguing insights was his bullish outlook on&nbsp;Africa. As its population is expected to grow by&nbsp;1 billion by 2050, he sees untapped potential in its&nbsp;young workforce, quick technology adoption, economic models, and emerging trade routes.
"They&#8217;ll skip some of the mistakes the Western world has made in industrializing, in developing their economies. They will look at decentralized energy production. They have been digital in banking, even before we were in Europe. They will not pull cables everywhere. They will find different solutions, and they will do it better in a more sustainable and cheaper way. Whoever wants to be successful in shipping will at one point need to have an Africa strategy" he concluded.
This content is for informational purposes only and not intended to be investing advice.

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