CMB spins off Euronav and Creates value

By Andreas Vergottis

Following closely from the spin off of Exmar around the middle of last year, CMB completed the process of rationalisation by spinning off Euronav in early December.

The slimmed-down CMB now just comprises the dry bulk Bocimar division, which we shall refer to alternately as the “new CMB” and as “Bocimar.” At the end of this process, investors are left with three specialised companies, these being:

Bocimar Dry bulk focus

Euronav VLCC tanker focus

Exmar Gas shipping focus

If ones wanted to be extremely purist, Exmar could itself be split into LPG and LNG parts, but that does not seem terribly necessary.

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