The pioneering move by Compagnie Maritime Belge (CMB) to develop shipping hydrogen projects is beginning to pay off, chief executive Alexander Saverys said.

He believes the company's CMB.Tech unit, set up to develop low-carbon ships and engines, should be seen with the same importance as the Belgian shipowner's bulker, container and tanker divisions.

The ships involved may be smaller, but the principle remains the same, Saverys said.