CMB.TECH (NYSE:CMBT) reported second-quarter 2026 net profit of $364.4 million, supported by revenue of more than $700 million and $127 million in gains from vessel sales, as shipping markets remained strong across several of the company’s operating segments.
CEO Alexander Saverys said EBITDA reached $552 million during the quarter. Net finance expense declined 5% from the first quarter to $76 million, which he attributed to lower-cost refinancings and debt repayments. Liquidity stood at just under $400 million.
Dividend and Capital Spending
CMB.TECH said it intends to distribute $0.64 per share, comprising an interim dividend of $0.21 per share and a $0.43-per-share payment from the share premium reserve, which the company said is exempt from withholding tax.
During the question-and-answer session, Saverys said the company aims to continue rewarding shareholders at approximately the level achieved in the past two quarters, while retaining flexibility for investments and new projects. He said the company would maintain a discretionary dividend policy rather than formally changing its policy.
Capital-expenditure commitments have fallen to less than $1 billion, with $890 million in remaining newbuilding installments. The company said most of that amount has already been financed, leaving $119 million of unfunded CapEx. By year-end, outstanding CapEx commitments are expected to be between $375 million and $390 million.
Saverys said the company was nearing the end of a roughly two-and-a-half-year newbuilding investment plan. Based on its rate assumptions for 2027, including forward freight agreements and potential rate increases, CMB.TECH projected operational cash flow of $700 million to $1 billion after CapEx payments. He cautioned that the forecast would change if markets change.
Asset Sales and Tanker Market Outlook
The company took delivery of nine vessels during the second quarter and quarter to date: four Newcastlemax bulk carriers, one VLCC, two Suezmax tankers, one commissioning service operation vessel, or CSOV, and one crew transfer vessel.
CMB.TECH also continued selling tankers into what Saverys described as historically high values for VLCCs and Suezmaxes. In the second quarter, it delivered the VLCCs Ilma and Ingrid to new owners, generating a $98 million capital gain. It also sold the older Suezmax Sienna, generating a $29 million gain.
The company expects to record a further $100 million gain in the third quarter from the sale of two Suezmaxes, followed by an estimated $130 million gain in the fourth quarter from the sale of the VLCC Donoussa and another Suezmax.
Saverys said CMB.TECH views current tanker prices as an opportunity to sell selected assets, particularly older vessels, but does not intend to broadly exit the sector. “It is really on a case-per-case basis,” he said, noting the company still has modern tanker assets and some charter coverage.
While tanker freight markets are currently strong, management expressed greater caution about the expanding order book. CMB.TECH said the VLCC and Suezmax order book now exceeds 30% of the existing fleet, with 370 VLCCs and 250 Suezmaxes on order. Saverys said deliveries are manageable in 2026 but could become significant in 2027 and 2028, when the market could see one VLCC or Suezmax delivered every two days.
The company reported second-quarter rates above $120,000 per day for its VLCCs and $123,000 per day for its Suezmaxes. Third-quarter-to-date bookings were approximately $120,000 per day for both vessel types.
Management said a potential normalization of conditions in the Strait of Hormuz could either strengthen or weaken tanker demand, depending largely on whether China resumes substantial crude-oil imports to rebuild reserves. Saverys added that he does not expect vessels in the so-called dark fleet to disappear immediately following any potential Iran-related agreement, saying those ships could continue to find employment in different trades.
Dry Bulk, Containers and Offshore Energy
CMB.TECH said it remains positive on dry bulk shipping, citing growth in demand for iron ore, bauxite, grain and coal, along with an aging fleet. The company’s dry bulk fleet includes 40 Newcastlemaxes, 37 Capesizes and 30 Kamsarmaxes and Panamaxes.
During the second quarter, the company earned about $46,000 per day on Newcastlemaxes, nearly $40,000 per day on Capesizes and $20,000 per day on Panamaxes. Saverys said third-quarter bookings were somewhat below second-quarter levels because several vessels had been positioned on front-haul voyages, but he expects rates to improve toward the end of the third quarter and into the fourth quarter.
Management pointed to African iron-ore exports, particularly from Simandou in Guinea, as a potential driver of longer-haul trade. Saverys said cheaper Simandou iron ore could displace shorter-haul supply and potentially add 7% to Capesize fleet ton-miles. The company also said El Niño-related effects could be supportive for Panamax demand through canal restrictions, grain-trade shifts and higher coal-related electricity demand.
In containers and chemical tankers, CMB.TECH remained cautious on longer-term supply conditions despite better-than-expected container-market performance. It said its exposure to spot pricing in those divisions is limited. The company’s chemical tanker fleet consists of 16 vessels, with eight currently operating and eight still to be delivered; most are employed under seven- and 10-year contracts.
Its Windcat offshore-energy division reported second-quarter CSOV rates of $64,000 per day. For the third quarter, it had booked about two-thirds of available days at $50,000 per day. The company said demand from offshore wind projects and offshore oil-and-gas work has helped keep the CSOV market balanced despite a growing order book.
Bond Repayment
CMB.TECH said a bond maturing Sept. 14 will be repaid using available cash rather than refinanced. Management said it does not expect the repayment to affect the planned dividend distribution.
Looking ahead, Saverys said the company sees no obvious large investment opportunities at present, describing newbuildings as expensive. He said CMB.TECH would continue monitoring potential one-off projects while preserving flexibility in its capital allocation decisions.
About CMB.TECH (NYSE:CMBT)
Euronav NV, together with its subsidiaries, engages in the transportation and storage of crude oil worldwide. The company offers floating, storage, and offloading (FSO) services. It also owns and operates a fleet of vessels. The company was incorporated in 2003 and is headquartered in Antwerp, Belgium. As of March 15, 2024, Euronav NV operates as subsidiary of CMB NV.
