CMB.Tech profits soar as tanker prices rise due to the disruption caused by Hormuz
The Belgian tanker firm CMB.Tech announced on Tuesday that its core profit had more than tripled in the 'first quarter, as the Strait of Hormuz closure curtailed the available shipping tonnage and drove a sharp increase in spot freight prices.
The shares of this large maritime company, with a fleet consisting of 250 vessels, rose by more than 5% at the opening of trading in Brussels. Since the beginning of 2026, they have gained almost 70%.
CMB.Tech’s earnings before interest taxes, depreciation, and amortization (EBITDA), compared to $158.4 millions a year earlier, rose?to $558.3million.
In a statement, CEO Alexander Saverys stated that "we are reaping benefits from a hot?tanker?market through a combination of sales of older vessels for stellar prices, historically high spot markets and the addition of lucrative long term charters."
The disruption of shipping through the Strait of Hormuz temporarily removed from supply a significant portion of VLCCs (Very Large Crude Carriers) and Suezmax Fleets.
In a note sent to investors, brokerage Degroof Petercam stated that "CMB.Tech benefits from the disruptions caused by the closure of the Strait of Hormuz. This is both directly and indirectly achieved through the increased shipping rates as well as the sale of vessels at high prices."
The company reported a capital gain in the amount of $267 million on vessel sales delivered to buyers.
The average spot earnings of VLCC tankers have doubled from a year earlier to $71,204 per day. Suezmax spot earnings have more than doubled, to $91,849 a day.
The company anticipates that the spot results will be even better in the second quarter than in the first.
The contract backlog has grown to $3.26billion thanks to the addition of and extension of time-charters for Suezmax ships.
CMB.Tech warned, however, that the current "Goldilocks' conditions might not last, given the global trade uncertainty, and the increasing order book.
Investors will receive an interim cash dividend of $0.64 per share.
(source: Reuters)
