Belgium's CMB Tech third-quarter profit beats market view (updated)

CMB.TECH NV

07/11/2024 07:03

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3-4)
       Nov 7 (Reuters) - Belgian oil tanker company CMB Tech
 CMBT.BR  posted its third-quarter profit above market
expectations on Thursday, powered by its long-term strategy of
decarbonisation and diversification of its fleet.
    "From a supply-side perspective, the outlook for the tanker
fleet remains generally favourable for Very Large Crude Carriers
(VLCCs)," the group said in a statement.
    The group, formed after last year's Euronav-Compagnie
Maritime Belge takeover, acknowledged near-term challenges to
oil demand growth from headwinds in China and the Middle East. 
    However, it remained cautiously optimistic due to favorable
long-term structural factors, particularly in non-OECD Asia,
with a focus on India.
    "Our strategy of decarbonisation, diversification and
optimisation of our fleet is in full swing," CEO Alexander
Saverys said in a statement.
    CMB Tech said its net gains dropped 14.4% to $98.1 million
in the period, but exceeded average forecast of $43.62 million,
according to data compiled by LSEG.
    

 (Reporting by Dimitri Rhodes; Editing by Christopher Cushing
and Sherry Jacob-Phillips)
 ((Dimitri.Rhodes@thomsonreuters.com;))