Berenberg starts CMB.TECH at buy, sees dry bulk momentum

CMB.TECH NV

22/04/2026 12:02

** Berenberg initiates CMB.TECH CMBT.BR at 'buy', saying the Belgian crude oil tanker company is set to benefit from an early-stage upcycle in dry bulk due to its strong spot exposure

** "The company offers exposure to the supportive dry bulk market, where management expects demand for commodities such as iron ore to outpace fleet growth, driving higher utilisation and freight rates," it says, setting a 14.2 euros target price

** The broker says management monitors fleet age and supply indicators to anticipate freight rate trends and actively rotates assets, and is currently reducing its tanker exposure

** It adds that the group generates strong free cash flows, bolstered by active asset disposals, such as the recent sale of eight very large crude carriers

** Out of 8 analysts that cover CMB.TECH, five rate the stock "strong buy" or "buy, "​three rate "hold" and no analysts rate the stock "strong sell" or "sell" - LSEG data

** CMB.TECH up as much as 3% on the day. Up ~40% YTD

 (Reporting by Zakarya Meliani)

 ((zakarya.meliani@thomsonreuters.com))