CMB.Tech's core profit more than doubles as Hormuz disruption lifts freight rates (updated)

CMB.TECH NV

27/08/2026 06:42

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CMB.Tech Q2 core profit more than doubles as tanker, dry-bulk rates surge
Hormuz disruption boosts freight rates; CEO sees potential correction if flows normalise
Shares up 2.5% by 0751 GMT
By Hugo Lhomedet
Aug 27 (Reuters) - Belgian tanker company CMB.Tech CMBT.BR said on Thursday its second-quarter core profit more than doubled, driven by soaring tanker and dry bulk prices and sales of older vessels amid war-related disruptions to global shipping.
Disruption to shipping flows through the Strait of Hormuz triggered a scramble for available tankers and sharp increases in spot freight rates, the company said in a press release.
"If we return to normal, voyage distances should shorten because Middle East-to-China trade requires fewer ships than America-to-China routes," CEO Alexander Saverys told Reuters.
This would normally point to lower freight rates, Saverys said, though he cautioned that the outlook remained subject to many variables.
CMB.Tech, whose diversified fleet includes Euronav oil tankers and Bocimar dry-bulk carriers, said its earnings before interest, taxes, depreciation and amortisation soared to $552.8 million in the second quarter from $224.1 million a year ago. 
Its very large crude carrier (VLCC) spot rate averaged $126,790 per day in the quarter, versus $44,981 a year earlier, while the Suezmax rate rose to $123,405 from $40,160.
"While crude tanker rates are making headlines daily, we point to the solid fixtures and rates in dry bulk, which accounts for more than half of gross asset value," KBC Securities analysts said in a note to investors.
The company's net profit multiplied to $364.4 million from $7.8 million a year ago, including a $127.5 million one-off gain from vessel sales.
"When we believe values are high, we seek to sell our oldest vessels. That allows us to reinvest in a younger fleet, reduce debt and operate a younger fleet in the years ahead," Saverys said.
The company proposed a distribution of $0.64 per share, including an interim dividend of $0.21 per share, which is subject to shareholder approval and expected to be paid in October.
Its shares rose 2.5% by 0751 GMT.

(Reporting by Hugo Lhomedet in Gdansk, editing by Milla Nissi-Prussak)
((hugo.lhomedet@thomsonreuters.com))