Published by Global Banking & Finance Review®
Posted on February 26, 2026
2 min readLast updated: April 2, 2026
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CMB Tech beat Q4 earnings expectations as tanker and dry-bulk strength lifted EBITDA to $322 million. Sales of older ships and long-term charters helped offset market constraints.
By Jesus Calero
Feb 26 (Reuters) - CMB Tech reported fourth-quarter core earnings above market expectations on Thursday as robust tanker and dry-bulk markets allowed the Belgian shipping group to lock in charter contracts and sell older ships at high prices.
The tanker group said market conditions remain supportive into early 2026, though a potential crude supply surplus later in the year could pressure oil prices and curb transport demand if producers cut output.
Earnings before interest, taxes, depreciation and amortisation came in at $322 million for the quarter ended in December, beating the $295.67 million expected by analysts polled by LSEG.
Tanker markets have benefited from longer voyages and compliance constraints linked to Western sanctions on Russian crude, while robust commodity flows to Asia have also underpinned dry-bulk demand.
"Higher charter rates have been accompanied by higher asset values. Second-hand VLCC and Suezmax prices are at their highest levels in 20 years," the company said in a statement.
Analysts said the key question for shipowners is whether the freight market is at the middle of an up-cycle or at its peak, particularly as companies sell assets and adjust balance sheets after a period of expansion.
Average spot earnings for CMB Tech's VLCC crude tankers were $74,842 per day, up from $37,400 a year earlier, while Suezmax spot earnings rose to $64,543 per day from $38,300.
Since CMB Tech has a diversified fleet, its earnings are increasingly shaped by both tanker and dry-bulk cycles, making the sustainability of freight markets a key focus for investors.
"We have used this very strong market back-drop to sell some of our older vessels at stellar prices, and fixed multiple long-term charter contracts at attractive rates," the company said.
CMB Tech's contract backlog rose by $304 million to $3.05 billion after the company signed five charter contracts for Capesize dry-bulk vessels and a contract for an offshore wind service vessel.
The company declared an interim dividend of $0.16 per share.
(Reporting by Jesus Calero; Editing by Subhranshu Sahu)
CMB Tech’s fourth-quarter earnings beat market expectations, driven by strong tanker and dry-bulk markets, with EBITDA of $322 million versus $295.67 million expected.
Longer voyages due to sanctions on Russian crude, robust Asian commodity flows, and the company’s strategy of selling older vessels and locking in long-term charters.
It sold older ships at high prices and secured multiple long-term charter contracts at attractive rates, enhancing revenue visibility amid strong freight markets.
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