Had missed the reporting event from last week - CMB Tech (CMBT) reported on 02/27/26. The multi-segment entity makes it a more challenging shipper to dissect.
- Rev of $589.1M
- EBITDA of $322.1M
- Net Income of $90.1M
- Some vessel sales in Q4 2025. Subsequent event in Q1 2026, is disposal of most of their VLCCs (with significant capital gains)
- Declared div of 16c/sh (I think CMBT shifted back to bi-annual div)
With the sale of additional VLCCs, CMBT’s revenue will increasingly lean on the dry bulk segment. The sale of the older VLCCs aligns with their strategy of transitioning to more fuel efficient vessels. For CMBT, being able to offload the older VLCCs to Sinokor, at a premium, is a positive. The presentation did not include the Balance Sheet. But the company mentioned its significant liquidity (nearly $600M), so it should be able to navigate the short term okay.