CMBTech announced Q3 2025 results on 11/26. This is a multi-faceted entity now, but I think the company results still focus on the various shipping segments.
- Rev of $462.3M
- Profit of $17.3M
- Took delivery of 7 newbuilds, including 2 Newcastlemaxes and a VLCC
- Sold two non-modern vessels - a 2007-built VLCC and a 2009-built Cape (Battersea was part of the Golden Ocean acquisition)
- Announced a 5c/sh div, to be paid in early 2026.
Company also having a major board shake-up with Marc Saverys (chair) and another member stepping down. There is a breakdown of vessel TCE by category and vessel size. The rates that stand out are rates for Newcastlemaxes, and Suezmax. I think FRO also indicated Suezmax performing better than VLCC in Q3 2025. However, with CMBT, the Suezmax avg rate ($48K daily) is much, much better than the VLCC avg ($30.5K daily). The Q4-to-date on the VLCC improves for CMBT. But, the rate seems to be lagging what peers like ECO & FRO report for Q4-to-date. This could be due to CMBT’s VLCC age mix (many of the newer VLCCs went to FRO in the reworked M&A deal)
Small CMBT stake via prior Golden Ocean share ownership. My CMBT shares are in a Roth ac. Not a problem right now, as the dividend payout is low. But it would be a problem if the payout increased significantly - Belgium has a relatively high withholding rate which becomes a problem with no offset in Roth ac.