The entity formerly known as Euronav (now CMB.Tech) reported Q2 2024 results. With all the new shipping-related segments, this is a very different entity to the former tanker entity Euronav. Even dissecting the results is challenging
First thoughts
- Net margins for the new entity (CMBT) are impressive
- Drilling down into individual segments (or brands), the only one that appears “meh” is the Offshore wind segment
- VLCC averages (spot and TC) both seem above-average for Q2
- Suezmax average - spot - above avg, TC avg
- Dry bulk: Reported as load-to-discharge rate, hard to tell if $36.7K is good or not
- Containers - Not sure on fleet make-up
- Chemical - spot, probably above avg
- A bunch of new building orders. Exits primarily on the VLCC side
- Not positive about div, but want to say it occurs twice a year. First half included a big return-of-capital payout, plus a $1.15/sh div (already paid in Jul 2024)