Since the start of May 2026, some shipping companies have been reporting their Q1 results. Today (05/19/26), an interesting entity - CMB.Tech (CMBT), reported their Q1 2026 results. I say, “interesting entity”, because CMB.Tech went from being a mostly crude oil shipping entity (they also owned, and still own, two oil producing FPSOs in the Middle East) to own shipping in various sectors (tankers, dry bulk, chemical, container, wind, offshore). Plus, they own Hydrogen production infrastructure.
CMBT is the first shipping company to provide data on vessels “stuck” in the MEG region. CMBT indicate there are 115 VLCCs and 24 Suezmax vessels stuck in the MEG region and thus effectively removed from supply. With the number of tankers stuck in the region, CMBT confirmed my premise that the high spot rate for the Middle East route is only a quoted rate, not an actual rate.
As the company is also involved in dry bulk, there is also mention of developments in iron ore, coal and bauxite from major producing areas. The company is also seeing improved rates for its dry bulk vessels.
The tanker predecessor entity (Euronav) used to own a lot of VLCCs, but almost three years ago, they sold a majority of their VLCCs to Frontline (FRO). In 2026, they have sold a majority of their operational VLCCs (eight vessels) to Sinokor for a huge profit. They have ordered some VLCC newbuilds that deliver over the next few years
No CMBT position. But, I did appreciate the color they provided on the shipping sector.