Cmb.Tech Posts Strong Q2 Profit as It Sells Fleet at Cyclical Peak

Earnings
โดย Insider Monkey·US·Read original
Summary · why it matters

Cmb.Tech NV reported a $364.4 million net profit for the second quarter, with revenue above $700 million and EBITDA of $552 million, driven by historic shipping rates and well-timed asset sales. The company booked a $127 million gain from selling two VLCCs and one Suezmax, and expects further gains of $100 million in the third quarter and $130 million in the fourth. Management is selling older vessels because secondhand tanker prices are above their 10-year maximums, while the dry bulk segment benefits from African iron ore exports, led by Simandou in Guinea, which could add 7% to Capesize ton miles. The fleet averages under six years old, with a $3.3 billion contract backlog, and the company projects 2027 operational cash flow of $700 million to $1 billion. However, the tanker order book for VLCCs and Suezmaxes has climbed above 30% of the existing fleet, with deliveries concentrated in 2027 and 2028, while global seaborne crude flows have already fallen from 31 million barrels a day in January 2026 to 22.3 million by June. Hedge fund ownership rose to 29 funds from 24, and the stock trades at a forward P/E of 16.34 as of August 27.

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