Euronav Nv Stock Earnings Reports

CMB.TECH reported a strong Q1 2026 with net profit of $368.8m, $267m capital gains from vessel sales in Q1 (expecting another ~$127m in Q2), reduced leverage and lower net finance expenses (from $113m to $81m). Liquidity at end-Q1 was just above $0.5bn and adjusted equity/total assets is below their 50% through-the-cycle target. The Board declared a $0.64/share distribution (split $0.20 interim dividend + $0.44 from share premium, making 70% of the distribution exempt from withholding tax). Remaining CapEx at end-April is $1.2bn (about $184m unfunded); 2026 is the last heavy newbuilding delivery year. Contract backlog increased by ~$200m and includes $1.9bn tied to dual-fuel vessels with strong counterparties.

Operationally, management is positive on dry bulk and tankers (noting material spot exposure: ~80% of 53,000 days are spot, with 36,000 open dry-bulk days concentrated in Kamsarmaxes and Capes/Newcastlemaxes). Dry bulk markets were stronger than seasonally expected; many days already fixed at attractive rates for Q2 (e.g., Newcastlemax ~80% fixed at $44k/day). Tanker rates have been supported by Middle East disruptions; the company sold older VLCCs and Suezmaxes, realizing sizeable gains and retaining a smaller modern fleet. Management is cautious on containers and chemicals but constructive on offshore energy (Windcat/CSOVs) with high utilization.

Macro/market notes: Middle East tensions (Operation Epic Fury / Strait of Hormuz disruption) have shifted flows and ton-mile dynamics — partly offset by higher long-haul exports (U.S., Brazil, Guyana), supporting tanker utilization and boosting seaborne coal demand in some scenarios. Management sees potential for >$1bn operational free cash flow in 2026 under current rate assumptions (excluding further vessel sales and remaining CapEx). Capital allocation priorities: continue deleveraging, optimize fleet (selective S&P), and maintain a discretionary dividend policy historically distributing ~50–60% of net profit; management signaled a focus on returning cash to shareholders as leverage/CAPEX pressures ease. They remain opportunistic on M&A/newbuilds (e.g., CSOV options) but caution that asset prices are elevated.