CMB.Tech First look - 3Q25 release and 4Q to date fixtures confirm scenario
CMB.TECH already provided the market with a 3Q25 business update on October 20th in which it disclosed TCE rates and 4Q fixtures. Since then the company has been able to further lock in its crude and dry bulk tankers at rates well above break-even (fixtures going from ca. 44% to ca. 80% in 4Q to date). Over 3Q25, CMB.TECH reported a net profit of $17m ($0.07 p.s.). Corrected for $39m capital gains on vessel disposals, the adjusted EBITDA was $199m above our $189m forecast. The contract backlog remained roughly unchanged vs. 2Q25 at $2.95bn. The company is swiftly executing its new build programme and recycling cash through disposals of older vessels. Another $0.05 p.s. interim dividend was declared. In our view the release holds no major surprises and confirms our scenario. Robust rates in both crude and dry bulk tankers, the potential for rapid deleveraging, continued strength in vessel values and a >20% discount to NAV underpin our recommendation. Buy rating and €11 TP reiterated.Euronav is a provider of maritime shipping and offshore services engaged primarily in the transportation and storage of crude oil. As of Apr. 4, 2017, Co. owned and operated a modern fleet of 55 vessels (including four chartered-in vessels) with an aggregate carrying capacity of approximately 13.7 million deadweight tons, or dwt, consisting of 31 very large crude carriers, one ultra large crude carrier, 21 Suezmax vessels, and two floating, storage and offloading vessels. Co. has two operating segments: the operation of crude oil tankers on the international markets (tankers) and the floating production, storage and offloading operations.
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