CMB.Tech Intelligent asset disposal showcasing skill to time the cycle

CMBT struck the iron while it was hot and in line with its fleet rejuvenation strategy has been offloading 6 older VLCCs and two Capesizes. We estimate the aggregate disposal value at $500m. We expect the block sale to have occurred at firm prices absent discount -perhaps even exceeding our and Clarksons fair market values- considering the booming VLCC rates witnessed in 4Q25. Market rates in this segment were well above $100.000/day at numerous times past months. Half of the capital gain of $269m to be posted in 1Q26 (so $135m) will be distributed to shareholders while the remainder will be used to pay off existing debt. The intended cash return amounts to ca. $0.46 per share (>4% yield on yesterday's close) on top of the 2x $0.05 p.s. declared earlier quarters. This news should comfort investors concerned about the fully discretionary dividend policy. Following payment of the latter return on aggregate ca. $0.56 p.s. will have been distributed recently. This clearly signals that the reference shareholder is willing to share cash proceeds with other shareholders. While we estimate the impact on LTV to be limited (falling from 68% to 66%) the trend is clear and the coinciding debt repayment will enable further repayment of the expensive bridge loan taken out to acquire Golden Ocean. Buy and €11 TP reiterated.