CMB.Tech Solid 4Q25 & 1Q26 fixtures, fleet renewal ongoing, LT contract conclusions
Over 4Q25, CMB.TECH reported a net profit of $90.1m ($0.31 p.s.). Corrected for $49.5m capital gains on vessel disposals the adjusted EBITDA was $272.5m well above our $215m forecast. A $0.16 p.s. interim dividend was declared. 1Q26 to date fixtures point to a strong start of the year and leave considerable upside to our assumptions. While the crude tanker rates are making headlines daily, we are impressed by the solid fixtures and rates in dry bulk, which makes up >50% of GAV. The contract backlog rose to $3.1bn with gross additions of $300m in new charters. The company is swiftly executing its NB programme and recycling cash through disposals of older vessels. Robust rates in both crude and dry bulk tankers, the potential for rapid deleveraging, and continued strength in vessel values underpin our Buy. Based on an updated NAV we set new TP at €14.5 (from €11).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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