CMB.Tech continued to perform well in the second quarter of 2026 with a net profit of $364.4m as tanker markets continue to benefit from disruption in the Middle East. The company’s dry bulk fleet also saw higher demand for commodities such as bauxite and iron ore.
The strength of the crude tanker market was particularly clear. Average spot time charter equivalent rates for VLCCs climbed to $126,790 per day in Q2, nearly triple the $44,981 posted in the same period a year ago. Momentum continued strong into the third quarter with 83% of the fleet fixed at an average rate of $125,404 per day.
Then came earnings for Suezmaxs. Average rates were $123,405 per day in Q2, more than three times the $40,160 in Q2 2025. “Q3 has seen a bit of a softening of the market, but 73% of fleet days were fixed at an average of $117,579 per day.
Both parts are also running substantially above their 10-year average. For VLCCs the average earnings over that period were $30,198 per day and suezmaxes averaged $30,946.
Euronav has four VLCCs and one newbuilding on order and 15 suezmaxes already on the water, excluding vessels sold but not yet delivered.
The strength of the tanker market has been attributed largely to the continuing turmoil in the Middle East. In the short term a return to normal conditions could provide the tanker owners with a further boost as the low oil inventories would have to be replenished. However, CMB.Tech is urging caution over the medium term.
The company said the first wave of restocking following a return to normalcy in the region would eventually be replaced by a “normalization of trade flows to underlying historic levels”.
The other big concern is the tanker orderbook. CMB.Tech highlighted the strongest period of newbuilding investment in the crude tanker sector in the last 50 years with 620 VLCC and suezmax units on order.
“Looking ahead, the ever-growing crude tanker orderbook remains a key driver of medium-term market balance and earnings outlook. “The orderbook has seen the strongest period of newbuilding investment in the last 50 years (620 VLCCs and suezmax units on order) over the past months,” the company said.
At the same time, CMB.Tech continued to exploit high asset values by means of its sale-and-purchase strategy.
Q2 saw the delivery of two VLCCs and one suezmax to the new owners, creating a gain of $127.4m. We have two more suezmaxes due for delivery in Q3, which we expect to earn $100.2m. The company also expects to receive $131.2m from the delivery of one suezmax and one VLCC in the fourth quarter.
Newbuildings are also adding to the CMB.Tech fleet across several segments. Between April and July 2026 the company took delivery of one VLCC, two suezmaxes, four Newcastlemaxes, one CSOV and one CTV.
CMB.TECH CEO Alexander Saverys noted the strength of both the tanker and dry bulk markets helped the company to “excellent results” in the second quarter of 2026.
CMB.Tech would continue to “make hay while the sun shines”, building on strategic decisions made over the past three years, he said. These are diversifying from tankers, acquiring Golden Ocean and investing in a future-proof newbuilding program.
However, the company’s strong quarterly results also carry a clear warning. Tanker earnings remain extremely high, but the orderbook is of unprecedented scale and could increasingly weigh on the market balance and earnings outlook over the medium term.
