Euronav N.V.

CMB.TECH reported second-quarter 2026 profit of $364.4 million, supported by revenue of over $700 million and $127 million of exceptional profit from asset sales. EBITDA was $552 million, and quarterly net finance expense declined to $76 million, down 5% versus Q1. Management said liquidity was slightly below $400 million, contract backlog was stable at $3.3 billion, and equity on total assets value-adjusted was 51.5%. For asset sales, the company booked $98 million on the sale of two VLCCs and $29 million on the sale of an older Suezmax. Looking ahead, management said it expects $100 million of gain in Q3 from two Suezmax sales and $130 million in Q4 from the sale of the Donoussa plus one more Suezmax. It also said it intends to repay its bond on September 14 from existing cash rather than refinance it. Management guided to 2027 operational cash flow of $700 million to $1 billion after CapEx, and said year-end outstanding CapEx commitments should be between $375 million and $390 million.

Alexander Saverys framed the quarter as a period of exceptional shipping conditions, saying the company was “making hay while the sun shines.” He emphasized the scale and quality of the fleet, the steady backlog, and the company’s ability to monetize older tanker assets while still preserving upside through charter cover and newbuild activity. His tone was upbeat but not complacent: he repeatedly stressed that some markets are very strong today, but that tanker oversupply, geopolitical shifts, and the timing of market turns remain important uncertainties.

The financial commentary centered on the strong quarter’s earnings mix and balance-sheet progress. Management highlighted $364.4 million of profit, $552 million of EBITDA, revenue of over $700 million, and the reduction in quarterly net finance expense to $76 million, citing cheaper refinancings and debt repayment. It also pointed to liquidity of slightly below $400 million, value-adjusted equity on total assets of 51.5%, and the reduction of CapEx commitments to less than $1 billion overall, with only $119 million unfunded and year-end commitments expected at $375 million to $390 million.

Analysts focused on the dividend policy, tanker asset sales, the tanker order book, bunker availability, and capital allocation. Management said the bond repayment on September 14 will not affect dividends, and that a roughly 50% payout of net profit remains a “very good target,” though still discretionary. On tankers, management said sales are case-by-case and reflect unusually high vessel values, but it is also wary of a large future delivery wave; on bunker fuel, it said availability has generally been okay and there is no specific shortage affecting the fleet. On the Fortescue framework, management said it covers 12 ships across ammonia-ready and retrofit-ready vessels, with deployment and fuel choices still being worked through.