CMBT

Image source: The Motley Fool. Thursday, Aug. 27, 2026 at 8:00 a.m. ET Chief Executive Officer - Alexander Saverys Alexander Saverys: Good morning, good afternoon, and welcome to the earnings conference call for the second quarter of 2026 of CMB.TECH. My name is Alexander Saverys. I'm the CEO of CMB.TECH and I'm joined by my colleagues, Joris Daman and Enya Derkinderen. We will start, as always, with our financials and some highlights. And before we do, we give you an overview of the fleet of CMB.TECH. You can see that we have 206 vessels on the water with another 26 newbuildings coming. Our contract backlog is stable at $3.3 billion. The fleet is young. We have an average age below 6 years. Our CapEx commitments, we will discuss a bit later, have now gone down to less than $1 billion. We have a market cap of $5.2 billion, a fair market value of the fleet of $11.2 billion. And for those who might not know, but we are still listed in New York, in Brussels and in Oslo. Our second quarter financials, the title of our press release was making hay, making hay while the sun shines. These are exceptional times for shipping and also exceptional times for CMB.TECH. The company has made a profit of $364.4 million in the second quarter. This was on the back of an increased revenue of over $700 million and an exceptional profit that we made on the sale of assets of $127 million. You can see the other items in our profit and loss that stick out. One of them is the net finance expense. We are reducing our quarterly net finance expense to $76 million, which is a 5% reduction compared to the first quarter. This is led by cheaper refinancings and also just a general repayment of our debt. Our EBITDA stood at $552 million. Our liquidity slightly below $400 million. On total assets, book value stands at above 35% and our equity on total assets value adjusted is now above 50% at 51.5%. Other highlights during the quarter. I already mentioned our net profit and our EBITDA. The liquidity, which stands at around $400 million. We have a contract backlog, which is stable. We have added during the quarter 2, 2-year charters on our CSOVs and one 1-year VLCC charter. We have the intention to distribute an amount of $0.64 per share, which will be split in an intermediary dividend of $21 per share and a payment of $0.43, so $0.21 per share and $0.43 per share out of the share premium reserve, which is exempt from any withholding tax. We have taken delivery in the second quarter and quarter-to-date of 9 newbuilding vessels. These were 4 Newcastlemaxes, 1 VLCC, 2 brand-new Suezmaxes, 1 CSOV and 1 CTV. We have sold quite a few ships so far this year. In the second quarter, we have delivered to their new owners 2 VLCCs, the Ilma and the Ingrid, on which we booked a capital gain of $98 million. We have sold an older Suezmax, the Sienna with a capital gain of $29 million. So total gain in second quarter was $127 million. In the third quarter, we will book a gain of $100 million on the sale of 2 Suezmaxes. And in the fourth quarter, we will add a gain of $130 million on the sale of the Donoussa, which is a VLCC and one more Suezmax. The sales of our tankers, we believe, are very well timed. We are at historic high prices for VLCCs and Suezmaxes. On this slide, you can basically see the 10-year average for a 5-year-old VLCC and a 5-year-old Suezmax compared to today's values and also compared to the last 10 years minimum and maximum. And as you can see, on VLCCs and Suezmaxes, we are well above the 10-year average. We are also well above the maximum of over the last 10 years that we have seen. We, therefore, believe it's a good time to sell some of our assets, particularly our older assets. And then we have put a comparison where other segments stand like Panamaxes and Capesizes. As you can see that today's values, even though they're at the top end of what we have seen over the last 10 years, they are still in line of that bracket. Same goes for VLGCs. Of course, on the container vessels, the situation is different and also on LNGs. We wanted to show you what we believe in 2027, our operational cash flow could be based on certain rate assumptions. So we have put the rate assumptions at the bottom right of the slide with a 10% and 20% uplift. Rate assumptions for 2027 have been based on FFAs and assumptions for next year. You can see the numbers there. What you then see is after having repaid or paid all our CapEx investments, we still are forecasting a cash flow of $700 million to $1 billion. I would say that's a very powerful figure to see that even after all our CapExes have been repaid, our operational cash flow will be between $700 million and $1 billion. Of course, if the market changes, the numbers will change, but it gives you an indication of the cash flow generating potential of all our different divisions. The most important, of course, our Newcastlemaxes and Capesizes, our VLCCs and Suezmaxes. I mentioned the CapEx. We still have $890 million of new buildings to be delivered of newbuilding installments to be made. Of that number, the vast majority has already been financed. We have an unfunded CapEx of $119 million, which is basically spread out this year, $43 million and then other amounts in '27, '28 and '29, which are relatively small. At the end of this year, our outstanding CapEx commitments will be between $375 million and $390 million. So we've come to the end of our large 2.5-year newbuilding investment plan. I want to give you an update on the market and talk about Bocimar, Euronav, Delphis, Bochem and Windcat. And I always start with an overview of the different markets we operate in and what we feel is the sentiment and the state of the market. Starting with dry bulk. Clearly, we are positive on dry bulk. We see that demand on the major commodities we are moving is growing. That goes for iron ore, bauxite, grain and coal. The order book to fleet has increased a little bit on Capesizes, actually decreased a little bit on Panamaxes. We are around the 15% mark, which we still think is something that the market can take for the next couple of years. The age of the fleet, 41% of our Capes are older than 15 years, more than 1/3 of the Panamaxes are older than 15 years. The balance between supply and demand on dry bulk, we believe, is positive. Moving to tankers. You can see that we have colored from positive to cautious and basically kept a positive and cautious approach. No doubt, the market is very positive today. We are seeing all-time high rates on secondhand numbers, on the freight numbers on the spot market. So the market is very, very, very strong. Reason we are becoming a little bit more cautious is that on the demand side, we don't know what the effect will be of a potential solution in the Strait of Hormuz. Obviously, we don't know the timing, but that solution could lead to softer markets. What worries us a bit more is the order book to fleet. We are now seeing an order book to fleet on VLCCs and Suezmaxes of over 30%. This is not impacting the market right now. The order book for 2026 is still very reasonable, but as from next year and the year after, we will see a tsunami of VLCC and Suezmaxes coming to the market. Moving to containers and the chemical tankers. We have had a cautious approach to both markets. Actually, the container market has surprised to the upside. The unwinding of the Red Sea rerouting has been postponed with the renewed tensions around Bab el-Mandeb and Houthi attacks. But when you look at the order book, we would still be quite cautious for containers going forward. But right now, the market on containers is still quite good. On the chemical tankers, the order book is something we are watching closely. The market has actually performed relatively well. But going forward, we take a slight cautious approach. As you know, both in Delphis and Bochem, our Container and Chemical Tanker division, we have close to no spot exposure. So we are very well covered and shielded from any market fluctuations. Our last division, Windcat, Offshore Energy, we are seeing good rates. We believe if you look at the demand for the offshore wind energy projects, but also offshore oil and gas projects, combined with the order book with the fleet that is coming, there is a substantial fleet of CSOVs coming to the market next year and in 2028. But combined with the demand that we see in oil and gas and wind, we believe that the balance is positive. I want to zoom in on certain specific dynamics in our subsectors, starting with dry bulk. First, our dashboard, what we have done in the second quarter. Our fleet today is 40 Newcastlemaxes on the water, 37 Capes and 30 Kamsarmaxes and Panamaxes. The performance in the second quarter was very good. We earned $46,000 on our NUCs, close to $40,000 on our Capes and $20,000 on our Panamaxes. The rates for the third quarter are in line with the rates of the first quarter so far of second quarter. So far, what we have booked in Q3 is slightly below Q2 because we have positioned quite some vessels into interesting fronthaul positions, and we would normally see a bump on our rates towards the end of Q3 and into Q4. A lot of the indicators on dry bulk are green. Some indicators like iron ore inventories and steel inventories are slightly negative. But overall, we see that the demand side of things is looking very positive. Looking at the order book to fleet before we zoom in on the demand, one can see that the order book has grown. We are now on Capesize order book to fleet of 17%. Panamax has actually gone down slightly. We are at 14%, spread out nicely over the next couple of years. So, so far, we don't believe that the order book to fleet is an issue. The average age of the fleet is actually very positive. The fleet is aging, very little scrapping going on. So that has the potential to help the market in the next couple of years. The volumes, we are seeing iron ore, coal actually supporting the market. So on our Capesizes, it's iron ore, bauxite and a little bit of coal. On the Panamaxes, it's coal, grain and some of the other commodities. When you look at what has been transported, we see that there is growth. Bauxite seasonally dips in the second quarter, but we have seen a very interesting pickup recently. So strong second quarter volumes on all dry bulk commodities. When we look at the iron ore specifically, it's a China, Australia, Brazil story. And an interesting story that we are seeing is the FE content. Overall, Chinese iron ore imports and Chinese iron ore imports are reducing in FE content a little bit, and we are seeing lower production, domestic production in China on the iron ore. Both these elements, if you compare 2026 with what we are expecting for 2027, could add another 2.5% of extra iron ore imports into China. So something to watch the FE content and domestic Chinese production, which is going down and being replaced by higher FE content iron ore coming from abroad and being imported via sea. But there's a new kid on the block since a couple of years, the importance of Africa is increasing. We wanted to highlight this on this slide. Here, you can see the volumes from some major commodities, from major export areas, some of which have been around for a long time, some of which are new to the game like Simandou in Guinea, you can see that the growth from '25 to '26 is massive, but is actually expected to grow even further at an average rate of 11%. Why do we believe this could be a very interesting dynamic for our markets in the next 3 to 4 years? The Simandou iron ore, particularly, is being produced at a relatively low breakeven cost and could replace shorter-haul iron ore going forward. We have tried to list some of the breakeven costs of some mines on the right side of the slide. If that iron ore would be replaced by cheaper Simandou iron ore, you could get a kick of 7% in ton miles for the Capesize fleet. So Africa is definitely something to watch and particularly Simandou and the effects in the next couple of years. I want to say a word about the El Nino as well. We have 2 slides on El Nino, and I'm sure my colleague, Joris, can talk to you about that for a little bit longer than what I will do now. But what we wanted to do here is to show that based on previous experience and the El Nino phenomenon in 2023 and 2024, we could see a positive effect for the dry bulk market and particularly for the Panamax fleet in dry bulk. And it's basically 3 dynamics. On the one hand, less water in the Panama Canal could limit the transits. Now typically, Panamaxes carry low-value commodities and cannot compete in the auction system to go through the Panama Canal with the container vessels and therefore, don't transit anymore and therefore, have to reroute and have a longer distance. There is a grain kicker to the dry bulk market as well, thanks to El Nino, where short-haul grain trades, for instance, Australia, where it's hotter and drier, produce less grain are being replaced by longer haul grain, for instance, from South America, where better crops are being grown. And then there's another one on the coal where hotter weather leads to higher electricity demand. And obviously, on coal, we also have the impact of Hormuz. So all combined, we think that El Nino could have a slight positive effect on the dry bulk market and Panamaxes in particular. And we try to show this and prove this with this slide here, where you can basically see the effect of the May 2023 to May 2024 last El Nino and what it has an effect on rates and basically, rates doubled, even tripled over the space of 6 months. Moving to tankers and Euronav. Dashboard on our VLCCs and Suezmaxes. We have 5 VLCCs, 4 on the water, 1 that will deliver towards the end of this year. We have 15 Suezmaxes. You can see the results that we achieved in the second quarter, above $120,000 in Q2 for Vs already so far fixed in Q3, the same number. On our Suezmaxes, we reached a rate of $123,000, we are slightly below $120,000 Q3 to date. So stellar numbers, very good numbers. Obviously, we have sold some vessels. The new sales are the Donoussa and Bristol, but we have delivered as well VLCCs to their new owners in the second quarter. And you can see all the capital gains that we did there, which I mentioned in the introduction. When you look at the dashboard and all the specific indicators, one stands out, of course, it's the oil supply from OPEC countries year-on-year, which is significantly down, but I will highlight some more details in the next couple of slides. First, talk about the order book. It is big and it is growing. You can see here year-over-year on VLCCs and our Suezmaxes, what is on order, 370 Vs, 250 Suezmaxes. This is a very, very large order book, which is not going to be an issue this year. But as from next year, in 2027, 2028, we will get a delivery of 1 V or Suezmax every 2 days, which eventually could lead to an oversupply even though we know there is still an aging fleet. But when you look at the old vessel numbers, they are now inferior to the order book, whereas over the last 4, 5 years, it was the opposite. So order book, something to watch for the next couple of years. On the demand side, we have analyzed what happened with seaborne crude. What we can see between January 2026 and June 2026, we went from 31 million barrels per day to 22.3 million barrels per day. And it's very interesting to see where the reduction came from. All in all, when you look at the total lost export volumes to the different major destinations, you come to a number of 8.5 million spread out, China, 4.3 million barrels lost; India, 1.8 million; Japan, 600,000 barrels; the U.S., close to 400,000 barrels; and the rest of the world, 400,000 barrels. What is interesting is that the Chinese lost import is basically a combination of less volumes from the Middle East, but also less volumes from other places in the world, whereas you see that the other destinations, they surely have lost volumes from the Middle East, but they have actually increased their exports from other places in the world. And the reason we're saying this is that China is the single reason that we have not seen the barrel of oil at a much higher price than we have seen. They have basically single-handedly balanced the supply and demand story in oil by controlling it, thanks to their massive reserves. And you can actually see here how the stockpiles of China have been evolving and how it allows them to be picky on when they decide to import depending on the price and depending on how they position themselves geopolitically. We believe that the power of OPEC as a producing block is now in the oil markets moving to even more to China as a big buyer, and the numbers show it. And actually, you see this on this slide as well, whereas you see that the non-Chinese Asian importers have very quickly increased their imports above the levels that we saw last year. China is still way below the levels that they had last year at the beginning of the year. And this is really something to watch because as the situation in the Middle East normalizes, it will be very interesting to see how quickly China will start restocking or whether they will wait for lower prices. Moving to the container markets. As I said, the exposure of our company on containers is not very high. I think the one thing I can say about the container market is that it has been much better performing than what we would have expected. This Red Sea unwinding has been delayed, meaning that more vessels are rerouting via Africa, meaning more vessels are needed. Volumes have been actually also better than expected. So all in all, container markets are good. But I said this in the previous quarters, we are cautious when we look at the supply and demand going forward because there's still a lot of ships on order. Chemical tankers, our fleet of 16 vessels, 8 are on the water, another 8 will be delivered. Most of our fleet is fixed on 10-year and 7-year contracts. We have 2 ships operating in a pool. You can see the results there. The chemical market is actually doing relatively okay. We are watching the product tanker markets whether they will keep up at a certain level or where they will start eating into the chemical tanker market. But so far, we believe we are in an okay situation. We are watching the order book for '27 and '28. And then finishing off with a very nice picture of our Windcat Rotterdam and the offshore wind markets. We have recently fixed 2 of our CSOVs to the offshore oil and gas for 2 years. We are seeing in the CSOV market, it's a market of the wind on the one hand, which is necessitating extra CTVs, extra CSOVs, but where projects have been a little bit slow to materialize over the past 2 years and a combination of the offshore oil and gas markets, which are actually needing modern vessels and are pulling away some of the wind vessels into their market. If you combine both, with the order books of CSOVs that we are seeing this year in '27 and in '28, the market is very well balanced and actually, the market is quite strong. You can see that we achieved some very good rates in the second quarter on our CSOVs of $64,000. For Q3, we have already booked 2/3 of our days at $50,000, which, as you can see with the breakeven numbers are very good and profitable for our Windcat division. That sums up the presentation. There is one point I wanted to mention, which we have not tackled, but we have received quite a few questions about our bond. As you know, on the 14th of September, our bond expires we have decided to repay the bond from our own cash that we have available. So we intend to repay the bonds on the 14th of September. We will not refinance the bond. We will repay it. I will hand over now to Enya for the Q&A. Enya Derkinderen: [Operator Instructions]. So now we will take the first question that is coming from -- through the Morkedal. Frode Morkedal: This is Frode from Clarksons. Yes, I think you started with the bond, just to confirm, that won't impact the dividends as you see it, hopefully. Alexander Saverys: No, we don't expect this to impact the dividends. Frode Morkedal: Yes. So the dividend has been 2 quarters right now with 50% payout. So that seems like a new trend as we expected. So yes, I guess investors should still think 50% of net profit, including vessel sales gains is the de facto policy. Of course, I understand that you have like you can change it, but it seems like a good target. Alexander Saverys: It seems like a very good target. But as you correctly say, we are not going to change our policy. But look, it's been 2 quarters where we have tried to achieve that level. And depending on our investments, depending on new projects that might come up, we believe that trying to reward our shareholders at this level is a thing we want to continue to do. Frode Morkedal: That's very good. Yes. So it seems like you're a bit concerned on the tanker order book and you have sold off ships. So how do you weigh, let's say, and you even sold this modern ship, Suezmax 2014 build, right? 2024 build? Alexander Saverys: '24, yes. Frode Morkedal: Yes. So how do you weigh continue holding on to these ships that make a lot of cash flow versus selling at this time? Alexander Saverys: Frode, there's always 3 things you can do. You operate spots, you fix on TC or you sell your vessel. And we believe that definitely on some of the vessels that we have sold, the price that we saw was something that we should do because of the extreme value that we could create. Does that mean that we will sell even more vessels? No. It's really on a case-per-case basis. We like the tanker market. As you know, we have some charter cover on some of our vessels. We have some very modern assets still in our fleet. But I think just look at the numbers over the past 30 years, prices we are seeing today, particularly for some of our VLCCs and Suezmaxes are an opportunity we want to take and then take some money off the table. Frode Morkedal: Yes. Makes sense. And any capital gain you are -- that's included in the dividend. That's very good. Just like the last question I had, like bigger picture. It seems like some of these Middle East companies that are buying up tankers to run the shuttle services and you can pay a lot basically for tanker assets today. So how do you feel about the current, let's say, vessel value and potential for further increases? Alexander Saverys: I think it's already very high. Can it increase more? It can definitely increase more. I agree with you that some of the Middle Eastern operators are taking a strategic view where the price they pay for the ship is not as important as having the security of an access to a vessel that can shuttle out their oil. It remains to be seen how long this will last. But for the time being, there are still definitely buyers out there that want to buy secondhand tonnage at these kind of prices. Frode Morkedal: Yes. Which makes sense, of course. If you're one of these guys that can ship out oil from the inside the Middle East, you're making more than 500,000 per day or something like that, right? So obviously, the payback on any ship is quite high. And so you have a group of people that basically sets the price for the whole market. So that's very interesting dynamics. Anyway, that's all the question I had. Enya Derkinderen: Then we move on. Kristof Samoy. Kristof Samoy: Kristof Samoy, KBC Securities. Congrats on the results, Alexander. Yes, it seems like the pieces of the puzzle are falling perfectly in place for you guys. I mean the recycling cash in crude tankers. Golden Ocean acquisition was very well timed. This was the newbuild ordering of the NUCs at Bocimar. Yes. And then I come back again on capital allocation because you indicate that new builds is expensive, steel is expensive. You declared a new cash return of 60%. The loan-to-value is coming down. You have an across the cycle LTV target of 50%. But -- could you maybe like give a hint for a range at peak or trough asset values where you feel comfortable at being a diversified shipping platform? That would be first. And then second, on bunker fuels, could you quantify the impact, if any, on vessel supply to speed reductions in the dry bulk segment that you have seen in the market over the past quarter? And then as a follow-up, concerning the situation in the Middle East, is there any risk in a certain region that there will not be -- that there will be bunker fuel shortages that could impact your operations? Alexander Saverys: Okay. Thanks a lot, Kristof. So first, a question on the target on LTV. We have a target throughout the cycle of 50%. And your question is, if that significantly improves, will this change your capital allocation strategy, for instance, on dividends or investments or divestments? I would say that today, it's probably a little bit too early to say because we are only in the second quarter of this very strong market. We would like to see how much legs this market has, before we really want to change our capital allocation strategy. So we will keep a discretionary dividend policy. We will keep on telling you that even though we come at the end of our CapEx program, there could be investments down the line. I'm not seeing any obvious ones right now. I've said this in the last quarterly call, new buildings are very expensive. I'm not excluding one-off new buildings, interesting projects that we could do. But it's too early, Kristof, to basically state something new than we have said in the past. If this changes, if we see after another 1 or 2 very strong quarters, more visibility on cash flows into 2027, then we might change it. On the availability of fuels, it's a very good question. We have the general availability in the market, I think, is relatively okay. There are some places where fuel availability is more challenging. And there are certain shipowners and operators that have more difficulty accessing their fuel because they don't have the same network than we have. As you know, we are partners with TFG on the bunkering side. And definitely, on the CMB.TECH fleet, fuel availability has not been a major issue over the last couple of months. Continuing on to your question on fuel availability in the Middle East, are we expecting big shortages in certain areas? Again, I can say what I just said on the previous question. So far, we think we will find the fuels that are necessary. You never know, of course, what the future will bring, but there's no specific shortage in a specific area where we go. We normally find our fuels. Enya Derkinderen: And the next person is Climent Molins. Climent Molins: This is Climent Molins from Value Investor's Edge. I want to follow up on Frode's question on your stance on tankers. Should the agreement be reached with Iran, what do you think would happen with the dark fleet previously involved in that trade? In other words, to what extent would the scrapping of the dark fleet offset the potential impact from newbuilds on your scenarios? Alexander Saverys: Okay. So I'm going to give you my opinion, which you might agree or disagree with. I don't think the dark fleet will disappear overnight. I think there's 50 shades of gray now. It's not just the dark fleet and a white fleet. There's very different trades going on now from totally illegal trades to totally legal trades. All the vessels that are active in these trades will, in my humble opinion, continue to find trades even if a peace deal with Iran is achieved. Climent Molins: Okay. That's helpful. And we've seen a lot of containership owners ordering newbuilds in recent months, but you haven't pulled the trigger. Could you talk a bit about the reasoning for holding off on additional investments on that space despite the long-term charters attached to most of these newbuilds? Alexander Saverys: Very good question. We have not seen an opportunity that's interesting enough for us to move on, but we keep on monitoring what is happening. Climent Molins: Okay. Makes sense. And last one for me. I wanted to ask about the time charter you signed with Fortescue. Could you talk a bit about the underlying dynamics of the contracts? Alexander Saverys: Yes. Good question, Climent, and you're not the only one asking. So what we announced, again, there's a lot of confidential items to the deal. But what I can say, it's a framework agreement over 12 ships, which is a combination of ammonia-ready vessels, fully fitted ammonia ships and ships that we will retrofit at a later stage. And we are working together with Fortescue within this framework as the vessels deliver and come on the water to see on which periods we will deploy them at which rates and whether we will use ammonia on board, yes or no. So it's an ongoing process under a framework agreement with Fortescue. Enya Derkinderen: Then [ Li Ri ]. Unknown Analyst: I'm [ Li Ri ] [indiscernible]. I'm 32 years old. I live in Belgium, and I'm really happy to be investing in CMB.TECH, which is quite a large-scale business. So my question is very simple. Would there be an impact or negative impact on the numbers when, for example, Iran and United States come to a peace deal? Alexander Saverys: Well, thank you, Li, for dialing in. Very happy that you're an investor in our company. The impact of a peace deal between Iran and U.S. is very difficult to assess because you would have to look at what does the peace deal mean? What are the consequences of a peace deal. Now one of the consequences that you could see is that the Strait of Hormuz opens up and that tankers can again freely go in and out of the Strait of Hormuz. Now many things can happen then. You could see a very positive impact for tanker rates if suddenly China imports a lot more oil to restock their reserves. And then they would send a lot of tankers to the Middle East and ship all that oil to China. You could actually also see a negative impact if China does not do that, and countries like India, Vietnam, Thailand source their oil from the Middle East because they can go through Hormuz instead of from the Atlantic Basin, the distance the oil will travel to and from is much shorter, which means that you will see less demand for ships. The answer to your question, therefore, lies -- there's many different aspects to it. But I think predominantly in what will China do. If there's a peace deal between Iran and U.S., is China going to massively reimport oil and go back to the situation before January 2026? Or will they wait and hold off a little bit, in which case, I think you could see the market -- the freight market cool off. Enya Derkinderen: [ Toba ]? Unknown Analyst: [ Toba ] from the [ TED]. I was wondering when we expect a lot of newbuild ships coming to the market for Suezmax and VLCCs, does it mean that this is a market which will become less attractive for Euronav and that it's time to scale back operations in oil tanking markets? Alexander Saverys: Thanks for your question, Toba. It is clear that when all the vessels deliver and if at the same time, freight rates go down, Euronav will make less money than what we are making today. We are trying to counter that by selling some of our vessels at these rates that we see today and by trying to take some cover, charter cover so that when the market corrects, we still enjoy higher rates. The big issue that we have, Toba, which I cannot predict is when will this happen. And as we don't know when it will happen, we want to be prudent and make sure that we have done some part of our homework in taking cover before the market turns. Enya Derkinderen: We have also received some questions in the Q&A. So we will go to those ones now. First question, what are your expectations for the upcoming IMO meeting? Alexander Saverys: That's a very good question. Well, let me tell you first what my hope is. I truly hope that the world can come together at the IMO and agree on a clear and simple and certain framework. The uncertainty surrounding a decarbonization framework is not good for the shipping industry, whether you invest in decarbonized solutions like us or where you don't invest in decarbonized solutions. Uncertainty is not good for business. So I'm hoping that there will be clarity at the next meeting. Now what my expectations are, I have low expectations. I don't think we should be fooled after the United States put a lot of pressure together with some other countries last year to cancel or postpone the deal. I don't think their viewpoint has changed. But we can be surprised to the upside. I do believe there's a big role for China in the discussions. There's a big role for Europe to try to see if they can make a coalition of the willing and push through some legislation. So hoping for the best, low expectations. Let's see what happens in November. Enya Derkinderen: Okay. And then we have 2 questions on the tankers, so I'll add them together. First question, if we compare the spot TCE rate you realized in Q2 on your VLCC, seems to be a bit below compared to other tanker needs. Is it because the routes you have exposure to? Or are there any other factors that could explain the difference? Then the second one, how is CMB.TECH thinking in regards to the mix between TCE and spot exposure? Alexander Saverys: Yes. Well, on the first question, we had some newbuilding deliveries. We had some positioning voyages, which in the second quarter affected our results a little bit. On the split between TCE and spot, it's just a financial exercise. If we can charter out our vessels at good rates, we will do so. If we think being spot will generate more revenue, then we will do so as well. And we've done both. We have fixed some of our Suezmaxes on period business, whilst we have kept some of our VLCCs on the spot market. Enya Derkinderen: Okay. Perfect. I think this concludes the Q&A session. Alexander Saverys: Thank you very much. Thank you, Enya. And I would like to thank all the participants to the call for dialing in. As we said before, if you have any follow-up questions, don't hesitate to contact my colleague, Joris, and he will gladly answer your questions. Thank you, and see you next time. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Cmb.Tech (CMBT) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in CMB.TECH nv? Here are five stocks we like better. Strong second-quarter results: CMB.TECH reported $364.4 million in net profit, more than $700 million in revenue and $552 million in EBITDA, helped by strong shipping markets and $127 million in vessel-sale gains. Shareholder returns and balance-sheet flexibility: The company plans to distribute $0.64 per share and has reduced remaining newbuilding commitments to $890 million, with only $119 million unfunded. It also plans to repay a September bond maturity with cash. Tanker strength but rising supply risk: VLCC and Suezmax rates exceeded $120,000 per day, supporting additional planned vessel-sale gains, although management warned that the order book—more than 30% of the existing fleet—could pressure markets in 2027 and 2028. Freight Boom: The Hormuz Blockade Payday CMB.TECH (NYSE:CMBT) reported second-quarter 2026 net profit of $364.4 million, supported by revenue of more than $700 million and $127 million in gains from vessel sales, as shipping markets remained strong across several of the company’s operating segments. CEO Alexander Saverys said EBITDA reached $552 million during the quarter. Net finance expense declined 5% from the first quarter to $76 million, which he attributed to lower-cost refinancings and debt repayments. Liquidity stood at just under $400 million. → Quantum Computing Is Raising the Stakes for Cybersecurity: 5 Stocks to Watch Best Ultra-Value Stocks Set for Long-Term Growth The company said it had 206 vessels in operation and 26 newbuildings on order, with a contract backlog of $3.3 billion. Its fleet had an average age below six years. Saverys said the fair market value of the fleet was $11.2 billion, compared with a market capitalization of $5.2 billion. CMB.TECH said it intends to distribute $0.64 per share, comprising an interim dividend of $0.21 per share and a $0.43-per-share payment from the share premium reserve, which the company said is exempt from withholding tax. → NVIDIA Reveals $21 Billion SpaceX Stake: Signal of Confidence or Circular Financing? During the question-and-answer session, Saverys said the company aims to continue rewarding shareholders at approximately the level achieved in the past two quarters, while retaining flexibility for investments and new projects. He said the company would maintain a discretionary dividend policy rather than formally changing its policy. Capital-expenditure commitments have fallen to less than $1 billion, with $890 million in remaining newbuilding installments. The company said most of that amount has already been financed, leaving $119 million of unfunded CapEx. By year-end, outstanding CapEx commitments are expected to be between $375 million and $390 million. → Berkshire Boosts Its Bet: This AI Hyperscaler Is Now a Top-3 Holding Saverys said the company was nearing the end of a roughly two-and-a-half-year newbuilding investment plan. Based on its rate assumptions for 2027, including forward freight agreements and potential rate increases, CMB.TECH projected operational cash flow of $700 million to $1 billion after CapEx payments. He cautioned that the forecast would change if markets change. The company took delivery of nine vessels during the second quarter and quarter to date: four Newcastlemax bulk carriers, one VLCC, two Suezmax tankers, one commissioning service operation vessel, or CSOV, and one crew transfer vessel. CMB.TECH also continued selling tankers into what Saverys described as historically high values for VLCCs and Suezmaxes. In the second quarter, it delivered the VLCCs Ilma and Ingrid to new owners, generating a $98 million capital gain. It also sold the older Suezmax Sienna, generating a $29 million gain. The company expects to record a further $100 million gain in the third quarter from the sale of two Suezmaxes, followed by an estimated $130 million gain in the fourth quarter from the sale of the VLCC Donoussa and another Suezmax. Saverys said CMB.TECH views current tanker prices as an opportunity to sell selected assets, particularly older vessels, but does not intend to broadly exit the sector. “It is really on a case-per-case basis,” he said, noting the company still has modern tanker assets and some charter coverage. While tanker freight markets are currently strong, management expressed greater caution about the expanding order book. CMB.TECH said the VLCC and Suezmax order book now exceeds 30% of the existing fleet, with 370 VLCCs and 250 Suezmaxes on order. Saverys said deliveries are manageable in 2026 but could become significant in 2027 and 2028, when the market could see one VLCC or Suezmax delivered every two days. The company reported second-quarter rates above $120,000 per day for its VLCCs and $123,000 per day for its Suezmaxes. Third-quarter-to-date bookings were approximately $120,000 per day for both vessel types. Management said a potential normalization of conditions in the Strait of Hormuz could either strengthen or weaken tanker demand, depending largely on whether China resumes substantial crude-oil imports to rebuild reserves. Saverys added that he does not expect vessels in the so-called dark fleet to disappear immediately following any potential Iran-related agreement, saying those ships could continue to find employment in different trades. CMB.TECH said it remains positive on dry bulk shipping, citing growth in demand for iron ore, bauxite, grain and coal, along with an aging fleet. The company’s dry bulk fleet includes 40 Newcastlemaxes, 37 Capesizes and 30 Kamsarmaxes and Panamaxes. During the second quarter, the company earned about $46,000 per day on Newcastlemaxes, nearly $40,000 per day on Capesizes and $20,000 per day on Panamaxes. Saverys said third-quarter bookings were somewhat below second-quarter levels because several vessels had been positioned on front-haul voyages, but he expects rates to improve toward the end of the third quarter and into the fourth quarter. Management pointed to African iron-ore exports, particularly from Simandou in Guinea, as a potential driver of longer-haul trade. Saverys said cheaper Simandou iron ore could displace shorter-haul supply and potentially add 7% to Capesize fleet ton-miles. The company also said El Niño-related effects could be supportive for Panamax demand through canal restrictions, grain-trade shifts and higher coal-related electricity demand. In containers and chemical tankers, CMB.TECH remained cautious on longer-term supply conditions despite better-than-expected container-market performance. It said its exposure to spot pricing in those divisions is limited. The company’s chemical tanker fleet consists of 16 vessels, with eight currently operating and eight still to be delivered; most are employed under seven- and 10-year contracts. Its Windcat offshore-energy division reported second-quarter CSOV rates of $64,000 per day. For the third quarter, it had booked about two-thirds of available days at $50,000 per day. The company said demand from offshore wind projects and offshore oil-and-gas work has helped keep the CSOV market balanced despite a growing order book. CMB.TECH said a bond maturing Sept. 14 will be repaid using available cash rather than refinanced. Management said it does not expect the repayment to affect the planned dividend distribution. Looking ahead, Saverys said the company sees no obvious large investment opportunities at present, describing newbuildings as expensive. He said CMB.TECH would continue monitoring potential one-off projects while preserving flexibility in its capital allocation decisions. Euronav NV, together with its subsidiaries, engages in the transportation and storage of crude oil worldwide. The company offers floating, storage, and offloading (FSO) services. It also owns and operates a fleet of vessels. The company was incorporated in 2003 and is headquartered in Antwerp, Belgium. As of March 15, 2024, Euronav NV operates as subsidiary of CMB NV. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "CMB.TECH Q2 Earnings Call Highlights" was originally published by MarketBeat. 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ANTWERP, Belgium, 27 August 2026 – CMB.TECH NV (“CMBT”, “CMB.TECH” or “the company”) (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) reported its unaudited financial results today for the second quarter ended 30 June 2026. HIGHLIGHTSFinancial highlights: Profit for the period of USD 364.4 million in Q2 2026. EBITDA for the same period was USD 552.8 million. CMB.TECH’s contract backlog stable at USD 3.26 billion with the addition of 2 x 2-year CSOV time charters and 1 x 1-year VLCC time charter​ Intention to distribute an amount of USD 0.64 per share. Fleet highlights: Delivery of 9 newbuilding vessels (Q2 + Q3 to date): CMB.TECH and Fortescue have signed a milestone agreement for the charter of up to 12 ammonia-powered Newcastlemax vessels (210,000 dwt) Previously announced sale of VLCCs Ilma (2012, 314,000 dwt) and VLCC Ingrid (2012, 314,000 dwt). The sale generated a gain of a USD 98.2 million in Q2 2026. Previously announced sale of Suezmax Sienna (2007 - 150,205 dwt). The sale generated a gain of USD 29.2 million. Sale of VLCC Donoussa (2016, 299,999 dwt). This sale will generate a gain of approximately 74.3 million USD in Q4 2026, based on the net sale price and book values. Sale of three Suezmaxes, Brest (2023, 156,851 dwt), Brugge (2023, 156,851 dwt) and Bristol (2024, 156,851 dwt). These sales will generate a gain of approximately 100.2 million USD in Q3 2026 and 56.9 million USD in Q4 2026, based on the net sale price and book values. For the second quarter of 2026, the company realised a net profit of USD 364.4 million or USD 1.26 per share (second quarter 2025: a net profit of 7.8 USD million or USD 0.04 per share attributable to the owners of the Company). EBITDA (a non-IFRS measure) for the same period was USD 552.8 million (second quarter 2025: USD 224.1 million). “CMB.TECH achieved excellent results in the second quarter of 2026, supported by continued strength in tanker and dry bulk markets. We continue to make hay while the sun shines, building on the important strategic decisions taken over the past three years: diversifying beyond tankers, acquiring Golden Ocean and investing in a future-proof newbuilding programme. While uncertainties remain around global trade, geopolitical tensions and the tanker orderbook, CMB.TECH is well positioned to navigate changing market conditions and to continue creating long-term value.” - Alexander Saverys, CEO CMB.TECH. Key figures The number of shares issued on 30 June 2026 is 315,977,647. However, the number of shares excluding the owned shares held by CMB.TECH at 30 June 2026 is 290,169,769. All figures, except for EBITDA and EBITDA per share, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited nor reviewed by the statutory auditor. Intention of distribution The Supervisory Board proposes a total distribution of USD 0.64 per share, consisting of (i) an intermediary dividend of USD 0.21 per share (subject to 30% withholding tax, to the extent no exemption or reduction applies) and (ii) a payment of USD 0.43 per share out of the available share premium (which is exempt from withholding tax) (the “Distribution”). The Distribution is subject to the completion of the relevant corporate procedures prescribed by the Belgian Companies and Associations Code (Wetboek van vennootschappen en verenigingen / Code des sociétés et des associations) and, in particular, the approval of the Distribution by the Special Shareholders’ Meeting of CMB.TECH, which will be convened later this year (the “Shareholders’ Meeting”). CMB.TECH will provide further information on the payment date (expected in October), record date and other practical modalities of the Distribution once the Distribution is effectively approved by the Shareholders Meeting, in accordance with applicable regulations. TCE The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows: 1) Reporting load-to-discharge for TCEs, in line with IFRS 15, net of commission. Revenue days are the aggregate number of calendar days in the period in which the vessels are owned by the Company or chartered by the Company less days on which a vessel is off hire or repositioning days in connection with sale(2) CMB.TECH owned ships in Stolt Pool (excluding technical off hire days)(3) Including profit share where applicable CMB.TECH FLEET DEVELOPMENTS Commercial contracts CMB.TECH’s contract backlog stable at USD 3.26 billion with the addition of 2 x 2-year CSOV time charters and 1 x 1-year VLCC time charter​ CMB.TECH and Fortescue have signed a milestone agreement for the charter of up to 12 ammonia-powered Newcastlemax vessels (210,000 dwt) Sales Following vessels were delivered to their new owners in Q2 2026 - generating a total gain of approximately USD 127.4 million: Two VLCCs: Ilma (2012, 314,000 dwt) and Ingrid (2012, 314,000 dwt) - gain of approximately USD 98.2 million in Q2 2026, based on the net sales price and book values. Following vessels will be delivered to their new owners in Q3 2026: Two Suezmaxes: Brest (2023, 156,851 dwt) and Brugge (2023, 156,851 dwt). This sale will generate a gain of approximately 100.2 million USD in Q3 2026, based on the net sale price and book values. Following vessels will be delivered to their new owners in Q4 2026: VLCC Donoussa (2016, 299,999 dwt). This sale will generate a gain of approximately 74.3 million USD in Q4 2026, based on the net sale price and book values. Suezmax Bristol (2024, 156,851 dwt). This sale will generate a gain of approximately 56.9 million USD in Q4 2026​, based on the net sale price and book values. Newbuilding deliveries MARKET & OUTLOOK Bocimar – Dry Bulk Market1 Dry bulk markets entered 2026 with strong momentum, with the Baltic Dry Index averaging materially higher year-on-year in Q2 and spot earnings across major dry-bulk vessel classes trending well above seasonal norms. Capesize C5TC (BCI-182) time charter equivalent (TCE) earnings averaged USD 39,806 per day during Q2 2026, compared to a 10-year historical average of USD 22,926 per day2. Average sector earnings in the second quarter were supported by robust major bulk volumes, firm minor bulk activity, and generally tighter effective fleet supply. Continuing on a strong Q2, the Capesize C5TC (BCI-182) average for July stands at 38,646 USD/day, 13,671 USD/day higher compared to July 2025 (BCI-182 recalculated basis) – and increased further in August up to 46,201 USD/day. Iron ore trade remained a key pillar of dry bulk demand during the second quarter of 2026. Overall global iron ore seaborne transportation increased by 0.9% between Q2 2025 and Q2 2026, and by 12.2% between Q1 2026 and Q2 2026. China imported 316.4 million tonnes of iron ore in Q2, up 0.6% year-on-year, bringing first-half imports to 637.4 million tonnes, an increase of 5.1% compared to the same period last year. Although Chinese steel production remains under pressure, domestic iron ore production declined by 7% year-on-year to 466.9 million tonnes during the first half of the year, increasing reliance on higher-quality imported ores. Looking ahead, continued strength in seaborne iron ore trade is supported by the production and shipment guidance of the major iron ore miners and the ongoing ramp-up of the Simandou project. Iron ore export volumes historically strengthen in the second half of the year, with weekly shipments typically increasing by approximately 7.7% from week 27 (start H2) through year-end compared with the first H1 weeks. Vale maintained its 2026 production guidance of 335-345 million tonnes, implying second-half production growth ranging from -2.0% to +3.4% year-on-year depending on the outcome within the guidance range. Fortescue's FY27 shipment guidance of 197-207 million tonnes points to broadly stable export volumes, while BHP's FY27 production guidance midpoint of 266 million tonnes is also broadly unchanged year-on-year. Rio Tinto's unchanged 2026 guidance implies a meaningful increase in second-half Pilbara shipments compared with the first half, while the gradual ramp-up of Simandou provides additional support to tonne-mile demand. Although initial Simandou volumes remain modest, the Guinea-China trade route is more than three times longer than the traditional Australia-China iron ore trade, creating a disproportionately positive impact on vessel demand and fleet utilisation. Coal emerged as one of the strongest contributors to dry bulk demand during the quarter. Global seaborne coal transportation reached 276 million tonnes in Q2 2026, increasing by 11.8% between Q2 2025 and Q2 2026, and by 15.1% between Q1 2026 and Q2 2026. Seaborne coal transportation accelerated following the disruption of Middle East energy flows, as higher LNG prices supported coal consumption in several importing countries (mainly Europe, Japan, South Korea, and Taiwan). While coal demand remains closely linked to weather patterns and energy markets, current market fundamentals suggest continued support for seaborne coal demand through Q3 and potentially into Q4. In addition, Chinese domestic coal production was constrained by enhanced safety inspections following a major mining accident, while rising summer temperatures and strong power demand increased import requirements. China’s electricity consumption rose 5.3% year-on-year during the first half of 2026, with repeated records in peak electricity loads. Demand for both thermal and metallurgical coal strengthened, with Australian coal shipments to China nearing multi-year highs in July 2026. Bauxite continues to be one of the strongest growth commodities in the dry bulk market. Despite recurring rumours regarding export restrictions in Guinea, volumes have remained robust and largely uninterrupted. Global seaborne bauxite transportation reached 60.6 million tonnes in Q2 2026, increasing by 4.6% between Q2 2025 and Q2 2026, and decreasing -13.9% between Q1 2026 and Q2 2026. As per the regular seasonal pattern, volumes eased during the peak rainy season (summer period). Volumes are expected to recover as weather conditions improve by Q3/Q4. As a result, bauxite is expected to remain an important source of tonne-mile demand during the second half of the year and continues to play an increasingly important role in global dry bulk trade growth. Grain trade also provided solid support to dry bulk markets during the quarter. Global seaborne grains transportation reached 70.0 million tonnes in Q2 2026, increasing by 8.6% between Q2 2025 and Q2 2026, and by 0.7% between Q1 2026 and Q2 2026. Brazil remained the dominant supplier (128 million tonnes for H1 or 27.8% market share), benefiting from a large crop and competitive pricing, while the United States (87 million tonnes for H1 or 18.9% market share) has gradually regained market share and is expected to increase exports during the upcoming harvest season. The competition between Brazilian and US exports to China is supportive for tonne-mile demand and is expected to sustain healthy vessel utilisation during the second half of 2026 as seasonal trade flows shift between origins. Weather developments remain an important factor for dry bulk markets. The National Oceanic and Atmospheric Administration (NOAA) officially declared El Niño in June 2026, with a 97% chance it will persist through early spring 2027. Historically, major El Niño events have disrupted agricultural production, altered commodity trade patterns, affected hydropower generation and increased coal demand in several regions. Early impacts have already been observed in Asia through stronger electricity demand and changing energy consumption patterns. While full weather effects always remain uncertain, a prolonged and severe El Niño event could support additional commodity trade flows and increase volatility across several dry bulk cargo segments through late 2026 and into 2027. There have been some reports about a pick-up in demand for coal-fired power generation in Japan and the need to replace the drop in hydro generation as 2Q26 El Niño weather patterns pressured hydropower output. This is happening on the backdrop of reduced gas-fired output on gas-to-coal switching as the Hormuz conflict continues to keep LNG prices high. Coal discharges to Japan have been up 4% year-over-year, with thermal coal discharges increasing to 53.9 million tonnes in H1 2026, whilst coking coal discharges remained largely flat. Bocimar has 40 (+6NB) Newcastlemaxes on the water (average age 3.2y), 37 Capesize vessels on the water (average age 11.2y), and 30 Kamsarmax/Panamax vessels on the water (average age 7.4y). Bocimar performance highlights: Euronav – Tanker Markets3 Crude tanker markets experienced exceptional volatility during Q2 2026, primarily driven by escalating geopolitical tensions in the Middle East and the disruption of shipping flows through the Strait of Hormuz (SOH) and the Bab el-Mandeb Strait. Transit volumes through the Strait of Hormuz declined materially beginning of March from on average 120 daily crossing to on average 10 daily crossings between March and mid-June. On 17 June, the presidents of the US and Iran signed the Islamabad Memorandum, that formalized the process of ending the war and established a 60-day period to negotiate the final terms of a deal, enabling a temporary ceasefire. This resulted in a rapid recovery of Strait of Hormuz traffic with on average more than 40 daily SOH crossing. Geopolitical tensions escalated again in early July, and the ceasefire ended on July 7th. As a resultant, daily crossing dropped again towards on average 20 daily crossings. Both sides have since treated the Islamabad MoU as void, the US blockade is reported as still operating, Bab el-Mandeb transits have fallen to multi-month lows on renewed Houthi activity – increasing the likelihood of Red Sea escalation risk. The resulting scramble for available tonnage led to sharp spikes in spot freight rates across key benchmark routes. Against this backdrop, VLCC time charter equivalent (TCE) earnings averaged USD 140,029 per day in Q2 2026, compared to a Q2 10-year historical average of USD 30,198 per day. Suezmax earnings followed a similar trajectory, with Q2 2026 TCE averaging USD 146,567 per day versus a Q2 10-year average of USD 30,946 per day. The disruption also led to a widespread reconfiguration of global crude trade flows. Importing nations increasingly sourced barrels from alternative regions, while exporters outside the Middle East, including the United States, Brazil, Kazakhstan and Venezuela, increased shipments to partially offset lost Arabian Gulf volumes. Longer voyage distances and a more complex trading environment temporarily supported tonne-mile demand and fleet utilisation. At the same time, elevated uncertainty around regional security conditions delayed a full return to normal trading patterns and encouraged charterers to secure tonnage well in advance. However, despite the strong freight market performance, several underlying market indicators suggest a more cautious medium-term outlook. During the recent disruption around the Strait of Hormuz, Chinese crude imports declined sharply, as buyers drew on substantial inventories rather than competing aggressively for replacement barrels. China’s strategic and commercial crude inventories were estimated at around 1.25 billion barrels at the end of 2025, providing a significant buffer against supply shocks and elevated prices. This inventory position enables China to be a price-sensitive and tactical buyer of seaborne crude oil. Rather than acting as a passive source of demand, China can increasingly time purchases depending on price levels, refinery margins and geopolitical risk. This helped cushion the immediate impact of the Iran-related disruption on global oil prices, but it also makes future crude import demand more dependent on inventory cycles and opportunistic restocking. For crude tanker demand, the medium-term outlook therefore depends not only on underlying oil consumption, but also on the pace at which China rebuilds inventories. Once the oil prices settle again, restocking in China (and other Asian economies) could support seaborne crude flows and tonne-mile demand. At the same time, Chinese refiners remain cautious amid weakened domestic fuel demand, high product inventories and continued fuel substitution through continuously increasing electrification and growth in the renewables sector, and by oil to coal switching. China’s high EV penetration has allowed some switching to driving on electricity rather than gasoline: gasoline consumption was 23% lower and EV charging volume 60% higher year over year in April and May. Despite recent geopolitical disruptions, the underlying global oil market continues to face the prospect of a significant supply surplus. To date, there has been no sustained damage to major energy production infrastructure, supporting expectations that global oil supply can recover relatively quickly once tensions ease. In such a scenario, depleted inventories would likely be replenished, and trade flows progressively normalise. While recent events have temporarily supported tanker demand through longer haul voyages, market fundamentals suggest that any prolonged normalisation of Middle-East trade flows could see tanker demand gradually return towards underlying historic levels. Looking ahead, the ever-growing crude tanker orderbook remains an important consideration for the medium-term market balance and earnings outlook. Over the past months, the orderbook experienced the strongest period of newbuilding investment in the last 50 years (620 VLCCs and Suezmax units on order). Euronav has 2 FSOs (average age 24y), 4 (+1NB) VLCCs (average age 4. Euronav performance highlights: Delphis – Container Markets5 Container markets strengthened during the second quarter of 2026, supported by resilient cargo demand, continued disruption in Middle Eastern trade lanes and elevated congestion across key transhipment hubs. The closure of the Strait of Hormuz and the delayed return of Red Sea transits extended voyage distances, tightened effective vessel supply and supported both freight and charter markets. As a result, time charter rates reached their highest levels outside the post-pandemic period, while freight rates increased materially throughout the quarter, particularly on the Asia-Europe and Transpacific trades. Global trade volumes remained resilient despite regional disruptions, supported by robust demand on the main East-West routes, Intra-Asia and North-South trades. Peak season demand, ongoing supply chain adjustments and a gradual rather than immediate normalisation of Middle East trade flows are expected to support freight and charter markets during the remainder of the summer period. On the other side, China's official manufacturing PMI fell to 49.2 in July (from 50.3), returning to contraction after four months of expansion. The deterioration in both domestic and export demand points to softer demand for containerised imports of raw materials and intermediate goods, as well as slower growth in container exports in the coming months. If export demand continues to weaken, container shipping volumes on the major Asia–Europe and Transpacific trade lanes are likely to come under pressure. While global container trade is still expected to continue growing during 2026 (+3.0% year-on-year in billion TEU-miles), fleet growth is forecast to exceed demand growth, supported by a historically large orderbook representing approximately 38% of the existing fleet. In addition, any eventual normalisation of Red Sea routing would reduce tonne-mile demand and increase effective vessel supply – meaning that for 2027, container demand is forecast to decrease by -5.8% in billion TEU-miles. Delphis has 4 x 6,000 TEU (average age 1.8y) on the water and 1 NB 1,400 TEU container vessel. All vessels are employed under 10 to 15-year time charter contracts. Bochem – Chemical Markets6 Chemical tanker markets remained relatively resilient during the second quarter of 2026 despite significant disruption to global trade flows following the closure of the Strait of Hormuz. While chemical trade volumes temporarily declined and tanker transits through the region fell sharply, freight markets benefited from vessel dislocations, supply chain reconfiguration and longer voyage distances on selected routes. Spot freight rates remained above pre-conflict levels, supported by strong export activity from both the United States and Asia. US producers continued to benefit from a feedstock cost advantage, increasing exports to Europe, Latin America and Asia, while Chinese exporters leveraged strong inventories and feedstock flexibility to maintain robust regional trade flows. As the quarter progressed, market participants adapted to the new operating environment, with chemical cargoes increasingly rerouted between regions. Demand for aromatics and petrochemical feedstocks remained broadly healthy, supported by inventory replenishment and shifting sourcing patterns. These developments generated additional tonne-mile demand on several long-haul corridors, partly offsetting reduced activity in the Middle East. At the same time, firm conditions in adjacent product tanker markets helped support vessel utilisation across the chemical tanker sector. Looking ahead, the market outlook for the second half of 2026 remains constructive but subject to elevated uncertainty. The gradual normalisation of Hormuz transits should support a recovery in trade activity, although chemical cargo flows may take longer than crude oil and refined products to return to historical patterns. Furthermore, the sector faces a sizeable orderbook, with a meaningful number of chemical and product tanker deliveries scheduled through 2026-2028. While expected growth in seaborne chemical trade should absorb part of this additional capacity, the pace of demand recovery and vessel deliveries will be key determinants of freight market performance. Bochem’s chemical tanker fleet comprises out of 8 delivered vessels, and 8 NB vessels (average age <1y). They are employed under a 10-year time charter (8 vessels), under a 7-year time charter (6 vessels), and in a spot pool (2 vessels). Bochem performance highlights: Windcat – Offshore Energy Markets7 The offshore energy market remained robust during the second quarter of 2026 despite a challenging investment backdrop for the wider offshore wind industry. While project sanctioning activity remained subdued, with only limited new final investment decisions recorded during the period, offshore wind construction, commissioning and operations & maintenance activity continued at high levels across Europe and Asia. A near-record pipeline of projects under construction supported strong demand for both CSOVs and CTVs, resulting in high utilisation and healthy chartering activity. The European CSOV market remained particularly strong throughout the quarter. High fleet utilisation, limited prompt vessel availability and continued demand from offshore wind installation and maintenance campaigns supported attractive charter rates. Premium CSOVs were largely committed through the summer season, with charter rates typically ranging between EUR 50,000 and EUR 75,000 per day. Demand broadened beyond offshore wind as oil and gas operators increasingly adopted walk-to-work solutions for offshore maintenance activities. This growing crossover demand helped absorb additional capacity entering the market and further strengthened utilisation levels. European Tier-1 CSOV utilisation remained close to full employment, while average charter rates increased year-on-year. Looking ahead to the second half of 2026, market fundamentals remain supportive. Offshore wind construction activity across Europe, particularly in the Baltic Sea and North Sea, is expected to sustain strong demand for offshore support vessels, while emerging opportunities in the oil and gas sector provide an additional source of employment for CSOVs. However, visibility beyond 2026 remains more balanced with the rapid CSOV fleet expansion. The CTV market also delivered solid performance during the quarter. Vessel availability tightened significantly ahead of the summer maintenance season, with most vessels fixed on contracts and only limited spot capacity available. Strong utilisation across Northwest Europe supported stable charter rates at historically attractive levels. Continued growth in offshore wind operational capacity and increasing maintenance requirements provided a supportive backdrop for vessel demand, while newbuild ordering activity remained disciplined. Windcat has 3 (+4NB) CSOVs (average age <1y), and 60 (+3NB) CTVs (average age 10.4y). Windcat performance highlights: CONFERENCE CALLThe call will be a webcast with an accompanying slideshow. You can find the details of this conference call below and on the “Investor Relations” page of the website. The presentation, recording & transcript will also be available on this page. To attend this conference call, please register via the following link. Telephone participants who are unable to pre-register may dial in to the respective number of their location (to be found here). The Phone conference ID is the following: 244 207 376# Contact CMB.TECHKatrien HenninHead of Marketing and Communications+32 499 39 34 [email protected] Joris DamanHead of Investor RelationsTel: +32 498 61 71 [email protected] Publication Q3 2026 results – 26 November 2026 About CMB.TECH CMB.TECH (all capitals) is one of the largest listed, diversified and future-proof maritime groups in the world with a combined fleet of about 250 vessels: dry bulk vessels, crude oil tankers, chemical tankers, container vessels and offshore energy vessels. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers. CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe, Asia and Africa. CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol “CMBT” and on Euronext Oslo Børs under the ticker symbol “CMBTO”. More information can be found at https://cmb.tech Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. This information is published in accordance with the requirements of the Continuing Obligations on Euronext Oslo Børs. Condensed consolidated interim statement of financial position (unaudited) (in thousands of USD) Condensed consolidated interim statement of profit or loss (unaudited) (in thousands of USD except per share amounts) Condensed consolidated interim statement of comprehensive income (unaudited) (in thousands of USD) Condensed consolidated interim statement of changes in equity (unaudited) (In thousands of USD) Condensed consolidated interim statement of cash flows (unaudited) (in thousands of USD) 1 Source: Clarksons SIN, NOAA, Citi, Ocean Analytics, Doric, Commodore Research2 On 1 January 2026, the Baltic Exchange recalibrated its Capesize index by changing the standard reference vessel from a 180,000 DWT ship to a 182,000 DWT “eco” design. This update increased the baseline Baltic Capesize Index (BCI) time charter average by roughly USD 3,500 per day3 Source: Clarksons SIN, IEA, Goldman Sachs, Bloomberg, CNBC, Citi, Vortexa4 Announced vessels sales that have not yet been delivered to new owners are already excluded5 Source: Clarksons6 Source: Stolt Nielsen, Clarksons, S&P Global, SSY7 Source: Clarksons Attachment CMBT_Q2_2026_Earnings_release_ENG

This article first appeared on GuruFocus. Net Profit: $364.4 million in the second quarter. Revenue: Over $700 million in the second quarter. EBITDA: $552 million in the second quarter. Net Finance Expense: $76 million in the second quarter, a 5% reduction compared to the first quarter. Asset Sale Gains: $127 million in the second quarter, including $98 million from the sale of two VLCCs (Ilma and Ingrid) and $29 million from the sale of an older Suezmax (Sienna). Liquidity: Slightly below $400 million. Contract Backlog: Stable at $3.3 billion. Fleet Size: 206 vessels on the water with 26 newbuildings on order. Average Fleet Age: Below six years. CapEx Commitments: $890 million in newbuilding installments, with unfunded CapEx of $119 million. Dividend: Intention to distribute $0.64 per share, split into an intermediary dividend of $0.21 per share and a payment of $0.43 per share from the share premium reserve. Dry Bulk Rates (Q2): $46,000 per day on Newcastlemaxes, close to $40,000 per day on Capesizes, and $20,000 per day on Panamaxes. Tanker Rates (Q2): Above $120,000 per day on VLCCs and $123,000 per day on Suezmaxes. CSOV Rates (Q2): $64,000 per day, with two-thirds of Q3 days booked at $50,000 per day. Future Asset Sale Gains: $100 million expected in Q3 from the sale of two Suezmaxes and $130 million expected in Q4 from the sale of the VLCC Donoussa and one more Suezmax. Forecast Operational Cash Flow (2027): Between $700 million and $1 billion after all CapEx investments are paid. Warning! GuruFocus has detected 9 Warning Signs with CMBT. Is CMBT fairly valued? Test your thesis with our free DCF calculator. Release Date: August 27, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record Q2 2026 net profit of $364.4 million, driven by strong revenue of over $700 million and exceptional asset sale gains of $127 million. Proactive fleet sales at historically high tanker prices, with additional gains of $100 million in Q3 and $130 million in Q4, locking in value. Strong contract backlog of $3.3 billion and a young fleet (average age below six years), ensuring future revenue visibility. Reduced net finance expense by 5% quarter-over-quarter to $76 million, reflecting cheaper refinancing and debt repayment. Forecasted operational cash flow of $700 million to $1 billion in 2027 after all CapEx, highlighting strong cash generation potential. Declared a dividend of $0.64 per share, split into an intermediary dividend and a tax-exempt share premium payment, rewarding shareholders. Positive dry bulk market outlook, supported by growing demand for commodities and potential ton-mile gains from Simandou iron ore and El Nino effects. Cautious on tanker market due to a large order book (over 30% for VLCCs and Suezmaxes), with a potential oversupply from 2027. Uncertainty over the impact of a potential Iran-US peace deal on tanker rates, which could lead to softer markets if China does not restock. Container and chemical tanker markets remain under caution due to high order books, despite current better-than-expected performance. CapEx commitments remain significant at $890 million, though mostly financed, with $119 million unfunded. Liquidity is relatively low at $400 million, which may limit flexibility for new investments. Management has low expectations for the upcoming IMO meeting on decarbonization, citing potential lack of progress. Q3 tanker rates are slightly below Q2 levels, and CSOV rates have dropped from $64,000 to $50,000 per day, indicating some softening. Q: What are the expectations for the upcoming IMO meeting regarding the decarbonization framework?A: Alexander Saverys (CEO) expressed hope for a clear and simple framework, as uncertainty is detrimental to the shipping industry. However, he has low expectations for a breakthrough, citing US pressure that previously postponed a deal. He noted a potential role for China and Europe in forming a coalition to push legislation, with outcomes expected in November. Q: How does CMB.TECH weigh holding onto tankers that generate strong cash flow versus selling them at current high prices?A: Alexander Saverys (CEO) explained that the decision is case-by-case, balancing spot operations, time charters, and vessel sales. Given that VLCC and Suezmax prices are at historic highs, well above 10-year averages, the company has capitalized on selling some older assets to take money off the table, while retaining modern vessels and some charter cover. Q: What would be the impact on tanker rates if a peace deal is reached between Iran and the US?A: Alexander Saverys (CEO) stated the impact is difficult to assess and largely depends on China's actions. If China restocks reserves by importing more oil from the Middle East, rates could rise. Conversely, if China holds off and other countries source from the Middle East instead of the Atlantic Basin, shorter voyage distances could reduce tanker demand and cool the freight market. Q: With a large order book for VLCCs and Suezmaxes, will the tanker market become less attractive, prompting a scale-back in operations?A: Alexander Saverys (CEO) acknowledged that when newbuilds deliver and rates decline, Euronav will earn less. To mitigate this, the company is selling vessels at current high prices and securing charter cover to protect against market corrections, though the timing of the downturn remains unpredictable. Q: Could you provide details on the time charter agreement with Fortescue?A: Alexander Saverys (CEO) described it as a framework agreement covering 12 ships, including ammonia-ready, fully fitted ammonia vessels, and ships to be retrofitted later. The deployment periods, rates, and ammonia usage will be determined collaboratively with Fortescue as vessels are delivered, making it an ongoing process. Q: Will the decision to repay the bond on September 14 impact dividend distributions?A: Alexander Saverys (CEO) confirmed that repaying the bond from available cash will not impact dividends. The company intends to maintain its discretionary dividend policy, aiming for a 50% payout of net profit, including vessel sale gains, as demonstrated over the past two quarters. Q: What is the company's stance on capital allocation, given the strong market and reduced CapEx commitments?A: Alexander Saverys (CEO) stated it is too early to change the capital allocation strategy, as the market strength is only in its second quarter. The company will maintain a discretionary dividend policy and may consider new investments, though newbuild prices are high. More visibility on 2027 cash flows could prompt a reassessment after one or two more strong quarters. Q: How does the company view the potential scrapping of the dark fleet offsetting newbuild supply if an Iran deal is reached?A: Alexander Saverys (CEO) opined that the dark fleet will not disappear overnight, as there are "50 shades of gray" in trades ranging from illegal to legal. Even with a peace deal, vessels in these trades are likely to find alternative employment, so the impact on supply may be limited. Q: Why hasn't CMB.TECH ordered new containerships despite recent industry activity and long-term charters?A: Alexander Saverys (CEO) explained that the company has not found an opportunity interesting enough to pursue, but continues to monitor the market. The cautious approach reflects concerns about the container order book and future supply-demand balance. Q: Are there any risks of bunker fuel shortages in certain regions, and how does this affect operations?A: Alexander Saverys (CEO) noted that fuel availability is generally okay, with some challenging areas, but CMB.TECH's partnership with TFG ensures access for its fleet. No specific shortages have impacted operations, though future uncertainties remain. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

ANTWERP, Belgium, 13 August 2026 – CMB.TECH NV (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) (“CMBT”, “CMB.TECH” or “the Company”) will release its second quarter 2026 earnings prior to market opening on Thursday 27 August 2026 and will host a conference call at 8 a.m. EST / 2 p.m. CET to discuss the results for the quarter. The half year report will be published on 3 September 2026. The call will be a webcast with an accompanying slideshow. You can find the details of this conference call below and on the “Investor Relations” page of the website. The presentation, recording & transcript will also be available on this page. To attend this conference call, please register via the following link. Telephone participants who are unable to pre-register may dial in to the respective number of their location (to be found here). The Phone conference ID is the following: 244 207 376# Change in publication date half year report The half year report will be published on 3 September 2026. Announcement Q2 2026 results – 27 August 2026 About CMB.TECH CMB.TECH (all capitals) is one of the largest listed, diversified and future-proof maritime groups in the world with a combined fleet of about 250 vessels: dry bulk vessels, crude oil tankers, chemical tankers, container vessels and offshore energy vessels. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers. CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe, Asia and Africa. CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol “CMBT” and on Euronext Oslo Børs under the ticker symbol “CMBTO”. More information can be found at https://cmb.tech Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. This information is published in accordance with the requirements of the Continuing Obligations on Euronext Oslo Børs Contact CMB.TECHKatrien HenninHead of Marketing and Communications+32 499 39 34 [email protected] Joris DamanHead of Investor RelationsTel: +32 498 61 71 [email protected] Attachment CMBT_PressRelease_Q2_Earnings_Notice_ENG

Image source: The Motley Fool. Tuesday, May 19, 2026 at 9:00 a.m. ET Chief Executive Officer — Alexander Saverys Chief Financial Officer — Ludovic Saverys Chief Commercial Officer — Enya Derkinderen Head of Market Research — Joris Daman Alexander Saverys: Good afternoon, everyone, and welcome to the CMB.TECH Q1 2026 Earnings Call. My name is Alexander Saverys, and I'm joined by my colleagues, Ludovic Saverys, Enya Derkinderen and Joris Daman. We will present to you the highlights of our first quarter and the title of this call is Firing On All Cylinders. We had a very interesting quarter, a very good quarter, and we would like to start with some financials and highlights, and I will hand it over to Ludovic. Ludovic Saverys: Thanks, Alex. As usual, we will start with a high-level overview of our company. We're active in 5 different segments from dry bulk crude tankers, containers, chemicals to offshore energy. We had an interesting quarter, as Alex mentioned. Compared to last quarter, our total fair market value has increased. Our market cap has increased. We've reduced our leverage. We've reduced our CapEx commitments and increased our contract backlog. Next slide, please. If we zoom in on the Q1 financials, we've ended the quarter with a net profit of $368.8 million. Notable in these figures are obviously our increased revenue, but we have been able to, while the quarter passed, delever quite a bit and reduced our margins with the banks. And so our interest -- our net finance expenses decreased from $113 million from last quarter to $81 million this quarter, delivering a very nice profit. The liquidity of the company end of Q1 stands a little bit above $0.5 billion. And our equity on total assets value adjusted is below 50%, which is our through-the-cycle target. Further zooming in, we have delevered. We are paying dividends, and we're strengthening the balance sheet while we are optimizing our fleet through well-timed S&P. Notable on the contract backlog, we have signed 1 5-year time charter on a Suezmax charter -- Suezmax vessel and extended two 9-year time charters by another year. The Board of Directors has decided they would like to distribute $0.64 per share as distribution. This will be managed by $0.20 interim dividends and $0.44 distribution out of share premium. That's quite interesting because there is no withholding tax on that part. So 70% of our dividends will be exempt from withholding tax. We took delivery of 7 newbuilding vessels, which Alex will discuss a little later on, and we have sold quite a few ships that were announced already on 2 Capesizes and 8 VLCCs. One additional vessel, the Suezmax Sienna has been sold and will be delivered in Q2. So the capital gains of the first quarter were $267 million. And in Q2, we're expecting a capital gain of $127 million. We are a diversified platform. However, we have a large spot exposure on 2 of our promising markets, which is dry bulk on the one hand and tankers. If you look at full 2026, we have roughly 53,000 shipping days from which 80% is spot. And from those spot days, we have 36,000 open dry bulk days, which is roughly 10,000 on the Kamsarmaxes and 26,000 on Capes and Newcastlemax. These are increasing markets, and hence, we are favorably positioned to enjoy those in the coming quarters. On this slide, we have shown a hypothetical free cash flow for our company in 2026. This is including the free cash flow from the first quarter, but putting some rate assumptions on the right bottom side, where you could see that actually, if we take the market today, we are in the plus 20% case compared to our market assumptions, and we would have an operational free cash flow of over $1 billion. This is excluding vessel sales, but it is also excluding the remaining CapEx, which we will discuss a little later on. On the CapEx, we've come a long way. We have a remaining CapEx end of April of $1.2 billion, from which roughly $184 million is unfunded. If you have followed our story, you know that with the vessel sales, this is more than double covered for the unfunded CapEx. But this slide shows that 2026 will be the last heavy newbuilding delivery year with the remaining $740 million to be paid to the shipyard in the coming 3 quarters, whereafter, obviously, our free cash flow could be used on other topics than CapEx. Contract backlog. We've increased our contract backlog roughly by $200 million, as mentioned. There is a gradual repayment. The contract backlog reduces by roughly $100 million per quarter, but we've added $200 million of fresh charters. Of these long-term contracts, still $1.9 billion is on dual fuel-related vessels, and we have quite strong counterparts, most of them investment grade, as you can see on the right side. I'll then hand over the discussion topics to Alex to talk about the markets. Alexander Saverys: Thank you, Ludovic. So I'll start with our normal slide overview slide in all the segments. We are, as you can see, still positive on the dry bulk market, the tanker market and the offshore energy market. We are and have been over the last 2 quarters, cautious on the container and the chemical market. High-level dynamics. We see in dry bulk ton-mile growth for major commodities that we are transporting in our Capes and Newcastlemaxes like iron ore and bauxite. But also on other commodities in dry, we see some growth. Looking at the supply side, we will see a growth of 1.7% of the fleet in Capes today, a tick under 5% on Panamaxes. But we still believe that in balance, and we'll dig in, in the following slides more in detail that the supply/demand is actually positive for freight and positive for our market. The same can be said on tankers. Of course, tankers is a more complex story with what is happening right now in the Middle East. In terms of ton-mile, it's very difficult to predict. But as it stands, analysts are expecting a small reduction in ton mile for crude oil this year, some growth next year. What is interesting on the tanker market is that the supply side, even though in the short term, the fleet is not growing that much as from 2027 and particularly in 2028, we will see a big growth in the fleet. So the order book to fleet in VLCCs and Suezmaxes is coming closer to 30%. This being said, in the short term, the tanker market dynamics are positive. We'll definitely zoom in on that a bit later. On the container side, not a lot has changed. I would say that in kind of the more negative story that we have been seeing over the last quarters, the Middle East turmoil has given some support to the market, but with a large order book and an expected contraction in TEU-mile demand, we are cautious on the container side. As you know, all our ships are fixed, so we are not really exposed on the spot market. On the chemical side, it all feels a little bit softer. Chemical market is less volatile. But there we see there are some new vessels being delivered to the fleet. There is a little bit softer growth in demand for chemical tankers. So on balance, we are a bit more cautious. And then last but not least, we remain positive on the offshore energy markets. After 2 slow years of wind installation, we're expecting an increase this year and next in, for instance, the important North Sea market. But also on oil and gas, we are seeing a lot of demand for offshore energy supply vessels like our ships. And so all in all, we're expecting good markets going forward in that segment. I want to zoom in on the largest segment and the market that is most important to us right now, which is dry bulk. On the left side of the slide, you can see our fleet. We have 36 Newcastlemaxes on the water. We're adding this year another 10, maybe 1 or 2 will deliver beginning of next year. But so in the next 6 months, we will have 46 Newcastlemaxes, big armada of Newcastlemaxes on the water. We have performed very well during the first quarter, which is traditionally a slower quarter. You can see that we reached levels of $28,000 a day. But what is even better is that looking forward for the second quarter, we have fixed most of our days, 80% already at $44,000, which is very good for that segment. Capesizes is a big fleet as well. We have 37 Capesizes on the water. We achieved rates of $26,000 in the first quarter, have already fixed roughly 3/4 of our days at $37,000 for the second quarter. With the amount of ships, the amount of days, this is all very supportive for our results going forward. And then last but not least, our Kamsarmax Panamax fleet of 30 ships. The first quarter was satisfactory. We reached kind of a breakeven level of $14,500, but we have seen in recent weeks a market uptick, and we have already been able to fix very good levels, close to $20,000 for 3/4 of our days in the second quarter. When you look at the main drivers in dry bulk, it's a mixed picture, some very positive signals, some not so positive, but we will dig into some of the elements in the next slide and slides. Let's first start on the supply of the vessels, which is the newbuildings, the order book and then the age of the fleet. When you look at the new buildings, the order book to fleet has increased over the last 3 to 6 months. There have been more orders for dry bulk tonnage. And specifically on Capesizes and Panamaxes, you can see that we are now reaching a level of 14% to 15% of the fleet. If you put that against the age of the vessels, and you can see that we've reached kind of an all-time high average age of the fleet, there is a lot of potential for scrapping. There's a lot of potential for all these newbuildings to replace the aging fleet. And actually, as it stands, there should normally be more ships leaving the fleet than being added to the fleet in the next 2 years at least and even going forward in 2029 and 2030. So on the supply side, we are still believing that this is supportive for our market going forward. If we look at the demand side, we are zooming in on important commodities for the Capes and important commodities for the Panamaxes. On Capes, it's, of course, iron ore, bauxite and a little bit of coal. But you can see that the numbers are adding up very nicely definitely compared to last year. We are in all segments above. Coal is a little bit below. But all in all, it's a supportive picture in the first quarter and in the month of April. The similar story can be said on the Panamaxes. The typical cargoes at Panamaxes transport coal and grain have been growing. And so we are seeing this being translated in, of course, better freight rates. So I would say that Q1 has surprised us to the upside, has been less slow than usually and has underpinned the freight market. Now if we look at the total year, so what to expect for the next couple of months, the picture remains supported for our Capes with the iron ore trade. The bauxite trade is a bit of a question mark. If we see some export caps out of Guinea, then this could be a negative for our market. In the numbers, we don't see it yet. But it is, of course, something to watch. Interestingly, something that could underpin our market is the coal trade, and I'd like to zoom in on that on the next slide. We have added on this slide as well the rate forecast for a regular [ 180,000 ] Capesize for this year, including the first quarter, we are now at $31,500, which is actually a very good rate and definitely in a profit-making territory. Operation Epic Fury and the gas-to-coal switching. We've tried to analyze based on the information that is available, what the impact would be if certain countries that are powering their countries and are making electricity with oil and gas would shift more to coal. And this gas to coal switching is basically sketched out on this slide. Initially, on the coal side, all the analysts and including ourselves, were expecting a relatively soft market for seaborne coal, definitely going into the second half of the year. And we were looking at our base case scenario of coal power generation in Europe and in Japan, South Korea and Taiwan to go down. Now obviously, the war in Iran and the turmoil in the Middle East, which have led to an increase in gas and oil prices have changed the situation. And what we are now taking as a base scenario is that over the course of this year, Japan, South Korea and Taiwan will increase their imports of seaborne coal by 27 million tons, so increase the utilization of their existing coal infrastructure. And on Europe, as it stands, expecting 12 million tons of coal to be added to the trade and increasing utilization from 40% to 55%. Now there is further upside to that if Europe would import in a high case, another 60 million tons of coal. And we've tried to map this out on the right side of the slide, where you can see in green, the supply of ships and in blue, gray and light blue, the different scenarios on the demand. You can see on Capes, we were looking at 1.7% increase in the fleet and a 3% base case increase in ton-mile demand. We have revised that to 3.5% ton-mile demand. Now if you get this extra kicker on coal to Europe in the high case, this could go all the way up to 5.2% increase in demand. And the same goes for Panamaxes, and I think that's very interesting because obviously, that's -- coal is a very important commodity for Panamaxes. We have a pretty high delivery schedule this year of close to 5% increase in the fleet. The base case, we were looking at a bit under 4% demand growth for Panamaxes. In the current new base case, we're looking at 5% growth, but in the high case, this could even go to 7.5%. So this Epic Fury, the war in the Middle East could have a significant positive impact on the dry bulk markets, and we're seeing some of it already now. And then basically, to conclude, what we've mapped here is the new base case, so not the high case in numbers of volumes from Q1 to Q4. What we wanted to highlight here for those who are not very familiar with the dry bulk market is that the first quarter is always the lowest quarter in terms of volume. Usually, volumes then ramp up in the second quarter, third quarter and fourth quarter, which, again, we think bodes very well for our dry bulk market going forward. And of course, CMB.TECH is very well positioned with our large fleet of Capesizes, Newcastlemaxes and Panamaxes. I want to talk about Euronav and the crude oil markets and probably where most of you have a lot of questions on what our view is on what is happening in the world. Let me first start with a quick overview of what our fleet has done. After the sales of our VLCCs, we are down to 6 VLCCs, 4 are on the water, 2 will be delivered during the course of this year and in January of 2027. We achieved very good rates in the fourth -- in the first quarter and even better rates for the bookings that we have done in the second quarter. You can see we're at $180,000 of rates booked for 80% of our days. Of course, we only have 6 VLCCs left. But nevertheless, this will, of course, contribute very positively to our profits going forward. The sale of the 8 ships, we have communicated on that already. We did a very nice capital gain of in total, $360 million on the sale of these 6 older VLCCs, which have been reflected in our first quarter results and will partly be reflected in the second quarter results. We have 18 Suezmaxes on the water. We recently took delivery of the Cap Grace and Cap Joseph. So we have 18 ships in our fleet. We achieved rates on the spot market of $91,000 in the first quarter, $122,000 for most of our days in the second quarter. Again, excellent rates in the current circumstances. And we have sold one of our older Suezmaxes, the Sienna, which is a 19-year-old Suezmax, which will deliver in the second quarter, and this will give us a capital gain of $30 million. You can see on the right side, all the indicators. Again, these need to be taken with a big pinch of salt because the real impact of these numbers is, of course, influenced a lot on the sea going side with what is happening in the Middle East and what is happening in the Strait of Hormuz. First, before we talk about that, I wanted to show you the slide on the order book and the supply of ships and the age of the vessels. The order book has really shot up. We are now looking at a combined 500 VLCCs and Suezmaxes on order, which we believe is a lot of ships, obviously, very much skewed towards the second half of 2027 and 2028. But you can see the numbers there. In 2028, already more than 200 VLCCs and Suezmaxes are on order. Even though theoretically, the age profile of the fleet would be able to absorb these vessels, i.e., older vessels should be scrapped and the newbuildings could replace them, we are a little bit concerned going forward looking at the order book. But in the short term, of course, not that many vessels are coming on stream, and this is, of course, translated in good freight markets. Average age of the fleet, you can see there, is getting to historical highs. We are at 13, 13.5 years. Again, this is a positive as and when and if we would need to scrap some vessels. I want to talk about the Strait of Hormuz situation, operation Epic Fury and the impact on shipping in general and on the oil supply. On the left side, you can basically see the number of transits through the Strait of Hormuz on a daily basis. We are talking anywhere between 110, 150 ships a day. We are down now between 5 and 20 transits a day. In terms of tankers, we see that 115 VLCCs and 24 Suezmaxes are still trapped in the Persian Gulf. Of that fleet, 40% are dark fleet vessels, so not really vessels that we would compete with, but it's still a significant amount of ships that are trapped there. On the supply side of oil, my colleague, Joris Daman has made a very interesting analysis on the right side of the slide. And because it's his analysis, I want to hand it over to him so that he can explain to you what he is seeing in the numbers. Joris Daman: Yes. Happy to run through it. So the right-hand side graph really starts by showing the baseline. The baseline was 15 million barrels per day of crude oil. This is only crude oil traversing the Strait of Hormuz, so being exported out of the Persian Gulf. Now that's closed. The Strait is de facto closed. So we made the assumption that's lost. And then we are going to look, okay, what is the actual impact on crude tanker flows. We have a selective passage of 1.2 million barrels per day. That's the actual passage over the last 2 months divided by 60 days. That's 1.2 million barrels per day. So it's actually 1 Suezmax a day or every second day, 1 VLCC. Then we have some pipeline capacity, which came upstream and is today roughly around 5.5 million barrels per day. It's Yanbu, Fujairah and then the Kirkuk-Ceyhan pipeline. Then we had a temporary effect of floating storage release or reversal of floating storage and also some Russian sanctions being lifted and actually being able to be added to the tanker market. And then the real interesting part comes, and that's on one hand, the export growth out of the U.S., which is a combination of additional volumes, but also SPR, strategic petroleum reserve releases, roughly 1.4 million barrels per day and then also other countries stepping up the game: for example, Brazil, Guyana, Canada, Angola, and they are additionally bringing 1 million barrels per day capacity to the market. So if you go from the 15 million, we take all those steps, we end up with a loss of 5.3 million barrels per day capacity lost to be transported on board of crude oils. Now it's really important to see here that we are actually increasing longer mile transportation. So we get a ton-mile kicker because of the exports out of the U.S., but also Brazil, Guyana are actually further away than a typical Middle Eastern China transportation, and it's 2 to 2.5x more. So if we take the 2.4 and we multiply that by 2, 2.5 and we compare it to 5.3, we are actually quite balanced from a ton-mile perspective. And that's really the reason why the utilization of the tankers are still healthy and that [ remains ] for U.S. Gulf China transportation are actually still quite healthy. If you go one step further and really look, okay, what could be the potential impact on the barrel price, there, it's really important to understand that we started the operation Epic Fury in a global situation where there was a large oversupply. So there was a bigger supply of crude oil to the market than a demand. So we had actually an oversupply of 2.6 million barrels per day, meaning that in the end, today's market is only undersupplied by approximately 2.7 million barrels per day of crude, which will have an impact on demand destruction or any other means to have the balance again in the market. Alexander Saverys: Thank you very much, Joris. So after that analysis, what we just wanted to add is basically the consequences of the closure of the Strait of Hormuz is that we see a lot more ballasters going towards the Atlantic to pick up the oil where it is still available. And this obviously also has an impact on rates. You can see the rate from the Middle East to China, which we think is much of a theoretical rate, not that many ships are being fixed at these kind of levels. The more interesting one is, of course, is the TD22 route at the bottom in green, where you can see that rates were very high, but then gradually started going down as more ballasters, more VLCCs were coming towards the U.S. Gulf to pick up the oil there. Now when I say gradually going down, we are still at a level around $100,000 a day, which is very, very healthy for our market, but it shows you the disruption that the closure of the Strait of Hormuz also has on the positioning of the vessels. I'd like to finish with our 3 slightly smaller divisions: Delphis, Bochem and Windcat. On Delphis, we can be relatively short. All our ships are fixed on long-term time charters. We still have one newbuilding coming this year, delivering in October, which has been fixed on a 15-year contract. The bottom line on the container market is that the order book is very high. We still see a huge TEU mile disturbance with the de facto closure of the Red Sea. If no container ships pass by there, it's basically 12% of demand kicker. So if that falls away, including the big tsunami of new container vessels that will come on stream in the next couple of years, the market should continue to go down. But very short term, we have seen a little uptick because of the disturbance around the Strait of Hormuz. And so rates, both on the spot market and also on time charter rates have gone up a little bit in recent days and weeks. But we believe fundamentally, this should normally go down again as soon as certain things resolve themselves and as the order book starts delivering to the market. Chemical tankers, I was mentioning a slightly softer market. That is reflected in what we are earning in the spot pool. Now most of our vessels are fixed on time charters, so we're not really affected by that. But it has to be said also chemical tanker markets are much less volatile than other markets. So when we say softening and you look at the numbers that we are achieving on the spot market of $21,500, that is compared to around $25,000 last year. We still believe these rates are very healthy. Finishing off with Windcat, exciting times for our division Windcat because we have taken delivery now of our third CSOV, which is our large offshore energy supply vessels. We still have 3 that will be delivered plus 1 larger CSOV and MP-ASV as we call it. So still 4 ships on order. We have seen very healthy rates for our CSOVs. You can see an average of $65,000 a day in the first quarter. Second quarter already fully fixed at $62,000 a day. And we have further vessels delivering and are in talks with customers for both short-term and longer-term employment. Our CTVs are doing well as well. After the traditionally slow winter period, we are now coming into the peak period of spring and summer. And you can see that our utilization is above 90%, and we are earning good rates of an average of $3,400 a day. We're expecting, as I said before, this offshore wind market, offshore oil and gas market to remain supported in the following months. This wraps up the market update, and I will now hand it over to Enya for the Q&A. Enya Derkinderen: [Operator Instructions] We will now start with the first question, coming from Frode Morkedal. Frode Morkedal: This is Frode at Clarksons. My first question is on capital allocation. So you basically reached the 50% net loan-to-value target. So you've been deleveraging the balance sheet. You have plenty of liquidity and the newbuild program looks fully funded. So basically, how should we think about capital allocation from here? Specifically on the dividend, you raised it from $0.16 to $0.20 on the interim dividend. Is this a level that you would like to maintain? Or should we think about dividends as variable quarter-to-quarter? Ludovic Saverys: Yes, Frode, let me take this one. Indeed, we are, I think, working on all sides, the deleveraging the balance sheet, especially with the bridge loan that we had, which was quite expensive. We were able to repay that fully, but we also reduced our margins on -- close to all our financings with our banks. And I think that was visible on the net finance expenses. The CapEx program is coming to an end. And I think on the dividend, which is -- as every quarter, the Board decides what to do, whether it's paying -- accelerating down payments on debt capital, potential M&A or distribute to shareholders. And I think we have made clear that once the leverage targets are more into play like we are today, then we can start allocating more of the free dollars to shareholders. Yes, we do have a full discretionary dividend policy. So we'll continue to keep that. Historically, as I mentioned on the previous earnings calls, we've always paid between 50% and 60% of the net profit distributed to shareholders. And after announcing the 50% distribution on the vessel sales, which was in December, we announced it, the Board decided that we would actually rather pay 50% on the whole profit of Q1. Going forward, I think there's definitely -- every quarter now, this is going to happen. But the less leverage we have, the less CapEx that we have, less opportunities that could arise. Like we mentioned on new builds, there's nothing really interesting in the core markets, dry bulk and tankers today. I think distribution to shareholders will definitely continue to be a full focus on our side. To your question, we didn't go from $0.16 to $0.20. We actually went from $0.16 to $0.64. I think the part, the $0.44 on share issue premium, it's a different way to a more fiscal optimized way of reducing the withholding tax for mostly the retail shareholders and then the foreign shareholders to do that. But I think going forward, we will see how the market continues, but we'll definitely analyze the distribution to shareholders with a full focus. Frode Morkedal: Okay. And that's interesting. So 60% looks reasonable. That's what I heard from you? Ludovic Saverys: That's what also historically we paid to the shareholders, yes. Frode Morkedal: Okay. Next question I had was just started thinking, I mean, the Golden Ocean acquisition. That looks quite well timed now. Clearly, dry bulk asset values have moved higher. So I just had like a quick question. Do you have any sense of how much you are up on that investment so far? Alexander Saverys: Frode, can you not do the calculation for us? Ludovic Saverys: Let's say that based on the acquisition price, obviously, we've done, but you have to take the full cost because we did a semi-levered buyout. Yes, we paid 50% with shares, but we did pay 50% with full financing. It is true that the returns on paper today look good. But as always, I think we need to ride the cycle fully before we can claim victory on that. But the market has picked up somewhat faster than we were expecting on the medium term. And I think the spot strategy that we've entailed is definitely setting us up to reap the benefits on the short term. Frode Morkedal: Yes. I did actually do the calculation. I think you're up at least 20%, but yes. Ludovic Saverys: Only 20%, Frode. Oh, you are selling upfront. Frode Morkedal: But maybe I'm wrong. Could be. As a follow-up, I mean, given where asset values are today, do you still see value in further investments? Or is this becoming a more market to sell further assets? Alexander Saverys: It's a good question, Frode. I can repeat what I told you last time, I think, or I told someone else. Everything is pricey today. Let's not lie about the facts: newbuilding secondhand, everything has gone up. There will always be opportunities, I'm sure. We will analyze these opportunities. But right now, having sold most of our older vessels, we still might sell some ships of older vintage or sell some ships if we see a very good price. But what we want to do now is really ride the cycle definitely on dry bulk and see what comes after this high cycle because obviously, for us, the story doesn't end when the cycle turns. That's when the story begins. Enya Derkinderen: The next question is coming from Climent. Climent Molins: I wanted to start by following up on your finance expenses, which declined significantly as you reduce debt and refinance some facilities. Did the $82 million expenses for the quarter include any one-offs due to refinancing? And secondly, is the G&A for Q1 a good proxy for the remainder of the year? Ludovic Saverys: Yes. No, it's 2 great questions, Climent. On the net finance expenses, I think in the $82 million, there were maybe $3 million one-offs, but so it's insignificant, I would say. So it is definitely on the current optimized debt situation, but not yet take into account some of the margin reductions we're actually executing on roughly $2 billion of financing, which will only come into play end of Q2. So there's more room to reduce the net finance expenses. On the SG&A, with the $51 million we had in Q4 compared to $27 million in Q1, I think Q4 was definitely exceptional. I think we mentioned that on the last earnings call, Q1 is definitely better, but we are, as management, we keep on optimizing and looking at that. Integrating companies is often harder than we think, but we're well on the way to reach our targets on the SG&A. Climent Molins: Okay. That's very helpful. Could you talk a bit about whether you've had any impact on the operations of the 2 FSOs contracted with Qatar Energy on the back of the conflict? Alexander Saverys: Yes, Climent. We have had some operational disturbances, but we are trying to get everything back on track. As you know, the safety of our people on board is the most important one, and we are in a very close collaboration with NOC, who is our customer to make sure that we can restart the operations in a safe way. Climent Molins: Makes sense. And final question for me. You got a $12 million profit from equity accounted investees. So what does that refer specifically? Ludovic Saverys: Good question. It's reflecting the proportion of profits that we made, at least that's the companies where in which we have small participations made. This is, I would say, half of it is one-offs from these companies. And since it's a very diverse slew of small participations from ammonia logistics to basically Japanese joint ventures, but there is, I think, good smaller companies that deliver profit quarter-on-quarter. So there's definitely some of that to stay in the coming quarters. Enya Derkinderen: The next one is Petter Haugen. Petter Haugen: This is Petter Haugen from ABG Sundal Collier in Oslo. First, well, I would like to put some emphasis on [indiscernible] on Slide 25. The slide showing the shortfall and the partial refillment of what was lost is a very, I think, instructive way to think about this. And one question in this context. Would it be positive or sort of if adjusted for distances, the same slide just on ton-miles, so to speak. Would that be still in a negative territory? Or is it in positive territory? Alexander Saverys: Joris can take that question. Joris Daman: It's fairly balanced, and that was the main message here that if you not only look at tons, but at ton miles, the situation is actually up until today, a balanced situation whereby that the lost volumes are being balanced out by the additional distance. Of course, that only holds as long as U.S. exports keep the same levels and the other countries like Brazil, Guyana, Angola keep on the, let's say, the higher volumes than what we saw in the first 2, 3 months of the year. That's the big assumption of this slide. Okay. Petter Haugen: Okay. So very balanced ton-mile wise. Just one further question. In Q3, you ordered CSOV, the large [indiscernible] and also had options for 5 more. Is there any progress on those options in terms of, well, either striking them or losing them? Alexander Saverys: Yes. We still have time to lift the next option. But right now, if you ask me, it looks very interesting. There's good demand for these assets. But as long as we don't need to lift the option, we will still wait. The market can still change. But it is definitely one of the segments that we are watching closely for potential new buildings because we still see value and the value at which we hold the options is interesting. Petter Haugen: Okay. Could you elaborate a bit on what sort of employment you would potentially do on a newbuild order and also the delivery schedule for those options? Alexander Saverys: Would be in 2028, and we would lift the option most probably without any employment attached. We have decided on the CSOVs that we would operate on the spot market. And if we see long-term business, we would go for the long-term business. That's exactly what we've done with the first 2 ships, what we're doing with the next vessels, always be a mix of spot employment and longer-term employment, if it makes sense. You know that in this offshore wind market, if you order some of these CSOVs with a charter attached, usually, the returns are very, very low. So if we lift the options, we will most probably -- I mean, never say never, we might find some customers before we're lifting the option, but it will most probably be without any employment, and then we will work on the employment as we go. Ludovic Saverys: And just to add to Alex, as the spot market today, both international winds, but also regional and international oil and gas is actually very good. For us to do long-term charters, it really has to be great rates. Otherwise, we just stay in the spot market and enjoy the rates we've shown on the slides. Petter Haugen: Understood. And just then finally, the options, all 5 of them, could you elaborate on when those lapses? I think the first one is in a couple of months from now, end of the summer, that's the first one. And then we still have time for the following ones, which is always with a couple of months interval. Enya Derkinderen: We received some questions in the Q&A. So I will go to those questions. The first question, the premium of NUCs to Capes in Q1 seems quite low. Any particular reason for this? What premium would you expect over time? Ludovic Saverys: I think I'll take it from a financial point of view. Alex, you can take it from operational. It was -- as we are delivering quite a bit out of the yards, there's a lot of repositioning on the ships ballasting to Brazil, for instance. And so it's more IFRS look to discharge. I think the Newcastlemaxes on a discharge-to-discharge basis would have been higher. But since we had a relatively much higher repositioning of ballasters, that impacted the results. Alexander Saverys: Yes. And I would say in a premium, it also depends, of course, on the height of the market, but you would be anywhere between 15% and 30% depending on the market and of course, depending also on the fuel prices. Enya Derkinderen: Moving on to the next question. Do you have any plans for the 25 million treasury shares you hold reissued to outside holders as dividends used for acquisitions, retire? I assume they do not receive the dividend. Ludovic Saverys: So the treasury shares, to be clear, do not get dividends. They cannot vote either. So our company has 290.2 million shares. That's what you really have to look at. Retiring them, for us, there's part of the authorized capital. So it's at the Board discretion to use them to dividend to shareholders or for M&A acquisitions or other instruments. But today, we don't have any plans. We bought them quite inexpensively, if you see, over the last years. So I think this was a good investment from a long-term investor, but we have no plans right now. Enya Derkinderen: Then next one, with the cost per ship massively increased, when the cycle turns, the recently purchased ships will have a much higher breakeven level. That could indicate what if rates do come down, there will be a lot of for sale signs at much lower prices? Alexander Saverys: Is that a statement or a question? Enya Derkinderen: It's a question. Alexander Saverys: Yes. If the market comes down and if owners are under duress, they will have to sell their ships at a lower price. And it is clear that the breakeven of the whole fleet has gone up, not only because of the high newbuilding prices, but also because of the higher secondhand prices. So it will be indeed interesting to see when the cycle turns, how the market will react and how distressed sales could potentially come to the market. Enya Derkinderen: Then the next one, could you please clarify whether any CMB.TECH vessels are currently blocked in the Persian Gulf. If so, how many and what type of vessels are involved? Alexander Saverys: So there's a couple of ships that are indeed in the Persian Gulf right now. We don't communicate about the details of the vessels, the vessels names out of safety concerns for our crew, which is on board. Enya Derkinderen: Then the next one, what is the ambition with respect to your green ammonia terminal project in Namibia? What is the latest status? What are the time lines and CapEx requirements? Alexander Saverys: So right now, no FID has been taken on that project. We are assembling all necessary information for the investment, and we hope to be able to say something more in the next quarterly call when we have a better view on that file. So have a little bit of patience with us, but we will definitely mention that in the next quarterly call. Enya Derkinderen: And then moving on to the last question. This one is referring to Slide 25. It's the slide that Joris explained from Euronav. How much crude oil, if any, is coming on to the world market from Venezuela? Joris Daman: So Venezuela crude oil for April was roughly 1.2 million barrels per day. It increased with 150,000 barrels compared to March because of, let's say, the political changes in the country. Exports are being increased. It's not the increase, which is interesting. It's rather that those barrels are now being transported on compliant vessels and no longer on any, let's say, dark or gray fleet vessels. So it's a net positive for crude tankers. Enya Derkinderen: We have one last question. Can you explain what the $20 million in other operating income booked in Q1 is? Ludovic Saverys: Yes, sure. That's a series of -- it's an amalgamation of all smaller profits we took. It goes from claims we won from lawsuits or vessel claims we have over the last couple of years. It's liquidated damages that we deliver ships and then they deliver earlier or later with shipyards as well. So it's a whole slew of, I would say, smaller one-offs. There's -- half of it roughly is a revaluation of some investments we hold in smaller companies. So nothing meaningful, mostly one-offs, but always nice to have when you can book that on your balance sheet. Enya Derkinderen: And I think that concludes the questions. Alexander Saverys: Thank you very much, Enya. Thank you, all of you for joining in this quarterly call, and I'm looking forward to talking to you either at our general assembly on Thursday or on the next call we organize during the summer. Thank you. Bye-bye. Ludovic Saverys: Bye-bye. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Cmb.Tech (CMBT) Q1 2026 Earnings Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Net Profit: $368.8 million for Q1 2026. Net Finance Expenses: Decreased from $113 million last quarter to $81 million this quarter. Liquidity: Above $0.5 billion. Equity on Total Assets: Below 50%. Dividend Distribution: $0.64 per share, with $0.20 as interim dividends and $0.44 from share premium. Capital Gains: $267 million in Q1; expected $127 million in Q2. Contract Backlog Increase: $200 million. Operational Free Cash Flow: Over $1 billion projected for 2026. Remaining CapEx: $1.2 billion, with $184 million unfunded. Newbuilding Delivery Payments: $740 million to be paid in the next three quarters. Dry Bulk Fleet Performance: Achieved $28,000/day for Newcastlemaxes in Q1; $44,000/day fixed for Q2. Capesize Fleet Performance: Achieved $26,000/day in Q1; $37,000/day fixed for Q2. Kamsarmax Panamax Fleet Performance: Achieved $14,500/day in Q1; $20,000/day fixed for Q2. VLCC Rates: $180,000/day for 80% of days in Q2. Suezmax Rates: $91,000/day in Q1; $122,000/day for most days in Q2. Windcat CSOV Rates: $65,000/day in Q1; $62,000/day fully fixed for Q2. CTV Utilization: Above 90% with rates of $3,400/day. Warning! GuruFocus has detected 9 Warning Signs with CMBT. Is CMBT fairly valued? Test your thesis with our free DCF calculator. Release Date: May 19, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. CMB.Tech NV (NYSE:CMBT) reported a net profit of $368.8 million for Q1 2026, showcasing strong financial performance. The company successfully reduced its net finance expenses from $113 million to $81 million, indicating effective financial management. CMB.Tech NV (NYSE:CMBT) increased its contract backlog by $200 million, enhancing future revenue visibility. The company took delivery of seven newbuilding vessels, expanding its fleet and operational capacity. CMB.Tech NV (NYSE:CMBT) announced a $0.64 per share distribution, with 70% exempt from withholding tax, benefiting shareholders. The container and chemical markets remain cautious, with potential challenges impacting these segments. The company faces a high CapEx commitment of $1.2 billion, with $184 million unfunded, posing financial pressure. CMB.Tech NV (NYSE:CMBT) has a large spot exposure, with 80% of its shipping days uncontracted, increasing market risk. The order book for VLCCs and Suezmaxes is high, with potential oversupply concerns in the coming years. Operational disturbances were reported in the Persian Gulf, affecting some of the company's vessels. Q: With the company reaching a 50% net loan to value target, how should we think about capital allocation, particularly regarding dividends? A: Ludovic Saverys, CFO, explained that the company is focused on deleveraging the balance sheet and optimizing margins. The board decides on dividends quarterly, historically distributing 50-60% of net profits. The recent increase from $0.16 to $0.64 per share reflects this strategy, with a focus on shareholder distribution as leverage and CapEx commitments decrease. Q: How has the Golden Ocean acquisition performed, and do you see value in further investments given current asset values? A: Alexander Saverys, CEO, noted that while the returns on the Golden Ocean acquisition look good on paper, the company aims to ride the cycle fully before claiming victory. Current asset values are high, and while opportunities will be analyzed, the focus is on riding the cycle in dry bulk and evaluating future opportunities. Q: Can you elaborate on the significant decline in finance expenses and whether there were any one-offs? A: Ludovic Saverys, CFO, stated that the $82 million finance expenses included about $3 million in one-offs. The company is optimizing its financial situation and expects further reductions in net finance expenses as margin reductions on $2 billion of financing take effect by the end of Q2. Q: What is the status of the green ammonia terminal project in Namibia? A: Alexander Saverys, CEO, mentioned that no final investment decision has been made yet. The company is gathering necessary information and hopes to provide more details in the next quarterly call. Q: Are any CMB.Tech vessels currently blocked in the Persian Gulf, and if so, how many and what type? A: Alexander Saverys, CEO, confirmed that a few ships are in the Persian Gulf but did not disclose details for safety reasons. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. Cmb.Tech (ENXTBR:CMBT) shareholders approved distributions of up to US$200 million at the latest annual general meeting. The meeting also backed the reappointment of key independent directors, maintaining the existing board structure. These decisions followed a year in which the company reported extraordinary earnings growth. Cmb.Tech, listed as ENXTBR:CMBT, is active in the broader technology and industrial solutions space, where capital allocation and governance signals can matter as much as headline earnings. The combination of substantial shareholder distributions and continuity among independent directors gives you a clearer picture of how management and the board are choosing to respond to the latest profit performance. For investors tracking governance quality and cash returns, this AGM outcome sets a reference point for how Cmb.Tech may handle future periods of strong profitability. The rest of this article looks at what these decisions could mean for capital allocation priorities, risk oversight and longer term shareholder expectations around board stability. Stay updated on the most important news stories for Cmb.Tech by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Cmb.Tech. Is Cmb.Tech's dividend sustainable? Check out what every dividend investor needs to know in our dividend analysis. The approved shareholder distributions sit on top of a very strong earnings year, with Cmb.Tech reporting Q1 2026 net income of US$368.83 million on revenue of US$807.32 million. The planned US$0.64 per share total payout, split between US$0.44 from the share premium reserve and a US$0.20 interim dividend subject to 30% withholding tax, indicates that the board is comfortable returning a meaningful slice of recent profits in cash. Because part of the distribution comes from the share premium reserve and is described as exempt from withholding tax, the structure also matters for after tax income in your portfolio. At the same time, management has indicated that Cmb.Tech continues to reduce leverage and fund capital expenditure, which suggests the board is trying to balance shareholder income with balance sheet and fleet investment needs rather than push payout ratios to extremes. The large cash distribution lines up with the narrative that strong shipping markets and higher spot exposure can support higher free cash flow that can be shared with shareholders. If earnings become more volatile than expected because tanker and dry bulk markets cool, a high cash return in one year could be harder to repeat, which would challenge any assumption of consistently higher distributions. The use of the share premium reserve for part of the payout and the reappointment of independent directors are not directly reflected in the catalysts, yet they add extra detail on how governance and capital allocation choices might influence future returns. Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for Cmb.Tech to help decide what it's worth to you. ⚠️ Analysts highlight that earnings are expected to decline on average over the next 3 years, which could make current distribution levels harder to sustain if that view proves accurate. ⚠️ Interest payments are described as not well covered by earnings and shareholders have been substantially diluted in the past year, both of which can limit flexibility for future dividends. 🎁 Earnings grew by 15.7% over the past year and recent quarterly results show a large step up in net income, which provides the financial room for the current cash return. 🎁 The stock is described as trading well below one estimate of fair value, so investors who value the income stream may also see the current distribution policy as reinforcing a value focused thesis. From here, keep an eye on how Cmb.Tech links dividend decisions to shipping market conditions and cash generation across dry bulk, tankers and offshore services. Watch whether leverage continues to come down as distributions are paid, and how much of future payouts come from recurring earnings versus reserves or asset sales. Any change in analyst expectations for earnings, interest coverage or dilution will also be important context for judging how sustainable this level of shareholder cash return really is. To stay up to date on how the latest news impacts the investment narrative for Cmb.Tech, visit the community page for Cmb.Tech for the latest updates on the top community narratives. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include CMBT.BR. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Antwerp, May 21, 2026 (GLOBE NEWSWIRE) -- CMB.TECH NV (“CMBT”, “CMB.TECH” or “the company”) (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) announces that today the General Meeting of Shareholders has approved the annual accounts for the year ended 31 December 2025. All other resolutions proposed by CMB.TECH’s Supervisory Board were also approved. Reappointment of Supervisory Board members for a period of three years Shareholders voted to reappoint independent director Catharina Scheers as member of the Supervisory Board until and including the ordinary shareholders’ meeting to be held in 2029. Furthermore, the General Meeting approved the reappointment of Debemar BV, permanently represented by Patrick De Brabandere, as non-independent member of the Supervisory Board for the same three-year term. The General Meeting also approved the resignation of Bjarte Bøe as non-independent member of the Supervisory Board and the appointment of Bobship AS, permanently represented by Bjarte Bøe, as non-independent member of the Supervisory Board until the ordinary shareholders’ meeting to be held in 2029. In addition, the General Meeting confirmed the co-optation and approved the appointment of Ms. Gudrun Janssens and Mr. Carl E. Steen as independent members of the Supervisory Board for a period of three years. Shareholder distribution out of the available share premiumThe general meeting also approved the proposed shareholder distribution of minimum USD 130 million and maximum USD 200 million out of the available share premium. This approval satisfies one of the conditions for approval by the Supervisory Board of a distribution of USD 0.64 per share, as referred to in the Company’s press release of 19 May 2026. All other resolutions were approved as well and can be found in the convening notice on the CMB.TECH website. The minutes of the General and Special general meeting of shareholders will be uploaded on the CMB.TECH website in the “Investors” section under “General meetings”. Announcement Q2 2026 results – 27 August 2026 About CMB.TECH CMB.TECH (all capitals) is one of the largest listed, diversified and future-proof maritime groups in the world with a combined fleet of about 250 vessels: dry bulk vessels, crude oil tankers, chemical tankers, container vessels and offshore energy vessels. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers. CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe, Asia and Africa. CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol “CMBT” and on Euronext Oslo Børs under the ticker symbol “CMBTO”. More information can be found at https://cmb.tech Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. This information is published in accordance with the requirements of the Continuing Obligations on Euronext Oslo Børs. Attachment CMBT results general meetings CONTACT: Katrien Hennin CMB.TECH +32 499393470 [email protected] Joris Daman CMB.TECH +32 498617111 [email protected]

Interested in CMB.TECH nv? Here are five stocks we like better. CMB.TECH posted a strong Q1 with net profit of $368.8 million, helped by higher revenue, lower financing costs, and $267 million in capital gains from vessel sales. Management also said liquidity topped $500 million and further financing cost reductions are coming later in Q2. The company declared a $0.64 per share distribution and continues to deleverage while trimming capex commitments. Remaining 2026 shipyard payments are still sizable, but vessel sales are expected to more than cover unfunded capex. Dry bulk and tanker markets remain the main growth drivers, with strong second-quarter rate coverage already locked in across Newcastlemax, Capesize, VLCC and Suezmax fleets. Management is upbeat on dry bulk demand and tanker rates, though it is more cautious on containers and chemicals. Best Ultra-Value Stocks Set for Long-Term Growth CMB.TECH (NYSE:CMBT) reported a strong first quarter of 2026, with management highlighting higher revenue, reduced leverage, lower financing costs and substantial gains from vessel sales during an earnings call titled “Firing on All Cylinders.” Chief Financial Officer Ludovic Saverys said the company ended the quarter with net profit of $368.8 million. He pointed to increased revenue and a decline in net finance expenses, which fell from $113 million in the previous quarter to about $81 million in the first quarter, as key contributors to profitability. In response to an analyst question, Saverys said the quarter’s finance expenses included roughly $3 million of one-time items and that further margin reductions on about $2 billion of financing would take effect toward the end of the second quarter. → Why Applied Optoelectronics Stock May Be Near a Turning Point The company ended the quarter with liquidity slightly above $500 million. Saverys said CMB.TECH continued to deleverage, reduce capital expenditure commitments and increase its contract backlog while optimizing the fleet through vessel sales and purchases. The board approved a distribution of $0.64 per share, consisting of a $0.20 interim dividend and a $0.44 distribution from share premium. Saverys said the structure is tax-efficient because the share premium portion is not subject to withholding tax, meaning about 70% of the distribution will be exempt from withholding tax. → The Pentagon's AI Pivot Supercharges Defense Stocks Asked about capital allocation, Saverys said the board evaluates each quarter whether to reduce debt, pursue capital projects or M&A opportunities, or return capital to shareholders. He said the company has historically distributed 50% to 60% of net profit to shareholders, but emphasized that dividend policy remains at the board’s discretion. Saverys said CMB.TECH has made significant progress on its capital expenditure program. Remaining capex at the end of April was $1.2 billion, of which about $184 million was unfunded. He said vessel sales more than cover the unfunded portion. Management expects 2026 to be the final heavy year for newbuilding deliveries, with $740 million still to be paid to shipyards over the remaining three quarters. → Ackman and Berkshire Are Betting Against Each Other on AI The company booked $267 million in capital gains in the first quarter and expects another $127 million in capital gains in the second quarter. Sales included two Capesize vessels and a VLCC previously announced, as well as the Suezmax Sienna, which is expected to be delivered in the second quarter. Alexander Saverys said management remains positive on dry bulk, tankers and offshore energy, while remaining cautious on containers and chemicals. Dry bulk is currently the largest and most important market for the company, he said. CMB.TECH has 36 Newcastlemax vessels on the water and expects to have 46 in operation within about six months. The Newcastlemax fleet earned about $28,000 per day in the first quarter, and management said 80% of second-quarter days were already fixed at $44,000 per day. The Capesize fleet earned $26,000 per day in the first quarter, with roughly three-quarters of second-quarter days fixed at $37,000 per day. The Kamsarmax and Panamax fleet earned about $14,500 per day in the first quarter, with three-quarters of second-quarter days fixed near $20,000 per day. Alexander Saverys said the dry bulk supply picture remains supportive, despite an increase in ordering activity. He said the average age of the fleet is high, creating potential for scrapping, and that newbuilds should largely replace aging vessels. On the demand side, he cited supportive volumes in iron ore, bauxite, coal and grain. Management also discussed the potential effect of higher energy prices and Middle East turmoil on coal demand. Alexander Saverys said gas-to-coal switching could support seaborne coal trade, particularly in Japan, South Korea, Taiwan and Europe, which would be positive for Capesize and Panamax demand. He said CMB.TECH’s “new base case” assumes higher coal imports than before, with additional upside if Europe increases coal imports further. In the tanker segment, Alexander Saverys said CMB.TECH is down to six VLCCs following vessel sales, with four on the water and two to be delivered by January 2027. The company booked about 80% of second-quarter VLCC days at $180,000 per day. Its Suezmax fleet earned $91,000 per day in the first quarter and had most second-quarter days booked at $122,000 per day. Management said the sale of older VLCCs generated a total capital gain of $360 million, reflected partly in first-quarter results and partly in second-quarter results. The Suezmax Sienna, a 19-year-old vessel, is expected to generate a $30 million capital gain when delivered in the second quarter. Alexander Saverys said the tanker order book has risen sharply, with about 500 combined VLCCs and Suezmaxes on order, heavily weighted toward the second half of 2027 and 2028. While the age profile of the fleet could theoretically absorb new deliveries through scrapping, he said management is “a little bit concerned” about the order book over the longer term. Joris Daman, head of investor relations, discussed the impact of the Strait of Hormuz situation. He said the strait is “de facto closed,” reducing crude flows, but that increased exports from the U.S., Brazil, Guyana, Canada and Angola are helping offset lost volumes on a ton-mile basis because those voyages are longer. Daman said the market is “fairly balanced” from a ton-mile perspective under current assumptions. Alexander Saverys added that more ballast voyages toward the Atlantic are affecting vessel positioning and tanker rates. He said the U.S. Gulf-to-China route had eased from recent highs but remained around $100,000 per day, which he described as healthy for the market. In containers, Alexander Saverys said all of CMB.TECH’s ships are fixed on long-term time charters, limiting spot exposure. He said the company remains cautious because of a high order book and the risk that the demand boost from Red Sea diversions could fade if disruptions ease. In chemical tankers, he said the market has softened, with spot pool earnings around $21,500 per day compared with about $25,000 last year. However, most of the company’s vessels are on time charters, and he said current rates remain healthy. Offshore energy remains a positive area for the company. CMB.TECH has taken delivery of its third CSOV, with three more CSOVs and one larger MPASV on order. The CSOV fleet averaged $65,000 per day in the first quarter and was fully fixed for the second quarter at $62,000 per day. Crew transfer vessels also improved after the slower winter period, with utilization above 90% and average rates of $3,400 per day. During the question-and-answer session, management said it continues to evaluate options for additional CSOV newbuilds, with the first option expiring near the end of the summer. Alexander Saverys said the company would likely order without employment attached and then seek a mix of spot and longer-term work, while Ludovic Saverys said long-term charters would need to offer attractive rates to justify fixing vessels rather than remaining in the spot market. Euronav NV, together with its subsidiaries, engages in the transportation and storage of crude oil worldwide. The company offers floating, storage, and offloading (FSO) services. It also owns and operates a fleet of vessels. The company was incorporated in 2003 and is headquartered in Antwerp, Belgium. As of March 15, 2024, Euronav NV operates as subsidiary of CMB NV. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "CMB.TECH Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

CMB.TECH ANNOUNCES Q1 2026 RESULTSFIRING ON ALL CYLINDERS ANTWERP, Belgium, 19 May 2026 – CMB.TECH NV (“CMBT”, “CMB.TECH” or “the company”) (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) reported its unaudited financial results today for the first quarter ended 31 March 2026. HIGHLIGHTSFinancial highlights: Profit for the period of USD 368.8 million in Q1 2026. EBITDA for the same period was USD 558.3 million. CMB.TECH’s contract backlog increased to USD 3.26 billion with the addition of 1 x 5-year Suezmax time charter and extension of 2 x Suezmax time charters by one year to a 10-year time charter each (with a profit split). Intention to distribute an amount of USD 0.64 per share. Fleet highlights: Delivery of 7 newbuilding vessels (Q1 + Q2 to date): Previously announced sale of 8 VLCCs: Daishan (2007, 306,005 dwt), Hirado (2011, 302,550 dwt), Ilma (2012, 314,000 dwt), Ingrid (2012, 314,000 dwt), Hojo (2013, 302,965 dwt), Dia (2015, 299,999 dwt), Antigone (2015, 299,421 dwt), and Aegean (2016, 299,999 dwt). Previously announced sale of Capesize vessels Golden Magnum (2009, 179,790 dwt), and Belgravia (2009, 169,390 dwt). Sale of Suezmax Sienna (2007 - 150,205 dwt). The sale will generate a gain of USD 29.2 million and is expected to be recognised upon delivery in the second quarter of 2026. For the first quarter of 2026, the company realised a net gain of USD 368.8 million or USD 1.27 per share (first quarter 2025: a net gain of 40.4 USD million or USD 0.23 per share). EBITDA (a non-IFRS measure) for the same period was USD 558.3 million (first quarter 2025: USD 158.4 million). “CMB.TECH is firing on all cylinders. We are reaping the benefits of a red-hot tanker market through a mix of sales of older vessels at stellar prices, a historically high spot market and the addition of lucrative long-term charters. At the same time, the dry bulk market is powering on in all segments, but specifically Capesizes and Newcastlemaxes. Our spot results have been strong during Q1 and will be even stronger in Q2. With HFO prices up by 50 %, we manage to extract more profit from the going market rates thanks to our very modern and super eco fleet. Last but not least, our offshore energy division Windcat has been able to fix two of its CSOVs at excellent rates, testimony to the high quality of our vessels. We are harvesting the fruits of our hard work over the past two years: well-timed newbuilding orders, well-timed acquisitions and a market which is going our way. We don’t know how long this Goldilocks moment will continue amidst many uncertainties surrounding global trade and a growing orderbook. But we will use the current momentum to continue to strengthen our balance sheet, pay dividends and convert some of the current market strength into longer term charters.” - Alexander Saverys, CEO CMB.TECH. Key figures The number of shares issued on 31 March 2026 is 315,977,647. However, the number of shares excluding the owned shares held by CMB.TECH at 31 March 2026 is 290,169,769. All figures, except for EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited nor reviewed by the statutory auditor. Intention of distribution The Supervisory Board intends to approve a total distribution of USD 0.64 per share (the "Distribution"), which is proposed to be a combination of (i) an interim dividend of USD 0.20 per share (subject to 30% withholding tax, to the extent no exemption or reduction applies) and (ii) a first payment of USD 0.44 per share out of the share premium reserve (which is exempt from withholding tax). The approval of the Distribution by the Supervisory Board is subject to, and conditional upon: (i) the approval by the General Shareholders' Meeting of CMB.TECH, scheduled for 21 May 2026, of the agenda item relating to the distribution out of the share premium reserve; and (ii) the completion of the corporate procedures prescribed by the Belgian Companies and Associations Code (Wetboek van vennootschappen en verenigingen / Code des sociétés et des associations) with respect to the interim dividend. CMB.TECH will provide further information on the payment date, record date and other practical modalities of the Distribution once the Distribution is effectively approved (currently scheduled for end of May 2026), in accordance with applicable regulations. TCE The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows: 1) Reporting load-to-discharge for actual TCEs, in line with IFRS 15, net of commission(2) CMB.TECH owned ships in TI Pool or Stolt Pool (excluding technical off hire days)(3) Including profit share where applicable CMB.TECH FLEET DEVELOPMENTS Commercial contracts CMB.TECH’s contract backlog increased by USD 109 million to USD 3.26 billion: 1 x 5-year Suezmax time charter: Cedar (2011, 165,000 dwt) Extension 2 x Suezmax time charters by one year to a 10-year time charter each: Cap Grace (2026, 156,000 dwt), Cap Joseph (2026, 156,000 dwt) (with profit split) Sales Following vessels were delivered to new owners in Q1 2026 - generating a total capital gain of approximately USD 267.4 million: Capesize vessels Golden Magnum (2009, 179,790 dwt), and Belgravia (2009, 169,390 dwt) - capital gain of approximately USD 8.1 million in Q1 2026, based on the net sales price and book values Six VLCCs: Daishan (2007, 306,005 dwt), Hirado (2011, 302,550 dwt), Hojo (2013, 302,965 dwt), Dia (2015, 299,999 dwt), Antigone (2015, 299,421 dwt), and Aegean (2016, 299,999 dwt) - capital gain of approximately USD 259.3 million in Q1 2026, based on the net sales price and book values. Following vessels will be delivered to new owners in Q2 2026: Two VLCCs: Ilma (2012, 314,000 dwt) and Ingrid (2012, 314,000 dwt) - capital gain of approximately USD 98.2 million in Q2 2026, based on the net sales price and book values. One Suezmax Sienna (2007, 150,205 dwt). The sale will generate a gain of USD 29.2 million and is expected to be recognised upon delivery in the second quarter of 2026. Newbuilding deliveries MARKET & OUTLOOK Bocimar – Dry-Bulk Market1 The dry bulk markets entered 2026 with strong momentum, with the Baltic Dry Index averaging materially higher year-on-year in Q1 and spot earnings across major vessel classes trending well above seasonal norms. Capesize C5TC (BCI-182) time charter equivalent (TCE) earnings averaged USD 26,405 per day during Q1 2026, compared to a 10-year historical average of USD 16,350 per day2. Average sector earnings in the first quarter were supported by robust major bulk volumes, firm minor bulk activity, and generally tighter effective fleet supply. Continuing on a strong Q1, the Capesize C5TC (BCI-182) average for April stands at 34,920 USD/day, the strongest since April 2001 and 15,263 USD/day higher compared to April 2025 (BCI-182 recalculated basis) – and increased further up to 48,433 USD/day on 13 May. Iron ore trade demonstrated notable resilience in Q1 2026, with seaborne volumes underpinned by stable Chinese import demand, which increased by 11.0% quarter-to-date year-on-year. Although Chinese steel production showed regional variability, consistent blast furnace utilisation rates and firm export activity continued to support demand for high-grade iron ore. Inventory levels, while elevated in absolute terms, remained within a manageable range at approximately 35 days of consumption, compared to a 2010–2025 average of around 30 days. From a dry bulk shipping perspective, Capesize demand continues to be more closely linked to production and export volumes from major mining companies rather than fluctuations in steel production. In this context, Q1 2026 production guidance from leading miners reaffirmed a constructive outlook, with Rio Tinto guiding 343–366 MMT for 2026, Vale 335–345 MMT for 2026, and Fortescue 195–205 MMT for the 2025/2026 period. In addition, the Simandou project has begun to ramp up meaningfully in early 2026, with the port stockpile increasing to above 2 MMT by the end of Q1 and seaborne shipments rising from approximately 0.6 MMT in Q1 to around 1.2 MMT in April alone, marking a clear step-change in export volumes. Furthermore, vessel activity at Morebaya port is increasing, with a growing number of Capesize vessels observed waiting and loading Simandou cargoes on a month-over-month basis. In addition to long-haul iron ore flows, Q1 2026 Capesize demand continued to benefit from the sustained ramp-up in bauxite exports from Guinea. Seaborne bauxite volumes maintained strong momentum, increasing by 9.6 MMT year-on-year, or 14.8%. Further support for ton-mile demand has come from logistical disruptions in the Middle East. The closure of the Strait of Hormuz has effectively re-routed approximately 9% of global aluminium production, creating additional demand for both bauxite and alumina shipments over longer distances. Market speculation has re-emerged regarding the potential introduction of export restrictions in Guinea at a level of 150 MMT per annum. At this stage, such measures remain unconfirmed. Available data continues to point to robust growth, with April bauxite exports reaching 23.1 MMT, representing a year-on-year increase of 12.4%. Pending any formal policy changes, the prevailing trend remains one of expanding long-haul cargo volumes, providing continued support to Capesize utilisation and a firmer freight market. On the demand side, coal has emerged as a key upside driver in 2026. Market dynamics were significantly shaped by disruptions in global gas supply during the quarter. The temporary loss of approximately 80 mtpa of Qatari LNG capacity has been effectively offset by increased seaborne coal demand, with April coal exports rising by around 7.5% year-on-year (7.6 MMT). Elevated natural gas prices have further incentivised gas-to-coal switching, particularly across Europe and parts of Northeast Asia (Japan, South Korea, and Taiwan). This has supported increased thermal coal imports into the EU, India, and select Asian markets. Even in the event of a reopening of the Strait of Hormuz, structural constraints are expected to persist. Trains S4 and S6 at the Ras Laffan complex are projected to remain offline for the next 3–5 years, removing 12.8 mtpa of LNG supply and implying an incremental coal demand boost of approximately 39.7 MMT, or +3.0%. Metallurgical (coking) coal volumes, meanwhile, have remained relatively stable, underpinned by restocking activity and resilient Australian supply. Looking ahead, emerging El Niño conditions may provide an additional tailwind. Historically, reduced hydroelectric output in China during such periods has driven spikes in coal imports, most notably a 52% increase in 2023 (+130MMT). Grain and agribulk shipments followed typical seasonal patterns, with strong South American soybean flows offset by softer Middle East–bound volumes, where rerouting and execution risk linked to the Strait of Hormuz limited trade visibility. Looking ahead, evolving El Niño conditions may further reshape trade flows. Potential drought impacts in Australia could weigh on grain export volumes, while improved weather conditions in Latin America are expected to support stronger harvests and higher export availability. This shift in regional supply dynamics would likely increase average voyage distances, providing incremental tonne-mile demand for the Kamsarmax/Panamax dry bulk fleet. In addition, El Niño-related constraints on Panama Canal draught levels tend to disproportionately impact the Kamsarmax segment, meaning that Panama Canal transits may become constrained during peak US agribulk export season in Q4 2026, driving additional re-routing and a corresponding increase in tonne-mile demand. On the supply side, effective fleet growth remained constrained despite a gradually expanding newbuilding orderbook (Capesize OB/F 14.57%; Panamax OB/F 14.26%). A combination of slower sailing speeds (down 2.9% since the start of Operation Epic Fury), elevated bunker prices, periodic congestion, and temporary vessel displacement linked to geopolitical disruptions continued to limit effective capacity. Simultaneously, the fleet is ageing rapidly. Vessels delivered during the 2000–2008 ordering cycle are now approaching 20 years of age. By 2030, an estimated 39% of the fleet will be 20 years or older, an evolution that is already having a tangible impact on fleet efficiency. Capesize vessels transitioning from 17 to 18 years of age typically experience an average utilisation decline of approximately 13% in that year alone, with utilisation falling by a further 31% over the subsequent five years. Next to constrained yard capacity, also elevated newbuilding prices further constrain supply growth. At current time charter rate levels, returns do not meet an 8% unlevered hurdle, acting as a natural brake on new ordering activity. Absent a sustained increase in freight rates, the conditions required to trigger a meaningful fleet renewal cycle are unlikely to materialise. Bocimar has 38 (+8NB) Newcastlemaxes on the water (average age 3.2y), 37 Capesize vessels on the water (average age 11.2), and 30 Kamsarmax/Panamax vessels on the water (average age 6.9y). Bocimar performance highlights (in USD): Euronav – Tanker Markets3 Crude tanker markets experienced exceptional volatility during Q1 2026, primarily driven by escalating geopolitical tensions in the Middle East and the disruption of shipping flows through the Strait of Hormuz. Transit volumes through the Strait declined materially, temporarily removing a meaningful portion of the VLCC (115 vessels) and Suezmax (24 vessels) fleets from effective supply. The resulting scramble for available tonnage led to sharp spikes in spot freight rates across key benchmark routes. However, it is important to note that parts of this rate surge were largely indicative, as actual fixture activity in the Middle East remained almost non-existent during the period, rendering some benchmarks effectively paper based. Against this backdrop, VLCC time charter equivalent (TCE) earnings averaged USD 156,601 per day in Q1 2026, compared to a 10-year historical average of USD 46,504 per day. Suezmax earnings followed a similar trajectory, with Q1 2026 TCE averaging USD 152,067 per day versus a 10-year average of USD 44,565 per day. Over time, the disruption to crude oil flows has driven a gradual rebalancing of global trade patterns. Increased reliance on Atlantic Basin supply, most notably higher U.S. crude exports to Europe and Asia, has materially extended voyage distances and supported tonne-mile demand. In parallel, strategic stock releases and inventory drawdowns by consuming countries have partially alleviated immediate oil supply shortages, while reinforcing long-haul trading activity and vessel demand. By mid-April, with the Strait of Hormuz still effectively closed, a growing number of ballasting vessels repositioned to the U.S. Gulf, creating a growing risk of oversupply in the Atlantic basin and exerting downward pressure on spot rates as tonnage availability starts to gradually outpace cargo demand. On March 2nd, the TD22 USG (TCE) stood at 154,565 USD/day, spiking at 216,221 USD/day at March 4th, and cooling down gradually over the next weeks to 93,961 USD/day by April 30th. Over the same period, the VLCC utilisation (ratio laden versus ballasters) declined materially, and the number of VLCCs West of Suez increased by 28.8%. This pressure is expected to persist the longer the Strait remains closed, reinforced with broader macroeconomic implications and more pronounced effects on tanker demand. Once reopened, restocking of global inventories, either to pre-conflict levels or even higher as a buffer against ongoing geopolitical risk, is likely to underpin tanker demand and freight rates. However, over the medium term, the market may revert back to its oversupplied conditions, potentially further accelerated by the United Arab Emirates’ decision to exit OPEC/OPEC+ effective 1 May. In addition, current elevated oil prices and energy dependence are also expected to have a lasting impact on global consumption patterns. Chinese NEV (new energy vehicle) exports continue to set new records, with March year-on-year growth of a staggering 135%. In addition, increased investment in renewable energy as part of broader energy security and independence strategies is expected to accelerate. Chinese solar exports hit 68 GW in March, doubling February volume. South-East Asia leading the jump with march PV imports +200% vs Feb as South-East Asia oil shock fuels search for energy alternatives and independence. On the supply side, fleet orders increased significantly over the last months. The current OB/F stands at 27.36% for VLCCs, and 28.04% for Suezmaxes – with other databases already reporting OB/F’s 32.6% and 30.6%, respectively. Thereby crude tanker supply surpasses crude tanker tonne-mile trade demand in both 2026 (by -6.8%) and 2027 (by -2.7%). At the same time, fleet aging remains a key consideration. Currently, 43% of VLCCs and 41% of Suezmaxes are older than 15 years, indicating that a significant portion of the fleet will surpass 20 years of age within the next five years. Euronav has 2 FSOs (average age 24y), 4 (+2NB) VLCCs (average age 1.8y) and 18 Suezmaxes (average age 7.2y) on the water. Euronav performance highlights (in USD): Delphis – Container Markets4 The conflict in the Middle East has significantly disrupted regional container flows. The Strait of Hormuz is effectively closed to regular container traffic, having previously accounted for around 10% of global boxship capacity calls. Across all container vessel sizes, 129 vessels are currently trapped inside the Persian Gulf, and vessel transits through the strait have dropped sharply to fewer than one per day in March, compared to 20–25 prior to the conflict. Operators are increasingly relying on alternative logistics solutions, including land-based routing via Red Sea ports. Disruption effects are also spreading beyond the immediate region, with congestion hotspots emerging and operational inefficiencies increasing, port capacity utilisation in the Indian Subcontinent has surged to record levels, while average vessel speeds have declined with 2.1%. Expectations for a return to normal Red Sea transits have been pushed further out (again), as liner companies delay rerouting plans amid continued security concerns, including renewed threats in the Gulf of Aden, where containership transits have fallen to an 18-month low. Hence, container shipping markets unexpectedly strengthened again in March. Time charter rates rose to new post-pandemic highs (and the highest level since September 2022), reflecting increased chartering activity from liner operators seeking to manage operational uncertainty. Freight markets experienced more pronounced impacts, particularly on routes to and from the Middle East Gulf, where disruption has driven higher costs. Elevated bunker prices have also contributed to broader rate increases, with the SCFI spot index rising by 43.3% since end-February to date. Despite recent strength, market fundamentals suggest a potential softening later in 2026 again. Global seaborne container trade in billion TEU-miles is currently projected to grow by only 1.1% in 2026, down from 4.9% in 2025, and declining further in 2027 by -6.6%. The OB/F ratio stands at 37.7%, and fleet supply is expected to expand by 4.7% in 2026 and 7.6% in 2027. Trade growth forecasts have been revised downward in light of Middle East developments, with regional volumes likely to remain under pressure in the near term. Broader macroeconomic effects, including higher energy costs, are also expected to weigh on global trade flows, though the extent and duration of these impacts remain uncertain. CMB.TECH’s 4 x 6,000 TEU (average age 1.8y) and 1 NB 1,400 TEU container vessels are all employed under 10 to 15-year time charter contracts. Bochem – Chemical Markets5 Often overlooked, the Strait of Hormuz is also a critical passage for the global chemical tanker market. Arabian Gulf countries account for approximately 27 million tonnes of chemical exports, and while the strait represents only around 10% of total global chemical exports, its importance is far greater for specific trades. More than 20% of global organic chemical exports transit this route, with methanol, ethylene glycol and styrenics most affected. Asian markets were particularly exposed given their reliance on Middle Eastern supply. In the immediate aftermath of the disruption, freight rates were supported by vessel dislocation, longer sailing distances and sharply higher war‑risk and insurance costs, despite weakening cargo volumes. As the quarter progressed, reduced Gulf exports translated into outright volume losses, force majeure declarations and lower operating rates at Asian petrochemical plants dependent on Middle Eastern feedstocks. Given the limited availability of alternative supply sources outside the Arabian Gulf, a prolonged closure of the Strait of Hormuz would be expected to result in a sharp decline in global organic chemical trade. Regional imbalances persisted, with transatlantic and intra‑Asian trades remaining comparatively more resilient than Middle East‑linked routes. By the end of Q1, freight rate resilience increasingly contrasted with deteriorating underlying trade fundamentals, particularly for coated tonnage with higher exposure to organic chemicals. Looking ahead, chemical tanker demand measured in billion tonne‑miles is forecast to contract by 2.1% in 2026, before recovering by 3.9% in 2027. Fleet supply growth is expected to exceed demand, with the global chemical tanker fleet projected to expand by 8.9% in 2026 and 6.4% in 2027. Bochem’s 25,000 DWT chemical tankers fleet comprises out of 8 delivered vessels, and 8 NB vessels (average age <1y). They are employed under a 10-year time charter (6 vessels), under a 7-year time charter (6 vessels), and in a spot pool (2 vessels). Bochem performance highlights (in USD): Windcat – Offshore Energy Markets6 The CSOV market remained robust in early 2026, with CSOVs benefiting from strong activity over the winter off-season. In Q1, virtually all top-tier CSOVs in Europe found work, a second consecutive winter of near-full utilisation, reflecting healthy demand from both offshore wind and oil & gas projects. Charter rates held firm through the winter stepped up sharply for summer-season contracts, with average spring/summer fixing levels around TCE 58,000–67,000 USD/day and some short-term or oil & gas jobs exceeding TCE of 70,000 USD/day. For the remainder of 2026, the outlook is positive. Peak summer installation activity is expected to keep CSOVs well employed at solid day rates. However, vessel supply will expand as more than 20 new CSOV deliveries arrive this year, which could introduce excess capacity towards the end of the year (the traditionally quieter winter period) and ease the ultra-tight market conditions seen recently. Nonetheless, rising interest from the oil & gas sector, for example, recent CSOV charters for Brazilian offshore campaigns, provides an additional demand driver, and steady operations & maintenance needs from the growing installed base of wind farms should help support utilisation even if wind project starts slow temporarily. Meanwhile, broader geopolitical factors underline the strategic importance of energy independence: heightened energy security concerns amid current Middle East tensions (including potential disruptions in critical shipping routes) are prompting governments to accelerate both renewable offshore wind projects and oil & gas hydrocarbon investment. These trends, together with disciplined newbuild ordering (no new CSOVs were ordered in Q1 2026), underpin a constructive longer-term demand picture for CSOVs. The CTV market also saw a solid start to 2026. After a slow January, chartering activity picked up through Q1, by May, the vast majority of European CTVs has been booked for the 2026 maintenance season, with only a handful of vessels left on the spot market. Larger 12- and 24-pax vessels with superior seakeeping and deck capacity were again the preferred choice for most clients. Day rates have remained broadly in line with last year’s levels, with a slight upward trend observed as the season approaches. Looking ahead, CTV utilisation is expected to stay high through the summer months amid steady offshore service demand. Supply-side dynamics remain favourable: new vessel introductions in 2026 are modest and focused on modern, higher-capacity designs, while ongoing industry consolidation has reduced the risk of overcapacity. Windcat has 3 (+4NB) CSOVs, and 59(+4NB) CTVs (average age 10.4y). Windcat performance highlights (in USD): CONFERENCE CALLThe call will be a webcast with an accompanying slideshow. You can find the details of this conference call below and on the “Investor Relations” page of the website. The presentation, recording & transcript will also be available on this page. To attend this conference call, please register via the following link. Telephone participants who are unable to pre-register may dial in to the respective number of their location (to be found here). The Phone conference ID is the following: 266 848 625# Annual General Meeting – 21 May 2026 About CMB.TECH CMB.TECH (all capitals) is one of the largest listed, diversified and future-proof maritime groups in the world with a combined fleet of about 250 vessels: dry bulk vessels, crude oil tankers, chemical tankers, container vessels and offshore energy vessels. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers. CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe, Asia and Africa. CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol “CMBT” and on Euronext Oslo Børs under the ticker symbol “CMBTO”. More information can be found at https://cmb.tech Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. This information is published in accordance with the requirements of the Continuing Obligations on Euronext Oslo Børs. Contact CMB.TECHKatrien HenninHead of Marketing and Communications+32 499 39 34 [email protected] Joris DamanHead of Investor RelationsTel: +32 498 61 71 [email protected] Condensed consolidated interim statement of financial position (unaudited) (in thousands of USD) Condensed consolidated interim statement of profit or loss (unaudited) (in thousands of USD except per share amounts) Condensed consolidated interim statement of comprehensive income (unaudited) (in thousands of USD) Condensed consolidated interim statement of changes in equity (unaudited) (In thousands of USD) Condensed consolidated interim statement of cash flows (unaudited) (in thousands of USD) 1 Source: AXS Marine, Clarksons SIN, Breakwave Advisors, BRS, S&P Global, Arctic, Reuters, Rio Tinto, Arrow2 On 1 January 2026, the Baltic Exchange recalibrated its Capesize index by changing the standard reference vessel from a 180,000 DWT ship to a 182,000 DWT “eco” design. This update increased the baseline Baltic Capesize Index (BCI) time charter average by roughly $3,500 per day3 Source: AXS Marine, Clarksons SIN, IEA, Commodore Research, Ember4 Source: Clarksons SIN5 Source: Clarksons SIN, American Chemical Society, Drewry6 Source: Clarksons Offshore Attachment CMBT_Q1_2026_Earnings_release_