CMB.TECH: net profit of $733M in first half 2026, driven by freight rates and ship sales
CMB.TECH published its 2026 half-yearly report, marked by revenue of $1.22 billion and net profit of $733.2 million, compared to $32.8 million a year earlier.
The combination of elevated freight rates and a sustained program of ship disposals explains most of this increase, while the group continues its investments in fleet decarbonization.
Revenue doubles and net profit reaches $733.2M
Over the first six months of 2026, CMB.TECH recorded revenue of $1,223.6 million, compared to $622.9 million in the first half of 2025, representing nearly a doubling.
Operating profit stands at $871.6 million, compared to $216.5 million a year earlier. Net profit reaches $733.2 million, compared to $32.8 million over the same period in 2025. Earnings per share came in at $2.53, compared to $0.27 in the first half of 2025.
This increase is partly supported by capital gains on asset disposals, which totaled $394.9 million over the semester, compared to $103.8 million a year ago.
Ship disposals and rising freight rates at the heart of performance
The group sold several ships at what it describes as historically high prices. The sale of eight vessels announced on January 7, 2026 (six VLCCs and two Capesize bulk carriers) generated a capital gain of approximately $267.4 million. The sale of VLCCs Ingrid and Ilma on February 9, 2026 generated approximately $98.2 million.
Spot freight rates rose sharply. The average spot rate for VLCCs increased from $39,774 per day in the first half of 2025 to $92,403 in the first half of 2026. The Suezmax rate increased from $40,314 to $96,108 per day, and the Newcastlemax rate from $20,975 to $37,960 per day.
The fleet comprised 236 owned and operated vessels as of June 30, 2026, of which 26 are under construction, for a total capacity of approximately 24.7 million deadweight tons.
Shareholder distributions and ammonia commitments
Over the semester, dividends paid amounted to $232.1 million. The group declared an interim dividend of $0.16 per share on February 24, 2026, then approved on May 26, 2026 a distribution of $0.64 per share, comprising an interim dividend of $0.20 and a distribution of $0.44 per share drawn from the share premium reserve.
On the decarbonization front, CMB.TECH signed an agreement with Fortescue on June 22, 2026 regarding the charter of up to 12 Newcastlemax bulk carriers powered by ammonia. The group also invested in early 2026 in the green ammonia supply chain in China.
Equity attributable to the company's owners reached $3,121.0 million as of June 30, 2026, compared to $2,623.3 million as of December 31, 2025. Cash and equivalents stand at $151.6 million at the end of the period, compared to $146.5 million at the beginning of the semester.
