Belgian tanker company CMB Tech said on Tuesday its core profit more than tripled in the first quarter, as the closure of the Strait of Hormuz curtailed available shipping tonnage, driving a sharp spike in spot freight rates.
Shares of the large, diversified maritime company with a fleet of about 250 ships rose more than five per cent in early Brussels trading. They have gained almost 70 per cent since the start of 2026.
CMB Tech's earnings before interest, taxes, depreciation and amortisation (EBITDA) soared to $558.3 million, compared with $158.4 million a year ago.
"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," CEO Alexander Saverys said in a statement.
Disruption of shipping flows through the Strait of Hormuz has temporarily removed a meaningful portion of the VLCC and Suezmax fleets from effective supply.
"CMB Tech is benefiting from the disruptions created by the closing of the Strait of Hormuz, both directly through higher shipping rates and indirectly through the sale of vessels at very high prices," brokerage Degroof Petercam said in a note to investors.
The company recorded a capital gain of about $267 million from vessel sales delivered to buyers during the quarter. Average spot earnings for VLCC tankers doubled from a year ago to $70,204 per day, while Suezmax average spot earnings more than doubled to $91,849 per day.
The company expects spot results to be even stronger in the second quarter than in the first. Its contract backlog grew to $3.26 billion thanks to the addition and extension of time charters for Suezmax vessels.
CMB Tech, however, warned that the current "Goldilocks" conditions may not last amid global trade uncertainty and the growing order book.
It plans to propose an interim cash distribution of $0.64 per share to investors.
(Reporting by Mathias de Rozario and Jerome Terroy in Gdansk, editing by Milla Nissi-Prussak)