olivLaw · US equity research
CMB.TECH NV CMBT
Deep Sea Foreign Transportation of Freight · SIC 4412 · Vertical: Deep Sea Foreign Transportation of Freight (SIC 4412)
CMB.TECH NV is a Belgian maritime group, listed on Euronext Brussels and the NYSE, that operates a diversified fleet of crude oil tankers, dry bulk carriers, chemical tankers, container ships and offshore energy vessels. The group builds its strategy on diversification and decarbonisation, and after the 2025 Golden Ocean merger its fleet grew considerably, making it relevant to the evolution of the shipping market and the energy transition.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, CMB.TECH NV (CMBT) stock was 17.06 USD (−1.84% on the day), with market capitalisation 5.4 bn USD, P/E 3.8 on diluted EPS of 4.44 USD over the last 12 months, dividend yield 30.02%, beta 0.62, 52-week range 9.10–20.92 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.9
- weak (30–45)
- Bollinger (20, 2)
- 16.08 – 21.01
- in the lower half of the band · %B 0.20 · band width 26.6%
- SMA 50 / 200
- 18.95 / 15.51
- mixed trend
- MACD (12, 26, 9)
- -0.41 / -0.27
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.7% | −1.1% | −13.6 pp | — |
| 3 months | +7.2% | −0.5% | +7.7 pp | — |
| 6 months | +15.4% | +4.4% | +11.0 pp | — |
| Year to date | +76.8% | +12.3% | +64.5 pp | — |
| 1 year | +87.7% | +13.5% | +74.1 pp | +30.6% |
| 3 years | −5.9% | +76.4% | −82.3 pp | +39.6% |
| 5 years | +72.5% | +63.7% | +8.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 29 percentile of its own 7-quarter history (min 2.2, median 6.2, max 925.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2017 | 2018 | ⚠ 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 513.4 m | 600.0 m | 914.7 m | 1.2 bn | 419.8 m | 854.7 m | 1.2 bn | 940.2 m |
| Revenue YoY | −25.0% | +16.9% | — | +32.3% | −65.3% | +103.6% | +44.5% | −23.9% |
| Net income | 1.4 m | -110.1 m | 112.2 m | 473.2 m | -338.8 m | 203.3 m | 858.0 m | 870.8 m |
| Net income YoY | −99.3% | −8,061.5% | — | +321.7% | −171.6% | unavailable | +322.2% | +1.5% |
| Diluted EPS | 0.01 | -0.57 | 0.52 | 2.25 | -1.68 | 1.01 | 4.25 | 4.44 |
| Diluted EPS YoY | −99.2% | −5,800.0% | — | +332.7% | −174.7% | unavailable | +320.8% | +4.5% |
| net % | 0.3% | -18.3% | 12.3% | 39.1% | -80.7% | 23.8% | 69.5% | 92.6% |
| Free cash flow | unavailable | unavailable | 231.4 m | unavailable | unavailable | unavailable | unavailable | unavailable |
The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 38.9 m USD
- Financial debt
- 1.5 bn USD
- Net debt
- 1.4 bn USD
- Equity
- 1.2 bn USD
- Total assets
- 3.9 bn USD
- Debt / equity
- 1.22x
- Current ratio
- 1.20x
- ROE
- 49.1%
- ROA
- 23.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 914.7 m | 1.2 bn | 419.8 m | 854.7 m | 1.2 bn | 940.2 m | SEC (XBRL)· 09 Apr 2025verified |
| Research & development | — | — | — | — | — | 10.5 m | SEC (XBRL)· 09 Apr 2025verified |
| Operating income | 195.6 m | 534.3 m | -281.6 m | 294.3 m | 969.7 m | 1.0 bn | SEC (XBRL)· 09 Apr 2025verified |
| Interest expense | 119.8 m | 91.6 m | 95.5 m | 133.0 m | 171.9 m | 169.3 m | SEC (XBRL)· 09 Apr 2025verified |
| Pre-tax income | 112.8 m | 475.2 m | -339.2 m | 206.1 m | 864.0 m | 872.7 m | SEC (XBRL)· 09 Apr 2025verified |
| Income tax | 602.0 k | 1.9 m | -427.0 k | 2.8 m | 6.0 m | 1.9 m | SEC (XBRL)· 09 Apr 2025verified |
| Net income | 112.2 m | 473.2 m | -338.8 m | 203.3 m | 858.0 m | 870.8 m | SEC (XBRL)· 09 Apr 2025verified |
| Diluted EPS | 0.52 | 2.25 | -1.68 | 1.01 | 4.25 | 4.44 | SEC (XBRL)· 09 Apr 2025verified |
| Weighted average diluted shares | 216.0 m | 210.2 m | 201.8 m | 202.0 m | 201.9 m | 196.0 m | SEC (XBRL)· 09 Apr 2025verified |
| Dividend per share | 0.29 | 1.60 | 0.11 | 0.11 | 2.87 | 5.12 | SEC (XBRL)· 09 Apr 2025derived |
Balance sheet · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 297.0 m | 161.5 m | 152.5 m | 179.9 m | 429.4 m | 38.9 m | SEC (XBRL)· 09 Apr 2025verified |
| Receivables | 309.0 m | 214.5 m | 237.7 m | 366.8 m | 307.1 m | 235.9 m | SEC (XBRL)· 09 Apr 2025verified |
| Inventories | 183.4 m | 75.8 m | 69.0 m | 41.6 m | 22.5 m | 26.5 m | SEC (XBRL)· 09 Apr 2025verified |
| Current assets | 802.2 m | 451.9 m | 459.4 m | 607.1 m | 1.6 bn | 470.8 m | SEC (XBRL)· 09 Apr 2025verified |
| Property, plant & equipment, net | 3.2 bn | 3.1 bn | 3.2 bn | 3.3 bn | — | — | SEC (XBRL)· 12 Apr 2023verified |
| Intangibles (excl. goodwill) | 39.0 k | 161.0 k | 186.0 k | 15.7 m | 14.2 m | 16.2 m | SEC (XBRL)· 09 Apr 2025verified |
| Total assets | 4.2 bn | 3.7 bn | 3.8 bn | 4.0 bn | 3.4 bn | 3.9 bn | SEC (XBRL)· 09 Apr 2025verified |
| Accounts payable | 94.4 m | 85.2 m | 83.9 m | 90.5 m | 124.0 m | 79.6 m | SEC (XBRL)· 09 Apr 2025verified |
| Long-term debt | 1.2 bn | 836.3 m | 1.2 bn | 1.3 bn | 362.2 m | 1.5 bn | SEC (XBRL)· 09 Apr 2025verified |
| Current liabilities | 316.1 m | 203.6 m | 321.0 m | 254.3 m | 424.8 m | 392.7 m | SEC (XBRL)· 09 Apr 2025verified |
| Equity | 2.3 bn | 2.3 bn | 2.0 bn | 2.2 bn | 2.4 bn | 1.2 bn | SEC (XBRL)· 09 Apr 2025verified |
| Shares outstanding at year end | 220.0 m | 220.0 m | 220.0 m | 220.0 m | 220.0 m | 220.0 m | SEC (XBRL)· 09 Apr 2025verified |
Cash flow · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 272.0 m | 969.8 m | -25.3 m | 255.6 m | 837.4 m | 459.1 m | SEC (XBRL)· 09 Apr 2025verified |
| Capex | 40.6 m | — | — | — | — | — | SEC (XBRL)· 29 Apr 2020verified |
| Free cash flow | 231.4 m ≈ | — | — | — | — | — | SEC (XBRL)· 29 Apr 2020derived |
| Investing cash flow | 43.8 m | -117.1 m | -353.2 m | -158.8 m | 869.7 m | -680.2 m | SEC (XBRL)· 09 Apr 2025verified |
| Financing cash flow | -191.2 m | -999.7 m | 373.9 m | -62.9 m | -1.5 bn | -173.0 m | SEC (XBRL)· 09 Apr 2025verified |
| Dividends paid | 26.0 m | 352.0 m | 24.2 m | 24.2 m | 630.5 m | 1.1 bn | SEC (XBRL)· 09 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.4 bn USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 17.78 – 90.50 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E17.78 – 71.94 (Mid 41.43)30 companies used · median multiple 9.3x · quartiles 4.0x – 16.2xASC, CCEC, CISS, CMRE, CTRM, DAC, DHT, DSX, ECO, EHLD, ESEA, FRO, GASS, GNK, GSL, HSHP, IMPP, LPG, NMM, NVGS, PANL, PSHG, PXS, SBLK, SHIP, STNG, TK, TOPS, TRMD, ZIM
- Dividend discount (DDM)67.29 – 90.50 (Mid 77.19)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 40.9% | 96 (vs peers) | 20% |
| Net margin · Quality | 92.6% | 97 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 30.8% | 100 (on a fixed band) | 16% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.9x | 68 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.2x | 33 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 3.8x | 74 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 20.9% | 100 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet54/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality97/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial74/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CMB.TECH NV (CMBT). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 940.2 m USD in 2024; YoY growth -23.9%; net margin 92.6%; ROE 49.1%.
The estimated value range is 42.54–81.22 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 59.31 USD, the price of 17.06 USD leaves a potential of 247.6% (value / price − 1) and a margin of safety of 71.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 40.9%
- Net margin: 92.6%
- Revenue CAGR 3Y: 30.8%
- P/E (TTM): 3.8x
- Shareholder yield (distributions): 20.9%
- The price is below the estimated value range
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Deep Sea Foreign Transportation of Freight (SIC 4412) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FROFrontline plc | 10.8 bn | 28.5 | 15.6% | 19.2% | −8.8% | +106% / +144% |
| CMBTCmb.tech NV | 5.4 bn | 3.8 | 49.1% | 92.6% | −23.9% | +88% / −6% |
| STNGScorpio Tankers Inc. | 4.4 bn | 12.1 | 11.4% | 36.7% | −24.6% | +48% / +57% |
| TRMDTORM plc | 3.8 bn | 13.2 | 13.3% | 21.3% | −14.1% | +76% / +33% |
| DHTDht Holdings, Inc. | 3.5 bn | 16.8 | 19.4% | 42.4% | −12.8% | +69% / +121% |
| ZIMZim Integrated Shipping Services Ltd. | 3.4 bn | 7.1 | 11.9% | 6.9% | −18.1% | +39% / +306% |
| SBLKStar Bulk Carriers Corp. | 3.1 bn | 37.3 | 3.4% | 8.1% | −17.6% | +37% / +28% |
| ECOOkeanis Eco Tankers Corp. | 3.0 bn | 22.5 | 25.0% | 31.4% | −0.4% | +130% / +252% |
| DACDanaos Corporation | 2.8 bn | 5.7 | 13.7% | 47.4% | +2.8% | +56% / +117% |
| NMMNavios Maritime Partners L.P. | 2.5 bn | 8.6 | — | 21.2% | +0.8% | +57% / +232% |
| LPGDorian Lpg Ltd. | 2.1 bn | 6.5 | 28.3% | 55.0% | +36.3% | +99% / +17% |
| SFLSFL Corporation Ltd. | 1.7 bn | — | -2.5% | -3.6% | −18.9% | +42% / +3% |
| CMRECostamare Inc. | 1.6 bn | 4.6 | 15.9% | 41.5% | −1.2% | −14% / +30% |
| GSLGlobal Ship Lease, Inc. | 1.4 bn | 3.5 | 25.5% | 54.3% | +7.8% | +14% / +118% |
| NVGSNavigator Holdings Ltd | 1.3 bn | 13.9 | 8.2% | 17.1% | +3.6% | +14% / +40% |
| CCECCapital Clean Energy Carriers Corp. | 1.2 bn | 7.3 | 12.0% | — | +62.0% | +2% / +57% |
| TKTeekay Corporation Ltd. | 1.2 bn | 11.9 | 4.8% | 10.3% | −22.2% | +38% / +95% |
| GNKGenco Shipping & Trading Limited | 1.1 bn | 13.9 | 8.9% | 15.5% | −19.1% | +31% / +59% |
| SHIPSeanergy Maritime Holdings Corp. | 987.8 m | 14.3 | 7.8% | 13.4% | −5.6% | +37% / +98% |
| ASCArdmore Shipping Corp | 752.3 m | 21.0 | 6.6% | 13.2% | −23.6% | +51% / +36% |
| HSHPHimalaya Shipping Ltd. | 719.3 m | 40.6 | 11.2% | 13.4% | +6.7% | +72% / +157% |
| PANLPangaea Logistics Solutions Ltd. | 491.7 m | 10.1 | 11.0% | 6.7% | +17.8% | +7% / +7% |
| ESEAEuroseas Ltd. | 459.1 m | 3.3 | 33.1% | 60.1% | +7.0% | +8% / +172% |
| GASSStealthgas Inc. | 308.3 m | 5.1 | 9.2% | 35.0% | +3.5% | +21% / +24% |
| DSXDiana Shipping Inc. | 276.7 m | 21.7 | 3.5% | 8.3% | −6.4% | +21% / −30% |
1- and 3-year price returns: for CMBT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 6.92 Total return -45% · Per year -45% | 12.18 Total return -10% · Per year -10% | 18.27 Total return 29% · Per year 29% |
| 3 years | 8.21 Total return -6% · Per year -2% | 16.11 Total return 59% · Per year 17% | 26.30 Total return 135% · Per year 33% |
| 5 years | 9.74 Total return 41% · Per year 7% | 21.30 Total return 150% · Per year 20% | 37.88 Total return 288% · Per year 31% |
- Exit P/E± 4.03
- Net margin± 2.82
- Annual revenue growth± 2.10
- Annual dilution± 0.24
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 21 Apr 2026; since then the company filed 6-K (13 Oct 2026), 6-K (09 Oct 2026), 6-K (08 Oct 2026), 6-K (23 Sept 2026), 6-K (08 Sept 2026), 6-K (04 Sept 2026).
In brief
CMB.TECH NV is a Belgian maritime group, listed on Euronext Brussels and the NYSE, that operates a diversified fleet of crude oil tankers, dry bulk carriers, chemical tankers, container ships and offshore energy vessels. The group builds its strategy on diversification and decarbonisation, and after the 2025 Golden Ocean merger its fleet grew considerably, making it relevant to the evolution of the shipping market and the energy transition.
SWOT
Strengths
- A fleet diversified across several segments that partly cushions the cycles of each individual market 1.
- A clear decarbonisation strategy with orders for ammonia- and hydrogen-ready vessels 1.
- Long-term time charter contracts in the chemical and container segments that provide some revenue predictability 1.
Weaknesses
Opportunities
Risks
- Cyclicality of the shipping markethigh
Charter rates and vessel values can fall quickly, which could reduce earnings and cash flow 1.
- Concentrated customersmedium
A substantial share of revenue comes from a limited number of customers, and losing one of them could have a significant effect 1.
- Geopolitical and security riskshigh
Conflicts in Ukraine, Gaza, Iran and the Red Sea could disrupt routes, raise war-risk premiums and delay voyages 1.
- Environmental regulationmedium
Changes in IMO and EU rules could raise costs and liabilities, and their timing is uncertain 1.
- Financing and interest rate riskmedium
Financial conditions and interest rate developments could influence the cost of capital and the ability to refinance debt 1.
Investment thesis
What would need to be true (bull case)
- If high tanker and iron ore freight rates persist, group revenues could remain solid and cash flow could support investment in newbuildings 1.
- The decarbonisation strategy could become a competitive advantage if emissions rules tighten and customers seek vessels with alternative fuels 1.
- Diversification across several segments could reduce the impact of a downturn in a single market, if the other segments remain stable 1.
What would break the thesis
- Large newbuilding orders across several segments could lead to overcapacity and lower rates, which could quickly reduce revenues 1.
- Escalation of Middle East conflicts could raise insurance costs, delay voyages and disrupt oil flows, with negative effects on cash flow 1.
- Integrating a large and complex fleet, if it proves difficult, could affect operational efficiency and medium-term margins 1.
What to watch
- Evolution of spot rates for VLCC and SuezmaxQ1 2026
- Pace of newbuilding deliveries and orders in progress2026
- Development of the conflicts in the Gulf and the Red Sea2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 21 Apr 2026; since then the company filed 6-K (13 Oct 2026), 6-K (09 Oct 2026), 6-K (08 Oct 2026), 6-K (23 Sept 2026), 6-K (08 Sept 2026), 6-K (04 Sept 2026).
The business
CMB.TECH presents itself as one of the largest listed, diversified and future-proof maritime groups in the world, with about 250 seagoing vessels, including newbuildings 1. Activity is organised in the Marine divisions: Bocimar (dry bulk), Euronav (crude oil transport and storage), Bochem (stainless steel chemical tankers), Delphis (medium-sized container ships) and Windcat (crew transfer to the offshore energy industry) 1. The company was incorporated in Belgium in 2003 as Euronav NV and changed its name in October 2024 after diversifying the fleet beyond crude tankers 1.
The strategy is summarised as 'Decarbonise Today, Navigate Tomorrow' and rests on two pillars: diversification and decarbonisation of the fleet. The company invests in low-carbon ships, engines and fuel supply systems, and in low-carbon fuel production including hydrogen and ammonia, while selling older, less efficient vessels to reinvest in newbuildings or modern second-hand ships 1. The Golden Ocean acquisition, completed in August 2025, added large dry bulk tonnage to the fleet 1.
Beyond shipping, the group is developing hydrogen-powered industrial applications such as trucks, locomotives and straddle carriers, and works with partners on low-carbon combustion technology for ships and large land-based applications 1. The fleet composition shows a company in transition, in which sales of older vessels are offset by deliveries of newbuildings with ammonia-ready engines 1.
Segments
Bochem division: chemical tankers
Bochem had seven 25,000 dwt stainless chemical tankers on the water at the end of 2025, with a further delivery expected by Q1 2026 and additional orders for delivery in 2028 and 2029 1. Most of the vessels have long-term time charters, while the segment faces rapid fleet ageing 1.
Market context
The oil market in 2025 was shaped by sanctions on Russian exports, the redirection of crude flows toward Asia and rising exports from the United States, Brazil and West Africa 1. The container market remained resilient, with global container trade growing 4.0%, but very high new capacity pressured rates 1. In dry bulk, demand for iron ore and bauxite supported Capesize rates 1.
Geopolitical risks in the Red Sea, the Arabian Gulf and the Strait of Hormuz have raised insurance costs and changed routing, which could shift divisional revenues depending on how long the conflicts last 1. Large newbuilding orders and fleet growth could limit medium-term rate advantages if deliveries accelerate 1.
Trends
- High tanker ratestailwind
Spot rates for VLCC and Suezmax reached their highest levels in years, and average earnings in 2025 were almost double the ten-year trend 1. If this pressure persists, the earnings of the Euronav division could benefit.
- Container overcapacityheadwind
Container ship deliveries added 2.1 million TEU in 2025 and orders rose sharply, which could weigh on rates over the medium term 1. For Delphis this could become a pressure if the Cape rerouting ends.
- Decarbonisation and regulationmixed
IMO rules, the EU ETS for shipping and FuelEU Maritime could raise costs for older ships and favour ammonia- or hydrogen-ready vessels that the group has ordered 1. The deferral of the IMO net-zero framework has extended the life of older ships, which could complicate this transition 1.
- Sanctions and trade routesmixed
Sanctions on Russia, attacks in the Red Sea and tensions in the Gulf have altered routes and raised tonnage demand in some segments, but have also added compliance and insurance risks 1.
Competitive position
The shipping market is fragmented, and competition comes from owners specialised in each segment, such as crude tankers, containers and chemical tankers. The sources do not detail competitors' market shares, but they note that large order books in each segment could intensify competition over the medium term 1.
The group's diversification can be an advantage because it may offset different market cycles, but it also means competing with specialists in each segment, who may have simpler cost structures 1.
- Clarksons
Market data provider cited by the source, not a direct competitor in a specific segment.
- Stolt Pool
Chemical tanker pool in which two of the group's vessels operate, indicating its role in revenue sharing.
- Chemical and tanker owners
The sources do not name direct competitors, but the chemical and tanker segments are contested by many owners with orders in progress.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Cmb.Tech (CMBT) Is Cashing Out At The Top Of A BoomYahoo Finance — News · 28 Aug 2026 · EN
The latest news item in our archive is from 28 Aug 2026; the newest SEC filing is from 13 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)09 Oct 2026
- Current report (foreign issuer)08 Oct 2026
- Current report (foreign issuer)23 Sept 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)04 Sept 2026
- Current report (foreign issuer)28 Aug 2026
- Current report (foreign issuer)13 Aug 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)03 Aug 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / CMB.TECH NV · 21 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.