CMB.TECH ANNOUNCES Q1 2026 RESULTS
FIRING ON ALL CYLINDERS
HIGHLIGHTS
Financial 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):
- Newcastlemaxes: Mineral Latvija
- VLCCs: Eburones, Menapii
- Suezmaxes: Cap Grace, Cap Joseph
- Chemical tanker: Bochem Callao
- CSOV: Windcat Haarlem
- 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
“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.” -
Key figures
| The most important key figures (unaudited) are: | |||||||
| (in thousands of USD) | First Quarter 2026 | First Quarter 2025 | |||||
| Revenue | 519,630 | 235,044 | |||||
| Other operating income | 20,331 | 7,134 | |||||
| Raw materials and consumables | (1,409) | (2,809) | |||||
| Voyage expenses and commissions | (104,819) | (42,404) | |||||
| Vessel operating expenses | (127,487) | (61,829) | |||||
| Charter hire expenses | (218) | (313) | |||||
| General and administrative expenses | (27,787) | (22,847) | |||||
| Net gain (loss) on disposal of tangible assets | 267,354 | 46,451 | |||||
| Depreciation and amortisation | (106,571) | (55,671) | |||||
| Impairment reversals | 589 | — | |||||
| Net finance expenses | (81,697) | (64,215) | |||||
| Share of profit (loss) of equity accounted investees | 12,096 | (51) | |||||
| Result before taxation | 370,012 | 38,490 | |||||
| Income tax benefit (expense) | (1,178) | 1,883 | |||||
| Profit (loss) for the period | 368,834 | 40,373 | |||||
| Attributable to: | |||||||
| Owners of the Company | 368,834 | 43,998 | |||||
| Non-controlling interest | — | (3,625) | |||||
| Earnings per share: | ||||||
| (in USD per share) | First Quarter 2026 | First Quarter 2025 | ||||
| Weighted average number of shares (basic) * | 290,169,769 | 194,216,835 | ||||
| Basic earnings per share | 1.27 | 0.23 | ||||
- The number of shares issued on
31 March 2026 is 315,977,647. However, the number of shares excluding the owned shares held byCMB.TECH at31 March 2026 is 290,169,769.
| EBITDA reconciliation (unaudited): | |||||||
| (in thousands of USD) | First Quarter 2026 | First Quarter 2025 | |||||
| Profit (loss) for the period | 368,834 | 40,373 | |||||
| + Net finance expenses | 81,697 | 64,215 | |||||
| + Depreciation and amortisation | 106,571 | 55,671 | |||||
| + Income tax expense (benefit) | 1,178 | (1,883) | |||||
| EBITDA (unaudited) | 558,281 | 158,376 | |||||
| EBITDA per share: | |||||||
| (in USD per share) | First Quarter 2026 | First Quarter 2025 | |||||
| Weighted average number of shares (basic) | 290,169,769 | 194,216,835 | |||||
| EBITDA | 1.92 | 0.82 | |||||
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
The approval of the Distribution by the Supervisory Board is subject to, and conditional upon:
(i) the approval by the General Shareholders' Meeting of
(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.
TCE
The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows:
| | Q1 2026 | Q1 2025 | Quarter-to-Date Q2 2026 | |
| USD/day | USD/day | USD/day | Fixed % | |
| DRY BULK VESSELS | ||||
| Newcastlemax average spot rate(1) | 28,120 | 18,393 | 44,105 | 80% |
| Newcastlemax average time charter rate | 24,114 | |||
| Capesize average spot rate(1) | 26,104 | 37,701 | 73% | |
| Panamax/Kamsarmax average spot rate(1) | 14,578 | 19,402 | 74% | |
| Panamax/Kamsarmax average time charter rate | 13,456 | |||
| TANKERS | ||||
| VLCC average spot rate (2) | 70,204 | 35,101 | 182,731 | 81% |
| VLCC average time charter rate(3) | 55,144 | 46,135 | ||
| Suezmax average spot rate(1) (3) | 91,849 | 41,391 | 122,147 | 83% |
| Suezmax average time charter rate | 33,905 | 31,328 | ||
| CONTAINER VESSELS | ||||
| Average time charter rate | 29,378 | 29,378 | ||
| CHEMICAL TANKERS | ||||
| Average spot rate(1) (2) | 21,458 | 20,521 | 21,063 | 33% |
| Average time charter rate | 19,306 | 19,306 | ||
| OFFSHORE ENERGY | ||||
| CSOV Average time charter rate | 64,837 | 62,301 | 100% | |
| CTV Average time charter rate | 2,609 | 2,376 | 3,414 | 91% |
1) Reporting load-to-discharge for actual TCEs, in line with IFRS 15, net of commission
(2)
(3) Including profit share where applicable
CMB.TECH FLEET DEVELOPMENTS
Commercial contracts
CMB.TECH’s contract backlog increased by
- 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
- Capesize vessels
Golden Magnum (2009, 179,790 dwt), and Belgravia (2009, 169,390 dwt) - capital gain of approximatelyUSD 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
| Delivery date | Type of vessel | |
| VLCC | Eburones (2026, 319,000 dwt) | |
| Chemical tanker | Bochem Callao (2026, 25,000 dwt) | |
| VLCC | Menapii (2026, 319,000) | |
| Suezmax | Cap Grace (2026, 156,000 dwt) | |
| Suezmax | Cap Joseph (2026, 156,000 dwt) | |
| CSOV | Windcat Haarlem (2026) | |
| Newcastlemax | Mineral Latvija (2026, 210,000 dwt) |
MARKET & OUTLOOK
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
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
In addition to long-haul iron ore flows, Q1 2026 Capesize demand continued to benefit from the sustained ramp-up in bauxite exports from
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
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
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.
| TCE Q1 2026 | QTD Q2 2026 | |
| Newcastlemax | 28,120 | 44,105 (80% fixed) |
| Capesize | 26,104 | 37,701 (73% fixed) |
| Kamsarmax/Panamax | 14,578 | 19,402 (74% fixed) |
Crude tanker markets experienced exceptional volatility during Q1 2026, primarily driven by escalating geopolitical tensions in the
Over time, the disruption to crude oil flows has driven a gradual rebalancing of global trade patterns. Increased reliance on
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
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.
| TCE Q1 2026 | QTD Q2 2026 | |
| VLCC | 70,204 | 182,731 (81% fixed) |
| SUEZMAX | 91,849 | 122,147 (83% fixed) |
Delphis – Container Markets4
The conflict in the
Hence, container shipping markets unexpectedly strengthened again in March. Time charter rates rose to new post-pandemic highs (and the highest level since
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
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
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
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):
| TCE Q1 2026 | QTD Q2 2026 | |
| 25k DWT stainless Steel (Pool) | 21,458 | 21,063 (33% fixed) |
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
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
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):
| TCE Q1 2026 | QTD Q2 2026 | |
| CSOV | 64,837 | 62,301 (100% fixed) |
| CTV | 2,609 | 3,414 (91% fixed) |
CONFERENCE CALL
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.
| Webcast Information | |
| Event Type: | Video conference call with slide presentation |
| Event Date: | |
| Event Time: | |
| Event Title: | “Q1 2026 Earnings Conference Call” |
| Event Site/URL: | https://events.teams.microsoft.com/event/9600de65-6747-468b-bb10-eb435b6a1780@d0b2b045-83aa-4027-8cf2-ea360b91d5e4 |
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 –
About
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
This information is published in accordance with the requirements of the Continuing Obligations on Euronext Oslo Børs.
Contact
Head of
+32 499 39 34 70
katrien.hennin@cmb.tech
Head of Investor Relations
Tel: +32 498 61 71 11
joris.daman@cmb.tech
Condensed consolidated interim statement of financial position (unaudited)
(in thousands of USD)
| ASSETS | ||||||
| Non-current assets | ||||||
| Vessels | 6,441,456 | 6,323,773 | ||||
| Assets under construction | 759,807 | 738,298 | ||||
| Right-of-use assets | 5,563 | 4,847 | ||||
| Other tangible assets | 35,266 | 23,981 | ||||
| Prepayments | — | 1,075 | ||||
| Intangible assets | 13,956 | 12,710 | ||||
| 190,689 | 177,022 | |||||
| Receivables | 97,794 | 97,116 | ||||
| Investments | 132,308 | 111,346 | ||||
| Deferred tax assets | 2,705 | 2,850 | ||||
| Total non-current assets | 7,679,544 | 7,493,018 | ||||
| Current assets | ||||||
| Inventory | 82,820 | 77,175 | ||||
| Trade and other receivables | 350,513 | 320,843 | ||||
| Current tax assets | 3,417 | 4,912 | ||||
| Short-term investments | 8,271 | — | ||||
| Cash and cash equivalents | 194,600 | 146,529 | ||||
| 639,621 | 549,459 | |||||
| Non-current assets held for sale | 137,513 | 363,097 | ||||
| Total current assets | 777,134 | 912,556 | ||||
| TOTAL ASSETS | 8,456,678 | 8,405,574 | ||||
| EQUITY and LIABILITIES | ||||||
| Equity | ||||||
| Share capital | 343,440 | 343,440 | ||||
| Share premium | 1,817,557 | 1,817,557 | ||||
| Translation reserve | 4,662 | 9,502 | ||||
| Hedging reserve | 499 | 90 | ||||
| (284,508) | (284,508) | |||||
| Retained earnings | 1,059,646 | 737,239 | ||||
| Equity attributable to owners of the Company | 2,941,296 | 2,623,320 | ||||
| Non-current liabilities | ||||||
| Bank loans | 2,783,764 | 2,839,590 | ||||
| Other borrowings | 1,902,228 | 1,876,815 | ||||
| Lease liabilities | 4,565 | 3,368 | ||||
| Other payables | 1,983 | — | ||||
| Employee benefits | 1,177 | 1,180 | ||||
| Provisions | 450 | — | ||||
| Deferred tax liabilities | 27 | 485 | ||||
| Total non-current liabilities | 4,694,194 | 4,721,438 | ||||
| Current liabilities | ||||||
| Trade and other payables | 258,000 | 222,492 | ||||
| Current tax liabilities | 9,351 | 8,288 | ||||
| Bank loans | 180,717 | 351,170 | ||||
| Other notes | 200,327 | 203,287 | ||||
| Other borrowings | 171,124 | 273,898 | ||||
| Lease liabilities | 1,667 | 1,681 | ||||
| Provisions | 2 | — | ||||
| Total current liabilities | 821,188 | 1,060,816 | ||||
| TOTAL EQUITY and LIABILITIES | 8,456,678 | 8,405,574 | ||||
Condensed consolidated interim statement of profit or loss (unaudited)
(in thousands of USD except per share amounts)
| 2026 | 2025 | |||||
| Shipping income | ||||||
| Revenue | 519,630 | 235,044 | ||||
| Gains on disposal of vessels/other tangible assets | 267,354 | 46,451 | ||||
| Other operating income | 20,331 | 7,134 | ||||
| Total shipping income | 807,315 | 288,629 | ||||
| Operating expenses | ||||||
| Raw materials and consumables | (1,409) | (2,809) | ||||
| Voyage expenses and commissions | (104,819) | (42,404) | ||||
| Vessel operating expenses | (127,487) | (61,829) | ||||
| Charter hire expenses | (218) | (313) | ||||
| Depreciation tangible assets | (105,860) | (54,854) | ||||
| Amortisation intangible assets | (711) | (817) | ||||
| Impairment reversals | 589 | — | ||||
| General and administrative expenses | (27,787) | (22,847) | ||||
| Total operating expenses | (367,702) | (185,873) | ||||
| RESULT FROM OPERATING ACTIVITIES | 439,613 | 102,756 | ||||
| Finance income | 12,174 | 6,237 | ||||
| Finance expenses | (93,871) | (70,452) | ||||
| Net finance expenses | (81,697) | (64,215) | ||||
| Share of profit (loss) of equity accounted investees (net of income tax) | 12,096 | (51) | ||||
| PROFIT (LOSS) BEFORE INCOME TAX | 370,012 | 38,490 | ||||
| Income tax benefit (expense) | (1,178) | 1,883 | ||||
| PROFIT (LOSS) FOR THE PERIOD | 368,834 | 40,373 | ||||
| Attributable to: | ||||||
| Owners of the company | 368,834 | 43,998 | ||||
| Non-controlling interest | — | (3,625) | ||||
| Basic earnings per share | 1.27 | 0.23 | ||||
| Diluted earnings per share | 1.27 | 0.23 | ||||
| Weighted average number of shares (basic) | 290,169,769 | 194,216,835 | ||||
| Weighted average number of shares (diluted) | 290,169,769 | 194,216,835 | ||||
Condensed consolidated interim statement of comprehensive income (unaudited)
(in thousands of USD)
| 2026 | 2025 | |||||
| Profit/(loss) for the period | 368,834 | 40,373 | ||||
| Other comprehensive income (expense), net of tax | ||||||
| Items that will never be reclassified to profit or loss: | ||||||
| Remeasurements of the defined benefit liability (asset) | — | — | ||||
| Items that are or may be reclassified to profit or loss: | ||||||
| Foreign currency translation differences | (4,840) | 4,182 | ||||
| Cash flow hedges - effective portion of changes in fair value | 409 | (1,184) | ||||
| Other comprehensive income (expense), net of tax | (4,431) | 2,998 | ||||
| Total comprehensive income (expense) for the period | 364,403 | 43,371 | ||||
| Attributable to: | ||||||
| Owners of the company | 364,403 | 46,996 | ||||
| Non-controlling interest | — | (3,625) | ||||
Condensed consolidated interim statement of changes in equity (unaudited)
(In thousands of USD)
| Share capital | Share premium | Translation reserve | Hedging reserve | Retained earnings | Equity attributable to owners of the Company | Non-controlling interest | Total equity | ||
| Balance at | 239,148 | 460,486 | (2,045) | 2,145 | (284,508) | 777,098 | 1,192,324 | — | 1,192,324 |
| Profit (loss) for the period | — | — | — | — | — | 43,998 | 43,998 | (3,625) | 40,373 |
| Total other comprehensive income (expense) | — | — | 4,182 | (1,184) | — | — | 2,998 | — | 2,998 |
| Total comprehensive income (expense) | — | — | 4,182 | (1,184) | — | 43,998 | 46,996 | (3,625) | 43,371 |
| Transactions with owners of the company | |||||||||
| Business Combination | — | — | — | — | — | 41,041 | 41,041 | 1,346,199 | 1,387,240 |
| Total transactions with owners | — | — | — | — | — | 41,041 | 41,041 | 1,346,199 | 1,387,240 |
| Balance at | 239,148 | 460,486 | 2,137 | 961 | (284,508) | 862,137 | 1,280,361 | 1,342,574 | 2,622,935 |
| Share capital | Share premium | Translation reserve | Hedging reserve | Retained earnings | Equity attributable to owners of the Company | Non-controlling interest | Total equity | ||
| Balance at | 343,440 | 1,817,557 | 9,502 | 90 | (284,508) | 737,239 | 2,623,320 | — | 2,623,320 |
| Profit (loss) for the period | — | — | — | — | — | 368,834 | 368,834 | — | 368,834 |
| Total other comprehensive income (expense) | — | — | (4,840) | 409 | — | — | (4,431) | — | (4,431) |
| Total comprehensive income (expense) | — | — | (4,840) | 409 | — | 368,834 | 364,403 | — | 364,403 |
| Transactions with owners of the company | |||||||||
| Dividends to equity holders | — | — | — | — | — | (46,427) | (46,427) | — | (46,427) |
| Total transactions with owners | — | — | — | — | — | (46,427) | (46,427) | — | (46,427) |
| Balance at | 343,440 | 1,817,557 | 4,662 | 499 | (284,508) | 1,059,646 | 2,941,296 | — | 2,941,296 |
Condensed consolidated interim statement of cash flows (unaudited)
(in thousands of USD)
| 2026 | 2025 | |||||
| Net cash from (used in) operating activities | 167,351 | 33,444 | ||||
| Net cash from (used in) investing activities | 204,408 | (1,243,591) | ||||
| Net cash from (used in) financing activities | (324,547) | 1,341,620 | ||||
| Net increase (decrease) in cash and cash equivalents | 47,212 | 131,473 | ||||
| Net cash and cash equivalents at the beginning of the period | 146,529 | 38,869 | ||||
| Effect of changes in exchange rates | 859 | (7,457) | ||||
| Net cash and cash equivalents at the end of the period | 194,600 | 162,886 | ||||
1 Source: AXS Marine, Clarksons SIN,
2 On
3 Source: AXS Marine, Clarksons SIN, IEA,
4 Source: Clarksons SIN
5 Source: Clarksons SIN,
6 Source: Clarksons Offshore
Attachment
