CMB.Tech, a Belgian 'tanker' company, announced on Thursday that its core profit % for the second quarter had more than doubled. This was due to strong dry bulk and tanker prices as well as vessel sales in spite of a disruption caused by war.
CMB.Tech said in a release that disruptions to shipping through the 'Strait of Hormuz' triggered a scramble to find available?tankers, and sharp increases in freight rates at spot.
Earnings before interest, taxes, depreciation, and amortisation rose to $552.8 million in the first quarter from $224.1 millions a year ago.
The spot rate for its very large crude carriers (VLCCs) averaged $126.790 per day during the third quarter, up from $44,981 the year before, and the rate for the Suezmax increased to $123,405 compared to $40,160.
The net profit for the year was $364.44 million. This compares to $7.8 millions a year earlier. It includes a one-time gain of $127.5 million from the sale of vessels.
The company's diversified fleet, which includes Euronav oil tankers? and Bocimar drybulk carriers?, has proposed a distribution of $64 per share. This includes an interim??dividend? of $0.21 per shares, subject to shareholder approval, and is expected to be paid out in October. (Reporting from Gdansk by Hugo Lhomedet, editing by Milla Nissi-Prussak).
(source: Reuters)
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