Belgian diversified owner CMB.TECH has sold two 2023-built suezmax tankers in a deal expected to generate a capital gain of about $100.5m, signaling strong asset values in the crude tanker market as the company continues to reshape its fleet.
Deal details
The 156,851 dwt sister ships Brest and Brugge will be delivered to their new owner during the third quarter, according to CMB.TECH. The company did not disclose the buyer or the sale price, but shipbrokers have linked the vessels to Greece's Naftomar at around $110m each. The tankers were built by Hyundai Samho Heavy Industries and have been trading in the spot market.
“Historically strong suezmax valuations have created an opportunity to unlock value at an attractive point in the cycle,” said Alexander Saverys, chief executive officer of CMB.TECH.
Saverys said the proceeds would be deployed in line with the company’s capital allocation strategy and invested in the continued growth of the group.
Strategic context
The sale follows a series of tanker disposals by CMB.TECH as the company continues to reshape its fleet. Earlier this year, CMB.TECH sold several of its VLCCs and older suezmaxes. Splash reported last month that the group had sold the 2007-built suezmax Sienna, booking a gain of about $29.2m.
The Antwerp-based group operates a diversified fleet of around 250 vessels across dry bulk, crude oil tankers, chemical tankers, containerships and offshore energy.
| Vessel | Built | DWT | Estimated Sale Price | Capital Gain |
|---|---|---|---|---|
| Brest | 2023 | 156,851 | ~$110m | Part of $100.5m total |
| Brugge | 2023 | 156,851 | ~$110m | Part of $100.5m total |
| Sienna (sold earlier) | 2007 | suezmax | Not disclosed | $29.2m |
Analyst outlook
Shipping analysts at SEB said they expect the proceeds to go towards continued deleveraging, with a potential 50% payout of gains, in line with CMB.TECH’s first-quarter disposals. That would imply an additional dividend of around $0.17 per share. The bank added that the disposals continue to shift CMB.TECH’s earnings mix towards dry bulk, which it views as one of the most attractive shipping segments.
Watch list
Market participants will monitor CMB.TECH’s ongoing fleet reshaping, including potential further tanker disposals, which could signal continued tightness in the suezmax segment. The deployment of sale proceeds towards dry bulk expansion may also affect capacity dynamics in that sector.
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