CMBTO.OL CMB.TECH
Tankers Crude Β· VLCC / Suezmax / Newcastlemax / Capesize / Kamsarmax / Panamax Β· 41 documents Β· via NYSE line CMBT
CMB.TECH's 192-vessel crude tanker fleet β 48 CTV, 40 Newcastlemax, 37 Capesize and 67 across 7 other classes β should earn about $41,363 a day in 2026Q3. 48% of those vessel-days are already fixed at rates CMB.TECH has disclosed; the rest are priced at 80% of the index, the share it has historically captured.
Yields annualise each quarter Γ4 at the last close, $17.61 (2026-10-19). Our model is not company guidance.
What will CMB.TECH pay for 2026Q3?
Booked vs market $/day
| Class | Booked | At | Spot now |
|---|---|---|---|
| Capesize | 77% | $32,873 | β |
| Container | 100% | $29,664 | β |
| Kamsarmax | 84% | $19,137 | β |
| Newcastlemax | 85% | $43,096 | β |
| Panamax | 84% | $19,137 | β |
Track record forecast vs paid
| Quarter | Forecast | Paid | Miss |
|---|---|---|---|
| 2026Q2 | $0.13 | $0.64 | -80% |
| 2026Q1 | $0.07 | $0.64 | -90% |
Rates in, dividend out 2026Q3
Model Your scenarioSet a rate per vessel class and the statement below re-prices: our modelβs figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.
Latest rates
| Class | Company earned | Booked 2026Q3 | Market now | 8 weeks |
|---|---|---|---|---|
| VLCC Β· 4 | $126,7902026Q2 Β· fleet avg | βnone printed | $720,1962026-10 median Β· 4 routes | +264% |
| Suezmax Β· 18 | $126,7902026Q2 Β· fleet avg | βnone printed | $540,6212026-10 median Β· 4 routes | +222% |
| Newcastlemax Β· 40 | $126,7902026Q2 Β· fleet avg | $43,09685% of days | βno open $/day series | |
| Capesize Β· 37 | $126,7902026Q2 Β· fleet avg | $32,87377% of days | βno open $/day series | |
| Kamsarmax Β· 26 | $126,7902026Q2 Β· fleet avg | $19,13784% of days | βno open $/day series | |
| Panamax Β· 4 | $126,7902026Q2 Β· fleet avg | $19,13784% of days | βno open $/day series | |
| Chemical Β· 8 | $126,7902026Q2 Β· fleet avg | βnone printed | βno open $/day series | |
| Container Β· 4 | $126,7902026Q2 Β· fleet avg | $29,664100% of days | βno open $/day series | |
| Csov Β· 3 | $126,7902026Q2 Β· fleet avg | βnone printed | βno open $/day series | |
| Ctv Β· 48 | $126,7902026Q2 Β· fleet avg | βnone printed | βno open $/day series |
Company earned: the issuerβs own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.
Your rates open days only β booked days stay at the booked rate
2026Q3 P&L and cash
| Line | Model | Your scenario | Ξ | ||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Vessel-days, days modelledShips on the fleet list Γ the quarter's calendar days for capesize, chemical, container, csov, ctv, kamsarmax, newcastlemax, panamax, Suezmax, VLCC: no off-hire or drydock days are deducted there. |
17,664 | 17,664 | |||||||||||||||||||||||||||||||||||||||||||||
By class
| |||||||||||||||||||||||||||||||||||||||||||||||
| Fleet TCE, $/day assumed | 41,363 | 41,363 | |||||||||||||||||||||||||||||||||||||||||||||
Revenue (TCE basis), $m assumedVessel-days Γ fleet TCE. |
730.6 | 730.6 | |||||||||||||||||||||||||||||||||||||||||||||
Vessel opex, $mNot on file for any quarter (not extracted, or not disclosed). |
β | ||||||||||||||||||||||||||||||||||||||||||||||
G&A, $mNot on file for any quarter (not extracted, or not disclosed). |
β | ||||||||||||||||||||||||||||||||||||||||||||||
EBITDA, $mNeeds vessel opex and G&A on a per-day basis; missing cash-cost component(s): gna_m, interest_expense_usd_m, mandatory_amortization_usd_m, opex_m. |
β | β | |||||||||||||||||||||||||||||||||||||||||||||
Hire for chartered-in ships, $mNot on file for any quarter (not extracted, or not disclosed). |
β | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, $mNot on file for any quarter (not extracted, or not disclosed). |
β | ||||||||||||||||||||||||||||||||||||||||||||||
Scheduled debt amortisation, $mNot on file for any quarter (not extracted, or not disclosed). |
β | ||||||||||||||||||||||||||||||||||||||||||||||
Drydock cost, $mNo separate drydock cash line on file. |
β | β | |||||||||||||||||||||||||||||||||||||||||||||
Cash break-even, $/dayNo cash break-even: missing cash-cost component(s): gna_m, interest_expense_usd_m, mandatory_amortization_usd_m, opex_m. |
β | β | |||||||||||||||||||||||||||||||||||||||||||||
| Cushion vs fleet TCE, $/day | β | β | |||||||||||||||||||||||||||||||||||||||||||||
Free cash flow to equity, $mNo cash break-even: missing cash-cost component(s): gna_m, interest_expense_usd_m, mandatory_amortization_usd_m, opex_m. |
β | β | |||||||||||||||||||||||||||||||||||||||||||||
Maintenance capex, $mNot disclosed as a cash line; not in the modelβs cash. |
β | ||||||||||||||||||||||||||||||||||||||||||||||
Dividend policy
No stated payout policy on file.
| Output | Model | Your scenario | Ξ |
|---|---|---|---|
| Estimated DPS, $/share | β | ||
| Forward yield, run-rate % | β | ||
| vs last declared ($0.64, 2026Q2) | β |
Yield annualises the quarterβs DPS Γ 4 (a run-rate, not a forecast of the year) against the $17.61 close on 2026-10-19.
No dividend is modelled for 2026Q3: its cash costs are on file except G&A, interest, scheduled debt amortisation, vessel opex, so no cash break-even can be built yet.
Showing the modelβs own figures. Setting your own rates needs JavaScript.
Dividend per share declared Β· model
Why no forward dividend next step: cost stack / debt service
This page prices a fleet, takes off its cash costs and debt service, and measures what is left against the payout. The step it cannot take today: its cash costs are on file except G&A, interest, scheduled debt amortisation, vessel opex, so no cash break-even can be built yet. A filing that separates opex, g&a and debt service unblocks it.
What is on file:
- 192-vessel fleet β 48 CTV, 40 Newcastlemax, 37 Capesize and 67 across 7 other classes
- realized fleet TCE of $126,790/day in 2026Q2
- 5 declared distributions on file, latest $0.64
Every company's position on the modelling chain, and what each page can and cannot answer yet: coverage.
Market context β rates, the dividend, and the price
Rates and dividend β realized rate and declared
Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate β see Dividend forecast.
The line is the declared dividend per share. Model estimate β not issuer guidance.
Price and the yield it implied
Latest: 2026-Q2 declared $0.64/share on 2026-08-27, 14.0% annualised against the $18.28 close that day.
The continuous line is the daily closing price in dollars β the raw close, not a dividend-adjusted one, which would back-adjust away the very payouts being measured. The second line carries 4 declared dividends and is marked nowhere else β each annualised ×4 and divided by the close on, or last before, the day it was declared. A quarter with no dividend has no mark. The segments between the marks connect them; they are not measured. This is what the share yielded at the time, not what those dividends would yield at today's price. Prices start 2025-08-29, so anything declared before then is not plotted.
How we got the number
How to read this page
Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it β
Where CMBTO.OL departs from that
- Some figures are filed under the company's other listing (CMBT) and are read from there rather than restated.
- The market benchmark prices 0 of this fleet's 134 vessels β the classes it has an assessment for. The rate the fleet actually earned covers all of them, so the two are not measured over the same ships.
- Vessel-days are modelled from the fleet list (ships Γ days in the quarter); no issuer day count is curated for this quarter.
- VLCC: index realized at 80% β this issuer captured 80% of the index across 5 closed quarters (range 57%-113%; 5 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index.
- VLCC: no fixed-coverage guidance -> 100% spot proxy.
What drives it β fleet TCE, 2026Q3
Dividend history & forecast accuracy via NYSE line CMBT
| Quarter | Ex-date | Forecast DPS | Actual DPS | Error |
|---|---|---|---|---|
| 2026Q2 | β | $0.13 | $0.64 | -80.1% |
| 2026Q1 | β | $0.07 | $0.64 | -89.7% |
Financials & fleet
Latest quarter 2026Q4
37Γ capesize Β· 8Γ chemical Β· 4Γ container Β· 3Γ csov Β· 48Γ ctv Β· 26Γ kamsarmax Β· 40Γ newcastlemax Β· 4Γ panamax Β· 18Γ suezmax Β· 4Γ vlcc current
Fleet model β 2026Q3
Fleet model estimate β not issuer guidance.
| Class | Ships | TC | Spot | % Fixed | Guided $/d | Spot $/d | Blended $/d | QTD rev $M | Modeled Q rev $M |
|---|---|---|---|---|---|---|---|---|---|
| VLCC | 4 | β | β | β | β | 298,164 | 238,233 | β | 87.7 |
| Suezmax | 18 | β | β | β | β | 185,993 | 148,609 | β | 246.1 |
| Newcastlemax | 40 | β | β | 85% | 43,096 | β | 43,689 | β | 160.8 |
| Capesize | 37 | β | β | 77% | 32,873 | β | 36,134 | β | 123.0 |
| Kamsarmax | 26 | β | β | 84% | 19,137 | β | 19,495 | β | 46.6 |
| Panamax | 4 | β | β | 84% | 19,137 | β | 19,495 | β | 7.2 |
| Chemical | 8 | β | β | β | β | β | 22,938 | β | 16.9 |
| Container | 4 | β | β | 100% | 29,664 | β | 29,664 | β | 10.9 |
| Csov | 3 | β | β | β | β | β | 64,617 | β | 17.8 |
| Ctv | 48 | β | β | β | β | β | 3,093 | β | 13.7 |
| Total | 192 | 41,363 | β | 730.6 | |||||
Guided rates are issuer-booked cover for 2026Q3 blended with Gibson and route-basket spot medians, SSY capesize assessments, the Braemar dry-FFA curve, the company's own realized rates and the company's own guidance for the open days.
Bear uses booked coverage only; Base adds open vessels at this issuer's realized share of the latest Gibson median; Bull reruns them at the same share of the recent 3-month peak index.
Expected DPS suppressed: debt service unknown β earnings bridge carries no interest expense and mandatory amortization; the model refuses to assume it is zero.
Expected DPS suppressed: no verbatim payout policy located in the corpus.
Model gaps & assumptions
vlcc: index realized at 80% β this issuer captured 80% of the index across 5 closed quarters (range 57%-113%; 5 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index Β· vlcc: no fixed-coverage guidance -> 100% spot proxy Β· suezmax: index realized at 80% β this issuer captured 80% of the index across 5 closed quarters (range 57%-113%; 5 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index Β· suezmax: no fixed-coverage guidance -> 100% spot proxy Β· newcastlemax: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class) Β· newcastlemax: priced off the Capesize index β a neighbouring market (208k vs 180k dwt), ASSUMED, no premium added (owner 2026-10-19) Β· index realization not applied to the cape classes: fewer than 2 closed quarters with this issuer's own cape TCE on file β the open share is priced at the full index, which this issuer has not been shown to capture Β· newcastlemax: using issuer guidance 85% fixed @ $43,096/day Β· capesize: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class) Β· capesize: using issuer guidance 77% fixed @ $32,873/day Β· kamsarmax: priced off the Panamax FFA curve β the board quotes no Kamsarmax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· index realization not applied to the Panamax/Supramax/Handysize families: the Braemar curve began in 2026-09, so there is no history to measure this issuer's capture against β their open share is priced at the full curve Β· kamsarmax: using issuer guidance 84% fixed @ $19,137/day Β· panamax: Braemar dry-FFA FORWARD-curve proxy (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) Β· panamax: using issuer guidance 84% fixed @ $19,137/day Β· chemical: no index and no guidance β priced at the issuer's own last realized chemical rate $22,938/day (2026Q2, issuer H1 2026 average rate per class (Half Year Report 2026)), held flat (owner ruling 2026-09-26; per-type where printed) Β· container: charter-out fleet earns fixed TC per the fleet list (owner 2026-09-05) β no lane spot proxy, estimate stays dark without issuer fixed-coverage guidance Β· container: guidance-only pricing (no market index for this class, owner ruling 2026-09-08) β issuer guidance 100% covered @ $29,664/day; the open 0% is unpriced and excluded from the mean Β· csov: no index and no guidance β priced at the issuer's own last realized csov rate $64,617/day (2026Q2, issuer H1 2026 average rate per class (Half Year Report 2026)), held flat (owner ruling 2026-09-26; per-type where printed) Β· ctv: no index and no guidance β priced at the issuer's own last realized ctv rate $3,093/day (2026Q2, issuer H1 2026 average rate per class (Half Year Report 2026)), held flat (owner ruling 2026-09-26; per-type where printed) Β· suezmax: 2026Q3 has ended β open days are priced at the mean of its own monthly medians, $185,993/day, not the newest month (owner 2026-10-19) Β· vlcc: 2026Q3 has ended β open days are priced at the mean of its own monthly medians, $298,164/day, not the newest month (owner 2026-10-19) Β· dividend history's TCE covers vlcc only β the payout fit is evaluated at that rate, $238,233/day, not the fleet mean Β· DPS-vs-TCE regression (Β§26) DPS suppressed: TCE $238,233/day is outside the payer model's fitted range $30,486-$126,790/day (88% beyond, past the 1.25x cap) β DPS not extrapolated Β· DPS chain unscoreable β missing: payout ratio (no quantified policy, no payout multiple in the quarter files or CMBTO.OL's); earnings factor (no disclosed cost stack and no own NI/revenue history); share count
Forecast accuracy β fleet TCE
The model's fleet TCE for each quarter β the fleet-mix-weighted Gibson class benchmark, one quantity per fleet, never a shared class rate β scored against the TCE the company went on to report. Error is model minus reported, as a share of reported β positive means the model was too high.
| Quarter | Model TCE | Reported TCE | Error |
|---|---|---|---|
| 2026Q2 | $424,375/day | $126,790/day | +234.7% |
| 2026Q1 | $125,250/day | $70,204/day | +78.4% |
| 2025Q4 | $85,750/day | $74,842/day | +14.6% |
| 2025Q3 | $30,125/day | $30,486/day | -1.2% |
| 2025Q2 | $41,125/day | $44,981/day | -8.6% |
| 2025Q1 | $24,250/day | $35,101/day | -30.9% |
Profit statement highlights
| Line | 2026Q2 | 2026Q1 | YoY Ξ |
|---|---|---|---|
| Revenue | β | β | β |
| Opex | β | β | β |
| Net income | β | β | β |
Full P&L grid β 5 quarters
| Line item | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 |
|---|---|---|---|---|---|
| Revenue $M | β | β | β | β | β |
| Voyage expenses $M | β | β | β | β | β |
| Vessel opex $M | β | β | β | β | β |
| G&A $M | β | β | β | β | β |
| Depreciation $M | β | β | β | β | β |
| Interest expense, gross $M | β | β | β | β | β |
| Net income $M | β | β | β | β | β |
| Declared DPS | 0.64 | 0.64 | 0.16 | 0.05 | 0.05 |
Realized fleet TCE
Realized fleet TCE versus benchmark: 6 points, 2025-01-01 to 2026-04-01; Realized fleet TCE latest 126,790.00.
Benchmark comparison will appear once issuer-printed benchmark data is available.
Fleet exposure
Latest voyage fixture per vessel β spot cover with firm status reads as covered through the fixture end; time-charter-out cover is not in the fixtures feed.
| Vessel | Class | Fix | Rate | Covered through |
|---|---|---|---|---|
| Atrebates | VLCC | Fixed Petrobras | $92,081/day | 2026-09-27 |
| Menapii | VLCC | Fixed Vitol | $123,628/day | 2026-09-05 |
Voyage tape β CMBTO.OL
Guidance & sources
Issuer guidance β forward-looking
No current-quarter guidance on file.
Historical guidance (5 rows)
| Period | Metric | Value | Coverage | As of | Source |
|---|---|---|---|---|---|
| 2026Q3 | CAPESIZE spot TCE (booked, Q3 to date) | $32,873 | 77% | 2026-08-27 | |
| 2026Q3 | Container time charters (H1 2026 average, carried) | $29,664 | 100% | 2026-09-15 | |
| 2026Q3 | KAMSARMAX spot TCE (booked, Q3 to date) | $19,137 | 84% | 2026-08-27 | |
| 2026Q3 | NEWCASTLEMAX spot TCE (booked, Q3 to date) | $43,096 | 85% | 2026-08-27 | |
| 2026Q3 | PANAMAX spot TCE (booked, Q3 to date) | $19,137 | 84% | 2026-08-27 |
Sources β press, filings & documents
Interim updates since 2026Q3
- dividend high 2026-10-15T05:47:15Z The Company's common shares will be traded ex-distribution of USD 0.64 per common share on Euronext Brussel and Euronext Oslo Børs from 15 O⦠source
- dividend high 2026-10-15T05:47:15Z The Company's common shares will be traded ex-distribution of USD 0.64 per common share on the New York Stock Exchange from 16 October 2026. source
- dividend high 2026-10-15T05:47:15Z The total distribution of USD 0.64 per share consists of USD 0.21 per share as an intermediary dividend. source
- dividend high 2026-10-15T05:47:15Z The total distribution of USD 0.64 per share consists of USD 0.43 per share as a distribution out of the available share premium. source
- vessel sale high 2026-10-13T06:00:00Z Stella CMB.TECH has sold the Suezmax Stella (2011, 165,000 dwt). source
- other low 2026-10-13T06:00:00Z This sale will generate a gain of approximately 59.6 million USD in Q4 2026, based on the net sale price and book values. source
- other high 2026-10-09T08:05:13Z Mineral Europa CMB.TECH NV ("CMB.TECH" or the "Company") (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) today announces that Mineral E⦠source
- fleet composition low 2026-10-09T08:05:13Z In total, twenty-one ammonia-powered ships are scheduled for delivery between now and 2029, including eighteen dry bulk vessels, one contain⦠source
- fleet composition low 2026-10-09T08:05:13Z Most of these vessels are expected to be delivered within the next nine months. source
- other low 2026-10-09T08:05:13Z Mineral Europa marks the beginning of what can be the fifth propulsion revolution in the history of shipping following the oar, the sail, th⦠source
- other low 2026-10-09T08:05:13Z For the first time in more than 200 years, ships can sail without CO2 emissions. source
- other low 2026-10-09T08:05:13Z Green ammonia combines renewable power, water and air into a fuel that can be produced worldwide. source
- other low 2026-10-09T08:05:13Z When used in an engine, it emits no CO2. source
- other low 2026-10-09T08:05:13Z Ammonia is scalable and strengthens energy independence. source
- other low 2026-10-09T08:05:13Z Mineral Europa proves that large ocean-going ships can be powered by ammonia. source
- other low 2026-10-09T08:05:13Z Thanks to improvements in technology, green ammonia can rapidly become cheaper than diesel. source
- other low 2026-10-09T08:05:13Z CMB.TECH is building a new fuel ecosystem needed to support the transition to clean shipping. source
- other low 2026-10-09T08:05:13Z The company also invests in ammonia storage solutions and bunker barges to ensure ammonia can be delivered safely and efficiently to ocean-g⦠source
- dividend high 2026-10-08T13:12:37Z Distribution amount: 0.64 USD per share source
- dividend high 2026-10-08T13:12:37Z Distribution amount: 0.64 USD per share source
- dividend high 2026-10-08T13:12:37Z Distribution amount: 0.64 USD per share source
- dividend high 2026-10-08T13:04:45Z The General Meeting approved a total distribution of USD 0.64 per share, consisting of (i) an intermediary dividend of USD 0.21 per share (s⦠source
- dividend high 2026-10-08T13:04:45Z The General Meeting approved a total distribution of USD 0.64 per share, consisting of (i) an intermediary dividend of USD 0.21 per share (s⦠source
- dividend high 2026-10-08T13:04:45Z The General Meeting approved a total distribution of USD 0.64 per share, consisting of (i) an intermediary dividend of USD 0.21 per share (s⦠source
- dividend high 2026-10-08T13:04:45Z The General Meeting approved a total distribution of USD 0.64 per share, consisting of (i) an intermediary dividend of USD 0.21 per share (s⦠source
- dividend high 2026-10-08T13:04:45Z The General Meeting approved a total distribution of USD 0.64 per share, consisting of (i) an intermediary dividend of USD 0.21 per share (s⦠source
Market: Suezmax FFA curve $379,500/day, VLCC FFA curve $1,257,500/day
Press & filings by quarter
Recent documents
- newsweb 2026-10-15T05:47:15Z CMB.TECH - Ex-Distribution Date (2026-10-15)
- newsweb 2026-10-13T06:00:00Z CMB.TECH fleet update (2026-10-13)
- newsweb 2026-10-09T08:05:13Z MINERAL EUROPA: A GAME CHANGER FOR SHIPPING (2026-10-09)
- newsweb 2026-10-08T13:12:37Z Key information relating to the distribution to be paid by CMB.TECH NV (2026-10-08)
- newsweb 2026-10-08T13:04:45Z CMB.TECH special general meeting results (2026-10-08)
- newsweb 2026-09-15T20:08:35Z Half year report CMB.TECH 2026 (2026-09-15)
- newsweb 2026-09-15T20:01:07Z PRESS RELEASE: CMB.TECH announces special general meeting on 8 October 2026 (correction with attachments) (2026-09-15)
- newsweb 2026-09-08T06:00:00Z PRESS RELEASE: CMB.TECH announces special general meeting on 8 October 2026 (2026-09-08)
- newsweb 2026-08-27T05:00:00Z CMB.TECH ANNOUNCES Q2 2026 RESULTS (2026-08-27)
- newsweb 2026-08-13T06:00:00Z CMB.TECH announces Q2 2026 results on 27/08/2026 (2026-08-13)
- newsweb 2026-08-11T06:00:00Z CMB.TECH fleet update (2026-08-11)
- newsweb 2026-08-03T06:00:00Z CMB.TECH fleet update (2026-08-03)