The company recorded a capital gain of about $267 million from vessel sales delivered to buyers during the quarter. Average spot earnings for VLCC tankers doubled from a year ago to $70,204 per day, while Suezmax average spot earnings more than doubled to $91,849 per day.
The company expects spot results to be even stronger in the second quarter than in the first. Its contract backlog grew to $3.26 billion thanks to the addition and extension of time charters for Suezmax vessels.
CMB Tech, however, warned that the current “Goldilocks” conditions may not last amid global trade uncertainty and the growing order book.
It plans to propose an interim cash distribution of $0.64 per share to investors.
(Reporting by Mathias de Rozario and Jerome Terroy in Gdansk, editing by Milla Nissi-Prussak)