CMB.Tech CEO: Strait of Hormuz Reopening Impact on Freight Rates Remains Unclear - News and Statistics

May 20, 2026

The head of Belgian tanker firm CMB.Tech stated on Tuesday that it remains unclear whether reopening the Strait of Hormuz would increase or decrease freight rates, even as the tanker market experiences a current boom. This information was reported by Reuters.

CEO Alexander Saverys noted that one prevailing opinion suggests a reopening could prompt a restocking surge, overwhelming available tanker capacity and driving rates upward. Saverys’ remarks followed CMB.Tech reporting a tripling of its first-quarter core profit, a result of the disruption lifting freight rates and vessel prices.

Saverys cautioned that markets might be underestimating how slowly Middle East oil exports would resume and overlooking the number of vessels that would become quickly available again. He said this situation could lead to oversupply and push rates lower.

According to Saverys, the movement of freight tonnage toward the Atlantic is already putting downward pressure on rates, as ships previously operating through the Gulf relocate to transport oil from the United States, Brazil, and West Africa. Although rates have fallen from their peaks, vessels are still earning between $80,000 and $120,000 per day, Saverys added.

Saverys also pointed to another unresolved question: how long strong U.S. export volumes, fueled by substantial releases of oil reserves, can be maintained.

CMB.Tech, which was rebranded from Euronav in October 2024, has gained from the closure of the Strait of Hormuz, which reduced available shipping tonnage and increased spot freight rates while boosting the sale prices of older vessels.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business

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2. EXECUTIVE SUMMARY

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3. MARKET OVERVIEW

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