Belgian shipowner CMB.TECH continues to benefit from high tanker asset values, realizing substantial profits from the sale of its oldest Suezmax tanker.
CMB.TECH announced its plans to sell the 19-year-old Suezmax tanker “Sienna,” built in 2007, with an expected capital gain of US$29.2 million.
The “Sienna,” with a deadweight tonnage of 150,200 tons, is scheduled for delivery to its new owner in the second quarter of 2026. It is one of several older vessels being sold by CMB.TECH as part of its fleet renewal and asset portfolio optimization strategy.
Concurrently with the sale of tankers, CMB.TECH has announced the latest chartering developments in the Suezmax tanker sector.
The 165,000 dwt tanker “Cedar,” built in 2011, has been signed on a five-year time charter, with the charter rate undisclosed. The two newbuilds, “Cap Grace” and “Cap Joseph,” scheduled for delivery in 2026, have had their existing charter terms extended by one year to ten years with U.S. refiner Valero, including profit-sharing arrangements.
These charter contracts, totaling $109 million, bring CMB.TECH’s charterback portfolio to $3.26 billion, further enhancing the profitability visibility of the company’s tanker business.
Over the past year, secondhand ship prices have continued to rise, providing shipowners with opportunities to liquidate older vessels. CMB.TECH has also been actively restructuring its fleet.
So far this year, CMB.TECH has sold and delivered two Capesize bulk carriers and six Very Large Crude Carriers (VLCCs), realizing a total capital gain of approximately US$267.4 million. The shipowner’s sales plan has continued into the second quarter of this year, and in addition to the Suezmax tanker “Sienna” disclosed this time, it also includes two other VLCCs.