Belgian oil tanker company CMB Tech says it will focus on the fast growing market in India as it reported third quarter results above market expectations on Thursday, boosted by vessel disposals as it diversifies its fleet, reports gCaptain.
Selling tankers
After last year’s Euronav-Compagnie Maritime Belge takeover, the group shifted strategy by selling 24 tankers to Frontline and acquiring CMB.Tech’s fleet. It now operates a diversified fleet of around 160 vessels, including dry bulk, container, and chemical tankers, rather than focusing solely on oil transport with Very Large Crude Carriers (VLCC) and Suezmax tankers.
Many container ships now take a longer route around the Horn of Africa due to attacks by Yemen’s Houthi militants in the Red Sea region, which they call solidarity for Palestinians in Gaza.
CMB Tech reported a 14.4% net profit drop to $98.1 million in the period, surpassing an average forecast of $43.62 million, according to data compiled by LSEG, aided by a $61.4 million gain from the disposal of 2 vessels.
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Source: Gcaptain
