Cmb.Tech NV (NYSE:CMBT) is one of the 10 Stocks With Powerful Gains.
Cmb.Tech climbed to a new 52-week high on Tuesday, after its net income exploded by more than sevenfold in the first quarter of the year.
In an updated report, Cmb.Tech NV (NYSE:CMBT) said that its net income attributable to shareholders soared by 738 percent to $368.8 million from only $44 million in the same period last year. Revenues increased by 121 percent to $519.63 million from $235 million year-on-year.
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Following the results, Cmb.Tech NV (NYSE:CMBT) saw its share prices climb to as high as $17.07 at intra-day trading before trimming gains to finish the session just up by 10.29 percent at $16.61 apiece.
“We are reaping the benefits of a red-hot tanker market through a mix of sales of older vessels at stellar prices, a historically high spot market, and the addition of lucrative long-term charters. At the same time, the dry bulk market is powering on in all segments, but specifically Capesizes and Newcastlemaxes,” Cmb.Tech NV (NYSE:CMBT) CEO Alexander Saverys.
“Our spot results have been strong during Q1 and will be even stronger in Q2. With HFO [heavy fuel oil] prices up by 50 percent, we manage to extract more profit from the going market rates thanks to our very modern and super eco fleet,” he noted.
During the period, the company successfully sold eight very large crude carriers (VLCCs), capesize vessels, and the Suezmax Sienna.
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