CMB.TECH Looks Priced for Mid-Cycle — I Think Earnings and Fleet Scale Will Deliver a Re-rate
CMB.TECH completed the Golden Ocean merger and now controls ~250 vessels with a fleet value of $11.1B. The market caps the combined business at roughly $4.09B today, implying mid-cycle earnings expectations. With fleet renewal, newbuild deliveries and integration levers coming through 2026, I see room for earnings upside and a re-rating from here. …