On October 13, CMB.TECH NV, the diversified Belgian shipowner controlled by the Saverys family, issued a fleet renewal announcement, stating that it had sold its Suezmax tanker Stella. Built in 2011, the vessel has now been delivered to its new owner. The company indicated that based on the net sale proceeds and book value, the transaction is expected to generate a gain of approximately USD 59.6 million in the fourth quarter of 2026.

The sale comes at a time when tanker asset values are at historically high levels. Latest data from shipbroker XCLUSIV shows that resale prices for Suezmax tankers have reached USD 140 million. Vessels aged five years are valued at USD 125 million, ten-year-old units at USD 110 million, and 15-year-old tonnage at USD 92 million. Valuations across all age brackets are higher than the newbuilding price of around USD 91 million. The market is willing to pay a substantial premium for immediately available tonnage. This inversion in vessel prices reflects the urgent demand for spot-market capacity among cargo owners and shipowners.

The fundamental driver behind the rally in tanker asset values is the profound reshaping of global crude oil trade patterns brought about by geopolitical conflicts in the Middle East. A report by ING Group cited a tanker sailing from Saudi Arabia to the Netherlands in September as an example. After conversion, the freight cost equated to USD 35 per barrel of crude oil, accounting for more than one-third of the crude price, compared with only USD 2 per barrel in the same period last year.

CMB.TECH’s sale of the Stella forms part of its systematic fleet restructuring. The company has seized market opportunities to divest nine VLCCs and five Suezmax tankers, realising gains by selling vessels at peak valuations and locking in charter contracts. According to data published on CMB.TECH’s official website, its tanker fleet still comprises six VLCCs and fourteen Suezmax tankers to date.