Finances Q1 2026
- EBITDA: USD 145 millionstable compared to previous quarter despite additional costs due to Hormuz crisis .
- Net result: USD 103 million .
- Dividend payment: USD 94 million in the quarter (16th quarter in a row) .
- Cash & liquidity: ~ USD 500 million at the end of the quarter .
- Operating cash flow: USD 144 million .
Market & demand
- Chinese car exports explode:
- Total +57 % YoY
- EV/hybrid exports +80-90 % YoY .
- Global light vehicle sales: -5 % YoYbut China compensates with massive exports .
- Strong demand for High & Heavy (construction machinery): +31 % YoY from Asia/China .
Capacity & fleet
- 8 out of 12 Aurora newbuilds already in operation .
- Charter market extremely tight: only 2-3 ships available available until summer, prices continue to rise .
- Industry orderbook: from 42 % to 20 % fallen - new capacity is fully absorbed .
- Ageing legacy fleet → increasing likelihood of scrapping . scrapping in the coming years .
Contract situation
- Overbooking of 80 % contract coverage for 2026; large part of 2027 already secured .
- USD 160 million in new contracts per quarter .
- Spot market only 6 % of the volume, mainly high & heavy
Fuel costs & BAF mechanism
- Hormuz crisis causes massive increase in bunker costs; full effect only visible in Q2 .
- BAF (Fuel Surcharge) compensated ~95 % of the costs - but with a 5-6 month delay .
Outlook Q2 2026
- Q2 heavily burdened by:
- +20m USD Fuel costs
- USD -10 million Middle East disruption .
- Expected EBITDA: slightly below or at the level of Q1 (adjusted) .
- No return to the Persian Gulf planned in the near future .
Cycle & market position
- Market is clearly driven by the Chinese export boom driven; absorbs all new builds and keeps rates high .
- No signs of falling rates in the current environment
Source seekingalpha.com, Copilot summary