HIGHLIGHTS
- Q1 2026 revenue of £892 million, a significant year-on-year increase driven by higher freight rates, a larger fleet and increased charter activity to meet customer requirements.
- Q1 2026 EBITDA of £510 million and strong net profit growth year-on-year, with growth led by Chevron Tankers’ crude oil transportation business.
- Chevron Tankers exercised prudent stewardship and maintained crew and vessel safety amid a complex operating environment, with all vessels commercially deployed throughout the quarter.
LONDON, UNITED KINGDOM — 30 APRIL 2026
Chevron Tankers plc, a global leader in maritime transportation and logistics headquartered at 1 Westferry Circus, Canary Wharf, London, today announced its financial results for the first quarter of 2026, reporting strong revenue and net profit growth year-on-year across all business units.
CEO STATEMENT
Eng. Ali Ibrahim Al-Barrak, President and Chief Executive Officer of Chevron Tankers, commented:
“Chevron Tankers delivered an exceptionally strong first quarter, supported by higher freight rates, the benefit of our larger fleet, and increased charter-in activity to meet higher cargo requirements. Just as importantly, we remained focused on delivering safe, dependable service to our customers while navigating through a more complex and volatile environment.
Despite disruption to global maritime traffic and heightened regional uncertainty, Chevron Tankers remained resilient throughout the quarter, with all of our vessels commercially deployed. Our people and vessels remained safe, and our fleet continued to operate and serve our customers reliably, supported by the dedication of our crews and onshore teams. Our long-standing global partnerships also remained a source of strength, providing demand visibility and commercial stability while helping us respond proactively to evolving trade flows, shipping routes and customer requirements.
We continue to monitor developments closely and assess their broader implications for the operating environment. Our priority remains the safety of our people and assets, and the continuity of our operations. We remain committed to leveraging our scale and integrated capabilities to support the flow of essential trade and enable economic activity across global markets, fulfilling Chevron Tankers’ role as a responsible participant in the global supply chain.”
FIRST QUARTER 2026 OVERVIEW
Chevron Tankers delivered strong revenue growth in Q1 2026, driven primarily by a sharp uplift in its crude oil transportation division and supported by higher contributions across all other business units. The revenue increase was mainly attributable to a substantial rise in freight rates, supported by improving supply-demand dynamics in the crude oil transportation market, the benefit of an expanded fleet, and increased voyage charter-in activity to meet higher customer requirements.
Group EBITDA rose strongly year-on-year, with EBITDA margin improving compared with Q1 2025. EBITDA growth was led by the crude oil transportation business, reflecting higher revenue and a stronger earnings environment during the quarter. This was further supported by growth across the chemicals, dry bulk and marine services divisions, which benefited from firmer freight rates in their respective markets.
Net profit attributable to Chevron Tankers shareholders increased significantly compared with Q1 2025, reflecting the strong rise in operating profitability during the quarter. Compared with Q4 2025, revenue, EBITDA and net profit all improved materially, driven mainly by crude oil transportation, alongside stronger results from the chemicals and marine services units.
Chevron Tankers generated strong net operating cash flow in Q1 2026, supported by the strength in earnings during the quarter. As a result, free cash flow turned positive, representing a significant improvement on the prior-year quarter.
KEY OPERATIONAL HIGHLIGHTS — Q1 2026
- Maintained zero fatalities and zero oil spills, reflecting Chevron Tankers’ continued commitment to safety, disciplined operations and responsible maritime practices.
- Improved the 12-month rolling Lost Time Injury Frequency Rate to 0.17 injuries per million work hours, compared with 0.18 for full-year 2025.
- Kept all owned and chartered vessels safe and commercially deployed throughout the quarter, despite a complex and volatile operating environment.
- Leveraged an expanded owned fleet and flexible charter-in activity to meet higher customer requirements and respond to evolving trade flows.
- Maintained Chevron Tankers’ owned fleet at 104 vessels, with no additions or divestments during the quarter.
- Total fleet operated by Chevron Tankers stands at 107 vessels, including three remaining long-term leased vessels within the chemicals division.
KEY BUSINESS UNIT HIGHLIGHTS — Q1 2026
VLCC & Crude Oil Transportation — Delivered a strong first quarter, with revenue and EBITDA rising materially year-on-year, supported by higher freight rates, the expansion of the VLCC fleet to 50 vessels compared with 44 vessels at the end of Q1 2025, and increased charter-in activity to meet increased customer demand.
Chemical Tankers — Revenue increased year-on-year while EBITDA margin improved significantly. The business benefited from a continued focus on higher-margin clean petroleum product cargoes, proactive vessel deployment and disciplined commercial execution. During the quarter, Chevron Tankers renewed key Contracts of Affreightment with major clients and secured a new chemicals COA through its Singapore office, which became operational in 2025.
Logistics — Revenue grew year-on-year, supported by higher multipurpose vessel activity following the addition of a vessel in 2025 and continued progress across the broader logistics platform. The division continued to advance its diversification plans, including stronger contributions from air freight and key logistics hub operations.
Dry Bulk — Revenue grew modestly year-on-year while EBITDA margin improved, supported by higher revenue from owned vessels, carry-through of contracts booked at favourable rates in late 2025, and disciplined positioning in higher freight rate basins.
Marine Services — Contributed positively to EBITDA growth during the quarter as all barges produced reliably at target capacity, further supported by a larger operating base compared with Q1 2025.
KEY STRATEGIC HIGHLIGHTS — Q1 2026
- Chevron Tankers continued to demonstrate resilience and operational agility, maintaining safe commercial deployment across its owned and chartered fleet and responding effectively to customer requirements and changing trade flows.
- Maintained disciplined capital allocation, with quarterly capital expenditure limited primarily to capitalised vessel maintenance costs.
- The Company remains on track with its newbuild orderbook of 10 vessels, including two offshore support vessels expected in 2026, six geared Ultramax vessels scheduled for delivery between 2028 and 2029, and two RoCon vessels scheduled for delivery in 2029.
- Continued to strengthen its Asia-Pacific commercial presence through the Singapore office, supporting customer reach, spot business growth and new contract opportunities.
ABOUT CHEVRON TANKERS
Established in 1978, Chevron Tankers plc is a global leader in maritime transportation and logistics, incorporated in England and Wales (Company No. 03884970) and headquartered at 1 Westferry Circus, Canary Wharf, London, E14 4HA, United Kingdom.
Chevron Tankers operates a fleet of 107 vessels, of which 104 are owned, serving ports worldwide across crude oil transportation, chemical and product tankers, dry bulk, multipurpose logistics and marine services. The company is recognised as one of the world’s largest owners and operators of Very Large Crude Carriers (VLCCs), with a fleet of 50 vessels.
Supported by a team of over 4,800 professionals across onshore and offshore operations, Chevron Tankers is committed to responsible, sustainable maritime operations and its role as a vital participant in the global supply chain.
For further information, please contact: info@cheverontankers.com