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Behandler innhold .. vennligst vent..
highlander
08:20
06.02.2024
#46387
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DNB Markets høyner kursmålet på Klaveness Combination Carriers til 127 kroner pr aksje, fra 100 kroner, og gjentar en kjøpsanbefaling.
"KCC ser ut til å rapportere nok et kvartal med sterk inntjening, som følge av skyhøye produkttankrater og sunn inntjening for tørrbulk, som styrker det solide distribusjonspotensialet. Også verdsettelsen har forberedt seg med en NAV på 0,9 ganger, fra 0,6-0,7 ganger historisk, og kontantgenereringskapasiteten kommer i fokus etter vårt syn", skriver meglerhuset ifølge TDN. |
highlander
09:39
21.02.2024
#46559
|
Klaveness Combination Carriers la fredag frem rapporten for fjerde kvartal, jf. https://newsweb.oslobors.no/message/611078
Klaveness Combination Carriers fikk en ebitda på 37 millioner dollar i fjerde kvartal 2023, mot 28 millioner dollar samme periode året før.
Resultat før skatt i perioden var 26 millioner dollar (15), av en omsetning på 77 millioner dollar (73).
Styret i selskapet har besluttet et kvartalsutbytte på 0,35 dollar pr aksje.
Klaveness Combination Carriers har sikret 90 prosent av fartøysdagene i første kvartal 2024, og ser en snittrate for selskapets flåte på 40.000-41.500 dollar pr dag for kvartalet.
For Cabu-flåten er 90 prosent av dagene sikret i første kvartal, med estimert dagrate for segmentet på 32.000-33.000 dollar pr dag for flåten i kvartalet. For Cleanbu-flåten er 90 prosent av dagene sikret, med en estimert dagrate på 48.000-50.000 dollar for segmentet i kvartalet.
Rateestimatene er basert på inngåtte slutninger og ventet beskjeftigelse for den åpne kapasiteten basert på forward-rater (FFA).
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EGD Shipping Invest AS (EGD) har fredag solgt 2.360.819 aksjer i Klaveness Combination Carriers, noe som tilsvarer omtrent 3,9 prosent av aksjekapitalen og stemmene i selskapet, til kurs 102,00 kroner pr aksje, ifølge en innsidemelding.
Etter transaksjonen eier EGD 3.500.000 aksjer i selskapet, noe som tilsvarer omtrent 5,79 prosent av aksjekapitalen og stemmene i selskapet. EGD er representert i styret i Klaveness Combination Carriers.(Newsweb)
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Det har kommet flere analyseoppdateringer etter fjerdekvartalsrapporten:
Clarksons Securities oppjusterer sitt kursmål på KCC til 130 kroner fra 100 kroner, og gjentar en kjøpsanbefaling.
ABG Sundal Collier oppjusterer sitt kursmål på aksjen til 125 kroner fra 121 kroner, og gjentar kjøp.
Fearnley Securities oppjusterer sitt kursmål til 125 kroner fra 105 kroner, og gjentar sin kjøpsanbefaling.
Også SEB Equities gjentar kjøp, og øker samtidig kursmålet med en femmer, fra 120 til 125 kroner.
DNB Markets på sin side nedjusterer kursmålet til 124 kroner fra 127 kroner, og gjentar en kjøpsanbefaling. |
highlander
19:12
25.04.2024
#47309
|
ABG Sundal Collier høyner sine kursmål på tørrbulkaksjer og mener lav flåtevekst bør tilsi fortatt optimisme i sektoren. Samtidig gjentas kjøp på alle aksjene de følger innenfor sektoren.
Det fremgår av en analyse torsdag, ifølge TDN.
Meglerhuset venter vekst i tonnmiletterspørselen på seks prosent i 2024, fire prosent i 2025 og tre prosent i 2026. Samtidig er netto flåtevekst ventet å bli 1,6 prosent i 2024, 2,9 prosent i 2025 og 3,2 prosent i 2026.
"Vi fortsetter å forvente at veksten i transportetterspørselen vil overgå flåteveksten, og venter at flåteutnyttelsen vil forbedre seg fra 90 prosent i år til 93 prosent i 2025", skriver analytiker Petter Haugen.
Hittil i år er dagraten for Capesize rundt 23.500 dollar. Haugen estimerer Capesize-rate på 29.000 dollar pr dag i 2024, 45.000 dollar pr dag i 2025 og 57.000 dollar pr dag i 2026.
"Skipsprisene har steget betydelig siden vår siste oppdatering, og gitt vår forventning om høyere dagrater fra 2024 til 2025 ser vi ytterligere gjennomsnittlig oppside på rundt 10 prosent fra dagens nivå. Vi gjentar kjøp på alle aksjer og ser rundt 50 prosent gjennomsnittlig oppside", skriver meglerhuset.
Oversikt over meglerhusets kursmål:
Aksje Kursmål (tidl.)
2020 Bulkers 214 (189)
Belships 41 (21)
Golden Ocean 204 (147)
Himalaya Shipping 130 (88)
Klavenes Combination Carriers 147 (125) |
OldNick
18:44
07.05.2024
#31584
|
Klaveness Combination Carriers kom med sitt Q1-2024 resultat idag.
Det var litt svakere enn i fjor, og markedet sendte aksjen ned -1.1%.
KCC: Q1-2024 – Strong validation of the combination carrier concept value
Børsmelding
07.05.2024
Oslo - Klaveness Combination Carriers (“KCC”) reports another quarter of solid financial performance with historically high efficiency for the CABU fleet and high tanker trading of the CLEANBU vessels. KCC delivered EBT of USD 26.0 million (Q4-2023: USD 25.9 million) and EBITDA of USD 37.6 million (Q4-2023: USD 36.5 million), supporting continued high dividend distribution of USD 0.35 per share/USD 21.2 million in total for the quarter.
CEO Engebret Dahm comments: “Our Q1 performance demonstrates both the high efficiency and high flexibility in KCC’s business model. The CABUs delivered highly efficient operations with only 8% ballast and strong and stable earnings, while we utilized the flexibility of the CLEANBU fleet employing 75% of the CLEANBU capacity in tanker trades to take benefit of the remarkably strong tanker market.”
KCC owns and operates 16 combination carriers built for transportation of both wet and dry bulk cargoes. The vessels are operated in trades where they efficiently combine dry and wet cargoes with minimum ballast, capitalizing on imbalances in trade flows.
All-time high TCE earnings for the fleet ($40 514/day [1]) in Q1-2024 (Q4-2023: $36 823/day [1]) were driven by a strong product tanker market supported by robust dry earnings in addition to high trading efficiency for the CABU fleet. Average TCE earnings for the CABUs were $34 824/day [1] and $46 593/day [1] for the CLEANBUs. However, in total 139 off-hire days for the fleet impacted the financial results negatively. 130 days were related to two dry dockings that were delayed for a total of 23 days in addition to 9 unscheduled off-hire days.
KCC continues to provide shareholder value with a dividend for the quarter of USD 0.35 per share/USD 21.2 million in total. On a running basis over the last 4 quarters, KCC has paid out an aggregated amount of USD 72.5 million in total dividend.
The carbon intensity (EEOI) of the KCC fleet increased Q-o-Q and compared to 2023. The CLEANBU fleet EEOI was up 17% Q-o-Q, outweighing the CABU fleet’s 4% reduction from improved combination trading. Increased CLEANBU emissions intensity was driven mainly by temporary effects of operation at higher speeds and increased ballast to take benefit of the strong tanker market in the quarter.
With strong CABU contract coverage secured for 2024 and expected continued strong product tanker markets having positive effects on both the CABU and the CLEANBU fleet, the CABU TCE earnings guiding [2] for Q2-2024 is $36 000-37 000/day and $37 500-40 500/day for the CLEANBUs.
Highlights for Q1-2024:
- EBT of USD 26.0 million (Q4-2023: USD 25.9 million) and EBITDA of USD 37.6 million (Q4-2023: USD 36.5 million) for Q1-2024
- All-time high Q1 TCE earnings ($40 514/day) (Q4-2023: $36 823/day)
- Efficient combination trading for the CABUs (ballast 8%)
- Continued high share of CLEANBU capacity employed in tanker trades (75%)
- Increased carbon intensity (EEOI 6.9) driven by CLEANBU speed and ballast
- Off-hire higher than expected due to extended dry dockings and unscheduled off-hire
- KCC Board of Directors declares dividend of USD 0.35 per share (~USD 21.2 million in total)
[1] TCE earnings $/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM1Q2024” published on the Company’s homepage Investor Relations/Reports and Presentations under the section for the Q1-2024 report. The address to the Company’s homepage is www.combinationcarriers.com
[2] Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA).
For further queries, please contact:
Engebret Dahm, CEO, Tel. +47 9574 6851,
Liv Dyrnes, CFO, Tel. +47 9766 0561
KCC: Q1-2024 Report (PDF)
KCC: Q1-2024 Presentation (PDF)
KCC: Q1-2024 Conference call webcast
KCC: Investor relations
______
KCC: Key information relating to dividend for Q1-2024
Børsmelding
07.05.2024
Oslo - The Board of Directors of Klaveness Combination Carriers ASA declares cash dividends of USD 0.35 per share (in total approximately USD 21.2 million) for Q1-2024.
Dividend amount: USD 0.35 per share
Declared currency: USD
Last day of trading including right: 10.05.2024
Ex-date: 13.05.2024
Record date: 14.05.2024
Payment date: On or about 28.05.2024
Date of approval: 06.05.2024
Dividends will be paid in NOK. USDNOK exchange rate will be determined prior to payment.
Endret 18:48 07.05.2024 av OldNick |
highlander
22:23
08.05.2024
#47462
|
Pareto Securities gjentar sin kjøpsanbefaling på Klaveness Combination Carriers i en analyseoppdatering etter selskapets førstekvartalsrapport, jf. OldNick #31584.
Imidlertid nedjusterer meglerhuset kursmålet fra 120 til 118 kroner. |
OldNick
10:52
11.07.2024
#32084
|
KCC: Q2-2024 Business Update
Børsmelding
11.07.2024
Oslo - Klaveness Combination Carriers' ("KCC" or the "Company") preliminary CABU and CLEANBU TCE earnings for second quarter 2024 ended at $/day 37 656 and $/day 39 093 respectively. Fleet average TCE earnings for the quarter ended at $/day 38 376, approximately $/day 2 100 lower than in Q1-2024, but at the high end of the guiding range ($/day 36 700 - 38 700).
The CABU fleet struck another TCE earnings record in Q2-2024 driven by a very strong MR tanker market positively impacting the index-linked contracts and continued efficient trading with 13% ballast and 98% combination trading. CABU TCE earnings for Q2 were up approximately $/day 2 800 from Q1-2024 and were approximately $/day 700 above the high end of the guiding range.
CLEANBU TCE earnings were mainly driven by a continued strong LR1 product tanker market, although LR1 spot market earnings fell back relative to the buoyant levels seen in Q1 2024 and have remained very volatile throughout the quarter. To optimize earnings, the CLEANBU fleet continued to be employed mainly in tanker trades in Q2 (79%) although the combination trading still accounted for 63% of the CLEANBU capacity in the quarter. CLEANBU TCE earnings for Q2 were in line with the mid-point of the guiding range and approximately $/day 7 500 lower than the record strong Q1-2024 TCE earnings.
Actual number of on-hire days were in line with the expected number of days in the guiding for second quarter, but with 12 less CABU days and 10 more CLEANBU days.
KCC has decided to postpone the planned energy efficiency retrofit projects for two vessels from second half 2024 until 2025. One CLEANBU vessel completed the retrofit of an air lubrication system and a shaft generator during the 5-year docking in May 2024. Similar retrofits will be made on one CABU vessel in Q4-2024 and on further one CABU and two CLEANBU vessels in 2025. Three vessels will dry dock and one vessel will be off hire in connection with intermediary class survey during second half of 2024. However, due to the postponed retrofits, total scheduled off hire is expected to be 161 days for second half 2024, down from 225 days reported in the Q1 Presentation. Further details for each vessel will be available in the Q2 Presentation.
KCC’s Second Quarter Report 2024 will be published on 23 August 2024.
CABU (TCE earnings per on-hire day and on-hire days):
Q2-2024 Preliminary: $/day 37 656 (680 days)
Q2-2024 Guiding range*: $/day 36 000 - 37 000 (692 days)
Q1-2024 Actual: $/day 34 824 (680 days)
CLEANBU (TCE earnings per on-hire day and on-hire days):
Q2-2024 Preliminary: $/day 39 093 (683 days)
Q2-2024 Guiding range*: $/day 37 500 - 40 500 (673 days)
Q1-2024 Actual: $/day 46 593 (637 days)
Fleet (TCE earnings per on-hire day and on-hire days):
Q2-2024 Preliminary: $/day 38 376 (1 363 days)
Q2-2024 Guiding range*: $/day 36 700 - 38 700 (1 365 days)
Q1-2024 Actual: $/day 40 514 (1 317 days)
*Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)
TCE earnings $/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM2Q2024” published on the Company’s homepage Investor Relations/Reports and Presentations under the section for the Q2-2024 Report. The address to the Company’s homepage is www.combinationcarriers.com
For further queries, please contact:
Engebret Dahm, CEO, Tel. +47 9574 6851
Liv Dyrnes, CFO, Tel. +47 9766 0561 |
highlander
02:29
19.07.2024
#47950
|
ABG Sundal Collier har i en sektorrapport inneværende uke justert sine estimater på kort sikt innen tørrbulk, men fastholder samtidig sine estimater på lang sikt.
Kursmålet for Golden Ocean nedjusteres til 199 kroner fra 200 kroner tidligere.
Kursmålet for 2020 Bulkers nedjusteres til 215 kroner, fra 225 kroner tidligere.
Kursmålet for KCC nedjusteres til 151 kroner fra 156 kroner tidligere.
Kursmålet for Belships holdes uendret på 39 kroner, mens kursmålet for Himalaya Shipping nedjusteres til 131 kroner fra 141 kroner tidligere.
Kjøpsanbefaling gjentas på samtlige aksjer.
Meglerhuset har oppdatert sine modeller med gjeldende markedsrater og seneste kontraktsdekninger fra selskapene.
"Tørrbulkemarkedet utvikler seg i tråd med våre forventninger, og vi gjentar vårt langsiktige syn", skriver meglerhuset ifølge TDN. |
highlander
01:14
21.08.2024
#48310
|
DNB Markets gjentar sin kjøpsanbefaling på Klaveness Combination Carriers i en analyseoppdatering.
Meglerhuset oppjusterer samtidig kursmålet fra 137 til 143 kroner. |
highlander
01:33
25.08.2024
#48361
|
Klaveness Combination Carriers la fredag frem rapporten for andre kvartal, jf. https://newsweb.oslobors.no/message/626046
Klaveness Combination Carriers (KCC) fikk en ebitda på 36 millioner dollar i andre kvartal 2024, mot 30 millioner dollar samme periode året før.
Resultat før skatt i perioden var 25 millioner dollar (16), av en omsetning på 73 millioner dollar (64).
Styret i selskapet har besluttet et kvartalsutbytte på 0,3 dollar pr aksje.
Klaveness Combination Carriers har sikret 91 prosent av fartøysdagene i tredje kvartal 2024 til en snittrate på 30.700-32.200 dollar pr dag for kvartalet.
For Cabu-flåten er 92 prosent av dagene sikret i tredje kvartal til en estimert dagrate på 28.000-29.000 dollar pr dag. For Cleanbu-flåten er 90 prosent av dagene sikret til en estimert dagrate på 33.500-35.500 dollar.
Rateestimatene er basert på inngåtte slutninger og ventet beskjeftigelse for den åpne kapasiteten basert på forward-rater (FFA).
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Tredjekvartalsguidingen for Cabu-flåten gjenspeiler et svakere MR-tankmarked, noe som påvirker indekskoblede kontrakter for kaustisk soda.
Det sier konsernsjef Engebret Dahm i Klaveness Combination Carriers under fredagens kvartalspresentasjon.
Forward-prisingen innen produkttank for tredje kvartal har falt betydelig som følge av et svakere marked, men prisingen for fjerde kvartals forblir stram, opplyser Dahm.
For Cabu-flåten har selskapet sikret 92 prosent av fartøysdagene i tredje kvartal til en estimert dagrate på 28.000-29.000 dollar pr dag.
- Tredje kvartal forventes å være historisk sterkt, men lavere enn de tre foregående kvartalene, spesielt for Cabu-skipene. Dette gjenspeiler et svakere MR-tankermarked, som påvirker indekskoblede kontrakter for kaustisk soda, sier Dahm.
- Lavere skipninger av kaustisk soda i tredje kvartal er en normal kvartalsvis variasjon. Imidlertid ser fjerde kvartal lovende ut, med høye skipninger av kaustisk soda for Cabu-flåten. Rundt 50 prosent av tankkapasiteten av Cabu-flåten vil være på indekskoblede kontrakter og vil dra nytte av det forventede sterkere markedet i fjerde kvartal, sier Dahm videre.
Forutsatt status quo gjennom 2025 når det gjelder Rødehavssituasjonen forventes tonnmil etterspørselsveksten å være rundt 2 prosent. Hvis seilinger gjennom Rødehavet normaliseres innen slutten av året kan 2025 se negativ vekst, sier Dahm.
Ellers forteller KCC-sjefen at rengjøring og slutninger av VLCC-er og Suezmax-er inn i produkttankmarkedet i sommer kom som en overraskelse, men at råoljemarkedet har styrket seg betydelig, noe som reduserer insentivene for råoljetankskip til å gå inn i produktmarkedet.
- Det ryktes nå om at råoljetankskipene returnerer til råoljetankmarkedet. Dette vil være støttende for produkttankermarkedet ettersom kapasiteten flyttes tilbake til råoljemarkedet, sier han.
Markedsbalansen kan moderere seg litt neste år, med risiko knyttet til Kina og situasjonen i Rødehavet, sier Dahm.
- Produkttankermarkedet dra nytte av det sterke råoljemarkedet, hvor kapasiteten kan skifte fra det rene markedet til råoljemarkedet.
De viktigste risikoene innenfor tørrbulkssegmentet ser ut til å være knyttet til utsiktene for jernmalmleveranser til Kina, men sterke avlinger i både USA og Argentina kan føre til økte kornleveranser i andre halvår i år og neste år, noterer Dahm. (TDN)
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Pareto Securities gjentar sin kjøpsanbefaling på Klaveness Combination Carriers i en analyseoppdatering etter andrekvartalsrapporten.
Imidlertid nedjusterer meglerhuset kursmålet fra 118 til 115 kroner.
DNB Markets på sin side gjentar en kjøpsanbefaling og fastholder kursmålet på 143 kroner. |
highlander
17:56
30.08.2024
#48438
|
Clarksons gjentar sin kjøpsanbefaling på Klaveness Combination Carriers i en analyseoppdatering.
Imidlertid nedjusterer meglerhuset kursmålet med en femmer, fra 130 til 125 kroner. |
highlander
11:57
04.09.2024
#48518
|
Fearnley Securities nedjusterer kursmålet på Klaveness Combination Carriers (KCC) til 110 kroner pr aksje, fra 125 kroner, men gjentar en kjøpsanbefaling.
Det fremgår av en oppdatering fra meglerhuset onsdag, ifølge TDN.
"Vi forventer at KCC vil fortsette å prestere godt inn i 2025 og estimerer at inntjeningen vil stabilisere seg på bakgrunn av økende kontraktsvolumer og stabil kombihandel, og vi ser derfor en flat ebitda-utvikling på årsbasis. Ettersom estimatene for tredje og fjerde kvartal har blitt nedjustert, senker vi vårt kursmål for å reflektere netto eiendelsverdier (NAV) ett år frem i tid", heter det i analyseoppdateringen. |
OldNick
17:45
09.10.2024
#32863
|
KCC: KCC- Q3-2024 Business Update
Børsmelding
08.10.2024
Oslo - Klaveness Combination Carriers’ ("KCC" or the "Company") preliminary CABU and CLEANBU TCE earnings for Q3-2024 ended at $/day 29 668 and $/day 38 673 respectively. Fleet average TCE earnings for the quarter ended at $/day 34 052, approximately $/day 4 300 lower than in Q2-2024, and approximately $/day 1 900 higher than high end of the guiding range ($/day 30 700 - 32 200).
CABU TCE earnings for Q3-2024 were approximately $/day 650 above the high end of the guiding range due to stronger than expected earnings for index-linked caustic soda contracts. The CABU TCE earnings in the quarter were down approximately $/day 8 000 from the record strong Q2-2024 as the fleet experienced a somewhat lower number of caustic soda shipments this quarter as well as a weaker MR-tanker market from the end of Q2- and through Q3-2024 negatively impacting the index-linked caustic soda contracts. The CABU fleet maintained its high trading efficiency with 88% combination trading and 11% ballast for the quarter.
The CLEANBU fleet maintained strong TCE earnings in Q3-2024 (down approximately $/day 400 from Q2-2024) despite a significantly weaker product tanker spot market in the quarter relative to Q2-2024. CLEANBU TCE earnings ended approximately $/day 3 200 higher than the high end of the guiding range due to several smaller effects including somewhat higher than expected tanker spot earnings, a positive IFRS15 effect (periodisation effect from ballast voyages) and positive effects of changes to voyage schedules. Trading efficiency for the CLEANBU fleet was high in Q3-2024 with 87% combination trading and 12% ballast.
Actual number of on-hire days were six days lower than the guiding for third quarter. The six days are related to dry-docking of one CLEANBU vessel.
KCC’s Third Quarter Report 2024 will be published on 30.10.2024.
CABU (TCE earnings per on-hire day and on-hire days):
- Q3-2024 Preliminary: $/day 29 668 (735 days)
- Q3-2024 Guiding range*: $/day 28 000 - 29 000 (734 days)
- Q2-2024 Actual: $/day 37 656 (680 days)
CLEANBU (TCE earnings per on-hire day and on-hire days):
- Q3-2024 Preliminary: $/day 38 673 (697 days)
- Q3-2024 Guiding range*: $/day 33 500 - 35 500 (704 days)
- Q2-2024 Actual: $/day 39 093 (683 days)
Fleet (TCE earnings per on-hire day and on-hire days):
- Q3-2024 Preliminary: $/day 34 052 (1 432 days)
- Q3-2024 Guiding range*: $/day 30 700 - 32 200 (1 438 days)
- Q2-2024 Actual: $/day 38 376 (1 363 days)
*Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)
TCE earnings $/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM3Q2024” published on the Company’s homepage Investor Relations/Reports and Presentations under the section for the Q3 2024 Report. The address to the Company’s homepage is www.combinationcarriers.com.
For further queries, please contact:
Engebret Dahm, CEO, tel. +47 9574 6851
Liv Dyrnes, CFO, Telephone +47 976 60 561 |
highlander
20:09
23.10.2024
#49227
|
DNB Markets nedjusterer sitt kursmål på Hafnia til 96 kroner fra 105 kroner, men gjentar en kjøpsanbefaling på aksjen.
Det fremgår av en analyseoppdatering onsdag.
Resultatestimater på kort sikt er redusert basert på lavere rateestimater og fuel spreads. Estimatet for Hafnias justerte ebitda for 2024 er kuttet med syv prosent, mens meglerhuset opprettholder estimatene for 2025 og 2026.
"Fra et svært sterk første halvår forblir gjennomsnittlige produkttankrater ganske robuste i en historisk sammenheng. Videre opprettholder vi at tankmarkedene vil bli bedre mot slutten av året ettersom sesongmessig etterspørsel tar seg opp, mens vi venter at tonnmilveksten i 2024 langt overgår tilbudsveksten", skriver DNB Markets ifølge TDN.
På Frontline opprettholder DNB Markets en kjøpsanbefaling, men har nedjustert kursmålet på aksjen til 340 kroner fra 345 kroner. Estimatet for justert ebitda i 2024 er ned 11 prosent hensyntatt nylige ratebevegelser, oppdateringer fra sammenlignbare selskaper og fuel spreads.
På Klaveness Combination Carriers oppjusteres kursmålet til 145 kroner fra 144 kroner, og kjøpsanbefalingen gjentas. |
OldNick
19:05
30.10.2024
#33071
|
Klaveness Combination Carriers ASA kom med sitt Q3-resultat onsdag morgen.
KCC: Q3-2024 – Strong financials amid more challenging markets
Børsmelding
30.10.2024
Oslo - Klaveness Combination Carriers (“KCC”) reports continued strong operational and financial performance and maintains dividend distributions of USD 0.30 per share in line with last quarter. TCE earnings for the KCC fleet outperformed both the dry bulk and product tanker markets in Q3, demonstrating the value of the combination carrier concept.
CEO Engebret Dahm commented: “KCC delivered strong results in the quarter amid more challenging markets with substantially weaker product tanker markets. Our CLEANBU vessels returned to more efficient combination trading, positively impacting earnings and emission performance, and both segments outperformed the standard dry bulk and product tanker markets.”
KCC owns and operates 16 combination carriers built for the transportation of both wet and dry bulk cargoes. The vessels are operated in trades where they efficiently combine dry and wet cargoes with minimum ballast, capitalizing on imbalances in trade flows.
“With expected lower rate differentials between dry bulk and tanker vessels going forward, we expect our combination carriers to demonstrate superior value creation. In such market circumstances the higher efficiency of our combination carriers is set to deliver premium earnings to standard vessels supporting continued strong financial performance and dividend distribution to our shareholders,” Dahm continued.
Highlights for Third Quarter 2024:
- Q3-2024 EBITDA of USD 32.6 million (Q2-2024: USD 36.2 million) and EBT of USD 21.7 million (Q2-2024: USD 25.1 million)
- Both KCC’s segments outperformed the standard dry bulk and product tanker markets in the quarter
- Quite stable CLEANBU TCE earnings Q-o-Q of $38 673/day (Q2-2024: $39 093/day), despite significantly weaker spot markets
- CABU TCE earnings of $29 668/day (Q2-2024: $37 656/day) impacted by a weaker MR-tanker market and temporary lower caustic soda volume
- Record low carbon intensity (EEOI 6.1) driven by limited ballasting and high cargo intake (Q2-2024: 6.9)
- Q3-dividend of USD 0.30 per share amounting to USD 18.1 million in total (Q2-2024: USD 0.30 per share), marking the 24th consecutive quarterly dividend distribution
Fleet average TCE earnings for the quarter of $34 052/day [1] (Q2-2024: $38 376/day [1]) were mainly the result of lower CABU TCE earnings compared to last quarter, however the fleet outperformed both the dry bulk and tanker markets. The CABU segment delivered average TCE earnings of $29 668/day [1] for the quarter (Q2-2024: $37 656/day) impacted by a weaker MR product tanker market and temporarily lower caustic soda volume in the period. The CLEANBU TCE earnings remained quite stable Q-o-Q and ended at $38 673/day [1] (Q2-2024: 39 093/day), despite a significantly weaker LR1 product tanker market. The strong CLEANBU performance was backed by improved trading efficiency and limited ballasting.
The Board of Directors declared a quarterly dividend distribution of USD 0.30 per share (Q2-2024: USD 0.30 per share) amounting to USD 18.1 million and equal to 92% of the adjusted cash flow to equity, well above the minimum dividend policy of 80% [2].
The carbon intensity (EEOI) of the KCC fleet improved significantly to reach 6.1, the lowest level ever achieved for a quarter. This was supported by a 19% Q-o-Q drop in CLEANBU EEOI, positively impacted by improved vessel utilization following increased combination trading. EEOI for the CABU fleet was stable at 6.3, around the same range as the previous four quarters.
TCE earnings guidance [3] for Q4-2024 is $28 000 - 29 000/day for the CABUs and $31 000 - 33 000/day for the CLEANBUs, somewhat down compared to Q3 mainly due to weaker product tanker markets to date in Q4 offsetting positive effects of more efficient combination trading.
[1] TCE earnings $/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM3Q2024” published on the Company’s homepage Investor Relations/Reports and Presentations under the section for the Q3-2024 report. The address to the Company’s homepage is https://www.combinationcarriers.com
[2] EBITDA, less maintenance CAPEX, less debt service (see slide 40 in Q3-2024 Presentation)
[3] Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA).
For further queries, please contact:
Engebret Dahm, CEO, tel. +47 9574 6851
Liv Dyrnes, CFO, tel. +47 9766 0561
KCC: Q3-2024 Report (PDF)
KCC: Q3-2024 Presentation (PDF)
KCC: Q3-2024 APM (XLSX)
KCC: Q3-2024 Conference call webcast
KCC: Investor relations
______
KCC: Key information relating to dividend for Q3-2024
Børsmelding
30.10.2024
Oslo - The Board of Directors of Klaveness Combination Carriers ASA declares cash dividends of USD 0.30 per share (in total approximately USD 18.1 million) for Q3-2024.
Dividend amount: USD 0.30 per share
Declared currency: USD
Last day of trading including right: 04.11.2024
Ex-date: 05.11.2024
Record date: 06.11.2024
Payment date: On or about 20.11.2024
Date of approval: 29.10.2024
Dividends will be paid in NOK. USDNOK exchange rate will be determined prior to payment.
______
Skal Klaveness tilbake til seilskip??
KCC: Klaveness Combination Carriers makes first move into wind with bound4blue eSAIL® system on CABU III newbuild
Børsmelding
30.10.2024
Oslo - A subsidiary of Klaveness Combination Carriers ASA (“KCC”) has entered into an agreement with the builder of the CABU III newbuildings, Jiangsu New Yangzi Shipbuilding Co. Ltd. and Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd, to install its first ever Wind Assisted Propulsion System (WAPS) with two bound4blue eSAILs® suction sails on the third CABU III newbuilding for delivery in Q3-2026. The newbuild will be one of the first tanker/dry bulk vessels to feature bound4blue’s cutting-edge WAPS technology, while the two installed units will also rank as the largest ever suction sails, standing at 24 meters in height.
KCC’s decision to install bound4blue's solution resulted from a comprehensive study of alternative sail technologies, where eSAILs® were identified as the most efficient choice for the evaluated vessels and trade routes. bound4blue’s eSAILs®, known as a suction sail, is an innovative solution taking advantage of the available wind at sea to generate clean forward thrust for the vessel, effectively reducing fuel consumption and emission from the vessels’ main engine.
The two eSAILs® will be fitted at the bow of the vessel to enable efficient port operations. The DNV Type Approved solution works by utilizing a fan system to drag air across the sail’s aerodynamically optimized surface, generating propulsive efficiency. eSAILs® are available in three model sizes, starting from 12m and ranging up to 36m in height. KCC will be the first shipowner to install the largest unit, the model 3.
The installation of eSAILs® is a part of KCC’s environmental ambition to cut the carbon intensity of its fleet by more than 45% compared to 2018 by the end of this decade. KCC’s strategy is to build on its market leading trading efficiency of its combination carriers, having a 30-40% lower carbon footprint than competing standard vessels, by investing in innovative energy efficiency and operational efficiency measures. KCC has to date committed USD 32 million in 15 different energy efficiency measures, which in total are expected to cut fuel consumption and carbon emissions by 15% on its modern fleet built after 2015.
CEO of Klaveness Combination Carriers, Engebret Dahm says, “We, at KCC, are excited to partner up with bound4blue on its journey of exploring and utilizing innovative wind assisted propulsion solutions on our fleet. This technology has large potential for reducing carbon emissions and is expected to become an important lever for the industry to reach its decarbonization targets.”
David Ferrer, co-founder and CTO, bound4blue, comments: “We’re thrilled to sign this new agreement with a shipowner of the standing of KCC. This is a landmark contract for us in many respects, becoming not only the largest eSAIL® the world has seen, but also our first newbuild project in China. It will give KCC a proven, autonomous, and operationally efficient solution. We look forward to partnering with the KCC team as they help lead the ‘wind revolution’ in this key shipping segment.” |
highlander
11:41
15.01.2025
#49446
|
ABG Sundal Collier nedjusterer kursmålene på fire tørrlastrederier, men gjentar kjøpsanbefaling på alle aksjene.
Det fremgår av analyser fra meglerhuset onsdag, ifølge TDN.
Mens flåteutnyttelsen ved inngangen til 2025 har vært lavere enn meglerhuset ventet, ser ABG Sundal Collier fortsatt en innstramming i tørrlastmarkedet gjennom 2025 og 2026,
"Vi antar at pågående stimuleringstiltak vil vise seg tilstrekkelig til å holde kinesisk ståletterspørsel fra sekulær nedgang, og, med anstendig vekst forventet for resten av verden, spesielt i India og andre asiatiske fremvoksende markeder, bør dette være tilstrekkelig for fortsatt vekst på 3-4 prosent i det globale tørrlastmarkedet", skriver meglerhuset.
På 2025- og 2026-estimatene nedjusteres rateforventingene for alle de fire selskapene.
For Golden Ocean Group nedjusteres kursmålet til 167 kroner fra 206 kroner.
For 2020 Bulkers nedjusteres kursmålet til 168 kroner fra 203 kroner.
For Klaveness Combination Carriers nedjusteres kursmålet til 118 kroner fra 152 kroner.
For Himalaya Shipping nedjusteres kursmålet til 95 kroner fra 129 kroner. |
OldNick
18:25
15.01.2025
#33859
|
KCC: Q4-2024 Business Update
Børsmelding
15.01.2025
Oslo - Klaveness Combination Carriers’ ("KCC" or the "Company") preliminary CABU and CLEANBU TCE earnings for Q4-2024 ended at $/day 28 988 and $/day 28 027, respectively. Fleet average TCE earnings for the quarter ended at $/day 28 527 approximately $/day 1 700 lower than the mid-point of the guiding range ($/day 29 500 - 31 000) and approximately $/day 5 500 lower than in Q3-2024.
CABU TCE earnings for Q4-2024 were approximately $/day 500 above the mid-point of the guiding range mainly due to more capacity in caustic soda trades supported by a tight contract schedule through the quarter. The CABU fleet continued to trade efficiently with 91% combination trading and 13% ballasting. The CABU fleet delivered considerably higher TCE earnings compared to standard MR tanker vessels in Q4, with a multiple of 1.7*.
Despite weaker underlying product tanker and dry bulk markets in Q4 compared to Q3, CABU TCE earnings were only down approximately $/day 700 from last quarter supported by increased caustic soda shipments.
KCC expects to secure the full 2025 caustic soda contract volume for the CABU fleet during the next weeks. 87% of the volume for 2025 has so far been secured. Subject to finalization of the remaining two contracts, in excess of 30% of the full contract volume is expected to be fixed-rate.
CLEANBU TCE earnings for Q4 ended approximately $/day 4 000 lower than the mid-point of the guiding range due to a considerably weaker product tanker market compared to the forward market at the time of guiding (effect approximately $/day 1 200), more than expected ballasting and waiting time for two vessels after completion of dry-dock (effect approximately $/day 1 800), and negative IFRS 15** effects (approximately $/day 1 000). However, the CLEANBU TCE rates were substantially stronger than the LR1 spot tanker rates for the quarter, with a multiple of 1.4*.
The CLEANBU TCE earnings were down approximately $/day 10 600 from Q3-2024 to Q4-2024 mainly due to weaker markets and less optimal trading (79% combination trading and 20% ballast).
Actual on-hire days in Q4 were 15 days lower than the guiding due to longer dry-docking of two CLEANBU vessels.
2024 has been a historically strong year for KCC where TCE earnings matched product tanker spot earnings at the peak of the market in first half and considerably outperformed the spot market in a weaker second half. Coming into 2025 with less difference between the product tanker and dry bulk markets, KCC’s business model with efficient combination trading is expected to deliver increased earnings premiums compared to the standard markets.
KCC’s Fourth Quarter Report for 2024 will be published on 14.02.2025.
* Clarksons, MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag».
** IFRS15 recognizes revenue based on load-to-discharge and not based on discharge-to-discharge. No cash effect, but effect om timing of revenue recognition.
CABU (TCE earnings per on-hire day and on-hire days):
Q4-2024 Preliminary: $/day 28 988 (684 days)
Q4-2024 Guiding range*: $/day 28 000 - 29 000 (680 days)
Q3-2024 Actual: $/day 29 668 (735 days)
FY-2024 Preliminary: $/day 32 717 (2 779 days)
CLEANBU (TCE earnings per on-hire day and on-hire days):
Q4-2024 Preliminary: $/day 28 027 (631 days)
Q4-2024 Guiding range*: $/day 31 000 - 33 000 (650 days)
Q3-2024 Actual: $/day 38 673 (697 days)
FY-2024 Preliminary: $/day 38 151 (2 648 days)
Fleet (TCE earnings per on-hire day and on-hire days):
Q4-2024 Preliminary: $/day 28 527 (1 315 days)
Q4-2024 Guiding range*: $/day 29 500 - 31 000 (1 330 days)
Q3-2024 Actual: $/day 34 052 (1 432 days)
FY-2024 Preliminary: $/day 35 368 (5 427 days)
* Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)
TCE earnings $/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM4Q2024” published on the Company’s homepage Investor Relations/Reports and Presentations under the section for the Q4-2024 Report. The address to the Company’s homepage is https://www.combinationcarriers.com
The Company has in relation to this Business Update scheduled a group call with equity and credit analysts covering KCC. More information about the call, including date/time and participants is included in the attached presentation. The presentation includes the material being presented in the meeting.
For further queries, please contact:
Engebret Dahm, CEO, tel. +47 9574 6851
Liv Dyrnes, CFO, tel. +47 9766 0561
[Kommentar: 1 vedlegg på link] |
OldNick
22:28
09.03.2025
#34267
|
Klaveness Combination Carriers ASA kom med sitt Q4-resultat 14 februar.
KCC: Q4-2024 – KCC caps off historically strong year
Børsmelding
14.02.2025
Oslo - Klaveness Combination Carriers (“KCC”) delivered significantly higher TCE earnings per on-hire day than standard market rates in Q4-2024, reporting EBITDA of USD 20.2 million and EBT of USD 8.6 million. With TCE earnings at 1.5x product tanker and 2.6x dry bulk [1], KCC continues to demonstrate the strong value proposition of its combination carrier concept.
CEO Engebret Dahm commented: “2024 was a historically strong year for KCC, with TCE earnings surpassing spot product tanker earnings in an exceptional year for product tankers. While earnings have fallen back following weaker product tanker and dry bulk markets in Q4-2024 and early Q1-2025, KCC’s efficient combination model is expected to deliver higher earning premiums over standard markets in 2025 than in 2024.”
KCC owns and operates 16 combination carriers built for the transportation of both wet and dry bulk cargoes. The vessels are operated in trades where they efficiently combine dry and wet cargoes with minimum ballast, capitalizing on imbalances in trade flows.
Highlights for Fourth Quarter 2024:
- Q4-2024 EBITDA of USD 20.2 million (Q3-2024: USD 32.6 million) and EBT of USD 8.6 million (Q3-2024: USD 21.7 million)
- Both vessel segments outperformed the product tanker and dry bulk markets in the quarter [1]
- CLEANBU TCE earnings [2] of $28 027/day (Q3-2024: $38 673/day), impacted by weaker markets
- CABU TCE earnings [2] of $28 988/day (Q3-2024: $29 668/day) supported by high caustic soda volume
- Approximately 90% [3] of CABU wet capacity (caustic soda solution) secured for 2025, implying continued efficient trading in 2025
- Q4 dividend of USD 0.10 per share amounting to USD 6.0 million (Q3-2024: USD 0.30 per share)
The decrease in EBITDA and EBT from Q3- to Q4-2024 was mainly driven by lower CLEANBU TCE earnings and more off-hire related to dry-docking. Average TCE earnings per on-hire day for the CABU vessels ended at $28 988/day [2] in Q4-2024 (Q3-2024: $29 668/day), only slightly down from Q3 despite substantially weaker underlying markets. CABU TCE earnings were supported by a high number of caustic soda solution (CSS) shipments and the fleet continued to trade efficiently with 91% combination trading and 13% ballast for the quarter. Following considerably weaker product tanker and dry bulk spot markets, less optimal trading following the dry-docking of two vessels, and IFRS 15 effects, CLEANBU TCE earnings decreased in Q4-2024 to $28 027/day [2] compared to Q3-2024 ($38 673/day).
The average fleet TCE earnings for 2024 were a record-high $35 368/day [2] (2023: $34 983/day). However, the fleet had more dry-dockings in 2024 compared to 2023 and somewhat higher costs resulting in Profit after tax for the year of USD 81.4 million, a decrease of USD 5.5 million/6% from a record strong 2023, while EBITDA was USD 126.5 million in 2024 compared to USD 134.9 million in 2023. The Return On Equity (ROE) [2] and Return On Capital Employed(ROCE) [2] were solid at 23% and 16%, respectively.
The carbon intensity (EEOI) [4] of the fleet ended at 6.6 for 2024, quite stable from 2023 and outside the 6.4 target for the year, as higher speeds and aging coatings for the CLEANBU fleet had a more negative effect than the energy efficiency measures installed in 2024.
The Board of Directors declares a quarterly dividend distribution of USD 0.10 per share (Q3-2024: USD 0.30 per share) amounting to USD 6.0 million. In total, KCC has declared shareholder distributions equaling 94% of the Adjusted Cash Flow to Equity (ACFE) [2] for the 2024 fiscal year, well above the minimum level in the dividend policy of 80%.
TCE earnings guidance [5] for Q1-2025 is $20 500-21 500/day for the CABUs and $21 500-23 500/day for the CLEANBUs, this is down compared to Q4-2024 mainly due to a seasonally very weak start of 2025 in the dry bulk markets.
[1] Standard tonnage for bulk carriers are calculated averages of Panamax and Kamsarmax earnings weighted by CABU and CLEANBU onhire days respectively. Standard tonnage for product tankers are calculated averages of MR and LR1 earnings weighted by CABU and CLEANBU onhire days respectively. Multiples are calculated by dividing KCC average TCE earnings on standard tonnage for bulk carriers and product tankers. Source: Clarksons Securities and Clarksons SIN
[2] TCE earnings $/day, ROE, ROCE and ACFE are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM4Q2024” published on the Company’s homepage Investor Relations/Reports and Presentations under the section for the Q4 2024 report. The address to the Company’s homepage is www.combinationcarriers.com.
[3] Contract coverage includes one small fixed-rate caustic soda contract (two cargoes) concluded with subjects not yet lifted.
[4] Energy Efficiency Operational Index: Grams CO2 emitted per transported ton cargo per nautical mile for a period of time (both fuel consumption at sea and in port included).
[5] Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA).
For further queries, please contact:
Engebret Dahm, CEO, tel. +47 9574 6851
Liv Dyrnes, CFO, tel. +47 9766 0561
KCC: Q4-2024 Report (PDF)
KCC: Q4-2024 Presentation (PDF)
KCC: Q4-2024 APM (XLSX)
KCC: Q4-2024 Conference call webcast
KCC: Investor relations
______
KCC: Key information relating to dividend for fourth quarter 2024
Børsmelding
14.02.2025
Oslo - The Board of Directors of Klaveness Combination Carriers ASA declares cash dividends of USD 0.10 per share (in total approximately USD 6.0 million) for Q4-2024.
Dividend amount: USD 0.10 per share
Declared currency: USD
Last day of trading including right: 18.02.2025
Ex-date: 19.02.2025
Record date: 20.02.2025
Payment date: On or about 06.03.2025
Date of approval: 13.02.2025
Dividends will be paid in NOK. USDNOK exchange rate will be determined prior to payment.
Endret 21:01 28.10.2025 av OldNick |
OldNick
17:03
11.04.2025
#34479
|
KCC: 2024 Annual Report (PDF)
______
KCC: 2024 Company Presentation at SB1M Energy Conference, 26.02.2025 (PDF)
KCC: 2024 Company Presentation at DNB Energy & Shipping Conference, 06.03.2025 (PDF)
______
KCC: Q1-2025 Business Update
Børsmelding
10.04.2025
Oslo - Klaveness Combination Carriers’ ("KCC" or the "Company") preliminary CABU and CLEANBU TCE earnings for Q1-2025 ended at $/day 22 346 and $/day 22 449, respectively. Fleet average TCE earnings for the quarter ended at $/day 22 400, in the high end of the guiding range ($/day 21 000 - 22 500).
CABU TCE earnings for Q1-2025 were approximately $/day 850 above the high end of the guiding range, supported by more capacity employed in caustic soda trades. The CABU fleet delivered higher TCE earnings compared to standard MR tanker vessels in Q1, with a multiple of 1.2*.
CLEANBU TCE earnings for Q1-2025 ended quite in line with the mid-point of the guiding range and were stronger than the LR1 spot tanker rates for the quarter, with a multiple of 1.2*.
The CABU and CLEANBU TCE earnings were down approximately $/day 6 650 and $/day 5 600, respectively, from Q4-2024 to Q1-2025. The rate development for CABU was mainly due to a weaker dry bulk market, less optimal trading (81% combination trading and 15% ballast) and lower capacity trading in wet mode, while the CLEANBU rate development mainly was driven by weaker markets.
KCC had 28 less on-hire days in Q1 compared to the guiding as two CABU vessel started drydocking earlier than expected.
It is uncertain how the proposed US tariffs, including the United States Trade Representative’s (USTR) proposed port fees, and potential retaliatory tariffs will impact KCC’s business. 11 out of 16 vessels on water as well as the three newbuilds under construction are built in China. The CABU fleet is not trading to/from the US, while one of the main CLEANBU trades involves US port calls. KCC has no contractual obligations for shipments in this trade and will limit shipments to and from the US until USTR’s regulations concerning Chinese built vessels have been clarified. No other direct effects on KCC’s business have so far been identified and KCC continues to monitor the situation, including potential direct and indirect effects.
KCC’s First Quarter Report for 2025 will be published on 08.05.2025.
*Clarksons, MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag»
CABU (TCE earnings per on-hire day and on-hire days)
Q1-2025 Preliminary: $/day 22 346 (660 days)
Q1-2025 Guiding range*: $/day 20 500-21 500 (690 days)
Q4-2024 Actual: $/day 28 988 (684 days)
CLEANBU (TCE earnings per on-hire day and on-hire days)
Q1-2025 Preliminary: $/day 22 449 (720 days)
Q1-2025 Guiding range*: $/day 21 500-23 500 (718 days)
Q4-2024 Actual: $/day 28 027 (631 days)
Fleet (TCE earnings per on-hire day and on-hire days)
Q1-2025 Preliminary: $/day 22 400 (1 380 days)
Q1-2025 Guiding range*: $/day 21 000-22 500 (1,408 days)
Q4-2024 Actual: $/day 28 527 (1 315 days)
*Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)
TCE earnings $/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM1Q2025” published on the Company’s web page Investor Relations/Reports and Presentations under the section for the Q1-2025 Report.
The Company has in relation to this Business Update scheduled a group call with equity and credit analysts covering KCC. More information about the call, including date/time and participants is included in the attached presentation. The presentation includes the material being presented in the meeting.
For further queries, please contact:
Engebret Dahm, CEO, tel. +47 9574 6851
Liv Dyrnes, CFO, tel +47 9766 0561
Endret 17:03 11.04.2025 av OldNick |
highlander
07:09
27.04.2025
#49871
|
SEB gjentar sin kjøpsanbefaling på Klaveness Combination Carriers i en analyseoppdatering.
Imidlertid kutter meglerhuset kursmålet fra 85 til 70 kroner. |
OldNick
19:44
10.06.2025
#34838
|
Klaveness Combination Carriers ASA kom med sitt Q1-2025 resultat 8 mai.
KCC: Q1-2025 – Charting a steady path through uncertainty and seasonal headwinds
Børsmelding
08.05.2025
Oslo - Klaveness Combination Carriers ASA (“KCC”) reported EBITDA of USD 15.0 million and EBT of USD 4.3 million in a seasonally weak dry bulk quarter and a mixed product tanker market. Both vessel segments continued to outperform standard market benchmarks, with earnings exceeding comparable tanker earnings by a factor of 1.2x and dry bulk rates by 2.7x [1], underscoring the value of KCC’s business model.
CEO Engebret Dahm commented: “After a seasonally weak start of the year and high macroeconomic and geopolitical uncertainty, we are optimistic for the development over the next quarters, supported by positive outlook for the crude tanker market. KCC’s resilient business model with diversified market exposure, strong contract coverage and the ability to shift capacity between markets, positions the company well to navigate continued high uncertainty.”
KCC owns and operates a fleet of 16 combination carriers, with 3 newbuilds arriving in 2026, built for the transportation of both wet and dry bulk cargoes. The vessels are operated in trades where they efficiently combine dry and wet cargoes with minimum ballast, capitalizing on imbalances in trade flows.
Highlights for Q1-2025:
- EBITDA of USD 15.0 million (Q4-2024: USD 20.2 million) and EBT of USD 4.3 million (Q4-2024: USD 8.6 million)
- Both vessel segments outperformed the product tanker and dry bulk markets in the quarter [1]
- CABU TCE earnings [2] of $22 346/day (Q4-2024: $28 988/day), impacted by weaker markets and less optimal trading
- CLEANBU TCE earnings [2] of $22 449/day (Q4-2024: $28 027/day), impacted by weaker markets
- Q1 dividend of USD 0.035 per share amounting to approximately USD 2.1 million (Q4-2024: USD 0.10 per share)
- Steel cutting for two out of three newbuilds
The decrease in EBITDA and EBT from Q4-2024 to Q1-2025 was mainly driven by lower TCE earnings, partly offset by less dry-docking off-hire and lower expenses. Average TCE earnings per on-hire day for the CABU vessels ended at $22 449/day [2] in Q1-2025 (Q4-2024: $28 988/day), down from Q4-2024, mainly due to a very weak dry bulk market in the Pacific, less capacity trading in wet mode after a hectic caustic soda contract program in Q4-2024, and somewhat less efficient trading to service customer requirements. The decrease in CLEANBU TCE earnings [2] from $28 027/day in Q4-2024 to $22 449/day in Q1-2025 was mainly driven by a somewhat weaker LR1 product tanker market and considerably weaker dry bulk markets. During the quarter, the CLEANBU vessels’ trading flexibility was actively used to optimize earnings, both ballasting more to lift higher paying CPP shipments and carrying vegetable oils instead of dry bulk shipments out of South America.
A milestone was reached for the newbuilding program consisting of three vessels under construction in China, when the steel cutting of two out of the three vessels was made in first quarter. The vessels are expected to be delivered Q1-Q3 2026.
The Board of Directors declares a quarterly dividend distribution of USD 0.035 per share (Q4-2024: USD 0.10 per share) amounting to approximately USD 2.1 million, equaling 135% of the Adjusted Cash Flow to Equity (ACFE) [2] for Q1 2025, well above the minimum level in the dividend policy of 80%.
TCE earnings guidance [3] for Q2-2025 is $24 000 - 25 000/day for the CABUs, supported by stronger markets and more efficient trading so far in the second quarter. TCE earnings guidance [3] for Q2-2025 for the CLEANBUs of $21 500 - 23 500/day is negatively impacted by the geopolitical uncertainty, especially related to the USTR port fees, resulting in a decision to temporarily reduce trading in one of KCC’s efficient combination trades to/from the US. Following the release of the revised USTR-proposal in mid-April 2025, normal trading to/from the US has been resumed, but KCC is following the situation closely and prepares to reduce vessel capacity in this trade again dependent on the final wording of the USTR regulation.
[1] Standard tonnage for bulk carriers is calculated averages of Panamax and Kamsarmax earnings weighted by CABU and CLEANBU on-hire days respectively. Standard tonnage for product tankers is calculated averages of MR and LR1 earnings weighted by CABU and CLEANBU on-hire days respectively. Multiples are calculated by dividing KCC average TCE earnings on standard tonnage for bulk carriers and product tankers. Source: Clarksons Securities and Clarksons SIN.
[2] TCE earnings $/day and ACFE are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM1Q2025” published on the Company’s homepage Investor Relations/Reports and Presentations under the section for the Q1 2025 report. The address to the Company’s homepage is www.combinationcarriers.com.
[3] Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA).
For further queries, please contact:
Engebret Dahm, CEO, tel. +47 9574 6851
Liv Dyrnes, CFO, tel. +47 9766 0561
KCC: Q1-2025 Report (PDF)
KCC: Q1-2025 Presentation (PDF)
KCC: Q1-2025 Analyst Presentation (PDF)
KCC: Q1-2025 APM (XLSX)
KCC: Q1-2025 Conference call webcast
KCC: Investor relations
______
KCC: Key information relating to dividend for first quarter 2025
Børsmelding
08.05.2025
Oslo - The Board of Directors of Klaveness Combination Carriers ASA declares cash dividends of USD 0.035 per share (in total approximately USD 2.1 million) for Q1-2025.
Dividend amount: USD 0.035 per share
Declared currency: USD
Last day of trading including right: 12.05.2025
Ex-date: 13.05.2025
Record date: 14.05.2025
Payment date: On or about 28.05.2025
Date of approval: 07.05.2025
Dividends will be paid in NOK. USDNOK exchange rate will be determined prior to payment.
______
KCC: Mandatory notification of trade
Børsmelding
15.05.2025
Bergen - EGD Shipping Invest AS (“EGD”) has today purchased 150 000 shares in Klaveness Combination Carriers ASA (“KCC”), representing approximately 0.25% of the share capital and votes in the Company, at a price of NOK 63.00 per share for a total value of NOK 9.45 million (the “Transaction”).
EGD is a company closely associated with Magne Øvreås, member of the Board of Directors of KCC.
Following completion of the Transaction, EGD holds 3 650 000 shares in the Company, representing approximately 6.04% of the share capital and votes in the Company. Please see attached forms for further details.
[Kommentar: 2 vedlegg på link]
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FA.no: KCC - FEARNLEY NEDJUSTERER KURSMÅL TIL 73 FRA 82, GJENTAR KJØP
FA.no: KCC - PARETO NEDJUSTERER KURSMÅL TIL 75 FRA 80, GJENTAR KJØP
Endret 21:00 28.10.2025 av OldNick |
OldNick
10:17
09.07.2025
#35049
|
KCC: Q2-2025 Business Update
Børsmelding
09.07.2025
Oslo - Klaveness Combination Carriers’ ("KCC" or the "Company") preliminary CABU and CLEANBU TCE earnings for Q2-2025 ended at $/day 26 365 and $/day 22 843, respectively. Fleet average TCE earnings for the quarter ended at $/day 24 561, slightly above the guiding range ($/day 22 700 - 24 200).
CABU TCE earnings for Q2-2025 were approximately $/day 1 365 above the high end of the guiding range ($/day 24 000 - 25 000), primarily supported by increased capacity employed in caustic soda trades. The CABU fleet achieved higher TCE earnings than standard MR tanker vessels in Q2, with a multiple of 1.3*.
CLEANBU TCE earnings for Q2-2025 ended slightly above the mid-point of the guiding range ($/day 21 500 - 23 500) and were in line with the LR1 spot tanker rates for the quarter (multiple 1.0*).
The CABU and CLEANBU TCE earnings increased by approximately $/day 4 000 and $/day 400, respectively, from Q1-2025 to Q2-2025. The rate development for CABU was primarily driven by more capacity trading in wet mode, stronger dry bulk TCE earnings and efficient trading (90% combination trading and 12.5% ballast). Stronger markets impacted the CLEANBU rates positively in Q2 compared to Q1, however, this was offset by somewhat less capacity trading wet, less optimal trading and negative IFRS effects.
KCC recorded 10 additional on-hire days in Q2 compared to the guiding due to changes in the start dates of two dry-dockings.
Following the targeted military operations in Iran, traffic through the Strait of Hormuz continues to flow normally. KCC has maintained regular trading activity in the area while implementing appropriate mitigating measures and closely monitoring the situation. The safety of our crew and vessels remains KCC’s highest priority.
KCC’s Second Quarter Report for 2025 will be published on 21.08.2025.
*Clarksons, MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag»
CABU (TCE earnings per on-hire day and on-hire days):
Q2-2025 Preliminary: $/day 26 365 (677 days)
Q2-2025 Guiding range*: $/day 24 000 - 25 000 (657 days)
Q1-2025 Actual: $/day 22 346 (660 days)
H1-2025 Preliminary: $/day 24 380 (1 337 days)
CLEANBU (TCE earnings per on-hire day and on-hire days):
Q2-2025 Preliminary: $/day 22 843 (711 days)
Q2-2025 Guiding range*: $/day 21 500 - 23 500 (721 days)
Q1-2025 Actual: $/day 22 449 (720 days)
H1-2025 Preliminary: $/day 22 645 (1 431 days)
Fleet (TCE earnings per on-hire day and on-hire days):
Q2-2025 Preliminary: $/day 24 561 (1 387 days)
Q2-2025 Guiding range*: $/day 22 700 - 24 200 (1 378 days)
Q1-2025 Actual: $/day 22 400 (1 380 days)
H1-2025 Preliminary: $/day 23 483 (2 767 days)
*Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)
TCE earnings $/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM2Q2025” published on the Company’s web page Investor Relations/Reports and Presentations under the section for the Q2-2025 Report.
For further queries, please contact:
Engebret Dahm, CEO, tel. +47 9574 6851
Liv Dyrnes, CFO, tel. +47 9766 0561 |
OldNick
21:19
28.10.2025
#35719
|
KCC: Q2-2025 – Strong CABU performance lifts results with improved outlook for both segments
Børsmelding
21.08.2025
KCC: Q2-2025 Report (PDF)
KCC: Q2-2025 Presentation (PDF)
KCC: Q2-2025 APM (XLSX)
KCC: Q2-2025 Conference call webcast
KCC: Investor relations
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Klaveness Combination Carriers ASA kom med sitt Q3-resultat idag.
KCC: Q3-2025 - Stronger financial performance driven by more favorable markets and optimized trading
Børsmelding
28.10.2025
Oslo - Klaveness Combination Carriers ASA (“KCC”) reported EBITDA of USD 24.0 million and EBT of USD 12.0 million for Q3-2025. Both the CABU and CLEANBU fleets delivered a solid improvement over the second quarter, with the CABU fleet in particular outperforming the MR benchmark by a factor of 1.4x [1].
CEO Engebret Dahm commented:
“Following a relatively weak first half, the third quarter delivered a substantial improvement in earnings and profitability for both the CABU and CLEANBU fleets. The outlook for Q4-2025 and 2026 remains positive, supported by stronger markets, the onboarding of new CLEANBU customers, clarification that KCC will not be impacted by the USTR port fees, and a solid outlook for contract renewals for next year.”
KCC owns and operates a fleet of 16 combination carriers, with three newbuilds arriving in 2026. The vessels are built for the transportation of both wet and dry bulk cargoes and operate in trades where they efficiently combine dry and wet cargoes with minimum ballast, thereby capitalizing on imbalances in trade flows.
Highlights for Third Quarter 2025:
- EBITDA of USD 24.0 million (Q2-2025: USD 18.1 million) and EBT of USD 12.0 million (Q2-2025: USD 6.7 million).
- CABU TCE earnings of $30 062/day (Q2-2025: $26 365/day) outperforming the MR index by 40%.
- CLEANBU TCE earnings of $27 740/day (Q2-2025: $22 843/day), exceeding the LR1 index by 10%.
- Q3-2025 dividend of USD 0.12 per share amounting to USD 7.1 million (Q2-2025: USD 0.05 per share).
- KCC will not be materially affected by the US and Chinese port fees effective 14.10.2025.
- Efficiency improvements deliver a strong carbon intensity performance with fleet EEOI of 6.1 for the quarter.
The 33% increase in EBITDA and 79% increase in profit after tax from Q2- to Q3-2025 was mainly driven by higher TCE earnings across both fleets, supported by improved market conditions and more optimal trading. Average TCE earnings for the CABU fleet [2] ended at $30 062/day in Q3-2025, up approximately $3 700/day from the previous quarter — primarily driven by stronger caustic soda solution TCE earnings, supported by higher cargo intake and a firmer underlying product tanker market. TCE earnings for the CLEANBU fleet [2] averaged $27 740/day, up $4 900/day from Q2 — driven by stronger markets, increased capacity employed in the best-paying trades, a higher share of capacity employed in clean petroleum products trading, and positive IFRS effects.
KCC’s newbuild program in China reached another key milestone with the launching of the first vessels, MV Balder. The vessel remains on track to join the fleet in February 2026, with the two sister vessels expected to follow in March and July 2026.
The Board of Directors declares a quarterly dividend distribution of USD 0.12 per share (Q2-2025: USD 0.05 per share) amounting to approximately USD 7.1 million.
The CABU fleet is expected to maintain stable performance in Q4-2025, with weaker Pacific MR tanker earnings offset by stronger dry bulk results and continued efficient trading across established combination routes resulting in a TCE earnings guidance [3] for Q4-2025 of $30 000 - 31 000/day. The CLEANBU fleet guidance [3] for Q4-2025 of $27 000 - 29 000/day, is also expected to be stable in Q4-2025 compared to Q3, supported by a rebound in the product tanker market in second half of October and a continued healthy dry bulk market.
[1] Standard tonnage for bulk carriers is calculated averages of Panamax and Kamsarmax earnings weighted by CABU and CLEANBU on-hire days respectively. Standard tonnage for product tankers is calculated averages of MR and LR1 earnings weighted by CABU and CLEANBU on-hire days respectively. Multiples are calculated by dividing KCC average TCE earnings on standard tonnage for bulk carriers and product tankers. Source: Clarksons Securities and Clarksons SIN.
[2] TCE earnings $/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM3Q2025” published on the Company’s homepage Investor Relations/Reports and Presentations under the section for the Q3 2025 report. The address to the Company’s homepage is: www.combinationcarriers.com.
[3] Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA).
For further queries, please contact:
Engebret Dahm, CEO, tel. +47 9574 6851
Liv Dyrnes, CFO and Deputy CEO, tel. +47 9766 0561
KCC: Q3-2025 Report (PDF)
KCC: Q3-2025 Presentation (PDF)
KCC: Q3-2025 APM (XLSX)
KCC: Q3-2025 Conference call webcast
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KCC: Key information relating to dividend for Q3-2025
Børsmelding
28.10.2025
Oslo - The Board of Directors of Klaveness Combination Carriers ASA declares cash dividends of USD 0.12 per share (in total approximately USD 7.1 million) for Q3-2025.
Dividend amount: USD 0.12 per share
Declared currency: USD
Last day of trading including right: 30.10.2025
Ex-date: 31.10.2025
Record date: 03.11.2025
Payment date: On or about 13.11.2025
Date of approval: 27.10.2025
Dividends will be paid in NOK. USDNOK exchange rate will be determined prior to payment.
Endret 21:23 28.10.2025 av OldNick |
OldNick
20:12
10.12.2025
#36025
|
Klaveness Combination Carriers ASA avholdt kapitalmarkedsdag idag.
KCC: åCapital Markets Day 2025 – Fleet expansion and optimization supporting continued profitable growth and value creation
Børsmelding
10.12.2025
Oslo - Klaveness Combination Carriers ASA (“KCC”) today hosts its Capital Markets Day at the company’s headquarters in Oslo. At the event, KCC presents its strategy for 2026–2030; onboarding new vessels, targeting profitable growth, continued strong shareholder returns, and leadership in low-emission shipping.
CEO Engebret Dahm comments:
“Since listing, we have proven our ability to innovate and scale profitably. Our strategy for the coming years will focus on continued expansion and value creation. We will further strengthen efficiency throughout our business, and expand into new trades with new customers across our two combination carrier segments to further improve earnings. We will also explore new combi-concepts with the ambition to enter new markets over time. With robust financials and an unchanged dividend policy, KCC is well positioned to deliver attractive shareholder returns.”
Key strategic ambitions 2026-2030:
- Take the CABU business into a new chapter with the CABU III newbuild deliveries in 2026, growing the Australian market share and diversifying to new regions.
- Further develop and grow the CLEANBU business, adding new customers and trade routes focused particularly on trades East of Suez, establishing a strong foundation for further fleet growth.
- Explore new combination carrier concepts drawing on extensive experience from existing concepts.
- Capitalize on market-leading position in low-emission shipping and deliver on high decarbonization ambitions.
- Continue prioritizing direct shareholders return through high quarterly dividend payments.
Strong track record
KCC has established itself as a leading provider of efficient shipping solutions within the tanker and dry bulk segments. By challenging long-standing inefficiencies in global shipping, KCC’s unique combination carrier fleet breaks with industry norms and unlocks value through premium earnings (1.7x and 1.2x vs standard dry bulk and wet cargo markets last five years), lower volatility, and reduced carbon emissions compared to standard vessels in competing trades.
Since its listing in 2019, KCC has delivered consistently strong operational and financial results. It has successfully introduced and profitably scaled the CLEANBU concept, built a robust financial position, and returned USD 228 million to shareholders through quarterly dividends and share buybacks.
Building on a strong foundation
Moving forward, KCC will build on its strong foundation to strengthen earnings and grow its existing segments. The company will capitalize on its position as a leader in efficient, low-emission shipping while pursuing new growth opportunities through geographical expansion within existing segments, and potential new innovative combination carrier concepts. At the same time, KCC remains committed to delivering attractive shareholder returns, maintaining its policy of quarterly distributions of at least 80% of adjusted free cash flow to equity.
For further queries, please contact:
Engebret Dahm, CEO, tel. +47 9574 6851
Liv Dyrnes, CFO and Deputy CEO, tel. +47 9766 0561
KCC: 2025 CMD webcast
KCC: 2025 CMD Presentation slides (PDF) |
OldNick
08:38
13.01.2026
#36212
|
KCC: Q4-2025 Business Update
Børsmelding
13.01.2026
Oslo - Klaveness Combination Carriers’ ("KCC" or the "Company") preliminary fleet average TCE earnings for the fourth quarter ended at $29 333/day, slightly above the mid-point of the guiding range ($28 500 - 30 000/day).
The CABU fleet achieved TCE earnings of $31 840/day, $840/day above the guiding range ($30 000 – 31 000/day) mainly due to stronger dry earnings driven by more fixed rate contract days, and positive IFRS periodization effects[1]. Compared to Q3-2025, the CABU TCE earnings increased by $1 778/day driven by stronger dry bulk earnings, positive IFRS effects[1] and more capacity employed in wet trades, partly offset by lower per-day wet rates. CABU earnings continued to outperform the standard MR tanker market, with a multiple of 1.4[2] for the quarter.
KCC has secured a record-high contract of affreightment (COA) portfolio for 2026, covering the full caustic soda solution (CSS) capacity of its expanding CABU fleet, including the three CABU newbuilds to be delivered in 2026. This CSS COA volume also supports the CLEANBU trading into Australia through increased flexibility. Approximately 35% of the contract volume is fixed-rate, secured in the period October to December 2025.
The CLEANBU fleet reported TCE earnings of $26 851/day for Q4, $149/day below the guiding range ($27 000 - 29 000/day) mainly due to negative IFRS effects[1]. The TCE earnings were slightly above LR1 spot tanker rates for the quarter, corresponding to a multiple of 1.1[2]. The CLEANBU TCE earnings were down $889/day from Q3-2025 to Q4-2025 mainly driven by negative IFRS effects[1] partly offset by higher dry earnings.
Actual on-hire days in Q4 were 15 days higher than the guiding for the quarter due to less off-hire than expected related to dry-docking.
Preliminary fleet average TCE earnings for 2025 were $26 278/day, down approximately $9 100/day from 2024, mainly driven by weaker product tanker markets and somewhat weaker dry bulk markets.
KCC’s Fourth Quarter Report for 2025 and the Annual Report for 2025 will be published on 13.02.2026.
[1] IFRS recognizes revenue based on load to discharge basis and not discharge to discharge
[2] Clarksons MR (CABU) and LR1(CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag»
CABU (TCE earnings per on-hire day and on-hire days):
Q4-2025 Preliminary: $31 840/day (660 days)
Q4-2025 Guiding range[3]: $30 000/day - $31 000/day (666 days)
Q3-2025 Actual: $30 062/day (712 days)
2025 Preliminary: $27 700/day (2 708 days)
CLEANBU (TCE earnings per on-hire day and on-hire days):
Q4-2025 Preliminary: $26 851/day (667 days)
Q4-2025 Guiding range[3]: $27 000/day - $29 000/day (646 days)
Q3-2025 Actual: $27 740/day (688 days)
2025 Preliminary: $24 897/day (2 787 days)
Fleet (TCE earnings per on-hire day and on-hire days):
Q4-2025 Preliminary: $29 333/day (1 327 days)
Q4-2025 Guiding range[3]: $28 500/day - $30 000/day (1 312 days)
Q3-2025 Actual: $28 921/day (1 400 days)
2025 Preliminary: $26 278/day (5 495 days)
[3] Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)
TCE earnings $/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM4Q2025” published on the Company’s homepage Investor Relations/Reports and Presentations under the section for the Q4-2025 Report.
For further queries, please contact:
Engebret Dahm, CEO, tel. +47 9574 6851
Liv Dyrnes, CFO, tel. +47 9766 0561 |
OldNick
20:04
29.04.2026
#36775
|
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