Oslo, 28 April 2026: Klaveness Combination Carriers ASA ("KCC") reported
EBITDA of USD 29.3 million and Profit after tax of USD 15.6 million for the
first quarter of 2026, an increase of 30% and 51% Q-o-Q, respectively. Second
quarter results are expected to strengthen further, mainly underpinned by firm
product tanker rates.
CEO Engebret Dahm commented: "KCC has steered well through turbulent markets
caused by the ongoing Middle East conflict. In these challenging times our
highest priority has been, and continues to be, the safety and wellbeing of
our crew aboard the CABU vessel trapped in the Middle East Gulf. We are also
focused on maintaining a steady and uninterrupted service to our customers and
capturing value in the current buoyant tanker market. After a solid Q1, we
foresee an even stronger Q2 mainly driven by continued tight tanker markets
and the high trading flexibility of our CLEANBU fleet."
Highlights for First Quarter 2026:
* Main priority has been, and continues to be, the safety and wellbeing of the
crew aboard the vessel trapped in the Middle East Gulf
* Q1 2026 EBITDA of USD 29.3 million (Q4 2025: USD 22.6 million) and Profit
after tax of USD 15.6 million (Q4 2025: USD 10.4 million)
* Highest fleet TCE earnings since Q3 2024, reaching $33,432/day (Q4 2025:
$29,333/day)
* Q1 2026 dividend of USD 0.25 per share, totaling USD 14.8 million (Q4 2025:
USD 0.08 per share)
* A CABU vessel commenced a 32-month COA for caustic soda solution into
Brazil, following a life-extension docking
* Secured a 2-year time charter for one CLEANBU vessel at an attractive rate
with a global energy company
* Successful delivery of two new-generation CABU newbuilds in February and
April 2026
The 30% increase in EBITDA and 51% increase in profit after tax from Q4 2025
to Q1 2026 was mainly driven by higher CLEANBU TCE earnings and more on-hire
days following delivery of one new vessel during the quarter and less
dry-docking off-hire. Both the CABU and the CLEANBU fleet outperformed
earnings compared to the standard MR and LR1 tanker market with a multiple of
respectively 1.1x and 1.2x [1].
Return On Equity (ROE) [2] was 17% and Return On Capital Employed (ROCE) [2]
was 11% for Q1 2026, reflecting solid profitability for the quarter.
The Board of Directors declares a quarterly dividend distribution for Q1 of
USD 0.25 per share (Q4 2025: USD 0.08 per share) amounting to approximately
USD 14.8 million and equal to 81% of the adjusted cash flow to equity (ACFE)
[2].
KCC's carbon intensity (EEOI) increased to 6.5 for Q1 2026, compared to
average EEOI of 6.1 for 2025, driven by increased tanker deployment to capture
stronger product tanker markets, negatively impacting ballast, speeds, and
cargo volumes.
The CABU fleet is expected to deliver another strong quarter in Q2 2026 with
negative operational effects from the Middle East conflict being more than
offset by stronger MR-product tanker markets and continued healthy dry bulk
markets. The CABU TCE guidance for Q2 2026 is $32,500-34,500/day [3].
The Middle East conflict has had large effects on the tanker market and
CLEANBU trading in Q2. Traditional clean petroleum trade flows have been
interrupted by the closure of the Strait of Hormuz, partly being replaced by
alternative trades. Backed by their strong trading flexibility, part of the
CLEANBU fleet has been employed in trades out of the Americas involving longer
than targeted ballasts but yielding historically strong earnings. CLEANBU
fleet TCE guidance is $49,000-54,000/day [3] for Q2 2026.
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[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, Return On Equity (ROE), Return On Capital Employed
(ROCE) and Adjusted Cash Flow to Equity (ACFE) are alternative performance
measures (APMs) which are defined and reconciled in the excel sheet
"APM1Q2026" published on the Company's homepage Investor Relations/Reports and
Presentations under the section for the Q1 2026 report. The address to the
Company's homepage is: www.combinationcarriers.com
(https://www.combinationcarriers.com/).
[3] Estimate based on booked cargoes and expected employment for open capacity
basis forward freight pricing (FFA).
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Invitation to presentation of Q1 2026 financial results
In connection with the release of financial results for the first quarter of
2026, Klaveness Combination Carriers ASA ("KCC") will hold a webcast
presentation at 09:00 CEST on Tuesday 28 April, 2026.
To follow the webcast live go to
https://www.combinationcarriers.com/investor-relations/overview or copy and
paste the following link to your browser:
https://www.combinationcarriers.com/kcc-q1-2026-financial-results.
Questions for the Q&A session can be submitted in writing through the webcast
solution during the presentation.
For further queries, please contact:
Engebret Dahm, CEO, tel.: +47 957 46 851
Liv Dyrnes, CFO and Deputy CEO, tel.: +47 976 60 561
About Klaveness Combination Carriers ASA:
KCC is the world leader in combination carriers, owning and operating ten CABU
and eight CLEANBU combination carriers with one CABU vessels under
construction for delivery in 2026. KCC's combination carriers are built for
transportation of both wet and dry bulk cargoes, being operated in trades
where the vessels efficiently combine dry and wet cargoes with minimum
ballast. Through their high utilization and efficiency, the vessels emit up to
40% less CO2 per transported ton compared to standard tanker and dry bulk
vessels in current and targeted combination trading patterns.
This information is subject to disclosure under the Norwegian Securities
Trading Act, ยง5-12. The information was submitted for publication, through the
agency of the contact persons set out above, at 2026-04-28 07:00 CEST.