APM2Q2026
KCC: Second Quarter 2026 Business Update
Oslo, 10 July 2026: Klaveness Combination Carriers’ ("KCC" or the "Company") preliminary fleet average TCE earnings for the second quarter ended at $37,782/day, within the guiding range of $36,500-38,400/day).
The CABU fleet achieved TCE earnings of $34,076/day, within the guiding range of $33,500–34,500/day. CABU TCE earnings increased by $4,524/day from Q1 2026, mainly driven by stronger underlying markets and more capacity trading in wet mode. This was partly offset by less efficient trading, as the situation in the Middle East affected caustic soda procurement to the alumina industry resulting in more ballasting and longer waiting time. Compared with the MR tanker market, the CABU TCE earnings multiple was 0.7[1] for the second quarter.
The CLEANBU TCE earnings were $42,243/day in Q2 2026, within the guiding range of $40,000-43,000/day. The CLEANBU TCE earnings increased by $4,932/day from Q1 2026, mainly reflecting a volatile, but in average significantly stronger LR1 product tanker market, a higher share of capacity employed in wet and support from a healthy dry bulk market. The TCE earnings were negatively impacted by IFRS effects[2] of ~$1,900/day at quarter end due to more than usual ballasting for the fleet. The CLEANBU TCE earnings achieved a multiple of 0.6[1] compared to the LR1 product tankers for the second quarter.
Actual on-hire days in Q2 were 4 days more than the guiding, primarily due to Banastar exiting safely the Middle East Gulf on 25 June. Total loss of hire compensation for Banastar and one CLEANBU vessel with prolonged dry docking are expected to be approximately USD 5.3 million for Q2 2026.
KCC’s Second Quarter Report for 2026 will be published on 25 August 2026.
[1] Clarksons MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag»
[2] IFRS recognises revenue based on load to discharge basis and not discharge to discharge
CABU (TCE earnings per on-hire day and on-hire days)
Q2 2026 Preliminary: $34,076/day (754 days)
Q2 2026 Guiding range[3]: $33,500/day-$34,500/day (748 days)
Q1 2026 Actual: $29,552/day (703 days)
H1 2026 Preliminary: $31,892/day (1,457 days)
CLEANBU (TCE earnings per on-hire day and on-hire days)
Q2 2026 Preliminary: $42,243/day (626 days)
Q2 2026 Guiding range[3]: $40,000/day-$43,000/day (628 days)
Q1 2026 Actual: $37,311/day (704 days)
H1 2026 Preliminary: $39,633/day (1,330 days)
Fleet (TCE earnings per on-hire day and on-hire days)
Q2 2026 Preliminary: $37,782/day (1,380 days)
Q2 2026 Guiding range[3]: $36,500/day-$38,400/day (1,376 days)
Q1 2026 Actual: $33,432/day (1,407 days)
H1 2026 Preliminary: $35,586/day (2,786 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 “APM2Q2026” published on the Company’s homepage Investor Relations/Reports and Presentations under the section for the Q2 2026 Report. The address to the Company’s homepage is www.combinationcarriers.com.