KCC: Third Quarter 2026 Business Update
2026-10-09 07:00:04
Oslo, 9 October 2026: Klaveness Combination Carriers' ("KCC" or the "Company")
preliminary fleet average TCE earnings for the third quarter ended at
$36,116/day, within the guidance range of $34,800-36,300/day.
The CABU fleet achieved TCE earnings of $34,499/day, in the high end of the
guidance range of $33,500--34,500/day. CABU TCE earnings increased by $423/day
from Q2 2026, primarily driven by higher caustic soda solution earnings
reflecting a larger share of capacity employed on index-linked contracts and
more efficient trading. This was partly offset by lower dry bulk earnings,
impacted by Banastar's positioning voyage following its exit through the
Strait of Hormuz in late June. Compared with the MR tanker market, the CABU
TCE earnings multiple was 1.4[1] for the third quarter.
The CLEANBU TCE earnings were $38,164/day in Q3 2026, in the high end of the
guidance range of $36,500-38,500/day. The CLEANBU TCE earnings decreased by
$4,079/day from Q2 2026, mainly reflecting a weaker LR1 product tanker market
during the summer and a higher share of vessel capacity employed in the dry
bulk market (22% in Q3 compared to 4% in Q2). The decrease was partly offset
by positive IFRS effects[2] in Q3 compared to negative IFRS effects in Q2. The
CLEANBU TCE earnings multiple to LR1 product tankers was 1.1[1] for the third
quarter.
Actual on-hire days in Q3 were in line with the guidance. In addition, KCC
recognized USD 0.9 million in Other income in Q3 2026.
KCC's Third Quarter Report for 2026 will be published on 27 October 2026.
CABU (TCE earnings per on-hire day and on-hire days)
Q3 2026 Preliminary: $34,499/day (931 days)
Q3 2026 Guidance range[3]: $33,500/day-$34,500/day (933 days)
Q2 2026 Actual: $34,076/day (754 days)
CLEANBU (TCE earnings per on-hire day and on-hire days)
Q3 2026 Preliminary: $38,164/day (735 days)
Q3 2026 Guidance range[3]: $36,500/day-$38,500/day (734 days)
Q2 2026 Actual: $42,243/day (626 days)
Fleet (TCE earnings per on-hire day and on-hire days)
Q3 2026 Preliminary: $36,116/day (1,667 days)
Q3 2026 Guidance range[3]: $34,800/day-$36,300/day (1,667 days)
Q2 2026 Actual: $37,782/day (1,380 days)
[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
[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 "APM3Q2026" published on the
Company's homepage Investor Relations/Reports and Presentations under the
section for the Q3 2026 Report. The address to the Company's homepage is
www.combinationcarriers.com.
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 11 CABU
and eight CLEANBU combination carriers. 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 trading efficiency, the vessels
emit up to 35% less CO2 per transported ton compared to standard tanker and
dry bulk vessels in current and targeted combination trading patterns.
d ton compared to standard tanker and\
dry bulk vessels in current and targeted combination trading patterns.\