KCC: Second Quarter 2025 Business Update
Oslo, 9 July 2025: 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 $/day 400, respectively, from Q1 2025 to Q2 2025. The rate development for CABU was primarily driven by more capacity trading in wet mode, stronger dry bulk TCE earnings and efficient trading (90% combination trading and 12.5% ballast). Stronger markets impacted the CLEANBU rates positively in Q2 compared to Q1, however, this was offset by somewhat less capacity trading wet, less optimal trading and negative IFRS effects.
KCC recorded 10 additional on-hire days in Q2 compared to the guiding due to changes in the start dates of two dry-dockings.
Following the targeted military operations in Iran, traffic through the Strait of Hormuz continues to flow normally. KCC has maintained regular trading activity in the area while implementing appropriate mitigating measures and closely monitoring the situation. The safety of our crew and vessels remains KCC’s highest priority.
KCC’s Second Quarter Report for 2025 will be published on 21 August 2025.
*Clarksons, MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag»
| TCE earnings ($/on-hire days) | Q2 2025 Preliminary (on-hire days) | Q2 2025 Guiding* (on-hire days) | Q1 2025 Actual (on-hire days) | 1H 2025 Preliminary (on-hire days) |
|---|---|---|---|---|
| CABU | 26,365 (677) | 24,000 - 25,000 (657) | 22,346 (660) | 24,380 (1,337) |
| CLEANBU | 22,843 (711) | 21,500 - 23,500 (721) | 22,449 (720) | 22,645 (1,431) |
| Fleet | 24,561 (1,387) | 22,700 - 24,200 (1,378) | 22,400 (1,380) | 23,483 (2,767) |
*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. The address to the Company’s web page is www.combinationcarriers.com.
For further queries, please contact:
Engebret Dahm, CEO
Telephone +47 957 46 851Liv Dyrnes, CFO
Telephone +47 976 60 561
About Klaveness Combination Carriers ASA:
KCC is the world leader in combination carriers, owning and operating eight CABU and eight CLEANBU combination carriers with three 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.