KCC: Third Quarter 2025 Business Update
Oslo, 10 October 2025: Klaveness Combination Carriers’ ("KCC" or the "Company") preliminary fleet average TCE earnings for the quarter ended at $28,921/day, landing at the upper end of the guiding range ($27,500-29,000/day).
The CABU fleet achieved TCE earnings of $30,062/day, slightly above the guiding range ($29,000–30,000/day). CABU earnings continued to outperform the standard MR tanker market, with a multiple of 1.4* for the quarter.
The CLEANBU fleet reported TCE earnings of $27,740/day for the quarter, at the upper end of the guiding range ($26,000-28,000/day) and slightly above LR1 spot tanker rates, corresponding to a multiple of 1.1*.
CABU and CLEANBU TCE earnings increased by approximately USD 3,700 per day and USD 4,900 per day, respectively, from the second to the third quarter of 2025.
The CABU rate improvement from last quarter was primarily driven by stronger caustic soda solution TCE earnings, supported by higher cargo intake and a firmer underlying product tanker market. In addition, solid dry bulk earnings and more efficient trading (95% combination trading and 11% ballast) contributed positively, partly offset by a lower share of capacity trading in wet mode (47% in Q3, down from 54% in Q2) and negative IFRS effects.
The positive CLEANBU rate development from the second quarter to the third quarter of 2025 was driven by stronger markets, increased capacity employed in the best-paying trades, and a higher share of capacity employed in clean petroleum products trading (60% in Q3, up from 56% in Q2), as well as positive IFRS effects.
KCC recorded 14 more on-hire days than guided for the third quarter, primarily due to adjustments in the start dates of two dry-dockings.
KCC’s Third Quarter Report for 2025 will be published on 28 October 2025.
*Clarksons, MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag»
| TCE earnings ($/on-hire day) | Q3 2025 Preliminary (on-hire days) | Q3 2025 Guiding* (on-hire days) | Q2 2025 Actual (on-hire days) |
|---|---|---|---|
| CABU | 30,062 (712) | 29,000 - 30,000 (702) | 26,365 (677) |
| CLEANBU | 27,740 (688) | 26,000 - 28,000 (684) | 22,843 (711) |
| Fleet | 28,921 (1,400) | 27,500 - 29,000 (1,386) | 24,561 (1,387) |
*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 “APM3Q2025” published on the Company’s web page Investor Relations/Reports and Presentations under the section for the Q3 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 46 851
Liv 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.