KCC Third Quarter 2025 — Stronger financial performance driven by more favorable markets and optimized trading
Image: Engebret Dahm, CEO Klaveness Combination Carriers
Oslo, 28 October 2025: Klaveness Combination Carriers ASA (“KCC”) reported EBITDA of USD 24.0 million and EBT of USD 12.0 million for the third quarter of 2025. Both the CABU and CLEANBU fleets delivered a solid improvement over the second quarter, with the CABU fleet in particular outperforming the MR benchmark by a factor of 1.4x [1].
CEO Engebret Dahm commented: “Following a relatively weak first half, the third quarter delivered a substantial improvement in earnings and profitability for both the CABU and CLEANBU fleets. The outlook for Q4 2025 and 2026 remains positive, supported by stronger markets, the onboarding of new CLEANBU customers, clarification that KCC will not be impacted by the USTR port fees, and a solid outlook for contract renewals for next year.”
KCC owns and operates a fleet of 16 combination carriers, with three newbuilds arriving in 2026. The vessels are built for the transportation of both wet and dry bulk cargoes and operate in trades where they efficiently combine dry and wet cargoes with minimum ballast, thereby capitalizing on imbalances in trade flows.
Highlights for Third Quarter 2025:
EBITDA of USD 24.0 million (Q2 2025: USD 18.1 million) and EBT of USD 12.0 million (Q2 2025: USD 6.7 million).
CABU TCE earnings of $30,062/day (Q2 2025: $26,365/day) outperforming the MR index by 40%.
CLEANBU TCE earnings of $27,740/day (Q2 2025: $22,843/day), exceeding the LR1 index by 10%.
Q3 2025 dividend of USD 0.12 per share amounting to USD 7.1 million (Q2 2025: USD 0.05 per share).
KCC will not be materially affected by the US and Chinese port fees effective 14 October 2025.
Efficiency improvements deliver a strong carbon intensity performance with fleet EEOI of 6.1 for the quarter.
The 33% increase in EBITDA and 79% increase in profit after tax from Q2 to Q3 2025 was mainly driven by higher TCE earnings across both fleets, supported by improved market conditions and more optimal trading. Average TCE earnings for the CABU fleet [2] ended at $30,062/day in Q3 2025, up approximately $3,700/day from the previous quarter — primarily driven by stronger caustic soda solution TCE earnings, supported by higher cargo intake and a firmer underlying product tanker market. TCE earnings for the CLEANBU fleet [2] averaged $27,740/day, up $4,900/day from Q2 — driven by stronger markets, increased capacity employed in the best-paying trades, a higher share of capacity employed in clean petroleum products trading, and positive IFRS effects.
KCC’s newbuild program in China reached another key milestone with the launching of the first vessels, MV Balder. The vessel remains on track to join the fleet in February 2026, with the two sister vessels expected to follow in March and July 2026.
The Board of Directors declares a quarterly dividend distribution of USD 0.12 per share (Q2 2025: USD 0.05 per share) amounting to approximately USD 7.1 million.
The CABU fleet is expected to maintain stable performance in Q4 2025, with weaker Pacific MR tanker earnings offset by stronger dry bulk results and continued efficient trading across established combination routes resulting in a TCE earnings guidance [3] for Q4 2025 of $30,000-31,000/day. The CLEANBU fleet guidance [3] for Q4 2025 of $27,000-29,000/day, is also expected to be stable in Q4 2025 compared to Q3, supported by a rebound in the product tanker market in second half of October and a continued healthy dry bulk market.
[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 are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM3Q2025” published on the Company’s homepage Investor Relations/Reports and Presentations under the section for the Q3 2025 report. The address to the Company’s homepage is: www.combinationcarriers.com.
[3] Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA).
View: Q3 2025 Report
View: Q3 2025 Presentation
Invitation to presentation of Q3 2025 financial results
In connection with the release of financial results for the third quarter of 2025, Klaveness Combination Carriers ASA (“KCC”) will hold a webcast presentation at 09:00 CET on Tuesday October 28, 2025.
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-q3-2025-financial-results.
Questions for the Q&A session can be submitted in writing through the webcast solution during the presentation.
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.
For further queries, please contact:
Engebret Dahm, CEO
Telephone: +47 957 46 851
Liv Dyrnes, CFO and Deputy CEO
Telephone: +47 976 60 561