Klaveness Combination Carriers ASA
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Klaveness Combination Carriers ASA
Klaveness Combination Carriers AS operates dry-bulk vessels, combination carriers and container vessels. The company is headquartered in Oslo, Oslo. The company went IPO on 2018-10-15. The firm owns and operates combination carriers that can switch between dry and wet cargo shipments. Its fleet consists of approximately nine CABU (caustic soda/bulk carrier) vessels with the capacity to transport from approximately 72,500 deadweight tonnage (DWT) up to approximately 80,500 DWT of caustic soda solution (CSS), floating fertilizer (UAN) and molasses, as well as all form of dry bulk commodities. Furthermore, the Company has newbuilding orders for CLEANBU (clean petroleum/bulk carrier) vessels that in addition to transporting caustic soda and dry bulk products can also transport clean petroleum products. The firm's vessels operate on international trade routes, mainly in the Far East, the Middle East, Australia, Brazil and North America.
Klaveness Combination Carriers AS operates dry-bulk vessels, combination carriers and container vessels. The company is headquartered in Oslo, Oslo. The company went IPO on 2018-10-15. The firm owns and operates combination carriers that can switch between dry and wet cargo shipments. Its fleet consists of approximately nine CABU (caustic soda/bulk carrier) vessels with the capacity to transport from approximately 72,500 deadweight tonnage (DWT) up to approximately 80,500 DWT of caustic soda solution (CSS), floating fertilizer (UAN) and molasses, as well as all form of dry bulk commodities. Furthermore, the Company has newbuilding orders for CLEANBU (clean petroleum/bulk carrier) vessels that in addition to transporting caustic soda and dry bulk products can also transport clean petroleum products. The firm's vessels operate on international trade routes, mainly in the Far East, the Middle East, Australia, Brazil and North America.
Strong Quarter: Klaveness Combination Carriers delivered solid Q3 results, with both performance and profitability improving across the business.
Time Charter Earnings: Average time charter earnings rose by $4,360 per day to $28,900 per day, near the high end of guided range.
Profit Growth: EBITDA increased by $5.9 million to $24 million (up 33% QoQ), and profit before tax rose by $5.3 million to $12 million—an almost 80% increase from last quarter.
Dividend Increase: The dividend was raised from $0.05 to $0.12 per share for Q3, but is expected to come down in Q4 due to heavy drydocking.
Dry Market Recovery: Dry bulk spot rates rose 25% QoQ in Q3 and another 15% in Q4 to date, outpacing initial expectations.
Stable Costs: Operating expenses remained stable, and the company maintains a solid cash position with $49.1 million at quarter's end.
Positive Outlook: Management expects Q4 to be another strong quarter, with guiding for CABU earnings at $30,000–$31,000 per day and CLEANBU earnings at $27,000–$29,000 per day.
