Klaveness Combination Carriers ASA
OSE:KCC
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 Finish: KCC ended 2025 with its highest quarterly time charter earnings for the year, at $29,333 per day, driven by a robust second half that offset a weaker first half.
Dividends & Buybacks: The company paid a Q4 dividend of $0.08 per share (89% payout ratio for the quarter) and a total of $17.4 million in dividends and $6.6 million in share buybacks for 2025.
Operational Impact: Q4 EBITDA and earnings after tax were down quarter-over-quarter due to twice as many off-hire days from vessel dockings.
Segment Performance: CABU TCE rose by $1,800 per day in Q4, while CLEANBU TCE fell by $900 per day; CABU benefited from strong caustic soda and dry bulk markets.
Guidance: Q1 2026 is expected to be the strongest quarter since Q3 2024, with CABU TCE guidance of $28,500–$29,500 per day and CLEANBU TCE guidance of $34,500–$36,500 per day.
Market Outlook: Management remains cautiously optimistic for both tanker and dry bulk markets in 2026, supported by positive contract coverage and healthy market fundamentals.
Sustainability: KCC achieved its best ever quarterly EEOI in Q4 2025 and set updated 2030 decarbonization targets, with a base case aiming for a 16% reduction versus 2025.
