KCC Third Quarter 2021: First quarter with full fleet in service delivers strong financial results and continued carbon reductions
Image: Delivery of MV Balzani completed KCC’s newbuilding program
Oslo, 26 October 2021: Klaveness Combination Carriers ASA (“KCC”) delivered significantly improved results for third quarter 2021 with a 17% increase on adjusted EBITDA over the second quarter. The results were mainly driven by a strong dry bulk market and increased fleet capacity following completion of KCC’s newbuilding program, says CEO Engebret Dahm.
The CABU fleet delivered in the third quarter the strongest quarterly results since 2015 based on efficient combination trade and the strong dry bulk market. With the full CLEANBU fleet in service and back in combination trading in the third quarter, the CLEANBU fleet is positioned for considerable result improvements in upcoming quarters. With a likely tanker market recovery over the next 6-9 months, we look forward to showing the full potential of the whole KCC fleet in 2022, says Dahm.
KCC’s continued efforts to cut carbon emission across its business also bore fruit, with the third quarter average CO2 emission per vessel meeting KCC’s 2022 target, implying a 15% reduction since 2018. This further strengthens our position to help new and existing customers reduce carbon emissions from their ocean freight, adds Dahm.
Highlights for third quarter
First quarter with full CLEANBU newbuild fleet on water
TCE earnings 2-4 times higher than standard tanker vessel earnings
Adjusted EBITDA of USD 17.9 million and EBT of USD 6.1 million representing a 17% and 74% increase respectively relative to second quarter 2021
Increased combination trading for the CLEANBU fleet
Continued improvement in main environmental KPIs
The Board of Directors declares dividends of USD 0.045 per share total USD 2.16 million for Q3
APM: Adjusted EBITDA and TCE earnings per on-hire day are alternative performance measures (APM) which are further described and reconciled in the quarterly report for Q3 2021, appendix 1 (page 23).
Invitation to presentation of Q3 2021 financial results:
In connection with the release of financial results for the third quarter of 2021, Klaveness Combination Carriers ASA (“KCC”) will hold a webcast presentation at 09:00 CEST on Tuesday 26 October 2021.
To follow the webcast live go to www.combinationcarriers.com/investor-relations or https://hubs.ly/H0Zyqh-0. 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 nine CABU and eight CLEANBU vessels. 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
Telephone +47 976 60 561