Oslo, February 14, 2025: Klaveness Combination Carriers ("KCC") achieved significantly higher TCE revenue per day of hire than typical market rates in the fourth quarter of 2024, reporting EBITDA of USD 20.2 million and EBT of USD 8.6 million. With TCE revenues of 1.5x product tanker and 2.6x dry bulk [1], KCC continues to demonstrate the strong value proposition of its combination carrier concept.
CEO Engebret Dahm commented: "2024 was a historically strong year for KCC, with TCE revenues outperforming spot product tanker revenues in an exceptional year for product tankers. While revenues have declined due to weaker product tanker and dry cargo markets in the fourth quarter of 2024 and early first quarter of 2025, KCC's efficient combination model is expected to deliver higher profit premiums over standard markets in 2025 than in 2024."
KCC owns and operates 16 combination carriers built for the transportation of liquid and dry bulk cargoes. The vessels are deployed in trades where they efficiently combine dry and liquid cargoes with minimal ballast, taking advantage of imbalances in trade flows.
Highlights for the fourth quarter of 2024:
- Q4 2024 EBITDA of USD 20.2 million (Q3 2024: USD 32.6 million) and EBT of USD 8.6 million (Q3 2024: USD 21.7 million)
- Both shipping segments outperformed the product tanker and dry cargo markets in the quarter [1]
- CLEANBU TCE profit [2] of USD 28,027/day (Q3 2024: USD 38,673/day), impacted by weaker markets
- CABU TCE yield [2] of $28,988/day (Q3 2024: $29,668/day) supported by high caustic soda volumes
- Approximately 90% [3] of CABU wet capacity (caustic soda) secured for 2025, meaning continued efficient trading in 2025
- Fourth quarter dividend of USD 0.10 per share, totaling USD 6.0 million (Q3 2024: USD 0.30 per share)