KCC: Third Quarter 2023 Business Update
Oslo, 12 October 2023: Klaveness Combination Carriers ("KCC" or the "Company") preliminary CABU and CLEANBU TCE earnings for third quarter 2023 ended at $/day 37,134 and $/day 27,938 respectively. Fleet average TCE earnings for the quarter ended at $/day 32,214, approximately $/day 260 higher than in Q2 2023 and approximately $/day 1,860 above the mid-point in the guiding range.
CABU TCE earnings increased approximately $/day 2,630 from Q2 2023 to Q3 2023 and were approximately $/day 3,130 above the mid-point in the guiding range mainly due to both higher caustic soda and dry bulk earnings.
The CLEANBU TCE earnings were down approximately $/day 1,540 from Q2 2023 to Q3 2023 and approximately $/day 940 higher than the guiding range mid-point. Compared to Q2 earnings, positive effects of higher tanker exposure (76% in Q3, 57% in Q2) were offset by seasonally weaker tanker market earnings in Q3 and lower dry bulk earnings.
Q3 2023 operating expenses are expected to be somewhat higher than in Q2 2023.
TCE earnings guiding for Q4 2023 will be published with KCC’s 2023 third quarter report on 31 October 2023.
| TCE earnings ($/on-hire days) | Q3 2023 Preliminary | Q3 2023 Guiding range* | Q2 2023 Actual |
|---|---|---|---|
| CABU | 37,134 (632) | 33,500 - 34,500 (659) | 34,502 (687) |
| CLEANBU | 27,938 (727) | 26,000 - 28,000 (711) | 29,482 (707) |
| Fleet | 32,214 (1,360) | 29,600-31,100 (1,370) | 31,955 (1,394) |
*Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)
TCE earnings $/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM3Q2023” published on the Company’s homepage Investor Relations/Reports and Presentations under the section for the Q3 2023 report. The address to the Company’s homepage is www.combinationcarriers.com.
For further queries, please contact:
Engebret Dahm, CEO, Telephone +47 957 46 851
Liv Dyrnes, CFO, Telephone +47 976 60 561
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.
