Klaveness Combination Carriers posts results for H1 2021
Klaveness Combination Carriers ASA (KCC) delivered a strong improvement on results for second quarter 2021 with a 66% higher adjusted EBITDA than in the first quarter and increases dividends by 50% from the last quarter, according to the company's release. With the completion of KCC’s newbuilding program this quarter, KCC is set to benefit from a continued strong dry bulk market and an approaching recovery in the tanker market, says CEO Engebret Dahm.
With the delivery of the last CLEANBU newbuilding at the end of May, KCC now has its full fleet of 17 combination carriers on water, vessels built to transport both wet and dry bulk cargoes. The fleet cuts CO2 emissions by 30-40% compared to standard dry bulk and tanker vessels by efficiently combining dry bulk and tanker cargoes, with minimum time without cargo onboard.
Highlights
Average TCE earnings increased by 20% from first to second quarter being 1.6-2.9 times higher than standard tanker vessel earnings
66% increase in adjusted EBITDA Q-o-Q ending the quarter at USD 15.3 million and EBT of USD 3.5 million, driven by stronger dry bulk market and improved CABU trading efficiency
The last CLEANBU newbuild was delivered in May 2021 increasing KCCs fleet to 17 vessels
The Board of Directors declares dividends of USD cents 4.5 per share total USD 2.16 million for Q2
The delivery of the last and eighth CLEANBU newbuild in May marks the start of a new chapter for KCC, it will improve our earnings base and increase our dividend capacity going forward, says Dahm.
About Klaveness Combination Carriers ASA:
KCC is the world leader in combination carriers, owning and operating nine CABU and eight CLEANBU combination carriers. 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.
