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Visual21 Nov 2025
Data center suppliers
Klaveness Combination Carriers (KCC) investor relations material
Klaveness Combination Carriers Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Q3 2025 saw strong operational and financial performance, with EBITDA rising 33% quarter-over-quarter to $24 million and profit after tax reaching $12 million, driven by favorable market conditions and optimized trading strategies across both CABU and CLEANBU segments.
Time charter earnings for CABU and CLEANBU segments outperformed market indices, with CABU at $30,062/day and CLEANBU at $27,740/day.
Dividend per share increased to $0.12, with a payout of $7.1 million, reflecting 75% of adjusted free cash flow for the quarter.
Efficiency improvements led to a strong carbon intensity performance, with fleet EEOI at 6.1 and retrofitted CABU vessels showing over 20% improvement in EOI.
The outlook for Q4 2025 and 2026 remains positive, supported by robust markets, newbuild deliveries, and exemption from new US and Chinese port fees.
Financial highlights
Net revenues from operations reached $40.5 million, up 19% from Q2 2025.
EBITDA for Q3 was $24 million, up 33% from Q2, and profit after tax was $12 million, a 79% increase quarter-over-quarter.
Return on capital employed was 10% and return on equity 13% annualized, both up from Q2.
Cash and cash equivalents ended at $49.1 million, with available long-term liquidity of $127 million.
Earnings per share for Q3 2025 were $0.20, up from $0.11 in Q2.
Outlook and guidance
CABU vessels are fully booked for Q4, guiding $30,000–$31,000 per day, and CLEANBU vessels are guided at $27,000–$29,000 per day, with 61% and 55% of capacity fixed, respectively.
Positive market outlook for both dry bulk and tanker segments, with strong contract coverage into 2026 and newbuild deliveries expected to support profitable fleet growth.
New customer onboarding and regulatory exemptions are expected to further support performance.
KCC's strategy for combination carrier premium?
Future EEOI impact from vessel upgrades?
Newbuild financing and future revenue coverage?
Q4 dividend outlook given drydocking schedule?
Improve CLEANBU trading efficiency. What's next?
Impact of sanctioned fleet on effective supply?
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Next Klaveness Combination Carriers earnings date
CMD 202510 Dec, 2025
Next Klaveness Combination Carriers earnings date
CMD 202510 Dec, 2025
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Frequently asked questions
Klaveness Combination Carriers ASA is a Norwegian shipping company that operates combination carriers, which are vessels capable of transporting both dry bulk and liquid cargoes. The company focuses on minimizing ballast voyages by switching between wet and dry cargoes, contributing to greater fuel efficiency and reduced emissions. KCC operates two primary types of vessels: the CABU (caustic bulk) and CLEANBU, which serve industries such as alumina, caustic soda, clean petroleum products, and dry bulk commodities like grains and coal. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.
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