Klaveness Combination Carriers (KCC) DNB Carnegie’s Energy & Shipping Conference 2026 presentation summary

Market environment and geopolitical context

• Navigated increased geopolitical tensions, including US port charges for Chinese ships and threats to shipping in the Strait of Hormuz in early 2026.

• Russian oil imports to India declined, impacting global shipping flows.

Business model and fleet strategy

• Operates versatile vessels (CABU, CLEANBU) serving both dry bulk and tanker markets, optimizing allocation to the highest-paying trades.

• Developed new vessel concepts to combine dry bulk and tanker cargoes, expanding market reach.

• Growing CABU business with three new high-capacity vessels for Australia and life-extension of an older vessel for Brazil trades.

Financial performance and returns

• Achieved strong TCE earnings, with 2023–2025 average ROCE at 13% and ROE at 19%.

• Outperformed standard tonnage benchmarks in both dry bulk and product tanker markets, especially during market peaks.

• Delivered the best risk-adjusted returns among dry bulk and tanker peers from 2019–2025.