KCC: Q2 2020 results
Oslo, 19 August 2020: Klaveness Combination Carriers (“KCC”) announces its results for the second quarter of 2020.
Highlights
Adjusted EBITDA of USD 15.9 million (USD 4.6 million) for Q2 2020 (Q2 2019), 23% higher than last quarter, and Profit after tax of USD 8.4 million (USD -1.9 million) for Q2 2020 (Q2 2019)
CABU TCE earnings of $21,290/d ($15,038/d) and CLEANBU TCE earnings of $30,983/d ($12,905 /d) for Q2 2020 (Q2 2019)
Annualized ROCE of 10% (1%) for Q2 2020 (Q2 2019) despite five vessels under construction
Fully financed after having signed a sustainability linked bank facility for the 2021 newbuilds
The Company’s board of directors declares dividend payment of USD 0.03 per share (total USD 1.44 million) for Q2
Engebret Dahm, CEO Klaveness Combination Carriers ASA, says:
“We are pleased to report strong results and operational performance for the second quarter. The earnings outlook for the remaining part of the year is positive, despite a historical weak tanker market and the COVID-19 situation. Our performance and outlook demonstrate the value of our combination carrier concepts including the vessels’ trading flexibility, diversified market exposure and solid contract coverage”.
Invitation to webcast presentation
In connection with the release of financial results, KCC will hold a webcast presentation including a Q&A session, at 09:00 CET today.
The presentation can be followed live via webcast or conference call. Please see link and further instruction below:
1. Webcast: https://channel.royalcast.com/webcast/hegnarmedia/20200819_2/ or go to combinationcarriers.com/investor-relations
2. Conference call: By dialing 800 265 38(Norway), +46 (0)8 1240 0432(Sweden), +44 (0)20 8089 2860(UK/International) or +1 334-777-6978(USA), confirmation code 6226995. Please join the conference 5 - 10 minutes prior to the start time. You will be asked to provide the confirmation code or event title
APM: Adjusted EBITDA, CABU and CLEANBU TCE earnings per on-hire day and Annualized ROCE are alternative performance measures (APM) which are further described and reconciled in the quarterly report for Q2 2020, note 11 (page 24-25).
For further queries, please contact:
Engebret Dahm, CEO
Telephone +47 22 52 62 62
Liv Dyrnes, CFO
Telephone +47 22 52 61 51
About Klaveness Combination Carriers ASA:
KCC is the world leader in combination carriers, owning and operating nine CABU and four CLEANBU combination carriers with another four CLEANBU combination carriers on order for scheduled delivery in the period 2020 - 2021. 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.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
