Klaveness Combination Carriers First Quarter 2021: Continued higher earnings and lower volatility than standard vessels
Image: CLEANBU MV Bass delivered in 2021
Oslo, 27 April 2021: Klaveness Combination Carriers ASA (KCC) delivered a positive adjusted EBITDA of USD 9.2 million in the first quarter of 2021. – The first quarter demonstrates the value of our combination carrier concept with significantly higher TCE-earnings and lower volatility than standard tankers in a historically weak tanker market. KCC takes advantage of the current strong dry bulk market which will have considerably positive effects on KCC’s earnings in second quarter, says CEO Engebret Dahm.
KCC has a fleet of 16 combination carriers on water and took delivery of 2 CLEANBU vessels in the quarter, vessels that can transport both wet and dry cargoes.
- With the delivery of two newbuilds in the first quarter, and our last newbuild for delivery in May, we look forward to having our full fleet of combination carriers on water, says Dahm. We demonstrate the value of our new CLEANBU vessels in new combination-trades, starting this quarter with a new transatlantic combination trade between Europe and Brazil where the CLEANBUs cut CO2 emission by around 35 % compared to standard vessels.
Klaveness Combination Carriers publishes their results for the first quarter today, with the following highlights:
TCE earnings were 1.7-2.6 times higher than standard tanker vessel earnings
Adjusted EBITDA of USD 9.2 million and Profit after tax of -USD 2.0 million on the back of a historically weak tanker market and startup of delivered newbuilds
Continued expansion of the CLEANBU combination-trading pattern with two new trades started this quarter
Two CLEANBU newbuilds delivered during the quarter and only one newbuild remains for delivery (Q2 2021)
The Board of Directors declares dividend at USD 0.03 per share total USD 1.44 million for Q1
- Our combination carriers offer the most cost-effective way of reducing CO2 emissions of our customers’ seaborne logistics, says Engebret Dahm. This will become an increasingly important competitive advantage for KCC going forward, with the expected stricter requirements for cut in CO2 emissions from both customers and authorities.
View Q1 2021 Report
View Q1 2021 Presentation
Invitation to presentation of Q1 2021 financial results:
In connection with the release of financial results for the first quarter of 2021, KCC will hold a webcast presentation at 09:00 CEST on Tuesday 27 April 2021.
To follow the webcast live go to www.combinationcarriers.com/investor-relations or https://channel.royalcast.com/landingpage/hegnarmedia/20210427_4/. Questions for the Q&A session can be submitted in writing through the webcast solution during the presentation.
About Klaveness Combination Carriers ASA:
KCC is the world leader in combination carriers, owning and operating nine CABU and seven CLEANBU combination carriers with another one CLEANBU combination carrier on order for scheduled delivery in 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.
APM: Adjusted EBITDA and TCE earnings per on-hire day are alternative performance measures (APM) which are further described and reconciled in the quarterly report for Q1 2021, note 11 (page 25-26).
Contact:
Engebret Dahm, CEO
Phone +47 957 46 851
Liv Dyrnes, CFO
Phone +47 976 60 561
