KCC: Trading update including preliminary TCE earnings for Q4 2021, current contract coverage and updated company presentation
Oslo, 11 January 2022: Klaveness Combination Carriers (“KCC”) announces its unaudited preliminary daily TCE-earnings for the fourth quarter of 2021 and an updated company presentation to be presented at the SEB Nordic Seminar 2022 today.
CABU TCE earnings ended at $22,776/d and CLEANBU TCE earnings at $24,460/d in fourth quarter 2021. Average TCE earnings for the total fleet ended at $23,617/d, an increase of $1,669/d relative to third quarter 2021. Earnings were positively impacted by a continued strong dry bulk market, albeit weaker than during third quarter 2021 and profitable combination trading for the CLEANBU fleet. CABU TCE earnings were negatively impacted by continued congestion problems, COVID-19 restrictions in the Far East and a tight caustic soda market.
During fourth quarter several caustic soda contracts were secured and additional voyages and FFAs were fixed for 2022 resulting in increased operational and financial coverage for the year, please see slide 16 in the attached presentation.
The full Q4 report will be released on the 18th of February 2022.
Please find the slide deck to be presented today on the SEB Nordic Seminar 2022 attached.
TCE earnings $/day are alternative performance measures (APM) which are further described and reconciled in the attached presentation on slide 31-33.
For further queries, please contact:
Engebret Dahm, CEO, Telephone +47 957 46 851
Liv Dyrnes, CFO, Telephone +47 976 60 561
About Klaveness Combination Carriers ASA:
KCC is the world leader in combination carriers, owning and operating eight 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.
