Klaveness Combination Carriers ASA (KCC) reported strong financial results for the second quarter of 2026, with EBITDA rising 31% quarter-over-quarter to $38.5 million from $29.3 million in Q1. Profit after tax increased 33% to $20.8 million, up from $15.6 million in the prior quarter. Net revenue from operations reached $52.1 million, an 11% increase excluding off-hire compensation.
The company’s fleet performance improved across all segments. Average time charter earnings rose to $37,782 per day, an increase of $4,350 from Q1. CABU vessels earned $34,076 per day, CLEANBU vessels $42,243 per day, and the overall fleet guidance for Q3 2026 was set between $34,500 and $36,300 per day. Cash at quarter-end totaled $65 million, while long-term available liquidity increased to $145 million. The net interest-bearing debt to EBITDA ratio stood at 2.4x on a 12-month rolling basis.
KCC also completed its three-ship newbuilding program with the delivery of the Baltazar on August 6. The vessel’s performance testing on suction sails is scheduled for its second voyage in September. The fleet now consists of 11 CABU vessels, up from eight at the start of the year. The company also refinanced $200 million in debt over the past year, strengthening its financing position.
Operational challenges were addressed during the quarter. The Banastar vessel, trapped in the Middle East for four months after discharging alumina in Dubai, spent 109 days off-hire in the first half of 2026, including 88 days in Q2. Following the signing of the U.S.-Iranian Framework for Peace on June 17, the vessel’s transit out of the Gulf was secured via the southern route near Oman on June 26. The vessel is now scheduled for a 25-year drydock and life extension in October and November.
Chief Executive Officer Engebret Dahm highlighted the quarter’s operational resilience amid geopolitical disruptions, stating that the company maintained the highest safety and quality standards with no accidents, injuries, or customer complaints. Chief Financial Officer Liv Dyrnes noted that the $200 million refinancing had optimized the bank debt portfolio, leaving the company with a strong financing package.
KCC’s shares rose 2.33% to $105.20, approaching the 52-week high of $107.20. The company declared a dividend of $0.30 per share, totaling $17.9 million, representing approximately 100% of adjusted cash flow to equity.
