Oslo-listed Klaveness Combination Carriers ASA (KCCK) reported record second-quarter 2026 earnings on Tuesday, citing strong operational performance despite ongoing disruptions in Middle East shipping routes. The company posted EBITDA of $38.5 million, up 31% from the prior quarter, while profit after tax reached $20.8 million, a 33% increase quarter-over-quarter.
First-half profit totaled $36.3 million, surpassing the full-year 2025 profit of $33.4 million. Net revenue from vessel operations rose 11% to $52.1 million compared with Q1, while time charter equivalent earnings climbed to an average of $37,782 per day across the fleet, up from $33,432 in the first quarter. The CLEANBU segment achieved near-record rates of $42,243 per day, while the CABU fleet averaged $34,076 per day.
Management highlighted the evacuation of the MV Banastar from the Arabian Gulf in late June as a critical operational milestone. The vessel’s safe transit through the Strait of Hormuz followed six months of reduced activity in key Middle East routes, including the Gulf of Aden and Bab al-Mandeb Strait. Klaveness noted that clean petroleum product exports from the Arabian Gulf fell 79% year-over-year between March and July, though US exports rose 16% over the same period.
The company expanded its fleet to 19 vessels following the delivery of the MV Baltazar on August 6, 2026, as part of its CABU III newbuilding program. Fleet utilization remained high, with combination trades accounting for 77% of total days across the fleet. However, CLEANBU segment ballast days increased to 32%, reflecting route adjustments amid regional instability.
Klaveness raised its quarterly dividend to $0.30 per share, up from $0.25 in Q1, marking a 100% payout of adjusted cash flow to equity. The company maintained Q3 2026 earnings guidance, projecting fleet-wide TCE between $34,800 and $36,300 per day, with 88% of capacity already booked. Management also secured a $200 million refinancing facility for the CLEANBU fleet, replacing $113.1 million of drawn debt with a six-year tenor and Term SOFR margin of 1.65%.
Despite operational challenges, Klaveness reported a 67% EBITDA margin and a 22% return on equity. The company’s net debt rose to $280 million, though its NIBD/EBITDA ratio improved to 2.4x from 3.1x. Ending cash stood at $65.2 million, with total available liquidity of $145.2 million.
