Norwegian dry bulk and tanker operator Klaveness Combination Carriers (OSE: KCC) reported a 31% quarter-over-quarter increase in EBITDA to $38.5 million for Q2 2026, driven by Middle East shipping disruptions and a 11% rise in net revenue from vessel operations to $52.1 million.
The company’s stock rose 2.14% to NOK 104.80 ($105) following the results, approaching its 52-week high of $107.2. Profit after tax climbed 33% to $20.8 million, while the EBITDA margin expanded to 67% from 64% in the prior quarter.
Middle East tensions, including the U.S. invasion of Iran and the closure of key straits such as the Strait of Hormuz and Bab al-Mandeb, disrupted global shipping routes. Klaveness noted its fleet avoided the Arabian Gulf entirely during the period, with no plans to return until conditions stabilize. The disruption contributed to a record $5.4 million loss of hire insurance expense but also created offsetting opportunities as tanker fleet inefficiencies rose, partially offsetting lower shipment volumes.
Time Charter Equivalent (TCE) earnings for the fleet averaged $37,782 per day, up from $33,432 in Q1, with CLEANBU vessels earning $42,243 per day compared to $37,311 in the prior quarter. The company’s CABU dry bulk fleet saw TCE rates of $34,076 per day, while fleet-wide return on capital employed reached 14% annualized and return on equity hit 22% for the quarter.
Klaveness completed its CABU newbuilding program in 2026, expanding the fleet to 19 vessels. The newest vessel, Baltazar, is equipped with wind-assisted propulsion systems, with performance testing scheduled for September. The company also secured a $200 million senior secured refinancing facility for its CLEANBU fleet, replacing $113.1 million of drawn debt and $68 million of undrawn revolving credit capacity.
Management described the quarter as one of the strongest in the company’s history, noting limited impact on Australian caustic soda imports and reaffirming the CLEANBU strategy. The fleet’s operational mix shifted, with combination trading days declining to 77% from 95% a year earlier, while dry bulk trade days rose to 70% in Q2.
For Q3 2026, Klaveness guided TCE earnings to range between $33,500 and $34,500 per day for CABU vessels and $36,500 to $38,500 per day for CLEANBU vessels, with an overall fleet-wide average of $34,800 to $36,300 per day. The company also reported a 79% year-over-year decline in clean petroleum product exports from the Arabian Gulf between March and July 2026, while U.S. exports increased 16% over the same period.
