Norwegian dry bulk and clean petroleum product carrier operator Klaveness Combination Carriers ASA (OSE: KCC) posted a 31% increase in second-quarter 2026 EBITDA to $38.5 million, as geopolitical tensions in the Middle East and the closure of the Strait of Hormuz drove freight rates higher.
The company’s EBITDA margin expanded to 67%, up from 64% in the prior quarter, while profit after tax rose 33% to $20.8 million. Net revenue from vessel operations climbed 11% to $52.1 million, with Time Charter Equivalent earnings averaging $37,782 per day across the fleet, compared with $33,432 in Q1. The CLEANBU fleet, which operates clean petroleum product carriers, recorded average daily earnings of $42,243, while the CABU fleet, handling dry bulk and combination cargoes, earned $34,076 per day.
Klaveness also completed a $200 million senior secured bank facility in Q2, refinancing $113.1 million of existing debt and replacing a $68 million undrawn revolving credit line. The new facility features a six-year tenor, a Term SOFR plus 1.65% margin, and a 50/50 split between term loans and revolving credit. Long-term liquidity increased to $145.2 million, up $18.2 million quarter-over-quarter, while net debt drawn stood at $46.9 million.
The company’s fleet expanded to 19 vessels following the completion of its CABU newbuilding program, with deliveries in February, April, and August 2026. Management noted that all vessels remain outside the Arabian Gulf, with no plans to return until conditions improve. The CLEANBU strategy remains intact, despite a shift in operational mix, with combination trading days declining to 42% in Q2 from 87% a year earlier.
Quarterly guidance for Q3 2026 anticipates CABU TCE earnings of $33,500 to $34,500 per day and CLEANBU earnings of $36,500 to $38,500 per day, with an expected fleet-wide average of $34,800 to $36,300 per day. The company also reported a 79% year-over-year decline in Arabian Gulf clean petroleum product exports from March to July 2026, offset by a 16% increase in U.S. exports.
Klaveness maintained its dividend policy, approving a $0.30 per share payout, representing 100% of adjusted cash flow to equity. The stock rose 2.14% to $105, approaching its 52-week high of $107.2, while the company’s equity ratio stood at 50%, with a return on equity of 22% for the quarter.
