Klaveness Combination Carriers Announces Q1 2020 Results

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(Image Courtesy: Klaveness Combination Carriers)

Highlights

  • Adjusted EBITDA of USD 12.9 million, 40% higher than last quarter, and EBT of USD 4.3 million
  • CABU TCE earnings of $20,283/d, the best quarterly earnings since 2015 with 92% of the fleet capacity employed in combination trades
  • CLEANBU TCE earnings of $20,932/d with solid TCE earnings of $24,000/d in combination trades
  • Building tanker market coverage for 2020 and first half of 2021 in a strong tanker market
  • Strong cash position, a fully financed fleet and positive earnings outlook for 2020
  • Our first priority is to ensure the health and safety of our crew in the current COVID-19 situation. Limited financial and operational impact to date
  • KCC triples dividend payments to USD 0.03 per share (total USD 1.44 million) for Q1

Engebret Dahm, CEO Klaveness Combination Carriers ASA, says:

“We are pleased to report KCC’s strongest financial results to date on the back of increased combination trading and a strong tanker market. We are also pleased to have concluded a higher tanker market coverage at attractive levels for the balance of 2020. This supports a strong outlook for KCC’s earnings for the 2020 and an increased financial robustness in the current uncertain COVID-19 situation”

APM: CABU and CLEANBU TCE earnings USD/day for Q1 2020 are alternative performance measures (APM) which are further described and reconciled in the quarterly report for Q1 2020, note 2 (page 16-17). Earnings for the CLEANBUs in combination trading of $24,000/day (APM) for Q1 2020 are reconciled in the Q1 presentation, slide 31-33.

Sea News, May 29

Baibhav Mishra
Author: Baibhav Mishra

Associate Editor, Sea News