Klaveness Combination Carriers ASA reported EBITDA of USD 29.3 million and Profit after tax of USD 15.6 million for the first quarter of 2026, an increase of 30% and 51% Q-o-Q, respectively. Second quarter results are expected to strengthen further, mainly underpinned by firm product tanker rates.
CEO Engebret Dahm commented: “KCC has steered well through turbulent markets caused by the ongoing Middle East conflict. In these challenging times our highest priority has been, and continues to be, the safety and wellbeing of our crew aboard the CABU vessel trapped in the Middle East Gulf. We are also focused on maintaining a steady and uninterrupted service to our customers and capturing value in the current buoyant tanker market. After a solid Q1, we foresee an even stronger Q2 mainly driven by continued tight tanker markets and the high trading flexibility of our CLEANBU fleet.”
Highlights for First Quarter 2026:
- Main priority has been, and continues to be, the safety and wellbeing of the crew aboard the vessel trapped in the Middle East Gulf
- Q1 2026 EBITDA of USD 29.3 million (Q4 2025: USD 22.6 million) and Profit after tax of USD 15.6 million (Q4 2025: USD 10.4 million)
- Highest fleet TCE earnings since Q3 2024, reaching $33,432/day (Q4 2025: $29,333/day)
- Q1 2026 dividend of USD 0.25 per share, totaling USD 14.8 million (Q4 2025: USD 0.08 per share)
- 25-year-old CABU vessel started employment under a 32-month contract of affreightment with caustic soda solution into Brazil
- Secured a 2-year time charter for one CLEANBU vessel at an attractive rate with a global energy company
- Two CABU newbuilds added to the fleet in February and April 2026
The 30% increase in EBITDA and 51% increase in profit after tax from Q4 2025 to Q1 2026 was mainly driven by higher CLEANBU TCE earnings and more on-hire days following delivery of one new vessel during the quarter and less dry-docking off-hire. Both the CABU and the CLEANBU fleet outperformed earnings compared to the standard MR and LR1 tanker market with a multiple of respectively 1.1x and 1.2x.
Return On Equity (ROE) [2] was 17% and Return On Capital Employed (ROCE)was 11% for Q1 2026, reflecting solid profitability for the quarter.
The Board of Directors declares a quarterly dividend distribution for Q1 of USD 0.25 per share (Q4 2025: USD 0.08 per share) amounting to approximately USD 14.8 million and equal to 81% of the adjusted cash flow to equity (ACFE) [2].
KCC’s carbon intensity (EEOI) increased to 6.5 for Q1 2026, compared to average EEOI of 6.1 for 2025, driven by increased tanker deployment to capture stronger product tanker markets, negatively impacting ballast, speeds, and cargo volumes.
The CABU fleet is expected to deliver another strong quarter in Q2 2026 with negative operational effects from the Middle East conflict being more than offset by stronger MR-product tanker markets and continued healthy dry bulk markets. The CABU TCE guidance for Q2 2026 is $32,500-34,500/day.
The Middle East conflict has had large effects on the tanker market and CLEANBU trading in Q2. Traditional clean petroleum trade flows have been interrupted by the closure of the Strait of Hormuz, partly being replaced by alternative trades. Backed by their strong trading flexibility, part of the CLEANBU fleet has been employed in trades out of the Americas involving longer than targeted ballasts but yielding historically strong earnings. CLEANBU fleet TCE guidance is $49,000-54,000/day for Q2 2026.