KCC First Quarter 2026 A solid start to the year, with an even stronger Q2 outlook on the back of a buoyant tanker market
Oslo, 28 April 2026: Klaveness Combination Carriers ASA ("KCC") 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) * A CABU vessel commenced a 32-month COA for caustic soda solution into Brazil, following a life-extension docking * Secured a 2-year time charter for one CLEANBU vessel at an attractive rate with a global energy company * Successful delivery of two new-generation CABU newbuilds 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 [1].
Return On Equity (ROE) [2] was 17% and Return On Capital Employed (ROCE) [2] 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 [3].
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 [3] for Q2 2026. ------------------------------------------------------------------------------ [1] Standard tonnage for bulk carriers is calculated averages of Panamax and Kamsarmax earnings weighted by CABU and CLEANBU on-hire days respectively. Standard tonnage for product tankers is calculated averages of MR and LR1 earnings weighted by CABU and CLEANBU on-hire days respectively. Multiples are calculated by dividing KCC average TCE earnings on standard tonnage for bulk carriers and product tankers. Source: Clarksons Securities and Clarksons SIN.
[2] TCE earnings $/day, Return On Equity (ROE), Return On Capital Employed (ROCE) and Adjusted Cash Flow to Equity (ACFE) are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM1Q2026" published on the Company's homepage Investor Relations/Reports and Presentations under the section for the Q1 2026 report. The address to the Company's homepage is: www.combinationcarriers.com (https://www.combinationcarriers.com/).
[3] Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA). ------------------------------------------------------------------------------ Invitation to presentation of Q1 2026 financial results In connection with the release of financial results for the first quarter of 2026, Klaveness Combination Carriers ASA ("KCC") will hold a webcast presentation at 09:00 CEST on Tuesday 28 April, 2026.
To follow the webcast live go to https://www.combinationcarriers.com/investor-relations/overview or copy and paste the following link to your browser: https://www.combinationcarriers.com/kcc-q1-2026-financial-results.
Questions for the Q&A session can be submitted in writing through the webcast solution during the presentation.
For further queries, please contact: Engebret Dahm, CEO, tel.: +47 957 46 851 Liv Dyrnes, CFO and Deputy CEO, tel.: +47 976 60 561
About Klaveness Combination Carriers ASA: KCC is the world leader in combination carriers, owning and operating ten CABU and eight CLEANBU combination carriers with one CABU vessels under construction for delivery in 2026. KCC's combination carriers are built for transportation of both wet and dry bulk cargoes, being operated in trades where the vessels efficiently combine dry and wet cargoes with minimum ballast. Through their high utilization and efficiency, the vessels emit up to 40% less CO2 per transported ton compared to standard tanker and dry bulk vessels in current and targeted combination trading patterns.
This information is subject to disclosure under the Norwegian Securities Trading Act, §5-12. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-04-28 07:00 CEST.