KCC: First Quarter 2023 Business Update
Oslo, 12 April 2023: Klaveness Combination Carriers (“KCC”) preliminary CABU and CLEANBU TCE earnings for first quarter ended at $/day 31,466 and $/day 45,911 respectively. TCE earnings for both segments ended above the guiding range for the quarter. TCE earnings were positively impacted by a continued strong product tanker market, while the weaker dry bulk markets in the first part of Q1 had negative effects on mainly the CABU earnings. Capacity in tanker trading ended at 69% for the fleet, reflecting KCC’s ability to allocate capacity to the strongest market.
| TCE earnings ($/on-hire day) | Q1 2023 Preliminary (on-hire days) | Q1 2023 Guiding range* | Q4 2022 Actual |
|---|---|---|---|
| CABU | 31,466 (713) | 28,000 - 29,000 | 25,757 |
| CLEANBU | 45,911 (717) | 40,000 - 42,000 | 36,812 |
| Fleet | 38,708 (1,430) | 34,000 - 35,500 | 31,531 |
*Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)
TCE earnings $/day are alternative performance measures (APM). APMs are defined on the company’s homepage: https://www.combinationcarriers.com/alternative-performance-measures. Average TCE earnings for Q1 2023 are reconciled in attached appendix.
KCC will publish its full first quarter 2023 report and arrange a webcast on 5 May 2023.
For further queries, please contact:
Engebret Dahm, CEO, Telephone +47 957 46 851
Liv Dyrnes, CFO, Telephone +47 976 60 561
About Klaveness Combination Carriers ASA:
KCC is the world leader in combination carriers, owning and operating eight CABU and eight CLEANBU combination carriers. 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.