Klaveness Combination Carriers ASA (“KCC”) reported EBITDA of USD 22.6 million and Profit after tax of USD 10.4 million for the fourth quarter of 2025. For the full year 2025, EBITDA amounted to USD 79.8 million and Profit after tax to USD 33.4 million.
CEO Engebret Dahm commented: “Following a strong close to 2025, we are well positioned for 2026, backed by record-high bookings of caustic soda solution cargoes and the delivery of three CABU newbuildings during the first seven months of the year. With both product tanker and dry bulk markets providing solid support, KCC is set for a robust start to the year, with TCE guidance for Q1 at the highest level since Q3 2024.”
Highlights for Fourth Quarter 2025:
EBITDA of USD 22.6 million (Q3 2025: USD 24.0 million) and Profit after tax of USD 10.4 million (Q3 2025: USD 12.0 million).
CABU TCE earnings [2] of $31,840/day (Q3 2025: $30,062/day), outperforming the MR index by approximately 40%.
CLEANBU TCE earnings [2] of $26,851/day (Q3 2025: $27,740/day), approximately 10% above the LR1 index.
Q4 2025 dividend of USD 0.08 per share, amounting to USD 4.7 million (Q3 2025: USD 0.12 per share).
Secured a record-high caustic soda solution contract of affreightment portfolio for 2026.
Lowest quarterly fleet carbon intensity ever with an EEOI of 5.8, while full-year 2025 remains off target.
While delivering the strongest quarterly average TCE earnings per day in 2025, fourth quarter 2025 EBITDA was 6% lower and Profit after tax declined 14% versus the previous quarter, primarily due to more off-hire related to dry-dockings and higher OPEX and administrative costs.
For the full year 2025, EBITDA reached USD 79.8 million compared to USD 126.5 million in 2024, while Profit after tax was USD 33.4 million, down from USD 81.4 million in 2024. Return On Equity (ROE)2 was 9% and Return On Capital Employed (ROCE) was 7% for 2025. Average TCE earnings2 of the fleet decreased approximately $9,100/day/26% in 2025 compared to 2024. Weaker product tanker and dry bulk markets and higher depreciations had a negative impact on the financial results when comparing 2025 to 2024, slightly offset by lower costs and more on-hire days.
Total dividends for 2025, including dividends for Q4 to be distributed in 2026, amount to USD 16.9 million and equal 87% of the adjusted cash flow to equity (ACFE).
While carbon intensity (EEOI) was 32% lower than that of standard vessels in the same trades and was down approximately 8% from 2024 to 2025, KCC’s EEOI of 6.1 for 2025 fell short of the 5.8 target for the year.
KCC’s newbuild program in China continued to progress on time and on budget. The first vessel, MV Balder, was delivered on 6 February 2026 with the two sister vessels expected to join the fleet in April and July 2026, respectively.
The 2026 outlook and the start of the year for the CABU business are strong. Caustic soda solution contract bookings for 2026 ended around 20% higher compared to 2025, securing the employment of the full capacity of the growing CABU fleet in combi-trading to/from Australia. In addition, the 32-month COA for caustic soda solution to Brazil secures continued employment of the 25-year-old CABU vessel MV Barcarena from March 2026, with a solid earnings contribution from Q2 2026, considering the vessel’s age and COA duration. The CLEANBUs have also started the year on a positive note supported by a strong product tanker market and a higher share of CLEANBU capacity trading in tanker trades in Q1 2026 relative to the last quarters. The CABU fleet TCE guidance for Q1 2026 is $28,500-29,500/day and the CLEANBU fleet TCE guidance is $34,500-36,500/day.
Source: Klaveness Combination Carriers ASA
