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KCC first quarter 2022 – Solid start to the year and the best is yet to come

Klaveness Combination Carriers ASA (“KCC”) secured a solid start to 2022 with first quarter adjusted EBITDA of USD 17.8 million. Customer growth and decarbonization milestones mark a quarter of significant progress for KCC, says CEO Engebret Dahm.

KCC reports satisfactory profitability in Q1 2022 despite a relatively weak start of the year for both the product tanker and dry bulk markets. Both markets improved considerably during the quarter and with both markets at historically strong levels, the outlook for KCC’s TCE earnings for Q2 is the highest for over ten years. This is further supported by high fuel prices due to KCC’s market leading energy and trading efficiency, adds Dahm.

The quarter also saw important milestones in KCC’s decarbonization program, with contracts secured for two major retrofit energy efficiency initiatives. The initiatives will deliver sizeable emission cuts and further cement KCC’s position as the world’s lowest carbon shipping provider in the dry bulk and tanker market.

MV Baru post-discharge of the first CPP cargo delivered by the CLEANBUs to US East Coast

Highlights for first quarter 2022:
• Average fleet TCE earnings $21,577/day, 1.8-2.8 times higher than standard tanker vessel earnings
• EBT USD 7.3 million and Adjusted EBITDA USD 17.8 million
• Three new CLEANBU clean petroleum product customers secured
• Concluded contracts for major energy efficiency retrofit installations on two vessels, with options for additional nine vessels
• Continued improvement in absolute CO2 emissions per vessel
• The Board of Directors declares dividends for Q1 of USD 0.180 per share, in total approximate USD 9.4 million

Invitation to presentation of Q1 2022 financial results:
In connection with the release of financial results for the first quarter of 2022, Klaveness Combination Carriers ASA (“KCC”) will hold a webcast presentation at 09:00 CEST on Wednesday 11 May 2022.
Source: Klaveness Combination Carriers ASA

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