Klaveness Combination Carriers reported preliminary fleet average time charter equivalent earnings of $33,432 per day for the first quarter of 2026.
This figure surpassed the company's previous guidance range of $31,400 to $32,900 per day by approximately $550.
The caustic soda/bulk fleet earned $29,552 per day, which Klaveness Combination Carriers noted was slightly above its expected range of $28,500 to $29,500. These earnings represented a decrease of $2,288 per day compared to the fourth quarter of 2025.
According to the company, the decline followed the repositioning of Barcarena from the far east to Brazil to begin a 32-month contract with Alunorte.
Weaker dry bulk markets and specific accounting effects also impacted the results, though increased capacity in wet trades and a stronger medium-range product tanker market provided some offset.
The "clean petroleum"/bulk fleet achieved earnings of $37,311 per day, exceeding the guidance range of $34,500 to $36,500. This performance was driven by higher product tanker earnings, increasing by $10,460 per day compared to the previous quarter.
Klaveness Combination Carriers attributed the "clean petroleum"/bulk growth to a higher share of capacity in wet trades and a stronger long-range one product tanker market. These gains occurred despite weaker dry bulk earnings during the period.
Actual on-hire days for the first quarter were seven days below expectations, primarily because Banastar was trapped in the Middle East. The vessel remains in the region as it awaits safety guarantees to transit the Strait of Hormuz following its effective closure.
The company plans to publish its full report for the first quarter of 2026 on April 28.