Klaveness Combination Carriers (KCC) reported a profit after tax of $10.4 million for the fourth quarter of 2025. This result contributed to an annual profit of $33.4 million for the full year, the company stated.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached $22.6 million during the final three months of the year. Total EBITDA for 2025 was $79.8 million, representing a decrease from $126.5 million recorded in 2024.
Chief Executive Officer 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 (caustic soda/bulk) newbuildings during the first seven months of the year.”
Dahm noted that with both product tanker and dry bulk markets providing support, the firm is set for a robust start to the year.
Average time charter equivalent (TCE) earnings for the caustic soda/bulk fleet were $31,840 per day in the fourth quarter. The "clean petroleum"/bulk fleet recorded average earnings of $26,851 per day during the same period.
The shipping company took delivery of the newbuild vessel Balder on February 6. Two sister vessels are expected by Klaveness Combination Carriers to join the fleet in April and July 2026, respectively.
Dividends for the fourth quarter were set at $0.08 per share, which total $4.7 million. This brings the total dividends for 2025 to $16.9 million, equaling 87 per cent of the adjusted cash flow to equity.
The quarterly EBITDA was six per cent lower than the previous quarter due to increased off-hire periods for dry-dockings. Higher operating and administrative costs also impacted the financial results, the company noted.
A record-high contract of affreightment portfolio for caustic soda solution was secured for 2026. These bookings are approximately 20 per cent higher than the previous year, according to KCC.
The 25-year-old vessel Barcarena will be employed under a 32-month contract for caustic soda solution to Brazil starting in March. KCC said this contract is expected to provide a solid earnings contribution from the second quarter of the year.
Guidance for the first quarter of 2026 suggests caustic soda/bulk fleet earnings will range between $28,500 and $29,500 per day. The "clean petroleum"/bulk fleet is projected to earn between $34,500 and $36,500 per day in the same period.