Klaveness Combination Carriers reported an EBITDA of $38.5 million and a profit after tax of $20.8 million for the second quarter of 2026, up from $29.3 million and $15.6 million respectively in the first quarter.
The growth was supported by stronger markets and average fleet time charter equivalent earnings increasing by $4,350 to $37,782 per day.
For the first half of 2026, EBITDA reached $67.9 million while profit after tax rose to $36.3 million, marking increases of over 100 per cent and nearly 230 per cent compared to the same period in 2025.
Net revenue and other income grew by approximately 60 per cent year-on-year, whereas expenses rose by around 25 per cent due to the expansion of the operating fleet.
Fleet expansion concluded on August 6 with the delivery of the third CABU (caustic soda/bulk) vessel, bringing the total operational fleet to 19 combination carriers.
Chief Executive Officer Engebret Dahm stated, “With the delivery of our third and final CABU newbuilding on 6 August, our full fleet of 19 vessels is now in operation and is well positioned to benefit from robust product tanker and dry bulk markets.”
In operational developments, the vessel Banastar exited the Strait of Hormuz on June 25, and its operating life will be extended beyond 25 years following a new Alunorte contract.
During the quarter, the company also secured a $200 million bank facility to refinance existing debt and declared a dividend of $0.30 per share, totaling $17.8 million. Lost earnings days caused by one vessel being off-hire in the Middle East gulf and another enduring a prolonged yard stay were largely compensated by loss-of-hire insurance.
According to the quarterly report, third quarter time charter equivalent earnings are expected to range between $33,500 and $34,500 per day for the CABU fleet and between $36,500 and $38,500 per day for the CLEANBU ("clean petroleum"/bulk) fleet.