Klaveness Combination Carriers (KCC) reported stronger financial performance for the third quarter of 2025, driven by more favourable markets and optimised trading.
EBITDA reached $24 million, a 33 per cent increase from the second quarter, while earnings before tax (EBT) rose 79 per cent to $12 million. Reflecting the improved performance, the board of directors declared a quarterly dividend of $0.12 per share, up significantly from $0.05 in Q2.
Both the caustic soda/bulk and “clean petroleum”/bulk combination carrier fleets delivered solid improvement over the second quarter.
Average time charter equivalent (TCE) earnings for the caustic soda/bulk fleet ended at $30,062 per day, up approximately $3,700 per day from Q2 and outperforming the MR tanker benchmark index by 40 per cent. KCC noted this improvement was primarily driven by stronger caustic soda solution TCE earnings.
TCE earnings for the “clean petroleum”/bulk fleet averaged $27,740 per day, an increase of $4,900 per day from Q2 and exceeding the LR1 tanker index by ten per cent, which the company said was driven by stronger markets and a higher share of capacity employed in “clean petroleum” products trading.
KCC confirmed that it will not be materially affected by the recently implemented US and Chinese port fees.
The company's newbuild programme in China reached a key milestone with the launching of the first of three vessels, the Balder. The vessel remains on track to join the fleet in February 2026, with the two sister vessels expected to follow in March and July 2026.
Looking ahead, KCC issued stable TCE earnings guidance for the fourth quarter of 2025: $30,000-$31,000 per day for the caustic soda/bulk fleet and $27,000-$29,000 per day for the “clean petroleum”/bulk fleet.
CEO Engebret Dahm commented, “Following a relatively weak first half, the third quarter delivered a substantial improvement in earnings and profitability...the outlook for Q4 2025 and 2026 remains positive."
