Oslo, 9 October 2026: Klaveness Combination Carriers’ ("KCC" or the "Company") preliminary fleet average TCE earnings for the third quarter ended at $36,116/day, within the guidance range of $34,800-36,300/day.
The CABU fleet achieved TCE earnings of $34,499/day, in the high end of the guidance range of $33,500–34,500/day. CABU TCE earnings increased by $423/day from Q2 2026, primarily driven by higher caustic soda solution earnings reflecting a larger share of capacity employed on index-linked contracts and more efficient trading. This was partly offset by lower dry bulk earnings, impacted by Banastar’s positioning voyage following its exit through the Strait of Hormuz in late June. Compared with the MR tanker market, the CABU TCE earnings multiple was 1.4[1] for the third quarter.
The CLEANBU TCE earnings were $38,164/day in Q3 2026, in the high end of the guidance range of $36,500-38,500/day. The CLEANBU TCE earnings decreased by $4,079/day from Q2 2026, mainly reflecting a weaker LR1 product tanker market during the summer and a higher share of vessel capacity employed in the dry bulk market (22% in Q3 compared to 4% in Q2). The decrease was partly offset by positive IFRS effects[2] in Q3 compared to negative IFRS effects in Q2. The CLEANBU TCE earnings multiple to LR1 product tankers was 1.1[1] for the third quarter.
Actual on-hire days in Q3 were in line with the guidance. In addition, KCC recognized USD 0.9 million in Other income in Q3 2026.
KCC’s Third Quarter Report for 2026 will be published on 27 October 2026.
CABU (TCE earnings per on-hire day and on-hire days)
Q3 2026 Preliminary: $34,499/day (931 days)
Q3 2026 Guidance range[3]: $33,500/day-$34,500/day (933 days)
Q2 2026 Actual: $34,076/day (754 days)
CLEANBU (TCE earnings per on-hire day and on-hire days)
Q3 2026 Preliminary: $38,164/day (735 days)
Q3 2026 Guidance range[3]: $36,500/day-$38,500/day (734 days)
Q2 2026 Actual: $42,243/day (626 days)
Fleet (TCE earnings per on-hire day and on-hire days)
Q3 2026 Preliminary: $36,116/day (1,667 days)
Q3 2026 Guidance range[3]: $34,800/day-$36,300/day (1,667 days)
Q2 2026 Actual: $37,782/day (1,380 days)
[1] Clarksons MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag»
[2] IFRS recognises revenue based on load to discharge basis and not discharge to discharge
[3] Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)
TCE earnings $/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM3Q2026” published on the Company’s homepage Investor Relations/Reports and Presentations under the section for the Q3 2026 Report. The address to the Company’s homepage is www.combinationcarriers.com.