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Klaveness Combination Carriers
Quarterly Report • Oct 28, 2025
3644_rns_2025-10-28_906c1457-3001-468f-b63a-a61ffce5c504.pdf
Quarterly Report
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QUARTER IN BRIEF
THIRD QUARTER 2025
Stronger financial performance driven by more favorable markets and optimized trading
- Q3 2025 EBITDA of USD 24.0 million (Q2 2025: USD 18.1 million) and EBT of USD 12.0 million (Q2 2025: USD 6.7 million)
- CABU TCE earnings of \$30,062/day (Q2 2025: \$26,365/day) outperforming the MR index2 by 40%
- CLEANBU TCE earnings of \$27,740/day (Q2 2025: \$22,843/day), exceeding the LR12 index by 10%
- Q3 2025 dividend of USD 0.12 per share amounting to USD 7.1 million (Q2 2025: USD 0.05 per share)
- KCC will not be materially affected by the US and Chinese port fees effective 14 October 2025
- Efficiency improvements deliver a strong carbon intensity performance with fleet EEOI of 6.1 for the quarter
"Following a relatively weak first half, the third quarter delivered a substantial improvement in earnings and profitability for both the CABU and CLEANBU fleets. The outlook for Q4 2025 and 2026 remains positive, supported by stronger markets, the onboarding of new CLEANBU customers, clarification that KCC will not be impacted by the USTR port fees, and a solid outlook for contract renewals for next year."
- Engebret Dahm, CEO Klaveness Combination Carriers ASA
Average TCE earnings (\$/day) 1
EBITDA (MUSD)
Profit/(loss) after tax (MUSD)
1 Average TCE earnings \$/day is an alternative performance measure (APM) which is defined and reconciled in the excel sheet "APM3Q2025" published on the Company's homepage (
2 Clarksons, MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/"lag".
3 EEOI (Energy Efficiency Operational Index) is defined by IMO and represents grams CO2 emitted per transported ton cargo per nautical mile for a period of time (both fuel consumption at sea and in port included).
FINANCIAL PERFORMANCE
OPERATING PERFORMANCE
| Q3 2025 | Q2 2025 | Δ | Q3 2024 | Δ | YTD 2025 | YTD 2024 | Δ | |
|---|---|---|---|---|---|---|---|---|
| Average TCE \$/day1 | 28 921 | 24 561 | 18 % | 34 052 | (15) % | 25 310 | 37 555 | (33) % |
| OPEX \$/day1 | 9 092 | 9 270 | (2) % | 9 315 | (2.4) % | 9 176 | 9 198 | — % |
| On-hire days | 1 400 | 1 387 | 1 % | 1 432 | (2) % | 4 167 | 4 112 | 1 % |
| Off-hire days, scheduled | 60 | 57 | 5 % | 38 | 59 % | 177 | 257 | (31) % |
| Off-hire days, unscheduled | 12 | 12 | (1) % | 2 | 478 % | 23 | 15 | 54 % |
| % of days in combination trades2 | 95% | 87% | 9 % | 86% | 10 % | 87% | 81% | 7 % |
INCOME STATEMENT
| (USD '000) | Q3 2025 | Q2 2025 | Δ | Q3 2024 | Δ | YTD 2025 | YTD 2024 | Δ |
|---|---|---|---|---|---|---|---|---|
| Net revenues from vessel operations | 40 492 | 34 074 | 19 % | 48 768 | (17) % | 105 477 | 154 437 | (32) % |
| EBITDA | 24 045 | 18 091 | 33 % | 32 557 | (26) % | 57 175 | 106 324 | (46) % |
| Profit after tax | 12 025 | 6 723 | 79 % | 21 689 | (45) % | 23 052 | 72 795 | (68) % |
| Earnings per share (USD) | 0.20 | 0.11 | 82 % | 0.36 | (44) % | 0.39 | 1.20 | (68) % |
CASH FLOW STATEMENT
| (USD '000) | Q3 2025 | Q2 2025 | Δ | Q3 2024 | Δ | YTD 2025 | YTD 2024 | Δ |
|---|---|---|---|---|---|---|---|---|
| Cash flow from operations | 28 343 | 19 995 | 42 % | 22 676 | 25 % | 61 935 | 103 092 | (40) % |
| Cash flow from investments | (19 275) | (21 468) | (10) % | (3 762) | 412 % | (57 442) | (19 986) | 187 % |
| Cash flow from financing | (6 589) | 2 924 | (325) % | (50 857) | (87) % | (11 561) | (99 853) | (88) % |
| Net change in cash and cash equivalent | 2 478 | 1 451 | 71 % | (31 943) | (108) % | (7 069) | (16 747) | (58) % |
OTHER FINANCIAL KEY FIGURES
| (USD '000) | Q3 2025 | Q2 2025 | Δ | Q3 2024 | Δ | YTD 2025 | YTD 2024 | Δ |
|---|---|---|---|---|---|---|---|---|
| Dividends per share | 0.12 | 0.05 | 140 % | 0.30 | (60) % | 0.205 | 0.95 | (78) % |
| Cash and cash equivalents | 49 070 | 46 592 | 5 % | 51 324 | (4) % | 49 070 | 51 324 | (4) % |
| Net interest bearing debt1 | 203 818 | 204 504 | — % | 174 304 | 17 % | 203 818 | 174 304 | 17 % |
| (USD '000) | Q3 2025 | Q2 2025 | Q-Q | Q3 2024 | Q-Q | YTD 2025 | YTD 2024 | Q-Q |
| Equity ratio1 | 56% | 56% | — % | 60% | (4) % | 56% | 60% | (4%) |
| ROCE annualised1 | 10% | 6% | 4 % | 17% | (7) % | 7% | 19% | (9%) |
REVENUE AND EXPENSES
EBITDA and Profit after tax for the third quarter ended at USD 24.0 million and USD 12.0 million respectively, up from USD 18.1 million and USD 6.7 million in the previous quarter.
Net revenues from operation of vessels were up USD 6.4 million/19% Q-o-Q supported by stronger product tanker and dry bulk markets. Total operating and administrative expenses this quarter were up approximately USD 0.5 million Q-o-Q due to salary periodisation effects.
Depreciations were in line with last quarter. Net finance cost increased by USD 0.7 million/24% Q-o-Q, mainly due to finance cost related to debt.
EBITDA and Profit after tax were down compared to the same quarter last year, primarily due to considerable stronger product tanker markets in Q3 2024 compared to Q3 2025.
CAPITAL AND FUNDING
Cash and cash equivalents ended at USD 49.1 million by the end of Q3 2025, an increase of USD 2.5 million from the end of second quarter 2025. Positive cash flow from operations of USD 28.3 million and drawdown on a revolving credit facility of USD 7 million were close to offset costs for dry-docking and technical upgrades of in total USD 4.9 million, newbuild instalments of USD 14.4 million, debt service of USD 10.6 million and dividends of USD 3.0 million. Available long-term liquidity (cash and cash equivalents and available capacity on long-term revolving credit facilities) hence decreased by USD 4.5 million during the quarter.
Total equity ended at USD 362.9 million, an increase of USD 8.7 million from the end of Q2 2025. The increase is mainly explained by Profit after tax of USD 12.0 million partly offset by dividend payments of USD 3.0 million and negative other comprehensive income of USD 0.4 million. The equity ratio ended at 56.4% per end of September 2025, steady from end June 2025 and down from 58.8% at year-end 2024.
Interest-bearing debt was USD 252.9 million at the end of Q3 2025, up USD 1.8 million from the end of Q2 2025. The increase is mainly due to drawdown of USD 7.0 million on a revolving credit facility and exchange rate changes on the bond loan, partly offset by debt repayments of USD 6.3 million. The Group had per end of September 2025 USD 78.0 million available and undrawn under long-term revolving credit facilities (Q2 2025: USD 85.0 million) and USD 8.0 million available and undrawn under a 364-days overdraft facility (Q2 2025: USD 8.0 million).
The USD 180 million bank facility partly financing the three CABU newbuilds with delivery in 2026 and refinancing the existing CABU bank facility was signed on 29 September and the drawdown on the new tranche for the existing CABU vessels and the repayment of the existing CABU facility were made on 10 October with a net positive cash effect of approximately USD 10 million. Drawdown on the newbuild tranches will be made on delivery of the respective vessels in Q1-Q3 2026. The newbuild tranches of in total USD 120 million is a revolving credit facility covering approximately 60% of delivered cost. The facility has a 20 years age-adjusted repayment profile, 6 years tenor and a margin of 180 bps.
DIVIDEND
On 27 October 2025, the Company's Board of Directors declared to pay a cash dividend to the Company's shareholders of USD 0.12 per share for the third quarter 2025, in total approximately USD 7.1 million.
1 Alternative performance measures (APMs) are defined and reconciled in the excel sheet "APM3Q2025" published on the Company's homepage (
2 % of days in combination trades = number of days in combination trades as a percentage of total on-hire days. A combination trade starts with wet cargo (usually caustic soda or clean petroleum products), followed by a dry bulk cargo. A combination trade is one which a standard tanker or dry bulk vessel cannot perform. The KPI is a measure of KCC's ability to operate our combination carriers in trades with efficient and consecutive combination of wet and dry cargos versus trading as a standard tanker or dry bulk vessel. There are two exceptions to the main rule where the trade is a combination trade: Firstly, in some rare instances a tanker cargo is fixed instead of a dry bulk cargo out of the dry bulk exporting region where KCC usually transports dry bulk commodities. E.g., the vessel transports clean petroleum products to Argentina followed by a veg oil cargo instead of a grain cargo on the return leg. Secondly, triangulation trading which combines two tanker (drybulk) voyages followed by a dry bulk (tanker) voyage with minimum ballast in between the three voyages (e.g., CPP Middle East-Far East +CPP Far East Australia +Dry bulk Australia-Middle East) are also considered combination trade.
Third Quarter 2025 Highlights Financial performance CABU CLEANBU Market Health, Safety,
SEGMENT REPORTING - THE CABU BUSINESS
| Q3 2025 | Q2 2025 | Δ | Q3 2024 | Δ | YTD 2025 | YTD 2024 | Δ | |
|---|---|---|---|---|---|---|---|---|
| Average TCE \$/day1 | 30 062 | 26 365 | 14 % | 29 668 | 1 % | 26 355 | 33 934 | (22) % |
| OPEX \$/day1 | 8 439 | 8 348 | 1 % | 8 520 | (1) % | 8 535 | 8 620 | (1) % |
| On-hire days | 712 | 677 | 5 % | 735 | (3) % | 2 049 | 2 095 | (2) % |
| Off-hire days, scheduled | 14 | 42 | (68) % | 0 | n.a | 115 | 84 | 36 % |
| Off-hire days, unscheduled | 10 | 10 | 3 % | 1 | 932 % | 20 | 13 | n.a |
| % of days in combination trades2 | 95% | 90% | 6 % | 88% | 8 % | 89% | 94% | (5) % |
| Ballast days in % of total on-hire days3 | 11% | 12% | (13) % | 12% | (10) % | 13% | 10% | 30 % |
REVENUE AND EXPENSES
Average TCE earnings per on-hire day for the CABU vessels ended at \$30,062/day in Q3 2025, approximately \$3,700/day/14% up from the previous quarter, primarily driven by stronger caustic soda solution TCE earnings, supported by higher cargo intake and a firmer underlying product tanker market. In addition, solid dry bulk earnings and more efficient trading (95 % combination trading and 11 % ballast) contributed positively, partly offset by a lower share of capacity trading in wet mode (47 % in Q3, down from 54 % in Q2) and negative IFRS effects.
The CABU fleet achieved higher TCE earnings compared to standard MR5 tanker vessels in Q3 2025, with a multiple of 1.4.
TCE earnings in Q3 2025 were quite in line with the same quarter last year as a weaker product tanker market were more than outweighed by a stronger dry bulk market and higher trading efficiency.
Average operating expenses of \$8,439/day for Q3 2025 were approximately in line with both last quarter and same quarter last year.
DRY-DOCKING AND OFF-HIRE
The CABU fleet had 14 scheduled off-hire days in Q3 related to the dry-docking of one vessel. One of the 2001-built CABU vessel had 10 unscheduled off-hire days for repairs and maintenance.
Average TCE earnings (\$/day)
1
Average OPEX (\$/day) 1
% days in combination trades and ballast 2
% in Wet and Dry Trades
1 Alternative performance measures (APMs) are defined and reconciled in the excel sheet "APM3Q2025" published on the Company's homepage (
2 % of days in combination trades = see definition on page 2
3 Ballast in % of on-hire days = Number of days in ballast /number of on-hire days. Ballast days when the vessel is off-hire are not included. 4 Clarksons, MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag»
Third Quarter 2025 Highlights Financial performance CABU CLEANBU Market Health, Safety,
SEGMENT REPORTING - THE CLEANBU BUSINESS
| Q3 2025 | Q2 2025 | Δ | Q3 2024 | Δ | YTD 2025 | YTD 2024 | Δ | |
|---|---|---|---|---|---|---|---|---|
| Average TCE \$/day1 | 27 740 | 22 843 | 21 % | 38 673 | (28) % | 24 299 | 41 315 | (41) % |
| OPEX \$/day1 | 9 747 | 10 190 | (4) % | 10 110 | (4) % | 9 816 | 9 776 | — % |
| On-hire days | 688 | 711 | (3) % | 697 | (1) % | 2 119 | 2 017 | 5 % |
| Off-hire days, scheduled | 47 | 15 | 204 % | 38 | 23 % | 62 | 173 | (64) % |
| Off-hire days, unscheduled | 1 | 2 | (24) % | 1 | 23 % | 3 | 2 | 43 % |
| % of days in combination trades2 | 94% | 85% | 11 % | 84% | 12 % | 86% | 67% | 28 % |
| Ballast days in % of total on-hire days3 | 19% | 13% | 40 % | 11% | 69 % | 15% | 17% | (9) % |
REVENUE AND EXPENSES
Average CLEANBU TCE earnings in Q3 2025 of \$27,740/day were up approximately \$4,900/day (21%) from last quarter and were slightly higher than standard LR14 vessels, with a multiple of 1.1. The positive CLEANBU rate development was driven by stronger markets, increased capacity employed in the best-paying trades, and a higher share of capacity employed in clean petroleum products trading (60 % in Q3, up from 56 % in Q2), as well as positive IFRS effects.
Compared to Q3 2024, TCE earnings were down approximately \$10,900/day/-28% mainly driven by a weaker underlying product tanker market.
Average operating expenses for the CLEANBU vessels ended at \$9,747/day in Q3 2025, down approximately \$400/day/-4% from both the previous quarter and the same quarter last year, mainly due to timing effects between the quarters.
DRY-DOCKING AND OFF-HIRE
The CLEANBU fleet had 47 scheduled off-hire days in the third quarter related to dry-docking of two vessels.
4 Clarksons, MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag»
Average TCE earnings (\$/day)
1
Average OPEX (\$/day) 1
% days in combination trades and ballast 2
% in Wet and Dry Trades
4
1 Alternative performance measures (APMs) are defined and reconciled in the excel sheet "APM3Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2025 report.
2 % of days in combination trades = see definition on page 2
3 Ballast in % of on-hire days = Number of days in ballast /number of on-hire days. Ballast days when the vessel is off-hire are not included.
MARKET DEVELOPMENT
| Average Market Rates with One Month Lag | Q3 2025 | Q2 2025 | Q3 2024 YTD 2025 YTD 2024 | 2024 | ||
|---|---|---|---|---|---|---|
| P5TC dry bulk earning \$/day | 14 400 | 11 600 | 15 000 | 11 600 | 15 800 | 14 700 |
| Average MR Clean tanker earnings \$/day | 22 300 | 20 100 | 27 500 | 20 200 | 32 400 | 28 600 |
| Average LR1 tanker earning \$/day | 24 700 | 23 900 | 30 900 | 22 200 | 40 500 | 35 600 |
| Fuel price USD/mt | 520 | 510 | 610 | 530 | 620 | 620 |
TCE earnings development \$/day2
DRY BULK MARKET
Average Panamax dry bulk earnings rose from approximately \$11,600/day in Q2 2025 to around \$14,400/day in Q3 20251 .
In Q3, the U.S.–China trade war intensified, prompting China to boost grain imports from South America in an effort to reduce dependence on U.S. supplies. Brazil's record soybean harvest supported all-timehigh soybean exports from South America. The resulting surge in South Atlantic front-haul demand gradually drew vessels away from the North Atlantic basin through the summer, leading to a shortage of tonnage and higher Trans-Atlantic freight rates, despite otherwise weak regional demand.
At the same time, a hot Pacific summer drove up coal prices as slow import volumes and high energy consumption created a short squeeze. The combination of tight Atlantic supply, record-high South American grain flows, and strengthening Pacific coal demand fuelled a rebound in Panamax freight rates. Meanwhile, the Supramax and Capesize segments remained firm and continued to provide support throughout the quarter.
Outlook
Looking ahead to Q4, the strong Atlantic market in Q3 has attracted additional tonnage to the region. At the same time, grain volumes are expected to ease as U.S. exports to China decline, following the Chinese replacement by record South American shipments in Q3. Coal demand, however, may remain a bright spot, supported by China's efforts to curb domestic production and address the oversupply that built up in the first half of 2025.
PRODUCT TANKER MARKET
Average product tanker rates for both LR1 and MR vessels increased in Q3 2025 compared to the previous quarter. MR rates rose by approximately \$2,200/day, from \$20,100/day in Q2 to \$22,300/day in Q3, while LR1 rates increased by around \$800/day, reaching an average of \$24,700/day2
The product tanker market has in the quarter benefited from reduced competition from crude tankers for clean cargoes due to the strengthening crude tanker market. Furthermore, the market has been supported by favourable East-West arbitrage leading to increased diesel flows into Europe.
Outlook
The product tanker market outlook remains quite positive, supported by improving refinery margins reflecting healthy demand as the refinery maintenance season winds down in Q4. The shortfall in Russian gasoil exports creates increased trading opportunities, adding pressure to already tight gasoil/diesel markets West of Suez. The market is also entering a seasonally strong period, with a potential ~20%4 uplift in earnings toward year-end compared to the rest of the year.
Rising OPEC export volumes and the presence of a large sanctioned fleet continue to be positive factors for the crude tankers and indirectly for the product tankers. Looking ahead, ongoing pressure on India's refiners following the EU's upcoming ban on products refined from Russian-origin crude (effective January 2026), combined with the U.S. threat of secondary sanctions on Russian crude importers, may further boost demand for compliant crude tankers, thereby indirectly supporting the product tanker segment.
However, a resolution of the war in Ukraine and/or a resumption of trading activity through the Red Sea could soften market dynamics. Additionally, accelerated fleet growth remains a key challenge for maintaining the current supply-demand balance in the product tanker market.
GEOPOLITICS AND TRADE TENSIONS
It remains uncertain whether the peace agreement between Israel and Hamas will lead to a reopening of the Red Sea for commercial traffic. Given the continued hostilities in the region, KCC is maintaining its policy of avoiding vessel transits through the Red Sea.
KCC will not be materially affected by the United States Trade Representative (USTR) port-fees initiative (effective 14 October 2025) aimed at Chinese owned and built vessels calling at U.S. ports and the special port fees announced by the Ministry of Transport (MOT) of the People's Republic of China on vessels linked with the U.S, either due to exemptions or through the implementation of mitigating measures.
1 Source: Baltic Dry as of October 2025 (All series lagged by one month to reflect advance cargo fixing)
2 Source: Shipping Intelligence Network and Clarkson's Securities; Average LR1 tanker earnings are MEG-Cont and MED-Japan triangulation; All series lagged by one month to reflect advance cargo fixing)
3 Source: Kpler
4 Source: DNB Markets equity research
HEALTH AND SAFETY ENVIRONMENT
Lost Time Injury Frequency for last twelve months including Q3 2025 was 0.3, better than the target of 0.5. The fleet experienced zero Lost Time Injuries and zero Serious Injury or Fatality Incidents in Q3 2025.
0.3 0.3 0.6 0.3 0.3 LTIF Target Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Lost Time Injuries Frequency (LTIF)1 (incidents per past 12 month) 0.5
Serious Injury or Fatality Incidents (SIF)2 (year to date)
| Last 12 | |||||
|---|---|---|---|---|---|
| Environmental KPIs | Q3 2025 | Q2 2025 | months | 2024 | TARGET 2025 |
| % of days in combination trades | 95% | 87% | 84% | 82% | >85% |
| Ballast days in % of total on-hire days | 15% | 16% | 14% | 14% | <13.75% |
| # of spills of the environment | 0 | 0 | 0 | 0 | 0 |
| CO2-emissions per ton transported cargo per nautical mile (EEOI) (grams CO2/(tons cargo x |
|||||
| nautical miles))2,6 | 6.1 | 6.2 | 6.3 | 6.6 | 5.8 |
Energy Efficiency Operational Index (EEOI)3
PERFORMANCE
The carbon intensity (EEOI) of the fleet in Q3 2025 was slightly lower than in Q2 2025. The CABU fleet EEOI decreased Q-o-Q from 6.6 to 6.1 due to a significant increase in average cargo weight carried on board, with a very high share of caustic soda solution being shipped in large lots, while CLEANBU fleet EEOI increased from 5.8 to 6.1 due mainly to an increase in ballast share.
Q3 2025 was the first full quarter that saw the effects of all three second generation CABU vessels (built 2016-2017) having carried out retrofit installations of shaft generator and air lubrication systems. The three vessels achieved an overall EEOI of 5.5 in Q3 2025, which is 22% lower than their overall EEOI in the 12 months preceding the first installation.
Part of the CLEANBU fleet is also receiving such upgrades, with the Baru already having installed shaft generator and air lubrication in 2024, the Bangus currently being retrofit in drydock, and the third CLEANBU planned within the next 6 months.
5 Ballast in % of on-hire days = Number of days in ballast /number of on-hire days. Ballast days when the vessel is off-hire are not included.
1 LTIF per 1 million working hours. Lost Time Injuries (LTIs) are the sum of fatalities, permanent total disabilities, permanent partial disabilities and lost workday cases (injuries leading to loss of productive work time). In line with OCIMF (Oil Companies International Marine Forum)
2 SIF per 1 million working hours. Serious Injury or Fatality Incident (SIF)s are the incidents that has the potential, or actually does, result in a fatal or life-altering injury or illness.
3 EEOI (Energy Efficiency Operational Index) is defined by IMO and represents grams CO2 emitted per transported ton cargo per nautical mile for a period of time (both fuel consumption at sea and in port included).
4 % of days in combination trades = see definition on page 2.
OUTLOOK
CABU OUTLOOK
The performance of the CABU fleet is expected to remain stable from Q3 through Q4 2025 supported by stronger dry bulk earnings and a high share of fixed-rate caustic soda COA voyages in Q4. The share of capacity employed in caustic soda trades is expected to increase in Q4 from Q3 while maintaining high trading efficiency with low waiting time and ballast.
Based on current fixed days equal to 61% of fleet capacity and assuming FFA pricing for the open days, Q4 TCE earnings guidance for the CABU fleet is \$30,000-\$31,000/day.
The ongoing annual caustic soda contract renewal discussions are supported by a reasonably strong product tanker spot market and a positive market outlook. By year-end, the full tanker capacity of the CABU fleet, including the newbuilds, is expected to be covered by a mix of floating- and fixed-rate contracts of affreightment.
Three CABU vessels will start and/or complete dry-docking in Q4 2025 with an estimated 70 off-hire days for the quarter.
CLEANBU OUTLOOK
Also the CLEANBU TCE earnings are expected to be stable in Q4 compared to Q3, supported by a rebound in the product tanker market in second half of October and a continued healthy dry bulk market.
The CLEANBU fleet trading efficiency is expected to improve over the coming quarters, supported by clarification that the CLEANBU vessels will not be impacted by the USTR port fees and continued progress with key customers in both existing and new trades.
Based on current fixed days equal to 55% of fleet capacity and assuming FFA pricing for the open days, TCE earnings guidance for the CLEANBU fleet is \$27,000-\$29,000/day.
Two CLEANBU vessels will start and/or complete dry-docking in Q4 2025 with an estimated 90 off-hire days for the quarter.
The Board of Directors of
Klaveness Combination Carriers ASA
Oslo, 27 October 2025
| Ernst A. Meyer | Gøran Andreassen | Magne Øvreås |
|---|---|---|
| Chair of the Board | Board member | Board member |
| Marianne Møgster | Brita Eilertsen | Engebret Dahm |
| Board member | Board member | CEO |
INCOME STATEMENT
| Unaudited | Unaudited | Audited | ||||
|---|---|---|---|---|---|---|
| USD '000 | Notes | Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
| Freight revenue | 3 | 59 229 | 63 644 | 159 716 | 186 883 | 240 225 |
| Charter hire revenue | 3 | 5 242 | 9 084 | 15 008 | 32 809 | 38 034 |
| Total revenue, vessels | 64 471 | 72 728 | 174 724 | 219 692 | 278 259 | |
| Voyage expenses | (23 979) | (23 960) | (69 247) | (65 257) | (86 319) | |
| Net revenues from operation of vessels | 40 492 | 48 768 | 105 477 | 154 437 | 191 940 | |
| Other income | 3 | - | 540 | - | 817 | 817 |
| Operating expenses, vessels | (13 384) | (13 712) | (40 080) | (40 324) | (54 794) | |
| Group commercial and administrative services | 11 | (1 170) | (1 449) | (3 358) | (4 048) | (5 248) |
| Salaries and social expenses | 10 | (1 482) | (1 079) | (3 094) | (3 153) | (4 190) |
| Tonnage tax | (44) | (43) | (140) | (126) | (166) | |
| Other operating and administrative expenses | (367) | (467) | (1 631) | (1 277) | (1 843) | |
| Operating profit before depreciation (EBITDA) | 24 045 | 32 557 | 57 175 | 106 324 | 126 516 | |
| Depreciation | 4 | (8 673) | (7 588) | (25 728) | (22 639) | (30 444) |
| Operating profit after depreciation (EBIT) | 15 371 | 24 969 | 31 448 | 83 685 | 96 072 | |
| Finance income | 7 | 361 | 2 385 | 3 224 | 4 694 | 5 679 |
| Finance costs | 7 | (3 707) | (5 667) | (11 619) | (15 584) | (20 341) |
| Profit before tax (EBT) | 12 025 | 21 689 | 23 053 | 72 794 | 81 410 | |
| Income tax expenses | - | - | - | - | - | |
| Profit after tax | 12 025 | 21 689 | 23 053 | 72 794 | 81 410 | |
| Attributable to: | ||||||
| Equity holders of the Parent Company | 12 025 | 21 689 | 23 053 | 72 794 | 81 410 | |
| Total | 12 025 | 21 689 | 23 053 | 72 794 | 81 410 | |
| Earnings per Share (EPS): | ||||||
| Basic earnings per share | 0.20 | 0.36 | 0.39 | 1.20 | 1.35 | |
| Diluted earnings per share | 0.20 | 0.36 | 0.39 | 1.20 | 1.35 |
STATEMENT OF COMPREHENSIVE INCOME
| Unaudited | Unaudited | |||||
|---|---|---|---|---|---|---|
| USD '000 | Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 | |
| Profit/ (loss) of the period | 12 025 | 21 689 | 23 053 | 72 794 | 81 410 | |
| Other comprehensive income to be reclassified to profit or loss | ||||||
| Net movement fair value on cross-currency interest rate swaps (CCIRS) |
846 | 2 965 | 10 567 | (840) | (6 903) | |
| Reclassification to profit and loss (CCIRS) | (865) | (3 424) | (9 721) | (415) | 4 758 | |
| Net movement fair value on interest rate swaps | (488) | (2 441) | (3 373) | (2 613) | (1 564) | |
| Net movement fair value bunker hedge | 55 | (265) | (144) | (193) | 107 | |
| Net movement fair value FFA futures | 83 | - | 83 | - | - | |
| Net other comprehensive income to be reclassified to profit or loss |
(369) | (3 165) | (2 589) | (4 061) | (3 601) | |
| Total comprehensive income/(loss) for the period, net of tax | 11 656 | 18 523 | 20 464 | 68 734 | 77 808 | |
| Attributable to: | ||||||
| Equity holders of the Parent Company | 11 656 | 18 523 | 20 464 | 68 734 | 77 808 | |
| Total | 11 656 | 18 523 | 20 464 | 68 734 | 77 808 |
STATEMENT OF FINANCIAL POSITION
| ASSETS | Unaudited | Audited |
|---|---|---|
| Notes USD '000 |
30 Sep 2025 | 31 Dec 2024 |
| Non-current assets | ||
| Vessels 4 |
483 998 | 493 341 |
| Newbuilding contracts 5 |
61 890 | 19 170 |
| Long-term financial assets 6 |
8 667 | 4 382 |
| Long-term receivables | 184 | 157 |
| Total non-current assets | 554 740 | 517 050 |
| Current assets | ||
| Short-term financial assets 6 |
1 217 | 2 142 |
| Inventories | 11 716 | 12 665 |
| Trade receivables and other current assets | 26 255 | 23 514 |
| Short-term receivables from related parties | 1 | 706 |
| 6 Cash and cash equivalents |
49 070 | 56 139 |
| Total current assets | 88 259 | 95 166 |
| TOTAL ASSETS | 642 999 | 612 216 |
| EQUITY AND LIABILITIES | Unaudited | Audited |
|---|---|---|
| Notes USD '000 |
30 Sep 2025 | 31 Dec 2024 |
| Equity | ||
| Share capital 8 |
6 868 | 6 977 |
| Share premium 8 |
196 772 | 202 949 |
| Other reserves | 3 201 | 5 956 |
| Retained earnings 8 |
156 025 | 143 984 |
| Total equity | 362 866 | 359 866 |
| Non-current liabilities | ||
| Mortgage debt 6 |
147 357 | 128 559 |
| Long-term financial liabilities 6 |
10 | 4 529 |
| Long-term bond loan 6 |
80 332 | 70 625 |
| Total non-current liabilities | 227 700 | 203 713 |
| Current liabilities | ||
| Short-term mortgage debt 6 |
25 199 | 25 199 |
| Short-term financial liabilities 6 |
- | 555 |
| Trade and other payables | 26 934 | 22 154 |
| Short-term debt to related parties | 164 | 556 |
| Tax liabilities | 138 | 174 |
| Total current liabilities | 52 434 | 48 637 |
| TOTAL EQUITY AND LIABILITIES | 642 999 | 612 216 |
The Board of Directors of
Klaveness Combination Carriers ASA
Oslo, 27 October 2025
| Ernst A. Meyer | Gøran Andreassen | Magne Øvreås |
|---|---|---|
| Chair of the Board | Board member | Board member |
| Marianne Møgster | Brita Eilertsen | Engebret Dahm |
| Board member | Board member | CEO |
STATEMENT OF CHANGES IN EQUITY
Attribute to equity holders of the parent
Unaudited
| USD '000 | Share capital |
Other paid in capital |
Treasury Shares |
Hedging reserve |
Cost of hedging reserve |
Retained earnings |
Total |
|---|---|---|---|---|---|---|---|
| Equity 1 January 2025 | 6 977 | 202 949 | (1 262) | 7 217 | - | 143 984 | 359 866 |
| Profit (loss) for the period | - | - | - | - | - | 23 053 | 23 053 |
| Other comprehensive income for the period | - | - | - | (2 589) | - | - | (2 589) |
| Share buyback program (note 8) | - | - | (6 637) | - | - | - | (6 637) |
| Share redemption (note 8) | (110) | (6 112) | 6 222 | - | - | - | - |
| Employee share purchase (note 8,9) | - | (65) | 250 | - | - | - | 185 |
| Dividends | - | - | - | - | - | (11 012) | (11 012) |
| Equity at 30 September 2025 | 6 868 | 196 772 | (1 427) | 4 628 | - | 156 025 | 362 865 |
Unaudited
| USD '000 | Share capital |
Other paid in capital |
Treasury Shares |
Hedging reserve |
Cost of hedging reserve |
Retained earnings |
Total |
|---|---|---|---|---|---|---|---|
| Equity 1 January 2024 | 6 977 | 202 852 | (97) | 11 533 | (714) | 141 147 | 361 698 |
| Profit (loss) for the period | - | - | - | - | - | 72 794 | 72 794 |
| Other comprehensive income for the period | - | - | - | (4 061) | - | - | (4 061) |
| Share purchase (note 8) | - | 97 | 66 | - | - | - | 163 |
| Dividends | - | - | - | - | - | (60 482) | (60 482) |
| Equity at 30 September 2024 | 6 977 | 202 949 | (31) | 7 472 | (714) | 153 459 | 370 112 |
Audited
| USD '000 | Share capital |
Other paid in capital |
Treasury Shares |
Hedging reserve |
Cost of hedging reserve |
Retained earnings |
Total |
|---|---|---|---|---|---|---|---|
| Equity 1 January 2024 | 6 977 | 202 852 | (97) | 11 533 | (714) | 141 147 | 361 698 |
| Profit (loss) for the period | - | - | - | - | - | 81 410 | 81 410 |
| Other comprehensive income for the period | - | - | - | (3 601) | - | - | (3 601) |
| Reclassification* | - | - | - | (714) | 714 | - | - |
| Share buyback program (note 8) | - | - | (1 231) | - | - | - | (1 231) |
| Employee share purchase (note 8) | - | 97 | 66 | - | - | 12 | 175 |
| Dividends | - | - | - | - | - | (78 584) | (78 584) |
| Equity at 31 December 2024 | 6 977 | 202 949 | (1 262) | 7 217 | - | 143 984 | 359 866 |
*Cost of hedging reserve was recycled over P&L together with the underlying transaction in 2022, but the recycling was wrongly recorded against hedging reserve rather than cost of hedging reserve. The error is not considered material for restatement, and has therefore been corrected in 2024 with this reclassification, with zero effect on total equity.
STATEMENT OF CASH FLOWS
| Unaudited | Unaudited | Audited | ||||
|---|---|---|---|---|---|---|
| Notes USD '000 |
Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 | |
| Profit before tax | 12 025 | 21 687 | 23 053 | 72 795 | 81 410 | |
| Tonnage tax expensed | 44 | 43 | 140 | 126 | 166 | |
| Depreciation | 4 | 8 673 | 7 588 | 25 728 | 22 639 | 30 444 |
| Amortization of upfront fees bank loans | 297 | 303 | 892 | 887 | 1 184 | |
| Financial derivatives loss / gain (-) | 6 | (31) | (278) | (530) | 283 | 450 |
| Gain /loss on foreign exchange | 7 | 13 | (189) | (399) | (287) | (67) |
| Interest income | 7 | (331) | (1 893) | (2 286) | (4 111) | (5 602) |
| Interest expenses | 7 | 3 396 | 5 339 | 10 689 | 14 409 | 18 657 |
| Change in current assets | 1 006 | (7 395) | (1 086) | (7 493) | 290 | |
| Change in current liabilities | 2 969 | (4 928) | 4 395 | (203) | 4 086 | |
| Collateral paid/received on cleared derivatives | 6 | (49) | 506 | (39) | (64) | (245) |
| Interest received | 7 | 331 | 1 893 | 1 380 | 4 111 | 5 310 |
| A: Net cash flow from operating activities | 28 343 | 22 676 | 61 935 | 103 092 | 136 082 | |
| Acquisition of tangible assets | 4 | (4 862) | (3 350) | (16 384) | (18 859) | (26 712) |
| Installments and other cost on newbuilding contracts | 5 | (14 413) | (412) | (41 058) | (1 127) | (1 578) |
| B: Net cash flow from investment activities | (19 275) | (3 762) | (57 442) | (19 986) | (28 290) | |
| Share buyback program | - | - | (6 637) | - | (1 231) | |
| Proceeds from long term incentive plan | 8 | - | - | 185 | 102 | 102 |
| Transaction costs on issuance of debt | 6 | - | - | - | (444) | (444) |
| Repayment of mortgage debt | 6 | (6 300) | (6 300) | (18 900) | (30 900) | (37 200) |
| Drawdown of mortgage debt | 6 | 7 000 | - | 37 000 | - | 10 000 |
| Repurchase bond incl premium (KCC04) | 6 | - | (2 527) | - | (2 502) | (18 259) |
| Gain/loss on realization of financial instruments | 6 | - | (18 259) | - | (19 956) | (4 199) |
| Proceeds from new bond issue (KCC05) | 6 | - | - | - | 29 203 | 29 203 |
| Interest paid | 7 | (4 313) | (5 634) | (12 197) | (14 874) | (19 112) |
| Dividends | (2 976) | (18 137) | (11 012) | (60 482) | (78 584) | |
| C: Net cash flow from financing activities | (6 589) | (50 857) | (11 561) | (99 853) | (119 724) | |
| Net change in liquidity in the period | 2 478 | (31 944) | (7 069) | (16 748) | (11 932) | |
| Cash and cash equivalents at beginning of period | 46 592 | 83 267 | 56 139 | 68 071 | 68 071 | |
| Cash and cash equivalents at end of period | 49 070 | 51 324 | 49 070 | 51 324 | 56 139 | |
| Net change in cash and cash equivalents in the period | 2 478 | (31 944) | (7 069) | (16 748) | (11 932) | |
| Cash and cash equivalents | 49 070 | 51 324 | 49 070 | 51 324 | 56 139 | |
| Other interest bearing liabilities (overdraft facility) | 6 | - | - | - | - | - |
| Cash and cash equivalents (as presented in cash flow statement) | 49 070 | 51 324 | 49 070 | 51 324 | 56 139 | |
NOTES
| 01 | ACCOUNTING POLICIES |
|---|---|
| 02 | SEGMENT REPORTING |
| 03 | REVENUE AND OTHER INCOME |
| 04 | VESSELS |
| 05 | NEWBUILDINGS |
| 06 | FINANCIAL ASSETS AND LIABILITIES |
| 07 | FINANCIAL ITEMS |
| 08 | SHARE CAPITAL, SHAREHOLDERS AND DIVIDENDS |
| 09 | LONG-TERM INCENTIVE PLAN |
| 10 | SALARIES |
| 11 | TRANSACTIONS WITH RELATED PARTIES |
EVENTS AFTER THE BALANCE SHEET DATE
Third Quarter 2025 Highlights Financial performance CABU CLEANBU Market Health, Safety,
NOTE 1 - ACCOUNTING POLICIES
Corporate information
Klaveness Combination Carriers ASA ("Parent Company"/"the Company"/"KCC") is a public limited liability company domiciled and incorporated in Norway. The share is listed on Oslo Stock Exchange with ticker KCC. The consolidated interim accounts include the Parent Company and its subsidiaries (referred to collectively as "the Group").
The objectives of the Group are to provide transportation for dry bulk, chemical and product tanker clients, as well as to develop new investments and acquire assets that fit the Group's existing business platform. The Group has eight CABU vessels (note 4) with capacity to transport caustic soda solution (CSS), floating fertilizer (UAN) and molasses as well as all dry bulk commodities, and three CABU vessels under construction (note 5). Further, the Group has eight CLEANBU vessels. The CLEANBUs are both full-fledged LR1 product tankers and Kamsarmax dry bulk vessels.
On December 31 December 2024, six employees were transferred from Klaveness Ship Management AS (KSM) to KCC following the sale of KSM from Rederiaksjeselskapet Torvald Klaveness to OSM Thome. The employees were prior to the sale mainly working for KCC and its subsidiaries based on a cost+ model (note 10, note 11).
Accounting policies
The interim condensed financial statements of the Group have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim condensed financial statements of the Group should be read in conjunction with the audited consolidated financial statements for the year ended 31 December 2024, which have been prepared in accordance with IFRS Accounting Standards, as adopted by the European Union.
Tax
The Group has subsidiaries in various tax jurisdictions, including ordinary and tonnage tax regimes in Norway and ordinary taxation in Singapore. Income from international shipping operations is tax exempt under the Norwegian tax regime, while financing costs are partly deductible. As such, the Group does not incur material tax expenses.
New accounting standards
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the annual consolidated financial statements of the year ended 31 December 2024 except for the adoption of any new accounting standards or amendments with effective date after 1 January 2025. There was no material impact of new accounting standards or amendments adopted in the period.
NOTE 2 - SEGMENT REPORTING
QUARTERLY
Operating income and operating expenses per segment
| Q3 2025 | Q3 2024 | |||||
|---|---|---|---|---|---|---|
| USD '000 | CABU CLEANBU | Total | CABU CLEANBU | Total | ||
| Total revenue, vessels | 35 555 | 28 916 | 64 471 | 36 198 | 36 530 | 72 728 |
| Voyage expenses | (14 144) | (9 835) | (23 979) | (14 398) | (9 562) | (23 960) |
| Net revenues from operations of vessels | 21 410 | 19 081 | 40 492 | 21 802 | 26 968 | 48 768 |
| Other income | - | - | - | - | 540 | 540 |
| Operating expenses, vessels | (6 211) | (7 173) | (13 384) | (6 271) | (7 441) | (13 712) |
| Group commercial and administrative services | (543) | (627) | (1 170) | (663) | (786) | (1 449) |
| Salaries and social expense | (688) | (794) | (1 482) | (494) | (586) | (1 079) |
| Tonnage tax | (23) | (20) | (44) | (20) | (24) | (43) |
| Other operating and administrative expenses | (170) | (196) | (367) | (213) | (253) | (467) |
| Operating profit before depreciation (EBITDA) | 13 775 | 10 270 | 24 045 | 14 141 | 18 418 | 32 557 |
| Depreciation | (3 866) | (4 806) | (8 673) | (3 470) | (4 117) | (7 588) |
| Operating profit after depreciation (EBIT) | 9 908 | 5 464 | 15 371 | 10 670 | 14 301 | 24 969 |
Reconciliation of average revenue per on-hire day (TCE earnings \$/day)
| Q3 2025 | Q3 2024 | |||||
|---|---|---|---|---|---|---|
| USD '000 | CABU CLEANBU | Total | CABU CLEANBU | Total | ||
| Net revenues from operations of vessels | 21 410 | 19 081 | 40 492 | 21 802 | 26 968 | 48 768 |
| On-hire days | 712 | 688 | 1 400 | 735 | 697 | 1 432 |
| Average TCE earnings (\$/day) | 30 062 | 27 740 | 28 921 | 29 668 | 38 673 | 34 052 |
Reconciliation of opex \$/day
| Q3 2025 | Q3 2024 | ||||||
|---|---|---|---|---|---|---|---|
| USD '000 | CABU CLEANBU | Total | CABU CLEANBU | Total | |||
| Operating expenses, vessels | 6 211 | 7 173 | 13 384 | 6 271 | 7 441 | 13 712 | |
| Operating days | 736 | 736 | 1 472 | 736 | 736 | 1 472 | |
| Opex \$/day | 8 439 | 9 747 | 9 092 | 8 521 | 10 110 | 9 315 |
YEAR TO DATE
Operating income and operating expenses per segment
| YTD 2025 | YTD 2024 | |||||
|---|---|---|---|---|---|---|
| USD '000 | CABU CLEANBU | Total | CABU CLEANBU | Total | ||
| Total revenue, vessels | 94 592 | 80 133 | 174 724 | 110 557 | 109 135 | 219 692 |
| Voyage expenses | (40 591) | (28 657) | (69 248) | (39 461) | (25 794) | (65 255) |
| Net revenues from operations of vessels | 54 001 | 51 476 | 105 477 | 71 096 | 83 341 | 154 437 |
| Other income | - | - | - | 278 | 540 | 817 |
| Operating expenses, vessels | (18 641) | (21 439) | (40 080) | (18 895) | (21 429) | (40 324) |
| Group commercial and administrative services | (1 562) | (1 796) | (3 358) | (1 897) | (2 151) | (4 048) |
| Salaries and social expense | (1 439) | (1 655) | (3 094) | (1 478) | (1 676) | (3 153) |
| Tonnage tax | (73) | (67) | (140) | (67) | (59) | (126) |
| Other operating and administrative expenses | (758) | (872) | (1 631) | (599) | (679) | (1 277) |
| Operating profit before depreciation (EBITDA) | 31 528 | 25 647 | 57 175 | 48 439 | 57 887 | 106 324 |
| Depreciation | (11 732) | (13 996) | (25 728) | (10 513) | (12 126) | (22 639) |
| Operating profit after depreciation (EBIT) | 19 796 | 11 651 | 31 448 | 37 926 | 45 761 | 83 685 |
Reconciliation of average revenue per on-hire day (TCE earnings \$/day)
| YTD 2025 | YTD 2024 | |||||
|---|---|---|---|---|---|---|
| USD '000 | CABU CLEANBU | Total | CABU CLEANBU | Total | ||
| Net revenues from operations of vessels | 54 001 | 51 476 | 105 477 | 71 096 | 83 341 | 154 437 |
| On-hire days | 2 049 | 2 118 | 4 167 | 2 095 | 2 017 | 4 112 |
| Average TCE earnings (\$/day) | 26 355 | 24 299 | 25 310 | 33 934 | 41 315 | 37 555 |
Reconciliation of opex \$/day
| YTD 2025 | YTD 2024 | ||||||
|---|---|---|---|---|---|---|---|
| USD '000 | CABU CLEANBU | Total | CABU CLEANBU | Total | |||
| Operating expenses, vessels | 18 641 | 21 439 | 40 080 | 18 895 | 21 429 | 40 324 | |
| Operating days | 2 184 | 2 184 | 4 368 | 2 192 | 2 192 | 4 384 | |
| Opex \$/day | 8 535 | 9 816 | 9 176 | 8 620 | 9 776 | 9 198 |
ANNUALLY
Operating income and operating expenses per segment
| 2024 | |||
|---|---|---|---|
| USD '000 | CABU CLEANBU | Total | |
| Total revenue, vessels | 143 079 | 135 179 | 278 259 |
| Voyage expenses | (52 154) | (34 167) | (86 321) |
| Net revenues from operations of vessels | 90 926 | 101 012 | 191 940 |
| Other income | 277 | 540 | 817 |
| Operating expenses, vessels | (25 272) | (29 522) | (54 794) |
| Group commercial and administrative services | (2 420) | (2 827) | (5 248) |
| Salaries and social expense | (1 933) | (2 258) | (4 190) |
| Tonnage tax | (89) | (77) | (166) |
| Other operating and administrative expenses | (850) | (993) | (1 843) |
| Operating profit before depreciation (EBITDA) | 60 642 | 65 874 | 126 516 |
| Depreciation | (13 667) | (16 776) | (30 444) |
| Operating profit after depreciation (EBIT) | 46 974 | 49 098 | 96 072 |
Reconciliation of average revenue per on-hire day (TCE earnings \$/day)
| 2024 | ||||||
|---|---|---|---|---|---|---|
| USD '000 | CABU CLEANBU | Total | ||||
| Net revenues from operations of vessels | 90 926 | 101 012 | 191 940 | |||
| On-hire days | 2 779 | 2 648 | 5 427 | |||
| Average TCE earnings (\$/day) | 32 716 | 38 151 | 35 368 |
| Reconciliation of opex \$/day | 2024 | |||||
|---|---|---|---|---|---|---|
| USD '000 | CABU CLEANBU | Total | ||||
| Operating expenses, vessels | 25 272 | 29 522 | 54 795 | |||
| Operating days | 2 928 | 2 928 | 5 856 | |||
| Opex \$/day | 8 631 | 10 083 | 9 357 |
NOTE 3 - REVENUE AND OTHER INCOME
Revenue types
| USD '000 | Classification | Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|
| Revenue from COA contracts | Freight revenue | 35 354 | 48 958 | 95 587 | 122 753 | 162 877 |
| Revenue from spot voyages | Freight revenue | 23 875 | 14 686 | 64 130 | 64 130 | 77 348 |
| Revenue from TC contracts | Charter hire revenue | 5 242 | 9 084 | 15 008 | 32 809 | 38 034 |
| Total revenue, vessels | 64 471 | 72 728 | 174 724 | 219 692 | 278 259 |
Other income
| USD '000 | Classification | Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|
| Other income | Other income | - | 540 | - | 817 | 817 |
| Total other income | - | 540 | - | 817 | 817 |
Other income of USD 0.8 million in 2024 consists of compensation from loss of hire insurance.
NOTE 4 - VESSELS
Vessels
| USD '000 | 30 Sep 2025 | 31 Dec 2024 |
|---|---|---|
| Cost price 1.1 | 782 276 | 755 564 |
| Dry-Docking | 10 670 | 13 482 |
| Energy efficiency upgrade | 4 550 | 11 420 |
| Technical upgrade | 1 164 | 1 810 |
| Costprice end of period | 798 659 | 782 276 |
| Acc. Depreciation 1.1 | 288 935 | 258 492 |
| Depreciation vessels | 25 728 | 30 444 |
| Acc. Depreciation end of period | 314 662 | 288 935 |
| Carrying amounts end of period* | 483 998 | 493 341 |
| *) carrying value of vessels includes dry-docking | ||
No. of vessels 16 16 Useful life (vessels) 25 25 Useful life (dry-docking) 2 -3 2 -3 Depreciation schedule Straight-line Straight-line
Reconciliation of depreciations
| USD '000 | Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|
| Depreciation vessels | 5 923 | 5 757 | 17 633 | 17 134 | 22 922 |
| Depreciation dry-dock | 2 750 | 1 831 | 8 095 | 5 505 | 7 521 |
| Depreciations for the period | 8 673 | 7 588 | 25 728 | 22 639 | 30 444 |
Three CABU vessels and one CLEANBU completed dry-docking in the first three quarters of 2025. In addition, one CABU and one CLEANBU vessel started dry-dock in the third quarter. Three additional vessels are scheduled for dry-docking in 2025.
Dry-docking costs of USD 10.7 million have been recognized yearto-date 2025 (Q3 2025: USD 2.9 million). In addition, technical upgrades of USD 1.2 million (Q3 2025: USD 1.1 million) and energy efficiency upgrades of USD 4.5 million (Q3 2025: USD 0.9 million) have been recognized YTD Q3 2025. Energy efficiency upgrades relate to energy saving measures installed on vessels, mainly in relation to dry-docking.
ADDITIONS IMPAIRMENT
Identification of impairment indicators are based on an assessment of development in market rates (dry bulk, MR tanker, LR1 tanker and fuel), TCE earnings for the fleet, vessel opex, operating profit, technological development, change in regulations, interest rates and discount rate. Expected future TCE earnings for both CABUs and CLEANBUs, diversified market exposure, development in second-hand prices and the combination carriers' trading flexibility support the conclusion of no impairment indicators identified as per 30 September 2025.
NOTE 5 - NEWBUILDINGS
| (USD '000) | 30 Sep 2025 | 31 Dec 2024 |
|---|---|---|
| Cost 1.1 | 19 170 | 17 591 |
| Yard installments paid | 40 017 | - |
| Capitalized borrowing cost | 1 662 | - |
| Other capitalized cost | 1 041 | 1 578 |
| Net carrying amount | 61 890 | 19 170 |
Remaining newbuilding installments
| (USD '000) | 2025 | 2026 | Total |
|---|---|---|---|
| CABU III - Hull 1560 | - | 31 543 | 31 543 |
| CABU III - Hull 1561 | 5 735 | 31 543 | 37 278 |
| CABU III - Hull 1562 | 8 610 | 37 278 | 45 888 |
| Net carrying amount | 14 345 | 100 364 | 114 709 |
The Group had per 30 September 2025 three CABU combination carrier newbuilds on order at Jiangsu New Yangzi Shipbuilding Co., Ltd in China. The contract price is USD 57.4 million per vessel and delivery cost will include costs for change orders, supervision and project management fee, upstoring costs and energy efficiency measures. Estimated delivered cost for the three vessels is in total USD 192 million. The expected delivery of the vessels is Q1-Q3 2026.
Installments of USD 57.1 million were paid to the yard as of 30 September 2025, whereof USD 25.7 million was paid in first half 2025 and USD 14.3 million was paid in Q3 2025. The newbuilds are partly financed through equity raised in 2023 and cash on the balance sheet. As of 30 September 2025 there were no specific debt drawdowns related to the newbuilds, but loan expenses of USD 1.6 million were capitalized in the first quarters of 2025 based on the Group's general borrowings in line with IFRS. A facility agreement covering the newbuilds was signed in September 2025 (note 6).
NOTE 6 - FINANCIAL ASSETS AND LIABILITIES
In Q3 2025, the Group made a total drawdown of USD 7 million under the USD 190 million revolving credit facility.
As previously disclosed, KCC Shipowning AS, a subsidiary of the Company signed commitment letters in July 2025 for a USD 180 million mortgage bank debt facility to part finance the CABU III newbuilds and to refinance the existing CABU facility with due date in December 2026. The new facility comprises a USD 120 million revolving credit facility related to the three CABU newbuilds and a USD 60 million term loan related to four of the existing CABU vessels. The term loan is upsized approximately USD 10 million compared to the existing CABU (USD 80 million) facility. The facility agreement was signed in September 2025 and the refinancing of the existing CABU facility was completed in mid-October 2025. Arrangement fees will be capitalized on mortgage debt after drawdown in Q4.
| Mortgage debt | Description | Interest rate | Maturity | Carrying amount |
|---|---|---|---|---|
| USD 190 million Facility** | Term Loan/RCF | Term SOFR + 2.15 % | June 2028 | 112 832 |
| USD 60 million Facility* | Term Loan/RCF | Term SOFR + 2.35 % | March 2027 | 14 118 |
| USD 80 million Facility/* | Term Loan | Term SOFR + CAS + 2.15 % | December 2026 | 47 352 |
| Capitalized loan fees | (1 746) | |||
| Mortgage debt 30 Sep 2025 | 172 556 |
- * Potential margin adjustments up to +/- 10 bps once every year based on sustainability KPIs.
- ** Potential margin adjustments up to +/- 5 bps once every year based on sustainability KPIs.
- *** CAS= Credit Adjusted Spread. For three months Term SOFR, the CAS is approx. 0.26%
The Group had available undrawn long-term revolving credit facilities of USD 78 million and available capacity under a 364-days overdraft facility of USD 8 million.
| USD '000 | Face value | Carrying Amount | |
|---|---|---|---|
| Bond loan | NOK'000 | Maturity | 30 Sep 2025 |
| KCC05 | 800 000 | 05.09.2028 | 75 088 |
| Exchange rate adjustment | 5 192 | ||
| Capitalized expenses | (776) | ||
| Bond Premium | 829 | ||
| Sum KCC05 | 800 000 | 80 332 | |
| Total bond loan | 800 000 | 80 332 |
The Group is subject to certain financial covenants and other undertakings in financing arrangements. As per 30 September 2025 the Group was in compliance with all financial covenants and is expected to remain compliant over the next 12 months, provided that the Group's operation continues in accordance with the current plan and course of business. For further details on covenants please see the 2024 Annual Report
As per 30 September 2025, USD 0.1 million of the Group's total cash balance was classified as restricted cash. The restricted cash is related to employee tax withholding.
| USD '000 | Fair value | Carrying amount | Carrying amount |
|---|---|---|---|
| Interest bearing liabilities | 30 Sep 2025 | 30 Sep 2025 | 31 Dec 2024 |
| Mortgage debt | 149 103 | 149 103 | 131 003 |
| Capitalized loan fees | - | (1 746) | (2 443) |
| Bond loan | 82 905 | 80 279 | 70 559 |
| Bond premium | - | 829 | 1 037 |
| Capitalized expenses bond loan | - | (776) | (970) |
| Total non-current interest bearing liabilities | 232 009 | 227 690 | 199 184 |
| Mortgage debt, current | 25 199 | 25 199 | 25 199 |
| Total interest bearing liabilities | 257 208 | 252 889 | 224 383 |
| Financial assets | 30 Sep 2025 | 31 Dec 2024 |
|---|---|---|
| Financial instruments at fair value through OCI | ||
| Cross-currency interest rate swap | 5 777 | 120 |
| Interest rate swaps | 3 928 | 6 404 |
| Forward Freight Agreements | 83 | - |
| Financial instruments at fair value through P&L | ||
| Forward currency contracts | 97 | - |
| Financial assets | 9 885 | 6 524 |
| Current | 1 217 | 2 142 |
| Non-current | 8 667 | 4 382 |
| Financial liabilities | 30 Sep 2025 | 31 Dec 2024 |
|---|---|---|
| Financial instruments at fair value through OCI | ||
| Cross-currency interest rate swap | 10 | 4 920 |
| Financial instruments at fair value through P&L | ||
| Forward currency contracts | - | 164 |
| Financial liabilities | 10 | 5 084 |
| Current | - | 555 |
| Non-current | 10 | 4 529 |
NOTE 7 - FINANCIAL ITEMS
| Finance income | Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|
| Other interest income | 329 | 1 893 | 2 285 | 4 111 | 5 310 |
| Gain on currency contracts | 31 | 12 | 539 | 5 | 10 |
| Other financial income | - | 291 | 1 | 292 | 292 |
| Gain on foreign exchange | - | 189 | 399 | 287 | 67 |
| Finance income | 361 | 2 385 | 3 224 | 4 694 | 5 679 |
| Finance cost | Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|
| Interest expenses mortgage debt | 1 541 | 3 056 | 5 233 | 8 195 | 10 515 |
| Interest expenses bond loan | 1 432 | 1 798 | 4 489 | 5 099 | 6 743 |
| Amortization capitalized fees on loans | 297 | 303 | 892 | 887 | 1 184 |
| Other financial expenses | 423 | 485 | 968 | 1 115 | 1 399 |
| Loss on currency contracts | - | 26 | 38 | 288 | 500 |
| Loss on foreign exchange | 13 | - | - | - | - |
| Finance cost | 3 707 | 5 667 | 11 619 | 15 584 | 20 341 |
Other financial expenses of USD 0.4 million in Q3 2025 (USD 1.0 million year-to-date 2025) consist of commitment fees. 2025 year-to-date, USD 1.6 million in interest expenses related to mortgage debt have been capitalized as newbuildings (note 5).
NOTE 8 - SHARE CAPITAL, SHAREHOLDERS AND DIVIDENDS
Dividends of USD 3.0 million were paid to the shareholders in September 2025 (USD 0.05 per share). A total of USD 11.0 million in dividends were paid to shareholders during 2025.
On 13 December 2024, the Company initiated a share buyback program. The program covered purchases of up to 1,200,000 shares, equivalent to approximately 2% of the Company's current share capital, with a maximum consideration of USD 9.1 million. The program was finalized in Q1 2025. 1,200,000 shares were repurchased in Q4 2024 and Q1 2025 for a total of USD 7.8 million, whereof 1,004,157 shares were repurchased in Q1 2025 for USD 6.6 million. The share purchases are booked at acquisition cost as Treasury shares reducing the Company's share capital.
On 24 June 2025, the Company redeemed 950,000 of the shares reducing the share capital of the Company by USD 0.1 million and other paid in capital by USD 6.1 million, with corresponding effect against Treasury shares. Net-effect on equity was zero. The remaining 250,000 of the shares repurchased will be used for the LTIP (note 9) .
| Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 | |
|---|---|---|---|---|---|
| Weighted average number of ordinary shares for basic EPS | 59 290 153 | 60 451 948 | 59 347 827 | 60 441 777 60 397 369 | |
| Share options (note 9) | 213 568 | 101 025 | 166 467 | 71 137 | 78 609 |
| Weighted average number of ordinary shares for the effect of dilution |
59 503 721 | 60 552 973 | 59 514 294 | 60 512 914 60 475 978 |
The following table summarizes the Treasury shares activity as per 30 September 2025:
| YTD 2025 | 2024 | |
|---|---|---|
| Opening balance beginning of period | 202 126 | 26 578 |
| Treasury shares used for LTIP (note 9) | (38 205) | (20 295) |
| Share buy-back program | 1 004 157 | 195 843 |
| Share redemption | (950 000) | - |
| Closing balance end of period | 218 078 | 202 126 |
| % of Total Outstanding shares | 0.36 % | 0.33 % |
NOTE 9 - LONG-TERM INCENTIVE PLAN
The Board proposed a Long-Term Incentive Plan (LTIP) that was approved by the General Meeting in April 2023. Details on options granted and fair value calculation are further described in Annual report 2024, note 17, published on the Company's homepage (www.combinationcarriers.com) under "Investor Relations/Reports and Presentations."
On 31 March 2025, employees of the Company purchased in total 38,205 shares in KCC as part of the Company's LTIP. The shares were acquired at a price of NOK 50.70 per share. The shares were settled using Treasury shares and the 2025 effect of the equity settled share-based payment is a decrease in equity of USD 0.2 million.
In connection with the share purchases in March 2025, and in accordance with the terms of the LTIP, six senior employees were awarded in total 112,543 share options in KCC at a strike price of NOK 63.4, adjusted for any distribution of dividends made before the relevant options are exercised. The share purchases are partly financed through loans.
The fair value of the share options granted on 31 March 2025 was calculated based on the Black-Scholes Merton method. The key assumptions used to estimate the fair value of the share options are set out below:
| Model inputs | |
|---|---|
| Dividend yield (%) | 14% |
| Expected volatility (%)* | 28% |
| Risk-free interest rate (%)** | 3.60% |
| Expected life of share options (year) | 5 |
| Weighted average share price (NOK) | 105 |
*The expected volatility reflects the assumption that the historical shipping industry average is indicative of future trends, which may not necessarily be the actual outcome.
The following table summarizes the option activity as per 30 September 2025:
| Average exercise price | 2025 | 2024 | |
|---|---|---|---|
| Opening balance beginning of period | 101 025 | 40 500 | |
| Granted during the year | NOK 63.4 | 112 543 | 60 525 |
| Exercised during the year | - | - | |
| Forfeited during the year | - | - | |
| Expired during the year | - | - | |
| Closing balance end of period | 213 568 | 101 025 |
The fair value of the share options granted is calculated to USD 0.2 million, i.e. USD 1.90 per share option.
NOTE 10 - SALARIES
On 31 December 2024, six employees were transferred from Klaveness Ship Management AS to KCC. Costs related to project management and commercial management are therefore no longer transactions with related parties. Salaries for these employees are recognised as salaries in the Income Statement, partly offset by capitalization of time spent for project work directly attributable to vessels and newbuildings. For 2025 so far, USD 0.3 million for time spent by two full-time employees was capitalized as newbuildings and USD 0.1 million is capitalized as vessels for upgrades during dry-dock.
**Average five-year Norwegian Government bond risk-free yield-to-maturity rate of 3.6% as of March 2025 as an estimate for the risk-free rate to match the expected three-year term of the share options.
NOTE 11 - TRANSACTIONS WITH RELATED PARTIES
חסי מצוו
| Type of services/transactions | Provider 1 | Price method | Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|---|
| Business adm. services | KAS | Cost + 5% | 813 | 623 | 2 299 | 1 745 | 2 230 |
| Business adm. services | KA Ltd | Cost + 5% | 18 | 15 | 56 | 51 | 67 |
| Business adm. services | KD | Priced as third party services | 8 | 3 | 24 | 9 | 12 |
| Business adm. services* | KSS | Cost + 7.5% | 80 | - | 252 | - | - |
| Commercial services | KAD | Cost + 7.5% | 174 | 189 | 486 | 445 | 631 |
| Commercial services | KDB | Cost + 7.5% | 77 | 57 | 241 | 153 | 227 |
| Commercial services* | KSM | Cost + 7.5% | - | 193 | - | 650 | 815 |
| Board member fee | KD | Fixed fee as per annual general meeting | - | - | - | (12) | (12) |
| Project management* | KSM | Cost + 7.5% | - | 368 | - | 1 007 | 1 277 |
| Total group commercial and administrative services | 1 170 | 1 449 | 3 358 | 4 048 | 5 248 |
Some bunker purchases are done through AS Klaveness Chartering which holds the bunker contracts with suppliers in some regions. No profit margin is added to the transactions, but a service fee is charged based on time spent (cost +7.5%) by the bunkering team in KDB and charged as part of the commercial services from KDB.
*On December 31 December 2024, six employees were transferred from KSM to KCC. Costs related to project management and commercial services are therefore a part of salaries in the Income Statement from 1 January 2025. Some services from the Torvald Klaveness Manila office are after the sale of KSM provided directly to KCC companies.
USD '000
| Type of services/transactions | Provider 1 | Price method | Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|---|---|---|---|---|---|---|
| Technical mngmnt fee (opex) | KSM | Fixed fee per vessel | - | 1 053 | - | 3 158 | 4 477 |
| Crewing and IT fee (opex) | KSM | Fixed fee per vessel | - | 432 | - | 1 292 | 1 727 |
| Board member fee (administrative expenses) | KAS | Fixed fee as per Annual General meeting |
20 | 19 | 59 | 58 | 77 |
| Total other services/ transaction | ons | 20 | 1 505 | 59 | 4 508 | 6 281 |
Following the sale of KSM from Rederiaksjeselskapet Torvald Klaveness to OSM Thome in January 2025, technical management fees and crewing and IT fees are not related party transactions in 2025 and beyond.
NOTE 12 - EVENTS AFTER THE BALANCE SHEET DATE
On 27 October 2025, the Company's Board of Directors declared to pay a cash dividend to the Company's shareholders of USD 0.12 per share for the third quarter 2025, in total approximately USD 7.1 million.
The refinancing of the CABU bank loan facility was finalized on 10 October 2025, resulting in a cash increase of approximately USD 10 million.
KCC will not be materially affected by the United States Trade Representative (USTR) port-fees initiative (effective 14 October 2025) aimed at Chinese owned and built vessels calling at U.S. ports and the special port fees announced by the Ministry of Transport (MOT) of the People's Republic of China on vessels linked with the U.S, either due to exemptions or through the implementation of mitigating measures.
There are no other events after the balance sheet date that have material effect on the Financial Statement as of 30 September 2025.
1 Klaveness AS (KAS), Klaveness Ship Management AS (KSM), Klaveness Asia Pte. Ltd - Dubai Branch (KAD), Klaveness Digital AS (KD), Klaveness Shore Services (KSS)
