Strong dry bulk markets helped Klaveness Combination Carriers book record results for the final quarter of 2021.
The Oslo-listed company reported profit of $15.1m, compared with $1.2m in the same period of 2020.
Chief executive Engebret Dahm said the company has doubled its dividend to $0.10 per share for the quarter, compared with the previous three months.
He said Klaveness’ fleet of 83,600-dwt Cleanbu combination carriers, capable of carrying both dry bulk and clean petroleum products, had a 94% share of capacity in the combination trade.
The Cleanbu fleet had average time charter equivalent earnings of $24,460 per day during the fourth quarter.
Its Cabu combination carriers — which range from 72,500 dwt to 80,500 dwt and transport caustic soda solution, floating fertiliser, molasses and other dry cargo — had “strong” earnings of $22,776 per day in the final three months of 2021.
Annual profit was $22.6m, up from $15.2m in 2020.
The 2021 profit includes a gain from the sale of the 72,600-dwt caustic soda carrier Banasol (built 2001) and repayment of equity from the war risk provider, together totalling $7.8m.
The Oshima-built Cabu vessel has been renamed Great Wenxing and is controlled by Amoysailing of China.
“TCE earnings for 2021 were driven by a strong dry bulk market and stable earnings from caustic soda contracts, but a historically weak tanker market had negative impact throughout the year,” Klaveness said in its annual report.
“2020, on the contrary, was driven by a very strong product tanker market and a weak dry bulk market during the first half of the year, while fortunes changed for both markets during second half of the year.”
Klaveness said it has a high level of forward bookings for caustic soda contracts in 2022, including the signing of a six-year contract of affreightment with Australian mining and metals company South32.
