Klaveness Combination Carriers (KCC) has logged another record profit in stronger clean tanker markets.
The Cleanbu wet and dry carriers spent 70% of the third quarter in product trades, the Oslo-listed owner said.
Net profit jumped to $22m from $6.1m a year earlier, while revenue grew to $49m, versus $32m a year ago.
“In the third quarter, the Cleanbu fleet really proved its high earnings capacity, driven by 70% capacity trading in a strong product tanker market,” said chief executive Engebret Dahm.
“Despite macroeconomic headwinds on the horizon, our outlook for Q4 2022 and 2023 remains positive.”
The Cleanbu and Cabu caustic soda ships both had a high degree of capacity employed in efficient combination trades, KCC said.
The Cleanbu fleet was engaged in long-haul tanker trips from the Middle East and India to the east coast of the US and South America, supporting strong time charter equivalent earnings of close to $45,000 per day, up $15,400 per day from the previous three months.
Earnings were 1.1 times higher than the spot market for standard LR1 tankers.
The operating expenditure per day for the Cleanbus was $9,061.
“Solid progress in customer acceptance, operational efficiency and booking of index-linked clean product contracts bode well for the outlook for the Cleanbu business for 2023,” the shipowner said.
The earnings outlook for both ship types remains firm, with fourth-quarter capacity close to fully booked, the company added.
Renewal of caustic soda contracts for next year has started at more than double the rate levels of 2022.
Volumes are also expected to increase in 2023.
KCC is paying a dividend of $0.30 per share or $15.7m in total, up 30% from the second quarter.
