Norway’s Klaveness Combination Carriers has revealed all-time high earnings for its Cleanbu oil product and dry bulk vessels.
The fleet achieved an average rate of $46,593 per day in the first quarter, up $9,100 from the final period of 2023.
These “record strong earnings” were driven by 75% of Cleanbu capacity being employed in tanker trades.
The product tanker market had been “buoyant” since mid-December, the Oslo-listed owner said.
The Cabu caustic soda and dry bulk ships managed a rate of $34,824 per day, down $1,300 from the last three months of 2023, but still “strong”, according to the company.
The rate beat KCC’s midpoint guidance by $2,300 per day.
The combined fleet average time charter equivalent was $40,514 per day, up $3,700 from the fourth quarter.
The Cabus benefited from a strong MR tanker market, which had a positive effect on index-linked caustic soda solution contracts, the owner added.
KCC said the vessels were also supported by a stronger-than-expected first-quarter dry bulk market and highly efficient trading.
The Cabus spent 96% of on-hire days employed in combination trades, pushing ballast legs to a record low of 8%.
First quarter results are due on 7 May.
Profit jumped in the fourth quarter
Net profit in the final three months of 2023 reached $25.9m, compared to $15.3m a year ago, with rates hitting new highs.
Revenue grew to $77m from $73m year on year.
The owner paid a dividend of $0.35 per share, or $21.1m in total.
Cash and cash equivalents ended the year at $68.1m, up $3.9m during the quarter.
