Oslo, 14 April 2026: Klaveness Combination Carriers’ ("KCC" or the "Company") preliminary fleet average TCE earnings for the first quarter ended at $33,432/day, approximately $550/day above the guiding range ($31,400-32,900/day).
The CABU fleet achieved TCE earnings of $29,552/day, slightly above the guiding range ($28,500–29,500/day). Compared to Q4 2025, the CABU TCE earnings decreased by $2,288/day. The decline was driven by the repositioning of MV Barcarena from the Far East to Brazil to commence a 32-month Contract of Affreightment with Alunorte, as well as weaker dry bulk markets and a negative Q-o-Q change in IFRS effects1. This was partly offset by increased capacity in wet trades, supported by a stronger MR product tanker market. CABU continued to outperform the standard MR tanker market, achieving a multiple of 1.1x2 for the quarter.
The CLEANBU fleet reported TCE earnings of $37,311/day in Q1 2026, approximately $800/day above the guiding range ($34,500-36,500/day) primarily driven by higher product tanker earnings. The CLEANBU TCE earnings increased by $10,460/day from Q4 2025, mainly reflecting a higher share of capacity in wet trades and a significantly stronger LR1 product tanker market, partly offset by weaker dry earnings. CLEANBU outperformed the LR1 spot tanker rates for the quarter, achieving a multiple of 1.2x2.
Actual on-hire days in Q1 were 7 days below the guiding, primarily due to the vessel Banastar being trapped in the Middle East Gulf (MEG) following the effective closure of the Strait of Hormuz, partly offset by dry-docking timing effects. Per the date of this notice, Banastar remains in the MEG, awaiting necessary safety guarantees to enable transit through Strait of Hormuz.
KCC’s First Quarter Report for 2026 will be published on 28 April 2026.
[1] IFRS recognises revenue based on load to discharge basis and not discharge to discharge
[2] Clarksons MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag»
CABU (TCE earnings per on-hire day and on-hire days)
Q1 2026 Preliminary: $29,552/day (703 days)
Q1 2026 Guiding range[3]: $28,500/day-$29,500/day (724 days)
Q4 2025 Actual: $31,840/day (660 days)
CLEANBU (TCE earnings per on-hire day and on-hire days)
Q1 2026 Preliminary: $37,311/day (704 days)
Q1 2026 Guiding range[3]: $34,500/day-$36,500/day (690 days)
Q4 2025 Actual: $26,851/day (667 days)
Fleet (TCE earnings per on-hire day and on-hire days)
Q1 2026 Preliminary: $33,432/day (1,407 days)
Q1 2026 Guiding range[3]: $31,400/day-$32,900/day (1,414 days)
Q4 2025 Actual: $29,333/day (1,327 days)
[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 “APM1Q2026” published on the Company’s homepage Investor Relations/Reports and Presentations under the section for the Q1 2026 Report. The address to the Company’s homepage is www.combinationcarriers.com.