Q2 2024 Klaveness Combination Carriers ASA Earnings Call Transcript
Key Points
- Klaveness Combination Carriers ASA (STU:36K) reported its best ever half-yearly results, driven by strong performance in both the product tanker and dry bulk markets.
- The company achieved average earnings of $38,376 per day, outperforming standard dry bulk vessels by 2.5 times.
- A dividend of $0.30 per share was declared, equating to a 13% running yield, continuing the company's consistent dividend payouts since its IPO.
- The CABU segment achieved its highest ever earnings at $37,656 per day, benefiting from strong market conditions and efficient operations.
- The company maintains a solid liquidity position with $208.3 million in available liquidity, providing a buffer for potential market fluctuations.
- EBITDA was slightly down compared to the previous quarter, with CLEANBU earnings decreasing by $7,500 per day.
- Operating expenses increased by 3% quarter-on-quarter, with CABU OpEx rising by 15% compared to last year.
- The CLEANBU segment experienced higher emissions due to trading mainly in tanker trades, potentially missing the emissions target for 2024.
- The product tanker market weakened over the summer, impacting forward pricing and creating uncertainty for future quarters.
- The company faces risks related to geopolitical tensions in the Red Sea and potential normalization of trade routes, which could affect ton mile demand growth.
Good morning, everyone, and welcome to the second-quarter result presentation of Klaveness Combination Carriers. My name is Engebret Dahm, I'm the CEO of the company. And I'm pleased to have Liv Dyrnes with me, who is the CFO and Deputy CEO.
In this presentation, we start with a short introduction, and we have four main sections, which is the first part, I will go through the market development and a commercial update. Second part, Liv will give an update of the financial performance. And we'll continue with going through the status of our sustainability efforts. And at the end, I will summarize our market view and the outlook for our company for the next quarters.
But in the start, I can't resist to tell you, remind you who we are and what we do. So we are owners of Combination Carriers. We have two types of ships, the cargoes and the CLEANBUs that are both tankers and dry bulk vessels, competing against the standard product tankers and dry bulk vessels every day. Our ships create value to our shareholders
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