Q3 2024 Klaveness Combination Carriers ASA Earnings Call Transcript
Key Points
- Klaveness Combination Carriers ASA (FRA:36K) maintained strong earnings despite a challenging market, with average time earnings of $34,050 per day.
- The company declared a stable dividend payment of $0.30 per share, maintaining a high payout ratio of 92%, which is above their policy of a minimum 80% payout.
- The new ship management agreement with OSM Thome is expected to optimize technical operations and provide access to larger operational scale and resources.
- The CLEANBU fleet resumed its best trade route, enhancing value and efficiency, with a significant reduction in ballast days.
- The company announced an investment in wind-assisted propulsion for new builds, further improving its competitive advantage in emissions reduction.
- Earnings before tax decreased by 13% compared to the previous quarter, reflecting a challenging market environment.
- Operating expenses increased slightly, with a notable rise in crew and maintenance costs for older vessels.
- The CABU fleet experienced lower earnings due to weaker markets and increased waiting times, impacting overall performance.
- The market for both proto tankers and dry bulk has weakened, with lower expected earnings guidance for the fourth quarter.
- The company faces risks from geopolitical tensions and macroeconomic uncertainties, which could impact future market conditions.
Good morning, everyone. Welcome to the third quarter result, presentation of Klaveness Combination Carriers. My name is Engebret Dahm. I'm the CEO of the company, together with me, I have Liv Dyrnes CFO and deputy CEO.
We will as normal start up with the-- with going through, the market and the performance of the quarter. Liv will continue with the financial update and thereafter, go through the performance on the environmental side. And lastly, I will look on how we view the market development over the next quarters and the performance of our company going forward. And please use the Webcast solution to write in your questions that we will go through after the presentation. Before that, I would like to just remind you who we are and what our business is. So we have a fleet of combination carriers. We have two types of CABUs and CLEANBUs that are both proto tankers and dry bulk vessels competing against standard [AMA] and all one proto tankers and Panamax dry bulk vessels.
We have three main drivers for our
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