Q4 2024 Klaveness Combination Carriers ASA Earnings Call Transcript
Key Points
- Klaveness Combination Carriers ASA (STU:36K) achieved strong earnings with average time charter earnings of $28,500 per day, resulting in an EBITDA of $20.2 million for Q4 2024.
- The company maintained a consistent dividend payout, marking the 25th consecutive time since going public in 2019, with a $0.10 dividend for Q4 2024.
- Klaveness Combination Carriers ASA (STU:36K) reported a record high EBITDA of $126.5 million for the year 2024, showcasing strong financial performance.
- The company has successfully expanded its market share for CABUs in Australia and gained new customer approvals for CLEANBUs, strengthening its market position.
- Klaveness Combination Carriers ASA (STU:36K) continues to pioneer low-carbon shipping by implementing energy efficiency investments and planning to install suction sails on new builds.
- The company faced disappointing market conditions in Q4 2024, with weaker than expected pro tanker and dry markets impacting earnings.
- Klaveness Combination Carriers ASA (STU:36K) experienced a significant decrease in EBITDA by close to 40% quarter-on-quarter from Q3 to Q4 2024.
- Higher operating expenses, including increased maintenance and crew costs, contributed to financial pressures in 2024.
- The company had a larger dry-docking program in 2024, negatively affecting financial results with a year-on-year impact of $7.1 million.
- The outlook for Q1 2025 is relatively weak due to continued weakening in both the tanker and dry markets, impacting expected earnings.
Good morning, everyone and welcome to the 4th quarter 2024 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 have split the presentation into 3 parts. I will start off to give you a brief summary of the quarter. Liv will follow, giving more details of the financial and sustainability performance. And the third part, I will look through the market development and the outlook for KCC for the coming quarters.
And as always, please use the webcast solution to write in your questions. We hope this time we'll get a lot of questions. So, but first, let me remind you who we are. So we have a fleet of combination carriers, two types that are both tribal and tanker vessels that compete against standard AA and AA1 pro tankers and Panamax and Camsmax rib vessels. We create value through 3 main drivers. We have, they are more efficient as we combine the cargo of the standard driver and standard pro tankers with
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