I’m excited to launch the first episode of my shipping podcast!
I’m joined by Engebret Dahm — the CEO of Klaveness Combination Carriers — an innovative Norwegian-listed player which ships clean petroleum products AND dry bulk on the same vessel (but not at the same time!)
Please read these slides below before listening.
Slide 1. This is what “combination carriers” look like:
Slide 2. This is how they reduce ballast legs (one of many possible trades):
Slide 3. One of the specialist trades KCC is involved in:
Slide 4. Demonstrating the efficiency of the combination trade:
Slide 5. Current market exposure. Currently aggressive in dry bulk (spot + index-linked), 90% spot + index-linked on the LR1-like vessels (Cleanbus), and 70-75% long-term contracts on the MR-like vessels (Cabus). Those contracts are renewed in Q4, the strongest quarter of the year…
Slide 6. Outperforming both dry bulk and product tanker earnings.
Slide 7. Less carbon intensity than either dry bulk or clean tanker peers
If you’d like to learn more, read KCC’s Q3 2023 earnings report.
The 2022 Annual Report is here.
Read the company’s public filings on Euronext here.
The slides above were taken from company presentations on this page.
KCC has lots of good presentations, but their way of explaining the business model evolves over time. I recommend starting with the 2019 presentations (pre-IPO), because they are more basic and don’t assume you are familiar with the co. Then work your way to the most current.
Edfin's Shipping Podcast, Episode 1