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• Average Earnings of Fleet: $38,376 per day, down around $2,000 per day from previous quarter.

• EBITDA: $36.2 million for Q2, approximately 4% down from Q1.

• Dividend: $0.30 per share, equating to around 13% running yield.

• Profit After Tax: $25.1 million, a decrease of approximately 3.5% from last quarter.

• Return on Capital Employed: 18% annualized.

• Return on Equity: 27% annualized.

• Net Revenue Increase: Close to 6% from the same period last year.

• Operating Expenses Increase: 11% from the same period last year.

• Cash Position: $83.3 million at the end of Q2, up from $60 million at the start of the quarter.

• Adjusted Available Liquidity: $100 million after future commitments.

• Interest Bearing Debt: Increased by $29 million due to bond issue.

• Dividend for First Half: $0.65, with a payout ratio of 77%.

• Return on Capital Employed for First Half: 19% annualized.

• Return on Equity for First Half: 28% annualized.

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Release Date: August 23, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive 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.

Negative Points

• 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.