KCC.OL Klaveness Combination Carriers

Dry Bulk · Combination · 60 documents

Klaveness Combination Carriers' 19-vessel dry bulk fleet — 11 Combimax and 8 Cleanbu — should earn about $36,116 a day in 2026Q3 and pay $0.34 a share. That is our forecast (STATED payout on MODELLED TCE). All of those vessel-days are already fixed at rates Klaveness Combination Carriers has disclosed.

Last paid · 2026Q2

$0.30

10.8% annualised

$37,782/d earned

TTM $0.75 (6.7% trailing) · +20% vs prior quarter

2026Q3 · our model

$0.34

12.4% annualised

$36,116/d modelled

STATED payout on MODELLED TCE

medium EPS $0.40 · 100% booked · ex 2026-10-31 est.

Yields annualise each quarter ×4 at the last close, $11.12 (2026-10-19). Our model is not company guidance.

What will Klaveness Combination Carriers pay for 2026Q3?

Company said

Klaveness Combination Carriers has booked 100% of its 2026Q3 days (2026-08-25, source; by class on the right). It does not say what it will pay — turning its rates into a dividend is our job.
Stated policy: “Dividend policy: KCC intends, on a quarterly basis ..., to distribute a minimum 80% of the adjusted cash flow to equity, i.e. EBITDA less debt service and maintenance cost as dividends to its shareholders”

$36,116/d

booked average

est. $0.34

on booked days

Our model

Booked days at those rates, open days at market rates; then Klaveness Combination Carriers pays out 80% of the cash above its $21,502/d break-even (stated policy, 6 quarters; break-even from cost lines).

$36,116/d

modelled

$0.34

medium confidence · STATED payout on MODELLED TCE

Your scenario

Booked days at the company’s rates, open days at the rate you set. Set the rates ↓

—

your rates

—

your rates

Booked vs market $/day

Class	Booked	At	Spot now
Combination	88.1%	$35,474	—
Combination	100%	$36,116	—

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

Class	Company earned	Booked 2026Q3	Market now	8 weeks
Combination	$37,7822026Q2 · fleet avg	$36,116100% of days	—licensed index only

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago. Dry-bulk class rates exist only as licensed Baltic Exchange indices, which this site does not republish.

Your rates open days only — booked days stay at the booked rate

Combination 100% booked at $36,116 · 0 open days

$/d

2026Q3 P&L and cash

Model

Your scenario

Vessel-days, days modelled

Ships on the fleet list × the quarter's calendar days for combination: no off-hire or drydock days are deducted there.

1,748

By class

Class	Days	Model $/day	Yours $/day
Combination	1,748	36,116	36,116

Fleet TCE, $/day modelled

36,116

Revenue (TCE basis), $m modelled

Vessel-days × fleet TCE.

63.1

Vessel opex, $m assumed

2026Q2: $16.0m over 1,656 vessel-days, held per day.

(16.9)

G&A, $m assumed

2026Q2: $3.0m over 1,656 vessel-days, held per day.

(3.2)

EBITDA, $m assumed

43.1

Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

—

Interest expense, $m assumed

2026Q2: $6.0m over 1,656 vessel-days, held per day.

(6.4)

Scheduled debt amortisation, $m stated

2026Q4: $9.0m over 1,748 vessel-days, held per day (the issuer’s scheduled principal).

(9.0)

Maintenance capex (dry-docking), $m assumed

2026Q3: $2.2m over 1,748 vessel-days, held per day.

(2.2)

Cash break-even, $/day assumed

Σ the costs the stated policy deducts above ÷ vessel-days.

21,502

Cushion vs fleet TCE, $/day

14,614

Cash flow after debt service and maintenance capex, $m assumed

Revenue − the costs the stated policy deducts: the base it pays out of (cash flow after debt service and maintenance capex).

25.5

Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

—

Dividend policy stated

“Dividend policy: KCC intends, on a quarterly basis ..., to distribute a minimum 80% of the adjusted cash flow to equity, i.e. EBITDA less debt service and maintenance cost as dividends to its shareholders”

Applied as stated: at least 80% of cash flow after debt service and maintenance capex.

Output	Model	Your scenario	Δ
Estimated distributable cash, $m	20.4
Estimated DPS, $/share modelled	$0.34
Forward yield, run-rate %	12.4%
vs last declared ($0.30, 2026Q2)	+15%

Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $11.12 close on 2026-10-19.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Dividend per share declared · model · you

Market context — rates, the dividend, and the price

Rates and dividend — realized rate and declared

Realized fleet TCEModelDeclared DPS

forecast →

$0k

$20k

$40k

2025Q3

2025Q4

2026Q1

2026Q2

2026Q3

Declared DPS, USD/share — solid: declared · dashed: model

$0.12

$0.08

$0.25

$0.30

$0.34

2025Q3 ex 2025-10-31 · rec 2025-11-03 · pay 2025-11-13 2025Q4 ex 2026-02-18 · rec 2026-02-19 · pay 2026-03-02 2026Q1 ex 2026-05-07 · rec 2026-05-08 · pay 2026-05-20 2026Q2 ex 2026-09-01 · rec 2026-09-02 · pay 2026-09-15

Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate — see Dividend forecast.

The line is the declared dividend per share — dashed where it is the model's estimate. Model estimate — not issuer guidance.

Forward (our model — model quarter ×4): $1.38/yr · @ $11.12 (as of 2026-10-19) = 12.4% yield (forward, model) · Trailing TTM $0.75/yr = 6.7%

DPS-vs-TCE fit R² 0.910 · 6 qtrs

Fit crosses zero at $21,944/d — the TCE below which this fit implies no payout

Price and the yield it implied

Latest: 2026-Q2 declared $0.3/share on 2026-08-25, 10.6% annualised against the $11.29 close that day.

The continuous line is the daily closing price in dollars — the raw close, not a dividend-adjusted one, which would back-adjust away the very payouts being measured. The second line carries 4 declared dividends and is marked nowhere else — each annualised ×4 and divided by the close on, or last before, the day it was declared. A quarter with no dividend has no mark. The segments between the marks connect them; they are not measured. This is what the share yielded at the time, not what those dividends would yield at today's price. Prices start 2025-08-29, so anything declared before then is not plotted.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →

Where KCC.OL departs from that

The forecast has not been scored against an outcome yet — there is no track record here to judge it by.
Vessel-days are modelled from the fleet list (ships × days in the quarter); no issuer day count is curated for this quarter.
Combination: the issuer's own TCE estimate for the whole quarter, $36,116/day, prices every day (100% of days fixed, the rest at the issuer's own pricing of its open days) — owner 2026-10-19.
DPS = AT LEAST 80% (STATED POLICY) OF CASH FLOW AFTER DEBT SERVICE AND MAINTENANCE CAPEX: the fleet's cash above $21,502/day over 1,748 vessel-days.

What drives it — fleet TCE, 2026Q3

Expected fleet TCE

$36,116/d

STATED

Days already fixed

100%

at disclosed rates

Earnings bridge — 2026Q2 → 2026Q3

Anchor DPS (2026Q2) $0.30

TCE rate change — fleet TCE $36,116 expected vs $37,782 at anchor (model rate sensitivity) −$0.03

Booked cover — issuer guidance targets a different quarter than the anchor — no same-vintage comparison TBD

Open cover (spot-exposed) — Combination 0% of days without booked cover — spot-exposed TBD

Expected DPS (2026Q3) $0.34

Dividend history & forecast accuracy

Fit crosses zero

$21,944/day

Fit

6 qtrs · R² 0.910

Upcoming

Quarter	Ex-date (est.)	Forecast DPS	Actual DPS
2026Q3 E	2026-10-31 est.	$0.34	—

Period	DPS	Kind	Ex-date	Pay date	Source
2026-Q2	$0.30/share	regular	2026-09-01	2026-09-15	as of 2026-08-25 key information announcement
2026-Q1	$0.25/share	regular	2026-05-07	2026-05-20	as of 2026-04-28 key information announcement
2025-Q4	$0.08/share	regular	2026-02-18	2026-03-02	as of 2026-02-13 key information announcement
2025-Q3	$0.12/share	regular	2025-10-31	2025-11-13	as of 2025-10-28 key information announcement
2025-Q2	$0.05/share	regular	—	—	as of 2025-10-28 read by hand from the filing · high
2025-Q1	$0.04/share	regular	—	—	— quoted from the release

DPS method: payout of cash above break-even.

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet

Realized TCE

$37,782/d 2026Q2

Declared DPS

$0.30 2026Q2

TTM DPS

$0.75

Coverage

—

Revenue

$78.0M

Opex

$16.0M

Net income

$20.8M

8× cleanbu · 11× combimax current

Fleet model — 2026Q3

Fleet model estimate — not issuer guidance.

Class	Ships	TC	Spot	% Fixed	Guided $/d	Spot $/d	Blended $/d	QTD rev $M	Modeled Q rev $M
Combination	0	—	—	100%	36,116	—	36,116	—	63.1
Total	0						36,116	—	63.1

Guided rates are issuer-booked cover for 2026Q3 blended with the company's own guidance for the open days.

Bear — booked only

$63.1M rev

DPS $0.34

Base — index

$63.1M rev

DPS $0.34

Bull — recent peak

— rev

DPS —

Expected DPS

$0.34/share

Annualized

$1.38/yr

Revenue if rates hold

$63.1M

Confidence

MEDIUM

Bear counts booked cover only, with open days at zero; Base is the next-quarter estimate above, which prices the open days; Bull needs a recent peak index, which this fleet's classes do not have.

Model gaps & assumptions

combination: the issuer's own TCE estimate for the whole quarter, $36,116/day, prices every day (100% of days fixed, the rest at the issuer's own pricing of its open days) — owner 2026-10-19 · DPS = at least 80% (stated policy) of cash flow after debt service and maintenance capex: the fleet's cash above $21,502/day over 1,748 vessel-days

Profit statement highlights

Line	2026Q2	2026Q1	YoY Δ
Revenue	$78.0M	$72.5M	+38.8%
Opex	$16.0M	$14.2M	+18.5%
Net income	$20.8M	$15.6M	+210.4%

Full P&L grid — 6 quarters

Line item	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1
Revenue $M	78.0	72.5	63.7	64.5	56.2	54.1
Voyage expenses $M	25.9	25.5	24.8	24.0	22.1	23.2
Vessel opex $M	16.0	14.2	14.0	13.4	13.5	13.2
G&A $M	3.0	3.5	3.5	3.1	2.5	2.7
Depreciation $M	12.5	10.3	9.0	8.7	8.7	8.4
Interest expense, gross $M	—	—	—	—	—	4.1
Net income $M	20.8	15.6	10.4	12.0	6.7	4.3
Declared DPS	0.30	0.25	0.08	0.12	0.05	0.04

Cash break-even & opex per fleet

Vessel class	Opex/day	Cash break-even $/day
CABU	—	—
CLEANBU	—	—

Realized fleet TCE

Benchmark comparison will appear once issuer-printed benchmark data is available.

Guidance & sources

Issuer guidance — forward-looking

No current-quarter guidance on file.

Historical guidance (2 rows)

Period	Metric	Value	Coverage	As of	Source
2026Q3	Combination TCE guidance (CABU + CLEANBU, vessel-weighted midpoint)	$35,474	88.1%	2026-08-25	print
2026Q3	Combination TCE, preliminary Q3 actual (CABU + CLEANBU fleet average)	$36,116	100%	2026-10-09	print

Sources — press, filings & documents

Interim updates since 2026Q3

rates high 2026-10-09T07:00:04 $33,500/day Klaveness Combination Carriers' ("KCC" or the "Company") preliminary fleet average TCE earnings for the third quarter ended at $36,116/day, … source
rates high 2026-10-09T07:00:04 $34,500/day Klaveness Combination Carriers' ("KCC" or the "Company") preliminary fleet average TCE earnings for the third quarter ended at $36,116/day, … source
rates high 2026-10-09T07:00:04 $36,500/day The CLEANBU TCE earnings were $38,164/day in Q3 2026, in the high end of the guidance range of $36,500-38,500/day. source
rates high 2026-10-09T07:00:04 $38,500/day The CLEANBU TCE earnings were $38,164/day in Q3 2026, in the high end of the guidance range of $36,500-38,500/day. source
rates high 2026-10-09T07:00:04 $34,800/day Klaveness Combination Carriers' ("KCC" or the "Company") preliminary fleet average TCE earnings for the third quarter ended at $36,116/day, … source
rates high 2026-10-09T07:00:04 $36,300/day Klaveness Combination Carriers' ("KCC" or the "Company") preliminary fleet average TCE earnings for the third quarter ended at $36,116/day, … source
other low 2026-10-09T07:00:04 KCC recognized USD 0.9 million in Other income in Q3 2026. source

Market:

Press & filings by quarter

Quarter	Report	Presentation	Dividend	Other
2026Q4	KCC: Third Quarter 2026 Business Update, KCC: Third Quarter 2026 Business Update	KCC: Invitation to presentation of Q3 2026 fin…, KCC: Invitation to presentation of Q3 2026 fin…	—	—
2026Q3	KCC Second Quarter 2026 – Solid Q2 financials …, KCC: Second Quarter 2026 Business Update, KCC: Second Quarter 2026 Business Update	KCC: Invitation to presentation of Q2 2026 fin…, KCC: Invitation to presentation of Q2 2026 fin…	KCC: Ex dividend USD 0.30 today, KCC: Ex dividend USD 0.30 today, KCC: Key information relating to dividend for …	KCC: Rentefastsettelse, KCC: Transaction by close associate to primary…, KCC: Block Sale of Existing Shares in Klavenes…, Block Sale of Existing Shares in Klaveness Com…, KCC: Contemplated Block Sale of Existing Share…, KCC: Financial calendar, KCC: Klaveness Combination Carriers ASA takes …, KCC: Klaveness Combination Carriers ASA takes …
2026Q2	KCC: Updated Second Quarter 2026 TCE guidance, KCC First Quarter 2026 — A solid start to the …, KCC: First Quarter 2026 Business Update, KCC: First Quarter 2026 Business Update	KCC: Invitation to presentation of Q1 2026 fin…, KCC: Invitation to presentation of Q1 2026 fin…	KCC: Ex dividend USD 0.25 today, KCC: Ex dividend USD 0.25 today, KCC: Key information relating to dividend for …	KCC: Settlement of share options (PDMR notice), KCC: Klaveness Combination Carriers secures US…, KCC: Klaveness Combination Carriers secures US…, KCC: Financial calendar, KCC: Rentefastsettelse, KCC: Minutes of the Annual General Meeting, Klaveness Combination Carriers ASA – Transacti…, KCC: Notice of Annual General Meeting 2026
2026Q1	KCC Annual Report and Fourth Quarter 2025 — En…, KCC: Fourth Quarter 2025 Business Update	KCC: Presentation at DNB Carnegie Energy and S…, KCC: Invitation to presentation of Q4 2025 fin…	KCC: Ex dividend USD 0.08 today, KCC: Ex dividend USD 0.08 today, KCC: Key information relating to dividend for …	KCC: Transactions by primary insiders, KCC: CLEANBU vessel fixed on two-year time cha…, KCC: Rentefastsettelse, KCC: Klaveness Combination Carriers ASA Majo…, Klaveness Combination Carriers ASA – Major sha…, KCC: Financial calendar
2025Q4	KCC Third Quarter 2025 - Stronger financial pe…, KCC: Third Quarter 2025 Business Update	KCC: Invitation to presentation of Q3 2025 fin…	KCC: Ex dividend USD 0.12 today, KCC: Key information relating to dividend for …	KCC: Financial calendar, KCC: Capital Markets Day 2025 – Fleet expansio…, KCC: Extended trading of 2001-built CABU vesse…, Rentefastsettelse, KCC: Reminder - Invitation to Capital Markets …