The Board of Directors of | ||||
Klaveness Combinations Carriers ASA | ||||
Oslo, 31 December 2025 | ||||
12 February 2026 | ||||
Ernst A. Meyer | Magne \u00d8vre\u00e5s | Brita Eilertsen | ||
Chair of the Board | Board member | Board member | ||
Marianne M\u00f8gster | G\u00f8ran Andreassen | Engebret Dahm | ||
Board member | Board member | CEO |
Accounting policy |
Newbuildings Vessels under construction are classified as non-current assets and are recognised at cost as expenditures related to the asset are incurred and paid. Newbuildings are not depreciated until delivery. Borrowing costs directly attributable to the construction of vessels are added to the cost of the vessels, until such time as the vessels are ready for their intended use. Borrowing costs capitalized in 2025 are based on the Group\u2019s general borrowings in line with IFRS. |
Accounting policy |
Equity-settled share-based payments are treated as an increase in equity at fair value. The purchase price is recognized as a capital increase immediately, and the discount is periodized as a wage/equity increase over the vesting period. Employee share options are calculated at fair value at the time they are granted and charged to expense over the vesting period as payroll cost with a corresponding increase in equity. The market value of the employee share options are estimated based on the Black-Scholes- Merton method. |
Accounting policy |
Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Related parties transactions are recorded to estimated fair value. |
Accounting policy |
Under the tonnage tax regime, profit from operations is tax exempt. Companies within the tonnage tax regime pay a tonnage tax based on the deadweight tonnage of the vessels. The tonnage tax is recognised as an operating expense in the income statement. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses (based on financial assets in percent of total assets). For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income. |
Operating income and operating expenses per segment | 2025 | 2024 | ||||
(USD '000) | CABU | CLEANBU | Total | CABU | CLEANBU | Total |
Operating revenue, vessels | 132\u00a0307 | 106\u00a0149 | 238\u00a0455 | 143\u00a0079 | 135\u00a0179 | 278\u00a0259 |
Voyage expenses | (57\u00a0295) | (36\u00a0763) | (94\u00a0058) | (52\u00a0152) | (34\u00a0165) | (86\u00a0319) |
Net revenue from operations of vessels | 75\u00a0012 | 69\u00a0386 | 144\u00a0397 | 90\u00a0927 | 101\u00a0012 | 191\u00a0940 |
Other income | 154 | 988 | 1\u00a0142 | 278 | 540 | 817 |
Operating expenses, vessels | (25\u00a0249) | (28\u00a0841) | (54\u00a0090) | (25\u00a0272) | (29\u00a0522) | (54\u00a0794) |
Group commercial and administrative services | (2\u00a0039) | (2\u00a0329) | (4\u00a0368) | (2\u00a0420) | (2\u00a0827) | (5\u00a0248) |
Salaries and social expenses | (2\u00a0212) | (2\u00a0527) | (4\u00a0738) | (1\u00a0933) | (2\u00a0258) | (4\u00a0190) |
Tonnage tax | (100) | (87) | (194) | (89) | (77) | (166) |
Other operating and administrative expenses | (1\u00a0110) | (1\u00a0268) | (2\u00a0379) | (850) | (993) | (1\u00a0843) |
Operating profit before depreciation (EBITDA) | 44\u00a0455 | 35\u00a0322 | 79\u00a0769 | 60\u00a0642 | 65\u00a0874 | 126\u00a0516 |
Depreciation | (15\u00a0557) | (19\u00a0189) | (34\u00a0746) | (13\u00a0667) | (16\u00a0776) | (30\u00a0444) |
Operating profit after depreciation (EBIT) | 28\u00a0898 | 16\u00a0133 | 45\u00a0024 | 46\u00a0975 | 49\u00a0098 | 96\u00a0072 |
(USD '000) | 2025 | 2024 | ||||
CABU | CLEANBU | Total | CABU | CLEANBU | Total | |
Net revenue from operations of vessels | 75\u00a0012 | 69\u00a0386 | 144\u00a0397 | 90\u00a0927 | 101\u00a0012 | 191\u00a0940 |
On-hire days | 2\u00a0708 | 2\u00a0787 | 5\u00a0495 | 2\u00a0779 | 2\u00a0648 | 5\u00a0427 |
Average TCE earnings per on-hire day ($/d) | 27\u00a0700 | 24\u00a0897 | 26\u00a0278 | 32\u00a0717 | 38\u00a0151 | 35\u00a0368 |
Accounting policy | |
The operating segments are reported in a manner consistent with the internal financial reporting provided to the chief operating decision-maker, who is responsible for allocating resources, making strategic decisions and assessing performance. The chief operating decision-maker has been identified as the Board of Directors. | The reporting of the financial results separates the CABUs and CLEANBUs as two segments, to better evaluate and follow up on the performance of the different vessel concepts. The Group identifies and reports its segments based on information provided to the Management and the Board of Directors. Resources are allocated and decisions are made based on this information. |
Revenue types (USD '000) | Classification | 2025 | 2024 |
Revenue from COA contracts | Freight revenue | 132\u00a0512 | 162\u00a0877 |
Revenue from spot voyage contracts | Freight revenue | 86\u00a0359 | 77\u00a0348 |
Revenue from TC contracts | 19\u00a0585 | 38\u00a0034 | |
Total revenue, vessels | 238\u00a0455 | 278\u00a0259 |
Other income (USD '000) | Classification | 2025 | 2024 |
Loss of hire income | Other income | 834 | 817 |
No-claims bonus from Den Norske Krigsforsikring for Skib (DNK) | Other income | 307 | - |
Total other income | 1\u00a0142 | 817 |
Region (USD '000) | 2025 | 2024 | ||
Middle East | 41\u00a0825 | 18% | 46\u00a0848 | 17% |
Australia / Oceania | 75\u00a0836 | 32% | 88\u00a0164 | 32% |
North East Asia | 43\u00a0405 | 18% | 29\u00a0239 | 10% |
South America | 32\u00a0180 | 14% | 46\u00a0761 | 17% |
North America | 24\u00a0717 | 10% | 33\u00a0447 | 12% |
Europe | 2\u00a0375 | 1% | 10\u00a0262 | 4% |
Africa | 5\u00a0580 | 2% | 2\u00a0611 | 1% |
South East Asia | 6\u00a0376 | 3% | 12\u00a0256 | 4% |
South Asia | 5\u00a0847 | 2% | 9\u00a0055 | 3% |
Total Revenue, regions | 238\u00a0141 | 278\u00a0643 | ||
Gain/(loss) of FFAs | 137 | - | ||
IFRS adjustments | 177 | (384) | ||
Total revenue, vessels | 238\u00a0455 | 278\u00a0259 |
(USD '000) | Notes | 31 Dec 2025 | 31 Dec 2024 |
Trade receivables from charterers | 13 | 13\u00a0606 | 14\u00a0918 |
Contract assets | 13 | 8\u00a0217 | 5\u00a0359 |
Contract liabilities | 4\u00a0965 | 4\u00a0801 |
Accounting policy | |
The Group is in the business of transporting cargo at sea. Contracts of affreightment The combination carriers are employed on both long and short term contracts of affreightment (COAs) as well as in the spot market. The ambition is to have a large part of the wet exposure covered by contracts of affreightment (COAs) and to a larger extent employ the vessels in the spot market when trading dry. The mix of COAs and spot business creates ability to optimize the trading of the fleet and provide the COA customers with the flexibility they need in their logistics. When the COA contracts were signed, they had duration between 1-6 years. Revenue from the Group\u2019s COA commitments is classified as freight revenue in the Income Statement. Revenue from contracts with customers is recognised when control of the goods is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. The Group has concluded that the performance obligation under a voyage charter is satisfied over time, and begins from the point at which cargo is loaded until the point at which a cargo is discharged at the destination port. Other revenue from services, such as demurrage, is recognised when earned and is included in freight revenue. | Performance obligations IFRS 15 requires the Group to identify the performance obligations, determine the transaction price, allocate the transaction price to performance obligations for each contract with a customer to the extent that the contract covers more than one performance obligation, determine whether revenue should be recognised over time or at a point in time and recognise revenue when or as performance obligations are recognised. The Group's voyage charters and time charter (TC) contracts qualify for recognition over time. The nature of the Group\u2019s revenue from TC contracts with its customers is categorised in two groups, the leasing element of the vessel and the service element related to the leased vessel. Expenses between discharge and load are deferred and amortised over the voyage to the extent they qualify as cost to fulfil under IFRS 15. Time charter (TC) agreements The time charter revenue is generated from fixed rate time charter contracts. Revenue from time charters is accounted for as lease in accordance with IFRS 16 and is classified as charter hire revenue in the Income Statement. The Group\u2019s time charter contracts normally have a duration up to 3 months and a significant portion of the risks and rewards of ownership is retained by the lessor (KCC), hence the lease is classified as operating lease. |
Revenue types (USD '000) | Classification | 2025 | 2024 |
Revenue from COA contracts | Freight revenue | 132\u00a0512 | 162\u00a0877 |
Revenue from spot voyage contracts | Freight revenue | 86\u00a0359 | 77\u00a0348 |
Revenue from TC contracts | 19\u00a0585 | 38\u00a0034 | |
Total revenue, vessels | 238\u00a0455 | 278\u00a0259 |
Other income (USD '000) | Classification | 2025 | 2024 |
Loss of hire income | Other income | 834 | 817 |
No-claims bonus from Den Norske Krigsforsikring for Skib (DNK) | Other income | 307 | - |
Total other income | 1\u00a0142 | 817 |
Region (USD '000) | 2025 | 2024 | ||
Middle East | 41\u00a0825 | 18% | 46\u00a0848 | 17% |
Australia / Oceania | 75\u00a0836 | 32% | 88\u00a0164 | 32% |
North East Asia | 43\u00a0405 | 18% | 29\u00a0239 | 10% |
South America | 32\u00a0180 | 14% | 46\u00a0761 | 17% |
North America | 24\u00a0717 | 10% | 33\u00a0447 | 12% |
Europe | 2\u00a0375 | 1% | 10\u00a0262 | 4% |
Africa | 5\u00a0580 | 2% | 2\u00a0611 | 1% |
South East Asia | 6\u00a0376 | 3% | 12\u00a0256 | 4% |
South Asia | 5\u00a0847 | 2% | 9\u00a0055 | 3% |
Total Revenue, regions | 238\u00a0141 | 278\u00a0643 | ||
Gain/(loss) of FFAs | 137 | - | ||
IFRS adjustments | 177 | (384) | ||
Total revenue, vessels | 238\u00a0455 | 278\u00a0259 |
(USD '000) | Notes | 31 Dec 2025 | 31 Dec 2024 |
Trade receivables from charterers | 13 | 13\u00a0606 | 14\u00a0918 |
Contract assets | 13 | 8\u00a0217 | 5\u00a0359 |
Contract liabilities | 4\u00a0965 | 4\u00a0801 |
Accounting policy | |
The Group is in the business of transporting cargo at sea. Contracts of affreightment The combination carriers are employed on both long and short term contracts of affreightment (COAs) as well as in the spot market. The ambition is to have a large part of the wet exposure covered by contracts of affreightment (COAs) and to a larger extent employ the vessels in the spot market when trading dry. The mix of COAs and spot business creates ability to optimize the trading of the fleet and provide the COA customers with the flexibility they need in their logistics. When the COA contracts were signed, they had duration between 1-6 years. Revenue from the Group\u2019s COA commitments is classified as freight revenue in the Income Statement. Revenue from contracts with customers is recognised when control of the goods is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. The Group has concluded that the performance obligation under a voyage charter is satisfied over time, and begins from the point at which cargo is loaded until the point at which a cargo is discharged at the destination port. Other revenue from services, such as demurrage, is recognised when earned and is included in freight revenue. | Performance obligations IFRS 15 requires the Group to identify the performance obligations, determine the transaction price, allocate the transaction price to performance obligations for each contract with a customer to the extent that the contract covers more than one performance obligation, determine whether revenue should be recognised over time or at a point in time and recognise revenue when or as performance obligations are recognised. The Group's voyage charters and time charter (TC) contracts qualify for recognition over time. The nature of the Group\u2019s revenue from TC contracts with its customers is categorised in two groups, the leasing element of the vessel and the service element related to the leased vessel. Expenses between discharge and load are deferred and amortised over the voyage to the extent they qualify as cost to fulfil under IFRS 15. Time charter (TC) agreements The time charter revenue is generated from fixed rate time charter contracts. Revenue from time charters is accounted for as lease in accordance with IFRS 16 and is classified as charter hire revenue in the Income Statement. The Group\u2019s time charter contracts normally have a duration up to 3 months and a significant portion of the risks and rewards of ownership is retained by the lessor (KCC), hence the lease is classified as operating lease. |
(USD '000) | 2025 | 2024 |
Freight expenses | 21\u00a0931 | 14\u00a0479 |
Bunker consumption | 41\u00a0874 | 45\u00a0995 |
Port costs | 17\u00a0362 | 15\u00a0631 |
Commission | 5\u00a0682 | 6\u00a0991 |
Fuel hedge settlement | 350 | (255) |
Accrued voyage expenses | 1\u00a0314 | (935) |
Various expenses | 5\u00a0546 | 4\u00a0413 |
Total voyage costs, vessels | 94\u00a0058 | 86\u00a0319 |
(USD '000) | 2025 | 2024 |
Technical expenses | 19\u00a0666 | 20\u00a0171 |
Crewing expenses | 25\u00a0386 | 24\u00a0210 |
Insurance | 2\u00a0878 | 3\u00a0407 |
Crewing agency fee to Klaveness Ship Management AS | - | 1\u00a0482 |
Ship management fee to Klaveness Ship Management AS | 5\u00a0120 | 4\u00a0477 |
Other operating expenses | 1\u00a0040 | 1\u00a0046 |
Total operating expenses | 54\u00a0090 | 54\u00a0794 |
(USD '000) | 2025 | 2024 |
Audit fees | 201 | 193 |
Legal fees | 81 | 46 |
Office and administrative expenses | 2\u00a0096 | 1\u00a0605 |
Total other operating and administrative expenses | 2\u00a0379 | 1\u00a0843 |
(USD '000) | 2025 | 2024 |
Statutory audit | 161 | 147 |
Other assurance services | 40 | 46 |
Total audit fees | 201 | 193 |
Auditor\u2019s fee are stated excluding VAT. |
(USD '000) | 2025 | 2024 |
Freight expenses | 21\u00a0931 | 14\u00a0479 |
Bunker consumption | 41\u00a0874 | 45\u00a0995 |
Port costs | 17\u00a0362 | 15\u00a0631 |
Commission | 5\u00a0682 | 6\u00a0991 |
Fuel hedge settlement | 350 | (255) |
Accrued voyage expenses | 1\u00a0314 | (935) |
Various expenses | 5\u00a0546 | 4\u00a0413 |
Total voyage costs, vessels | 94\u00a0058 | 86\u00a0319 |
(USD '000) | 2025 | 2024 |
Technical expenses | 19\u00a0666 | 20\u00a0171 |
Crewing expenses | 25\u00a0386 | 24\u00a0210 |
Insurance | 2\u00a0878 | 3\u00a0407 |
Crewing agency fee to Klaveness Ship Management AS | - | 1\u00a0482 |
Ship management fee to Klaveness Ship Management AS | 5\u00a0120 | 4\u00a0477 |
Other operating expenses | 1\u00a0040 | 1\u00a0046 |
Total operating expenses | 54\u00a0090 | 54\u00a0794 |
(USD '000) | 2025 | 2024 |
Audit fees | 201 | 193 |
Legal fees | 81 | 46 |
Office and administrative expenses | 2\u00a0096 | 1\u00a0605 |
Total other operating and administrative expenses | 2\u00a0379 | 1\u00a0843 |
(USD '000) | 2025 | 2024 |
Statutory audit | 161 | 147 |
Other assurance services | 40 | 46 |
Total audit fees | 201 | 193 |
Auditor\u2019s fee are stated excluding VAT. |
(USD '000) | 2025 | 2024 |
Freight expenses | 21\u00a0931 | 14\u00a0479 |
Bunker consumption | 41\u00a0874 | 45\u00a0995 |
Port costs | 17\u00a0362 | 15\u00a0631 |
Commission | 5\u00a0682 | 6\u00a0991 |
Fuel hedge settlement | 350 | (255) |
Accrued voyage expenses | 1\u00a0314 | (935) |
Various expenses | 5\u00a0546 | 4\u00a0413 |
Total voyage costs, vessels | 94\u00a0058 | 86\u00a0319 |
(USD '000) | 2025 | 2024 |
Technical expenses | 19\u00a0666 | 20\u00a0171 |
Crewing expenses | 25\u00a0386 | 24\u00a0210 |
Insurance | 2\u00a0878 | 3\u00a0407 |
Crewing agency fee to Klaveness Ship Management AS | - | 1\u00a0482 |
Ship management fee to Klaveness Ship Management AS | 5\u00a0120 | 4\u00a0477 |
Other operating expenses | 1\u00a0040 | 1\u00a0046 |
Total operating expenses | 54\u00a0090 | 54\u00a0794 |
(USD '000) | 2025 | 2024 |
Audit fees | 201 | 193 |
Legal fees | 81 | 46 |
Office and administrative expenses | 2\u00a0096 | 1\u00a0605 |
Total other operating and administrative expenses | 2\u00a0379 | 1\u00a0843 |
(USD '000) | 2025 | 2024 |
Statutory audit | 161 | 147 |
Other assurance services | 40 | 46 |
Total audit fees | 201 | 193 |
Auditor\u2019s fee are stated excluding VAT. |
(USD '000) | 2025 | 2024 |
Salaries and other remuneration | 3\u00a0960 | 3\u00a0650 |
Social security tax | 501 | 386 |
Pension benefit | 250 | 111 |
Other social costs | 28 | 27 |
Other personel related expenses | - | 16 |
Salaries and social expenses | 4\u00a0738 | 4\u00a0190 |
Diversity of employees | 2025 | 2024 | ||
Number | Percentage | Number | Percentage | |
Women | 6 | 32% | 6 | 32% |
Men | 13 | 68% | 13 | 68% |
Total employees in KCC at year end | 19 | 100% | 19 | 100% |
Average number of employees | 19.0 | 11.0 | ||
KCC ASA in Norway | 16 | 84% | 16 | 84% |
KCC Asia in Singapore | 3 | 16% | 3 | 16% |
Nationalities | 7 | 7 | ||
Sick leave | 2.52% | 0.22% |
(USD '000) | 2025 | 2024 |
Base salary | 428 | 386 |
Bonus | 312 | 316 |
Pension benefit | 18 | 15 |
Total remuneration paid to CEO | 758 | 717 |
(USD '000) | 2025 | 2024 |
Ernst Meyer (Chair of the Board)* | 59 | 57 |
Magne \u00d8vre\u00e5s (Board member and member of Audit Committee) | 42 | 40 |
G\u00f8ran Andreassen (Board member)* | 36 | 34 |
Winifred Patricia Johansen (Board member until 23 April 2024) | - | 11 |
Marianne M\u00f8gster (Board member from 23 April 2024) | 36 | 23 |
Brita Eilertsen (Board member and Chair of Audit Committee) | 45 | 44 |
Total | 217 | 210 |
Diversity of Board of Directors | 2025 | 2024 | ||
Number | Percentage | Number | Percentage | |
Women | 2 | 40% | 2 | 40% |
Men | 3 | 60% | 3 | 60% |
Finance income | 2025 | 2024 |
(USD '000) | ||
Other interest income | 3\u00a0006 | 5\u00a0310 |
Gain on currency contracts | 524 | 10 |
Other financial income | 1 | 292 |
Gain on foreign exchange | 336 | 67 |
Finance income | 3\u00a0867 | 5\u00a0679 |
Finance cost | 2025 | 2024 |
(USD '000) | ||
Interest expenses mortgage debt | 6\u00a0619 | 10\u00a0515 |
Interest expenses bond loan | 6\u00a0068 | 6\u00a0743 |
Amortization capitalized fees on loans | 1\u00a0435 | 1\u00a0184 |
Commitment fee | 1\u00a0099 | 981 |
Other financial expenses | 217 | 418 |
Loss on currency contracts | 38 | 500 |
Finance cost | 15\u00a0477 | 20\u00a0341 |
(USD '000) | 2025 | 2024 |
Freight expenses | 21\u00a0931 | 14\u00a0479 |
Bunker consumption | 41\u00a0874 | 45\u00a0995 |
Port costs | 17\u00a0362 | 15\u00a0631 |
Commission | 5\u00a0682 | 6\u00a0991 |
Fuel hedge settlement | 350 | (255) |
Accrued voyage expenses | 1\u00a0314 | (935) |
Various expenses | 5\u00a0546 | 4\u00a0413 |
Total voyage costs, vessels | 94\u00a0058 | 86\u00a0319 |
(USD '000) | 2025 | 2024 |
Audit fees | 201 | 193 |
Legal fees | 81 | 46 |
Office and administrative expenses | 2\u00a0096 | 1\u00a0605 |
Total other operating and administrative expenses | 2\u00a0379 | 1\u00a0843 |
(USD '000) | 2025 | 2024 |
Statutory audit | 161 | 147 |
Other assurance services | 40 | 46 |
Total audit fees | 201 | 193 |
Auditor\u2019s fee are stated excluding VAT. |
(USD '000) | 2025 | 2024 |
Audit fees | 201 | 193 |
Legal fees | 81 | 46 |
Office and administrative expenses | 2\u00a0096 | 1\u00a0605 |
Total other operating and administrative expenses | 2\u00a0379 | 1\u00a0843 |
(USD '000) | 2025 | 2024 |
Statutory audit | 161 | 147 |
Other assurance services | 40 | 46 |
Total audit fees | 201 | 193 |
Auditor\u2019s fee are stated excluding VAT. |
(USD '000) | 2025 | 2024 |
Salaries and other remuneration | 3\u00a0960 | 3\u00a0650 |
Social security tax | 501 | 386 |
Pension benefit | 250 | 111 |
Other social costs | 28 | 27 |
Other personel related expenses | - | 16 |
Salaries and social expenses | 4\u00a0738 | 4\u00a0190 |
Diversity of employees | 2025 | 2024 | ||
Number | Percentage | Number | Percentage | |
Women | 6 | 32% | 6 | 32% |
Men | 13 | 68% | 13 | 68% |
Total employees in KCC at year end | 19 | 100% | 19 | 100% |
Average number of employees | 19.0 | 11.0 | ||
KCC ASA in Norway | 16 | 84% | 16 | 84% |
KCC Asia in Singapore | 3 | 16% | 3 | 16% |
Nationalities | 7 | 7 | ||
Sick leave | 2.52% | 0.22% |
(USD '000) | 2025 | 2024 |
Base salary | 428 | 386 |
Bonus | 312 | 316 |
Pension benefit | 18 | 15 |
Total remuneration paid to CEO | 758 | 717 |
(USD '000) | 2025 | 2024 |
Ernst Meyer (Chair of the Board)* | 59 | 57 |
Magne \u00d8vre\u00e5s (Board member and member of Audit Committee) | 42 | 40 |
G\u00f8ran Andreassen (Board member)* | 36 | 34 |
Winifred Patricia Johansen (Board member until 23 April 2024) | - | 11 |
Marianne M\u00f8gster (Board member from 23 April 2024) | 36 | 23 |
Brita Eilertsen (Board member and Chair of Audit Committee) | 45 | 44 |
Total | 217 | 210 |
Diversity of Board of Directors | 2025 | 2024 | ||
Number | Percentage | Number | Percentage | |
Women | 2 | 40% | 2 | 40% |
Men | 3 | 60% | 3 | 60% |
Diversity of employees | 2025 | 2024 | ||
Number | Percentage | Number | Percentage | |
Women | 6 | 32% | 6 | 32% |
Men | 13 | 68% | 13 | 68% |
Total employees in KCC at year end | 19 | 100% | 19 | 100% |
Average number of employees | 19.0 | 11.0 | ||
KCC ASA in Norway | 16 | 84% | 16 | 84% |
KCC Asia in Singapore | 3 | 16% | 3 | 16% |
Nationalities | 7 | 7 | ||
Sick leave | 2.52% | 0.22% |
(USD '000) | 2025 | 2024 |
Base salary | 428 | 386 |
Bonus | 312 | 316 |
Pension benefit | 18 | 15 |
Total remuneration paid to CEO | 758 | 717 |
(USD '000) | 2025 | 2024 |
Ernst Meyer (Chair of the Board)* | 59 | 57 |
Magne \u00d8vre\u00e5s (Board member and member of Audit Committee) | 42 | 40 |
G\u00f8ran Andreassen (Board member)* | 36 | 34 |
Winifred Patricia Johansen (Board member until 23 April 2024) | - | 11 |
Marianne M\u00f8gster (Board member from 23 April 2024) | 36 | 23 |
Brita Eilertsen (Board member and Chair of Audit Committee) | 45 | 44 |
Total | 217 | 210 |
Diversity of Board of Directors | 2025 | 2024 | ||
Number | Percentage | Number | Percentage | |
Women | 2 | 40% | 2 | 40% |
Men | 3 | 60% | 3 | 60% |
(USD '000) | 2025 | 2024 |
Ernst Meyer (Chair of the Board)* | 59 | 57 |
Magne \u00d8vre\u00e5s (Board member and member of Audit Committee) | 42 | 40 |
G\u00f8ran Andreassen (Board member)* | 36 | 34 |
Winifred Patricia Johansen (Board member until 23 April 2024) | - | 11 |
Marianne M\u00f8gster (Board member from 23 April 2024) | 36 | 23 |
Brita Eilertsen (Board member and Chair of Audit Committee) | 45 | 44 |
Total | 217 | 210 |
Diversity of Board of Directors | 2025 | 2024 | ||
Number | Percentage | Number | Percentage | |
Women | 2 | 40% | 2 | 40% |
Men | 3 | 60% | 3 | 60% |
Type pf service/transaction | Provider* | Receiver* | Price method | 2025 | 2024 |
(USD '000) | |||||
Business administration services | KAS | KCC ASA, on behalf of KCC companies | Cost +5%/per employee | 2\u00a0968 | 2\u00a0230 |
Business administration services | KA Ltd | KCCA Ltd | Cost +5% | 72 | 67 |
Business administration services | KD | KCCC | Priced as other CargoValue Services | 31 | 12 |
Business administration services | KSS | Cost +7.5% | 336 | - | |
Commercial services | KAD | KCCC | Cost +7.5% | 675 | 631 |
Commercial services** | KDB | KCCC | Cost +7.5% | 286 | 227 |
Commercial services*** | KSM | KCCC | Cost +7.5% | - | 815 |
Board member fee | KD | KCC ASA | - | (12) | |
Project management*** | KSM | KCCS, KCC | Cost +7.5% | - | 1\u00a0277 |
Total group commercial and administrative services | 4\u00a0368 | 5\u00a0248 |
Type of service/transaction | Provider* | Receiver* | Price method | 2025 | 2024 |
(USD '000) | |||||
Technical management fee (opex) | KSM | KCCS | Fixed fee per vessel | - | 4\u00a0477 |
Crewing and IT fee (opex) | KSM | KCCS | Fixed fee per vessel | - | 1\u00a0727 |
Project management fee (newbuilding) | KSM | KCCS | Fixed fee per vessel | - | 1\u00a0578 |
Board member fee (administrative expenses) | KAS | KCC | Fixed fee as per annual general meeting | 80 | 77 |
Total other services/ transactions | 80 | 7\u00a0859 |
Short term receivables and debt related parties | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Klaveness Finans AS | 39 | - |
Klaveness Ship Management AS | - | 405 |
Klaveness AS | 132 | 301 |
Klaveness Dry Bulk AS | 46 | - |
Short-term receivables from related parties | 218 | 706 |
Klaveness AS | 49 | 154 |
Klaveness Ship Management AS | - | 99 |
Klaveness Dry Bulk AS | - | 31 |
Klaveness Asia-Dubai | 139 | 234 |
Baumarine AS | 14 | 6 |
Klaveness Digital AS | 1 | 14 |
Klaveness Dry Bulk Asia Pte. Ltd. | 5 | - |
Klaveness Shore Services Ltd. | 18 | - |
AS Klaveness Chartering | - | 1 |
Klaveness Asia Pte.Ltd | 22 | 17 |
Short-term debt to related parties | 248 | 556 |
Accounting policy |
Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Related parties transactions are recorded to estimated fair value. |
Finance income | 2025 | 2024 |
(USD '000) | ||
Other interest income | 3\u00a0006 | 5\u00a0310 |
Gain on currency contracts | 524 | 10 |
Other financial income | 1 | 292 |
Gain on foreign exchange | 336 | 67 |
Finance income | 3\u00a0867 | 5\u00a0679 |
Finance cost | 2025 | 2024 |
(USD '000) | ||
Interest expenses mortgage debt | 6\u00a0619 | 10\u00a0515 |
Interest expenses bond loan | 6\u00a0068 | 6\u00a0743 |
Amortization capitalized fees on loans | 1\u00a0435 | 1\u00a0184 |
Commitment fee | 1\u00a0099 | 981 |
Other financial expenses | 217 | 418 |
Loss on currency contracts | 38 | 500 |
Finance cost | 15\u00a0477 | 20\u00a0341 |
Finance income | 2025 | 2024 |
(USD '000) | ||
Other interest income | 3\u00a0006 | 5\u00a0310 |
Gain on currency contracts | 524 | 10 |
Other financial income | 1 | 292 |
Gain on foreign exchange | 336 | 67 |
Finance income | 3\u00a0867 | 5\u00a0679 |
Finance cost | 2025 | 2024 |
(USD '000) | ||
Interest expenses mortgage debt | 6\u00a0619 | 10\u00a0515 |
Interest expenses bond loan | 6\u00a0068 | 6\u00a0743 |
Amortization capitalized fees on loans | 1\u00a0435 | 1\u00a0184 |
Commitment fee | 1\u00a0099 | 981 |
Other financial expenses | 217 | 418 |
Loss on currency contracts | 38 | 500 |
Finance cost | 15\u00a0477 | 20\u00a0341 |
Finance income | 2025 | 2024 |
(USD '000) | ||
Other interest income | 3\u00a0006 | 5\u00a0310 |
Gain on currency contracts | 524 | 10 |
Other financial income | 1 | 292 |
Gain on foreign exchange | 336 | 67 |
Finance income | 3\u00a0867 | 5\u00a0679 |
Finance cost | 2025 | 2024 |
(USD '000) | ||
Interest expenses mortgage debt | 6\u00a0619 | 10\u00a0515 |
Interest expenses bond loan | 6\u00a0068 | 6\u00a0743 |
Amortization capitalized fees on loans | 1\u00a0435 | 1\u00a0184 |
Commitment fee | 1\u00a0099 | 981 |
Other financial expenses | 217 | 418 |
Loss on currency contracts | 38 | 500 |
Finance cost | 15\u00a0477 | 20\u00a0341 |
Finance cost | 2025 | 2024 |
(USD '000) | ||
Interest expenses mortgage debt | 6\u00a0619 | 10\u00a0515 |
Interest expenses bond loan | 6\u00a0068 | 6\u00a0743 |
Amortization capitalized fees on loans | 1\u00a0435 | 1\u00a0184 |
Commitment fee | 1\u00a0099 | 981 |
Other financial expenses | 217 | 418 |
Loss on currency contracts | 38 | 500 |
Finance cost | 15\u00a0477 | 20\u00a0341 |
Finance cost | 2025 | 2024 |
(USD '000) | ||
Interest expenses mortgage debt | 6\u00a0619 | 10\u00a0515 |
Interest expenses bond loan | 6\u00a0068 | 6\u00a0743 |
Amortization capitalized fees on loans | 1\u00a0435 | 1\u00a0184 |
Commitment fee | 1\u00a0099 | 981 |
Other financial expenses | 217 | 418 |
Loss on currency contracts | 38 | 500 |
Finance cost | 15\u00a0477 | 20\u00a0341 |
Finance cost | 2025 | 2024 |
(USD '000) | ||
Interest expenses mortgage debt | 6\u00a0619 | 10\u00a0515 |
Interest expenses bond loan | 6\u00a0068 | 6\u00a0743 |
Amortization capitalized fees on loans | 1\u00a0435 | 1\u00a0184 |
Commitment fee | 1\u00a0099 | 981 |
Other financial expenses | 217 | 418 |
Loss on currency contracts | 38 | 500 |
Finance cost | 15\u00a0477 | 20\u00a0341 |
Vessels | CABU | CLEANBU | 31 Dec 2025 | CABU | CLEANBU | 31 Dec 2024 |
(USD '000) | ||||||
Cost price 1.1 | 344\u00a0108 | 438\u00a0168 | 782\u00a0276 | 333\u00a0327 | 422\u00a0236 | 755\u00a0564 |
Dry docking | 11\u00a0787 | 7\u00a0290 | 19\u00a0077 | 6\u00a0131 | 7\u00a0352 | 13\u00a0482 |
Energy efficiency upgrade | 3\u00a0673 | 3\u00a0884 | 7\u00a0557 | 4\u00a0036 | 7\u00a0384 | 11\u00a0420 |
Technical upgrade | 344 | 1\u00a0168 | 1\u00a0512 | 614 | 1\u00a0196 | 1\u00a0810 |
Cost price end of period | 359\u00a0912 | 450\u00a0510 | 810\u00a0422 | 344\u00a0108 | 438\u00a0168 | 782\u00a0276 |
Acc. Depreciation 1.1 | 210\u00a0560 | 78\u00a0374 | 288\u00a0936 | 196\u00a0893 | 61\u00a0598 | 258\u00a0492 |
Depreciation vessels | 15\u00a0557 | 19\u00a0189 | 34\u00a0746 | 13\u00a0667 | 16\u00a0776 | 30\u00a0444 |
Acc. Depreciation end of period | 226\u00a0117 | 97\u00a0563 | 323\u00a0682 | 210\u00a0560 | 78\u00a0374 | 288\u00a0936 |
Carrying amounts end of period* | 133\u00a0795 | 352\u00a0947 | 486\u00a0742 | 133\u00a0548 | 359\u00a0794 | 493\u00a0340 |
*) carrying value of vessels includes dry-docking | ||||||
No. of vessels | 8 | 8 | 16 | 8 | 8 | 16 |
Average age | 17.3 | 5.4 | 11.4 | 16.3 | 4.4 | 10.4 |
Useful life vessel | 25 | 25 | ||||
Useful life Dry Docking | 2-5 | 2-5 | ||||
Depreciation schedule | Straight-line | Straight-line |
Accounting policy | |
Significant accounting estimates Non-current assets such as vessels, the cost of dry-docking and newbuildings are carried at cost less accumulated depreciation and impairment charges. Cost is defined as directly attributable cost plus borrowing cost during the construction period. | Impairment testing At the end of each reporting period the Group will assess whether there is any indication of impairment. If any indication exists, the Group will estimate the recoverable amount of the asset. Recoverable amount is set as the highest of fair value less cost to sell and value in use. If carrying value exceeds the estimated recoverable amount, impairment is recognised. Impairments are reversed in a later period if recoverable amount exceeds carrying amount. Identification of impairment indicators is based on an assessment of development in market rates (dry bulk, MR tanker, LR1 tanker and fuel), TCE earnings for the fleet, vessel opex, operating profit, technological development, change in regulations, interest rates and discount rate. As per year end 2024 and 2025\u00a0 no indicators for impairment were identified. |
Useful life and residual values The carrying amount of vessels is based on management\u2019s assumptions of useful life. Useful life for the combination carrier vessels is reassessed on an annual basis. Useful life may change due to change in technological developments, competition, environmental and legal requirements, freight rates and steel prices. Management has also considered the impact of decarbonization and climate related risks on the existing assets\u2019 useful lives, residual values and for impairment testing. Such risks include new climate related legislation restricting the use of certain assets, new technology demanded by climate related legislation Docking costs are capitalised and amortised over the period until the next anticipated docking/inspection. KCC commits to perform recycling of its vessels in compliance with the Hong Kong Convention, the Norwegian Shipowners' Association\u2019s guidelines and when relevant the EU Ship Recycling Regulation. Annual assessment of residual value is based on observable market prices and available recycling alternatives as of today. Residual value estimates for the KCC vessels have been calculated based on average steel prices for Turkey and India, deducted by best estimate of direct costs for recycling. There is a high degree of uncertainty in net green pricing for recycling. KCC has concluded to retain a residual value of USD 3.8/5.3/5.9 million for CABUI/CABUII/CLEANBU for 2026. | Cash-generating units The Group operates combination carrier vessels which can switch between dry and wet cargo. The CABUs have the same characteristics in terms of cargo type, number of cargo holds, and approximate vessel size. The same applies to the CLEANBUs. CLEANBU vessels have higher cargo carrying capacity than the CABUs, and can in addition transport other types of wet commodities. All the CABUs vessels are interchangeable, same for all the CLEANBU vessels. Investment, continuance and disposal decisions are made by class of vessels. The CABU and CLEANBU vessels are operated by KCC Chartering AS (KCCC). Contracts (COAs) are normally not negotiated based on a specific vessel. It is the sum of vessel capacity at any time that determines the optimization of voyages. A portion of the voyages are also executed in the spot market, and KCCC is dependent on operating the vessels as a portfolio according to free vessel capacity and available cargos. The Group has defined the fleet of CABUs (including newbuildings) and the fleet of CLEANBUs as two separate cash generating units. |
Government grants The government grants related to assets are presented in the statement of financial position by deducting the grants from the carrying amounts of the assets. Government grants are recognized according to the percentage of completion method in the proportion to which depreciation expense of the assets is recognized. The grants are recognized in profit or loss over the life of the depreciable asset as a reduced depreciation expense. |
Newbuildings, net carrying amount | Notes | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | |||
Cost 1.1 | 19\u00a0170 | 17\u00a0591 | |
Yard installments paid | 54\u00a0213 | - | |
Capitalized borrowing costs | 2\u00a0506 | - | |
Other capitalized cost | 2\u00a0472 | 1\u00a0578 | |
Net carrying amount | 78\u00a0361 | 19\u00a0170 |
Remaining newbuilding installments1 | 2026 |
(USD '000) | |
CABU III - Hull 1560 | 31\u00a0543 |
CABU III - Hull 1561 | 31\u00a0543 |
CABU III - Hull 1562 | 37\u00a0278 |
Total remaining newbuilding installments | 100\u00a0364 |
1Delivery costs not included. Delivery costs will include costs for change orders, supervision, project management fee, upstoring\u00a0 and energy efficiency investments. |
Accounting policy |
Newbuildings Vessels under construction are classified as non-current assets and are recognised at cost as expenditures related to the asset are incurred and paid. Newbuildings are not depreciated until delivery. Borrowing costs directly attributable to the construction of vessels are added to the cost of the vessels, until such time as the vessels are ready for their intended use. Borrowing costs capitalized in 2025 are based on the Group\u2019s general borrowings in line with IFRS. |
Vessels | CABU | CLEANBU | 31 Dec 2025 | CABU | CLEANBU | 31 Dec 2024 |
(USD '000) | ||||||
Cost price 1.1 | 344\u00a0108 | 438\u00a0168 | 782\u00a0276 | 333\u00a0327 | 422\u00a0236 | 755\u00a0564 |
Dry docking | 11\u00a0787 | 7\u00a0290 | 19\u00a0077 | 6\u00a0131 | 7\u00a0352 | 13\u00a0482 |
Energy efficiency upgrade | 3\u00a0673 | 3\u00a0884 | 7\u00a0557 | 4\u00a0036 | 7\u00a0384 | 11\u00a0420 |
Technical upgrade | 344 | 1\u00a0168 | 1\u00a0512 | 614 | 1\u00a0196 | 1\u00a0810 |
Cost price end of period | 359\u00a0912 | 450\u00a0510 | 810\u00a0422 | 344\u00a0108 | 438\u00a0168 | 782\u00a0276 |
Acc. Depreciation 1.1 | 210\u00a0560 | 78\u00a0374 | 288\u00a0936 | 196\u00a0893 | 61\u00a0598 | 258\u00a0492 |
Depreciation vessels | 15\u00a0557 | 19\u00a0189 | 34\u00a0746 | 13\u00a0667 | 16\u00a0776 | 30\u00a0444 |
Acc. Depreciation end of period | 226\u00a0117 | 97\u00a0563 | 323\u00a0682 | 210\u00a0560 | 78\u00a0374 | 288\u00a0936 |
Carrying amounts end of period* | 133\u00a0795 | 352\u00a0947 | 486\u00a0742 | 133\u00a0548 | 359\u00a0794 | 493\u00a0340 |
*) carrying value of vessels includes dry-docking | ||||||
No. of vessels | 8 | 8 | 16 | 8 | 8 | 16 |
Average age | 17.3 | 5.4 | 11.4 | 16.3 | 4.4 | 10.4 |
Useful life vessel | 25 | 25 | ||||
Useful life Dry Docking | 2-5 | 2-5 | ||||
Depreciation schedule | Straight-line | Straight-line |
Accounting policy | |
Significant accounting estimates Non-current assets such as vessels, the cost of dry-docking and newbuildings are carried at cost less accumulated depreciation and impairment charges. Cost is defined as directly attributable cost plus borrowing cost during the construction period. | Impairment testing At the end of each reporting period the Group will assess whether there is any indication of impairment. If any indication exists, the Group will estimate the recoverable amount of the asset. Recoverable amount is set as the highest of fair value less cost to sell and value in use. If carrying value exceeds the estimated recoverable amount, impairment is recognised. Impairments are reversed in a later period if recoverable amount exceeds carrying amount. Identification of impairment indicators is based on an assessment of development in market rates (dry bulk, MR tanker, LR1 tanker and fuel), TCE earnings for the fleet, vessel opex, operating profit, technological development, change in regulations, interest rates and discount rate. As per year end 2024 and 2025\u00a0 no indicators for impairment were identified. |
Useful life and residual values The carrying amount of vessels is based on management\u2019s assumptions of useful life. Useful life for the combination carrier vessels is reassessed on an annual basis. Useful life may change due to change in technological developments, competition, environmental and legal requirements, freight rates and steel prices. Management has also considered the impact of decarbonization and climate related risks on the existing assets\u2019 useful lives, residual values and for impairment testing. Such risks include new climate related legislation restricting the use of certain assets, new technology demanded by climate related legislation Docking costs are capitalised and amortised over the period until the next anticipated docking/inspection. KCC commits to perform recycling of its vessels in compliance with the Hong Kong Convention, the Norwegian Shipowners' Association\u2019s guidelines and when relevant the EU Ship Recycling Regulation. Annual assessment of residual value is based on observable market prices and available recycling alternatives as of today. Residual value estimates for the KCC vessels have been calculated based on average steel prices for Turkey and India, deducted by best estimate of direct costs for recycling. There is a high degree of uncertainty in net green pricing for recycling. KCC has concluded to retain a residual value of USD 3.8/5.3/5.9 million for CABUI/CABUII/CLEANBU for 2026. | Cash-generating units The Group operates combination carrier vessels which can switch between dry and wet cargo. The CABUs have the same characteristics in terms of cargo type, number of cargo holds, and approximate vessel size. The same applies to the CLEANBUs. CLEANBU vessels have higher cargo carrying capacity than the CABUs, and can in addition transport other types of wet commodities. All the CABUs vessels are interchangeable, same for all the CLEANBU vessels. Investment, continuance and disposal decisions are made by class of vessels. The CABU and CLEANBU vessels are operated by KCC Chartering AS (KCCC). Contracts (COAs) are normally not negotiated based on a specific vessel. It is the sum of vessel capacity at any time that determines the optimization of voyages. A portion of the voyages are also executed in the spot market, and KCCC is dependent on operating the vessels as a portfolio according to free vessel capacity and available cargos. The Group has defined the fleet of CABUs (including newbuildings) and the fleet of CLEANBUs as two separate cash generating units. |
Government grants The government grants related to assets are presented in the statement of financial position by deducting the grants from the carrying amounts of the assets. Government grants are recognized according to the percentage of completion method in the proportion to which depreciation expense of the assets is recognized. The grants are recognized in profit or loss over the life of the depreciable asset as a reduced depreciation expense. |
Accounting policy |
Newbuildings Vessels under construction are classified as non-current assets and are recognised at cost as expenditures related to the asset are incurred and paid. Newbuildings are not depreciated until delivery. Borrowing costs directly attributable to the construction of vessels are added to the cost of the vessels, until such time as the vessels are ready for their intended use. Borrowing costs capitalized in 2025 are based on the Group\u2019s general borrowings in line with IFRS. |
Accounting policy |
Newbuildings Vessels under construction are classified as non-current assets and are recognised at cost as expenditures related to the asset are incurred and paid. Newbuildings are not depreciated until delivery. Borrowing costs directly attributable to the construction of vessels are added to the cost of the vessels, until such time as the vessels are ready for their intended use. Borrowing costs capitalized in 2025 are based on the Group\u2019s general borrowings in line with IFRS. |
Inventories | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Bunkers | 9\u00a0228 | 9\u00a0817 |
Spare parts | 772 | 1\u00a0254 |
Luboil | 1\u00a0187 | 1\u00a0381 |
EU ETS allowances | 19 | 214 |
Inventories | 11\u00a0206 | 12\u00a0665 |
Accounting policy |
EU ETS allowances, bunkers and lubricant oil on board vessels are recorded in the balance sheet at acquisition cost. Acquisition cost is based on FIFO (first in, first out) principle.. |
Accounting policy |
EU ETS allowances, bunkers and lubricant oil on board vessels are recorded in the balance sheet at acquisition cost. Acquisition cost is based on FIFO (first in, first out) principle.. |
Mortgage debt | Type (vessels) | Maturity | Interest rate | Type | Undrawn and available amount | Carrying amount |
USD '000 | ||||||
USD 60 million Facility* | CLEANBU (Bass, Balzani) | March 2027 | Term SOFR + 2.35 % (Commitment fee: 40% of Margin p.a.) | Term Loan | 13\u00a0236 | |
RCF | 30\u00a0000 | |||||
USD 190 million Facility** | CLEANBU (Baru, Barracuda, Barramundi, Baleen, Bangus, Baiacu) | June 2028 | Term SOFR + 2.15 % (Commitment fee: 0.75%) | Term Loan | 62\u00a0592 | |
RCF | 38\u00a0000 | 57\u00a0000 | ||||
USD 180 million Facility | CABU (Bakkedal, Balboa, Baffin, Ballard) | July 2031 | Term SOFR + 1.80 % (Commitment fee: 40% of Margin p.a.) | Term Loan | 60\u00a0000 | |
RCF*** | ||||||
Capitalized loan fees | (3\u00a0280) | |||||
Mortgage debt December 2025 | 68\u00a0000 | 189\u00a0548 |
Bond loan | Face value | Year of | Carrying amount |
(NOK '000) | maturity | (USD '000) | |
KCC05 | 500\u00a0000 | 05/09/2028 | 47\u00a0077 |
Tap issue KCC05 (Q2 2024) | 300\u00a0000 | 28\u00a0011 | |
Exchange rate adjustments | 4\u00a0431 | ||
Capitalized expenses | (712) | ||
Bond premium | 760 | ||
SUM KCC05 | 800\u00a0000 | 79\u00a0567 | |
Total bond loan | 800\u00a0000 | 79\u00a0567 |
Interest bearing liabilities | Fair value | Carrying amount | Carrying amount |
(USD '000) | 31 Dec 2025 | 31 Dec 2025 | 31 Dec 2024 |
Mortgage debt | 170\u00a0334 | 170\u00a0334 | 131\u00a0003 |
Capitalized loan fees | - | (3\u00a0280) | (2\u00a0443) |
Bond loan | 82\u00a0157 | 79\u00a0519 | 70\u00a0559 |
Bond premium | - | 760 | 1\u00a0037 |
Capitalized expenses bond loan | - | (712) | (970) |
Total non-current interest bearing liabilities | 252\u00a0491 | 246\u00a0621 | 199\u00a0184 |
Mortgage debt, current | 22\u00a0493 | 22\u00a0493 | 25\u00a0199 |
Total interest bearing liabilities | 274\u00a0984 | 269\u00a0114 | 224\u00a0383 |
Book value of collateral and mortgaged assets (USD '000) | 2025 | 2024 |
Vessels | 459\u00a0100 | 467\u00a0358 |
Bunkers inventory | 9\u00a0228 | 9\u00a0817 |
Earning accounts | 7\u00a0604 | 2\u00a0020 |
Accounts receivables | 24\u00a0629 | 23\u00a0388 |
Total book value of collateral and mortgaged assets | 500\u00a0561 | 502\u00a0582 |
Financial assets | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swaps | 5\u00a0006 | 120 |
Interest rate swaps | 3\u00a0561 | 6\u00a0404 |
Financial assets | 8\u00a0567 | 6\u00a0524 |
Current | 2\u00a0315 | 2\u00a0142 |
Non-current | 6\u00a0252 | 4\u00a0382 |
Financial liabilities | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swaps | 10 | 4\u00a0920 |
Forward Freight Agreements | 32 | - |
Financial instruments at fair value through P&L | ||
Forward currency contract | 11 | 164 |
Financial liabilities | 52 | 5\u00a0084 |
Current | 42 | 555 |
Non-current | 10 | 4\u00a0529 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 3\u00a0561 | 6\u00a0404 | 3\u00a0561 | 6\u00a0404 |
Fuel hedge | - | - | - | - |
Cross-currency interest rate swaps | 5\u00a0006 | 120 | 5\u00a0006 | 120 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | (164) | - | (164) |
Total financial assets at fair value | 8\u00a0567 | 6\u00a0359 | 8\u00a0567 | 6\u00a0359 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 13\u00a0606 | 14\u00a0918 | 13\u00a0606 | 14\u00a0918 |
Receivables from related parties | 218 | 706 | 218 | 706 |
Total financial assets measured at amortised costs | 13\u00a0824 | 15\u00a0623 | 13\u00a0824 | 15\u00a0623 |
Cash and cash equivalents | 49\u00a0732 | 56\u00a0139 | 49\u00a0732 | 56\u00a0139 |
Total financial assets | 72\u00a0122 | 78\u00a0122 | 72\u00a0122 | 78\u00a0122 |
Total current | 65\u00a0870 | 73\u00a0582 | 65\u00a0870 | 73\u00a0582 |
Total non-current | 6\u00a0252 | 4\u00a0540 | 6\u00a0252 | 4\u00a0540 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swaps | 10 | 4\u00a0920 | 10 | 4\u00a0920 |
Forward Freight Agreements | 32 | - | 32 | - |
Financial liabilities at fair value through P&L | ||||
Forward currency contract | 11 | 164 | 11 | 164 |
Total financial liabilities at fair value | 52 | 5\u00a0083 | 52 | 5\u00a0083 |
Other financial liabilities at amortised cost | ||||
Accounts payable | 4\u00a0493 | 7\u00a0524 | 4\u00a0493 | 7\u00a0524 |
Interest bearing debt, non-current | 167\u00a0054 | 128\u00a0560 | 170\u00a0334 | 131\u00a0003 |
Interest bearing debt, current | 22\u00a0493 | 25\u00a0199 | 22\u00a0493 | 25\u00a0199 |
Bond loan | 79\u00a0567 | 70\u00a0625 | 82\u00a0157 | 73\u00a0058 |
Overdraft facility | - | - | - | - |
Current debt to related parties | 247 | 556 | 247 | 556 |
Total financial liabilities at amortised cost | 273\u00a0854 | 232\u00a0463 | 279\u00a0724 | 237\u00a0339 |
Total financial liabilities | 273\u00a0906 | 237\u00a0546 | 279\u00a0776 | 242\u00a0422 |
Total current | 27\u00a0274 | 33\u00a0278 | 27\u00a0274 | 33\u00a0278 |
Total non-current | 246\u00a0632 | 204\u00a0267 | 252\u00a0502 | 209\u00a0144 |
Accounting policy | |
Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts, fuel contracts, Forward Freight Agreements and interest rate swaps to hedge its foreign currency risks, interest rate risks and to reduce exposure to volatile and potentially rising fuel costs and volatile freight rates. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classified as: \u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment. \u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. As per 31 December 2025 all the Group hedges are classified as cash flow hedges. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged | and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The effective portion of the gain or loss on the hedging instrument is recognised directly as other comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in profit and loss. Amounts recognised as other comprehensive income are transferred to profit and loss when the hedged transaction effects profit and loss, such as when the hedged financial income or expense is recognised or when a forecast transaction occurs. Derivative financial instruments designated as effective hedging instruments are classified as current or non-current in line with the classification of the underlying item. |
31 December 2025 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through OCI | ||||
Cross-currency interest rate swaps | - | 5\u00a0006 | - | 5\u00a0006 |
Interest rate swaps | - | 3\u00a0561 | - | 3\u00a0561 |
31 December 2025 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swaps | - | 10 | - | 10 |
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 170\u00a0334 | 170\u00a0334 |
Mortgage debt, current | - | - | 22\u00a0493 | 22\u00a0493 |
Bond loan | - | 82\u00a0157 | - | 82\u00a0157 |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through P&L | ||||
Forward currency contract | - | (164) | - | (164) |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swaps | - | - | - | - |
Fuel hedge | - | 20 | - | 20 |
Interest rate swaps | - | 6\u00a0144 | - | 6\u00a0144 |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 131\u00a0003 | 131\u00a0003 |
Mortgage debt, current | - | - | 25\u00a0199 | 25\u00a0199 |
Bond loan | 73\u00a0058 | - | 73\u00a0058 |
Accounting policy | |
Fair value measurement Derivatives are measured at fair value. The fair value of financial instruments traded in active markets is determined by reference to quoted market prices or dealer price quotations, without any deduction for transaction costs. The fair value of financial instruments not traded in active markets is determined using appropriate evaluation techniques. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value are measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: | Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets and liabilities Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The fair value of financial instruments that is not traded in an active market (for example over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instruments are included in level 2. If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. During the reporting periods there were no transfers between any of the levels. |
Mortgage debt | Type (vessels) | Maturity | Interest rate | Type | Undrawn and available amount | Carrying amount |
USD '000 | ||||||
USD 60 million Facility* | CLEANBU (Bass, Balzani) | March 2027 | Term SOFR + 2.35 % (Commitment fee: 40% of Margin p.a.) | Term Loan | 13\u00a0236 | |
RCF | 30\u00a0000 | |||||
USD 190 million Facility** | CLEANBU (Baru, Barracuda, Barramundi, Baleen, Bangus, Baiacu) | June 2028 | Term SOFR + 2.15 % (Commitment fee: 0.75%) | Term Loan | 62\u00a0592 | |
RCF | 38\u00a0000 | 57\u00a0000 | ||||
USD 180 million Facility | CABU (Bakkedal, Balboa, Baffin, Ballard) | July 2031 | Term SOFR + 1.80 % (Commitment fee: 40% of Margin p.a.) | Term Loan | 60\u00a0000 | |
RCF*** | ||||||
Capitalized loan fees | (3\u00a0280) | |||||
Mortgage debt December 2025 | 68\u00a0000 | 189\u00a0548 |
Bond loan | Face value | Year of | Carrying amount |
(NOK '000) | maturity | (USD '000) | |
KCC05 | 500\u00a0000 | 05/09/2028 | 47\u00a0077 |
Tap issue KCC05 (Q2 2024) | 300\u00a0000 | 28\u00a0011 | |
Exchange rate adjustments | 4\u00a0431 | ||
Capitalized expenses | (712) | ||
Bond premium | 760 | ||
SUM KCC05 | 800\u00a0000 | 79\u00a0567 | |
Total bond loan | 800\u00a0000 | 79\u00a0567 |
Interest bearing liabilities | Fair value | Carrying amount | Carrying amount |
(USD '000) | 31 Dec 2025 | 31 Dec 2025 | 31 Dec 2024 |
Mortgage debt | 170\u00a0334 | 170\u00a0334 | 131\u00a0003 |
Capitalized loan fees | - | (3\u00a0280) | (2\u00a0443) |
Bond loan | 82\u00a0157 | 79\u00a0519 | 70\u00a0559 |
Bond premium | - | 760 | 1\u00a0037 |
Capitalized expenses bond loan | - | (712) | (970) |
Total non-current interest bearing liabilities | 252\u00a0491 | 246\u00a0621 | 199\u00a0184 |
Mortgage debt, current | 22\u00a0493 | 22\u00a0493 | 25\u00a0199 |
Total interest bearing liabilities | 274\u00a0984 | 269\u00a0114 | 224\u00a0383 |
Book value of collateral and mortgaged assets (USD '000) | 2025 | 2024 |
Vessels | 459\u00a0100 | 467\u00a0358 |
Bunkers inventory | 9\u00a0228 | 9\u00a0817 |
Earning accounts | 7\u00a0604 | 2\u00a0020 |
Accounts receivables | 24\u00a0629 | 23\u00a0388 |
Total book value of collateral and mortgaged assets | 500\u00a0561 | 502\u00a0582 |
Financial assets | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swaps | 5\u00a0006 | 120 |
Interest rate swaps | 3\u00a0561 | 6\u00a0404 |
Financial assets | 8\u00a0567 | 6\u00a0524 |
Current | 2\u00a0315 | 2\u00a0142 |
Non-current | 6\u00a0252 | 4\u00a0382 |
Financial liabilities | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swaps | 10 | 4\u00a0920 |
Forward Freight Agreements | 32 | - |
Financial instruments at fair value through P&L | ||
Forward currency contract | 11 | 164 |
Financial liabilities | 52 | 5\u00a0084 |
Current | 42 | 555 |
Non-current | 10 | 4\u00a0529 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 3\u00a0561 | 6\u00a0404 | 3\u00a0561 | 6\u00a0404 |
Fuel hedge | - | - | - | - |
Cross-currency interest rate swaps | 5\u00a0006 | 120 | 5\u00a0006 | 120 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | (164) | - | (164) |
Total financial assets at fair value | 8\u00a0567 | 6\u00a0359 | 8\u00a0567 | 6\u00a0359 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 13\u00a0606 | 14\u00a0918 | 13\u00a0606 | 14\u00a0918 |
Receivables from related parties | 218 | 706 | 218 | 706 |
Total financial assets measured at amortised costs | 13\u00a0824 | 15\u00a0623 | 13\u00a0824 | 15\u00a0623 |
Cash and cash equivalents | 49\u00a0732 | 56\u00a0139 | 49\u00a0732 | 56\u00a0139 |
Total financial assets | 72\u00a0122 | 78\u00a0122 | 72\u00a0122 | 78\u00a0122 |
Total current | 65\u00a0870 | 73\u00a0582 | 65\u00a0870 | 73\u00a0582 |
Total non-current | 6\u00a0252 | 4\u00a0540 | 6\u00a0252 | 4\u00a0540 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swaps | 10 | 4\u00a0920 | 10 | 4\u00a0920 |
Forward Freight Agreements | 32 | - | 32 | - |
Financial liabilities at fair value through P&L | ||||
Forward currency contract | 11 | 164 | 11 | 164 |
Total financial liabilities at fair value | 52 | 5\u00a0083 | 52 | 5\u00a0083 |
Other financial liabilities at amortised cost | ||||
Accounts payable | 4\u00a0493 | 7\u00a0524 | 4\u00a0493 | 7\u00a0524 |
Interest bearing debt, non-current | 167\u00a0054 | 128\u00a0560 | 170\u00a0334 | 131\u00a0003 |
Interest bearing debt, current | 22\u00a0493 | 25\u00a0199 | 22\u00a0493 | 25\u00a0199 |
Bond loan | 79\u00a0567 | 70\u00a0625 | 82\u00a0157 | 73\u00a0058 |
Overdraft facility | - | - | - | - |
Current debt to related parties | 247 | 556 | 247 | 556 |
Total financial liabilities at amortised cost | 273\u00a0854 | 232\u00a0463 | 279\u00a0724 | 237\u00a0339 |
Total financial liabilities | 273\u00a0906 | 237\u00a0546 | 279\u00a0776 | 242\u00a0422 |
Total current | 27\u00a0274 | 33\u00a0278 | 27\u00a0274 | 33\u00a0278 |
Total non-current | 246\u00a0632 | 204\u00a0267 | 252\u00a0502 | 209\u00a0144 |
Accounting policy | |
Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts, fuel contracts, Forward Freight Agreements and interest rate swaps to hedge its foreign currency risks, interest rate risks and to reduce exposure to volatile and potentially rising fuel costs and volatile freight rates. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classified as: \u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment. \u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. As per 31 December 2025 all the Group hedges are classified as cash flow hedges. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged | and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The effective portion of the gain or loss on the hedging instrument is recognised directly as other comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in profit and loss. Amounts recognised as other comprehensive income are transferred to profit and loss when the hedged transaction effects profit and loss, such as when the hedged financial income or expense is recognised or when a forecast transaction occurs. Derivative financial instruments designated as effective hedging instruments are classified as current or non-current in line with the classification of the underlying item. |
31 December 2025 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through OCI | ||||
Cross-currency interest rate swaps | - | 5\u00a0006 | - | 5\u00a0006 |
Interest rate swaps | - | 3\u00a0561 | - | 3\u00a0561 |
31 December 2025 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swaps | - | 10 | - | 10 |
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 170\u00a0334 | 170\u00a0334 |
Mortgage debt, current | - | - | 22\u00a0493 | 22\u00a0493 |
Bond loan | - | 82\u00a0157 | - | 82\u00a0157 |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through P&L | ||||
Forward currency contract | - | (164) | - | (164) |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swaps | - | - | - | - |
Fuel hedge | - | 20 | - | 20 |
Interest rate swaps | - | 6\u00a0144 | - | 6\u00a0144 |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 131\u00a0003 | 131\u00a0003 |
Mortgage debt, current | - | - | 25\u00a0199 | 25\u00a0199 |
Bond loan | 73\u00a0058 | - | 73\u00a0058 |
Accounting policy | |
Fair value measurement Derivatives are measured at fair value. The fair value of financial instruments traded in active markets is determined by reference to quoted market prices or dealer price quotations, without any deduction for transaction costs. The fair value of financial instruments not traded in active markets is determined using appropriate evaluation techniques. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value are measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: | Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets and liabilities Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The fair value of financial instruments that is not traded in an active market (for example over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instruments are included in level 2. If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. During the reporting periods there were no transfers between any of the levels. |
Liabilities | Equity | Total | ||||
(USD '000) | Interest payable | Interest bearing short-term debt | Interest bearing long- term debt | Share capital/ premium/ reserve | Other equity | Total |
Balance on 1 January 2025 | - | 25\u00a0199 | 199\u00a0184 | 208\u00a0664 | 151\u00a0201 | 486\u00a0387 |
Repayment of mortgage debt | - | (8\u00a0706) | (61\u00a0668) | - | - | (70\u00a0374) |
Proceeds from mortgage debt | - | 6\u00a0000 | 101\u00a0000 | - | - | 107\u00a0000 |
Repayment bond loans | - | - | - | - | - | - |
Proceeds from bond loan | - | - | - | - | - | - |
Reclassification as short-term debt | - | - | - | - | - | - |
Transaction costs on issuance of loans | - | - | (2\u00a0144) | - | - | (2\u00a0144) |
Interest paid | (14\u00a0656) | - | - | - | - | (14\u00a0656) |
Paid in registered capital increase | - | - | - | - | - | |
Transaction costs on capital increase | - | - | - | - | - | |
Repayment of overdraft facility | - | - | - | - | - | - |
Dividends | - | - | - | - | (18\u00a0075) | (18\u00a0075) |
Total Changes from financing cash flow | (14\u00a0656) | (2\u00a0706) | 37\u00a0188 | - | (18\u00a0075) | 1\u00a0751 |
Liability-related | ||||||
Expensed capitalised borrowing costs | - | - | 1\u00a0435 | - | - | 1\u00a0435 |
Non-cash movement | - | - | 8\u00a0814 | - | - | 8\u00a0814 |
Total liability-related changes | - | - | 10\u00a0249 | - | - | 10\u00a0249 |
Total equity-related other changes | - | - | - | (6\u00a0452) | 30\u00a0713 | 24\u00a0261 |
Balance on 31 December 2025 | 22\u00a0493 | 246\u00a0621 | 202\u00a0212 | 163\u00a0839 | 522\u00a0649 |
Liabilities | Equity | Total | ||||
(USD '000) | Interest payable | Interest bearing short-term debt | Interest bearing long- term debt | Share capital/ premium/ reserve | Other equity | Total |
Balance on 1 January 2024 | - | 25\u00a0199 | 221\u00a0732 | 209\u00a0732 | 137\u00a0725 | 529\u00a0882 |
0 | 0 | 10000000 | 0 | |||
Repayment of mortgage debt | - | - | (37\u00a0200) | - | - | (37\u00a0200) |
Proceeds from mortgage debt | - | - | 10\u00a0000 | - | - | 10\u00a0000 |
Repayment of bond loans | - | - | (18\u00a0259) | - | - | (18\u00a0259) |
Proceeds from bond loans | - | - | 29\u00a0203 | - | - | 29\u00a0203 |
Reclassification as short-term debt | - | - | - | - | - | - |
Transaction costs on issuance of loans | - | - | (444) | - | - | (444) |
Interest paid | (19\u00a0114) | - | - | - | - | (19\u00a0114) |
Paid in registered capital increase | - | - | - | - | - | - |
Transaction costs on capital increase | - | - | - | - | - | - |
Repayment of overdraft facility | - | - | - | - | - | - |
Dividends | - | - | - | - | (78\u00a0584) | (78\u00a0584) |
Total Changes from financing cash flow | (19\u00a0114) | - | (16\u00a0700) | - | (78\u00a0584) | (114\u00a0398) |
Liability-related | ||||||
Expensed capitalised borrowing costs | - | - | 1\u00a0184 | - | - | 1\u00a0184 |
Non-cash movement | - | - | (7\u00a0033) | - | - | (7\u00a0033) |
Total liability-related changes | - | - | (5\u00a0849) | - | - | (5\u00a0849) |
Total equity-related other changes | (1\u00a0069) | 77\u00a0819 | 76\u00a0751 | |||
Balance on 31 December 2024 | - | 25\u00a0199 | 199\u00a0184 | 208\u00a0664 | 151\u00a0201 | 486\u00a0387 |
Risk | Description | Risk type |
Main risks next 12 months | ||
Freight rates and trade flows | The Group's primary revenue driver is freight rates, and sustained low freight rates for dry bulk commodities, caustic soda, or clean petroleum products may have a material adverse effect on the Group\u2019s earnings, cash flow and financial performance. The effect of weaker freight markets is partly mitigated by the low historical correlation between dry bulk and product tanker freight rates. In addition, partly fixed-rate contract coverage for the CABU fleet in 2026 reduces exposure to freight rate volatility over the next 12 months. The Group has also entered into forward freight agreements (FFAs) on the dry bulk market to hedge part of its exposure. The Group\u2019s business model relies on efficient combination trading, which is dependent on stable and predictable trade flows. Production disruptions at plants, mines and refineries, changes in regional commodity price differentials, and shifts in global supply and demand may impact trade patterns and volumes. Unfavourable changes in trade flows may reduce trading efficiency and negatively affect earnings and financial performance. Geopolitical risks, including territorial disputes, war, political instability, terrorism, piracy and trade conflicts, may adversely impact global trade flows, market levels and operating conditions. Such events may result in increased costs, including crew-related expenses and insurance premiums, as well as reduced revenues due to market disruptions, sanctions and trade restrictions. Limitations on the Group\u2019s ability to operate in key regions or to efficiently deploy vessels in combination trading could have a material adverse effect on the Group\u2019s business and financial performance. Regulatory initiatives arising from geopolitical tensions may further affect trading patterns and costs. In this context, the United States Trade Representative (USTR) has proposed port fees targeting Chinese-owned and Chinese-built vessels calling at U.S. ports. The implementation of these measures has been postponed by one year until October 2026. The initiative may not be implemented, and its final scope and potential impact remain uncertain. Based on current information, KCC expects that any impact on its operations would not be material, either due to applicable exemptions or the implementation of mitigating measures. Geopolitical disruptions may also create opportunities, as changes in trade patterns and longer-haul trades can, in certain circumstances, support freight markets. To mitigate all sorts of trade disruption or changes in trade flows, the Group maintains operational flexibility by aiming to maintain and further increase the number of customers, terminal acceptances, trade lanes, and commodities carried. | Strategic |
Risk | Description | Risk type |
Main risks next 12 months | ||
Vessel age | Due to stricter customer requirements, vetting requirements and environmental regulations, older tonnage faces a higher risk of being re-rated, subject to additional inspections or detained by port state control authorities, and of losing competitiveness compared to more modern tonnage. This may result in lower utilization due to increased waiting time, a higher risk of commercial discounts and, in certain cases, vessels not being accepted by some customers. For the Group, this may lead to reduced operational flexibility and lower net revenue for the oldest vessels in the fleet. As of\u00a0 year-end 2025, the Group owns four CABU vessels above 20 year age, which are therefore more exposed to these risks. To mitigate this risk, the Group has taken measures to secure employment and extend the operating life of selected vessels, including the conclusion of a long-term contract of affreightment starting in 2026 for one of the CABU I vessels and the completion of a renewal docking extending the vessel\u2019s operating life. The Group also focuses on maintaining the vessels well to ensure safe operations and to mitigate the risks described in this section.\u00a0 | Operational |
Non-standard vessel concepts | The Group operates non-standard vessel concepts, such as the CLEANBU vessels, which entails both commercial and technical risks, including the ability to establish and maintain trades, position the vessels in the clean petroleum product market, and obtain and retain acceptance from customers and terminals to operate in combination trades involving consecutive dry bulk and clean petroleum product cargoes. For the Group, limitations in market acceptance, changes in customer requirements or operational constraints related to combination trading may result in reduced utilisation, lower earnings or increased operating costs, which could adversely affect financial performance. | Strategic/ Operational |
Newbuilding program | The Group is scheduled to take delivery of all three CABU III newbuildings under construction in 2026. The Group is exposed to risks related to project execution and delivery, as well as the phase-in of vessels into established trades. These risks may result in delayed commercial deployment, higher costs and lower earnings in the initial period after delivery, which could adversely affect cash flows and return on investment. | Operational |
Energy savings devices | As an early adopter of energy efficiency technologies, the Group is exposed to risks related to cost-effective execution and the actual performance of such technologies meeting expectations. Improving the energy efficiency of the existing fleet is a key pillar of the Group\u2019s strategy and is closely aligned with its emissions reduction ambitions. During 2023-2025, the Group retrofitted five vessels with air lubrication system and shaft generator to reduce fuel consumption. One additional vessels is scheduled to undergo similar retrofits during\u00a0 2026. In addition, the Group has decided to install suction sails on one of the CABU newbuildings. The successful outcome of these initiatives depends on the ability to execute retrofit projects within budget and planned timelines, and on the technologies delivering the expected fuel and emissions savings. Actual emission reductions from the initial retrofits have improved over time following initial observations, supported by configuration improvements. Further work is ongoing to realise the full potential of the technologies. However, as some of the technologies applied have limited large-scale operational track records, the Group is exposed to due diligence, execution and performance risks when evaluating and implementing new energy efficiency measures. | Operational |
Risk | Description | Risk type |
Main medium- to long-term risks | ||
Global economic growth, geopolitics and the impact on energy and commodity markets | The general development of the global economy, in particular the oil and commodities markets, may impact demand for KCC\u2019s services and the profitability of the Group. Furthermore, the demand for seaborne transportation is dependent on open economies and low barriers to trade. There has historically been a strong link between the development of the world economy and demand for dry bulk commodities and oil products. A period of deterioration in the outlook for the world economy could reduce the overall demand for these commodities and for the Group's services. Trade restrictions such as tariffs and embargoes may have a negative impact on the demand for seaborne transportation. This may impact revenues negatively and may also make it more difficult to raise equity or debt. | Strategic |
Competitiveness of key customer industries | The Group which is exposed to risks related to the competitiveness and long-term development of industries the Group provides transportation services to. Structural changes in key customer industries, including changes in cost competitiveness, energy prices, regulatory requirements, emissions regulations and global supply chains, may affect production levels, trade flows and demand for seaborne transportation. In particular, the Group has significant exposure to the Australian alumina value chain, where it holds a high market share in shipments of caustic soda solution. Changes in the competitiveness of the Australian alumina industry may lead to reduced production volumes, refinery closures or shifts in trade patterns. Such developments could negatively affect cargo volumes, vessel utilisation and the Group\u2019s profitability. While four of the five Australian alumina refineries are currently among the world\u2019s most cost- competitive, uncertainties remain for certain older facilities and the longer-term outlook beyond 2030. At the same time, potential growth in other industries importing caustic soda solution in Australia and in other regions, including Indonesia and India, will likely have a positive effect on transported caustic soda volumes over time.\u00a0 | Strategic |
Impact of low-carbon transition on demand, regulation and fleet competitiveness | A transition to a low-carbon economy may have a material adverse impact on the Group through several channels: \u2022 Emerging propulsion technologies and fuels might negatively affect the competitiveness of the Group\u2019s existing fleet, potentially leading to lower revenue and/or impairment of vessel values. The increasing diversity of low carbon alternatives also heightens the risk of selecting the wrong technology. \u2022 New regulations may lead to material cost related to upgrades and retrofits and/or higher operating costs.\u00a0 It may also impair operational flexibility or ultimately lead to higher vessel recycling activity and/or stranded vessels. \u2022 Increased pressure on financial institutions to incentivize reduction in CO\u2082 emissions and new regulations could reduce access to capital, increase cost of capital, and raise breakeven levels for the Group. \u2022 Demand for the transportation of certain commodities may be materially affected by emissions regulations and decarbonisation efforts across multiple industries, not limited to fossil fuels. Structural changes in industrial value chains and production methods may reduce transport demand for commodities shipped by the Group. | Compliance/ Strategic |
Fleet renewal and recycling risk | As some of the vessels in the Group\u2019s fleet approach an assumed lifetime of approximately 25 years, the Group may be required to recycle vessels. Vessel recycling is subject to stringent environmental and regulatory requirements, and failure to comply may result in additional costs, delays, penalties or reputational impact. In addition, fleet renewal may expose the Group to risks related to timing of the newbuilding market, availability of shipyards willing and able to construct non- standard combination vessels, and higher or volatile newbuilding prices. | Compliance/ Strategic |
Risk | Description | Risk type |
Main medium- to long-term risks | ||
Impact of technology disruptions | Rapid technological developments, including increased use of artificial intelligence, may impact the Group\u2019s customers, markets and operations. Changes in how customers optimise logistics, trading patterns or decision-making processes may affect demand for the Group\u2019s services, while increased automation and data-driven solutions may alter competitive dynamics in the\u00a0 industry. For the Group, failure to adapt to technological developments or to effectively integrate new technologies into operations and processes may result in reduced competitiveness, higher costs or operational inefficiencies. At the same time, uncertainty related to the pace and direction of technological change may affect investment decisions and the long-term relevance of existing systems and processes. | Strategic |
Change in bps (effect in USD'000) | Profit before tax | Equity | ||
2025 | 2024 | 2025 | 2024 | |
100 | (1\u00a0382) | (1\u00a0027) | (418) | 109 |
50 | (691) | (514) | (200) | 64 |
-50 | 691 | 514 | 182 | (85) |
-100 | 1\u00a0382 | 1\u00a0027 | 345 | (191) |
Maturity profile financial liabilities | < 1 year | 2-3 years | 4-5 years | > 5 years | Total |
31 Dec 2025 | 2026 | 2027-2028 | 2029-2031 | 2032- | |
Mortgage debt (incl interests) | 29\u00a0370 | 136\u00a0435 | 16\u00a0178 | 30\u00a0980 | 212\u00a0963 |
Bond loan (incl interest) | 5\u00a0407 | 84\u00a0040 | - | - | 89\u00a0447 |
Trade and other payables | 29\u00a0675 | - | - | - | 29\u00a0675 |
Current debt to related parties | 248 | - | - | - | 248 |
Total | 64\u00a0700 | 220\u00a0475 | 16\u00a0178 | 30\u00a0980 | 332\u00a0333 |
Maturity profile financial liabilities | < 1 year | 2-3 years | 4-5 years | > 5 years | Total |
31 Dec 2024 | 2025 | 2026-2027 | 2028-2030 | 2031- | |
Mortgage debt (incl interests) | 33\u00a0832 | 93\u00a0777 | 47\u00a0751 | - | 175\u00a0360 |
Bond loan (incl interest) | 5\u00a0905 | 11\u00a0656 | 78\u00a0464 | - | 96\u00a0025 |
Trade and other payables | 22\u00a0154 | - | - | - | 22\u00a0154 |
Current debt to related parties | 556 | - | - | - | 556 |
Total | 62\u00a0446 | 105\u00a0433 | 126\u00a0215 | - | 294\u00a0094 |
Mortgage debt | Type (vessels) | Maturity | Interest rate | Type | Undrawn and available amount | Carrying amount |
USD '000 | ||||||
USD 60 million Facility* | CLEANBU (Bass, Balzani) | March 2027 | Term SOFR + 2.35 % (Commitment fee: 40% of Margin p.a.) | Term Loan | 13\u00a0236 | |
RCF | 30\u00a0000 | |||||
USD 190 million Facility** | CLEANBU (Baru, Barracuda, Barramundi, Baleen, Bangus, Baiacu) | June 2028 | Term SOFR + 2.15 % (Commitment fee: 0.75%) | Term Loan | 62\u00a0592 | |
RCF | 38\u00a0000 | 57\u00a0000 | ||||
USD 180 million Facility | CABU (Bakkedal, Balboa, Baffin, Ballard) | July 2031 | Term SOFR + 1.80 % (Commitment fee: 40% of Margin p.a.) | Term Loan | 60\u00a0000 | |
RCF*** | ||||||
Capitalized loan fees | (3\u00a0280) | |||||
Mortgage debt December 2025 | 68\u00a0000 | 189\u00a0548 |
Bond loan | Face value | Year of | Carrying amount |
(NOK '000) | maturity | (USD '000) | |
KCC05 | 500\u00a0000 | 05/09/2028 | 47\u00a0077 |
Tap issue KCC05 (Q2 2024) | 300\u00a0000 | 28\u00a0011 | |
Exchange rate adjustments | 4\u00a0431 | ||
Capitalized expenses | (712) | ||
Bond premium | 760 | ||
SUM KCC05 | 800\u00a0000 | 79\u00a0567 | |
Total bond loan | 800\u00a0000 | 79\u00a0567 |
Interest bearing liabilities | Fair value | Carrying amount | Carrying amount |
(USD '000) | 31 Dec 2025 | 31 Dec 2025 | 31 Dec 2024 |
Mortgage debt | 170\u00a0334 | 170\u00a0334 | 131\u00a0003 |
Capitalized loan fees | - | (3\u00a0280) | (2\u00a0443) |
Bond loan | 82\u00a0157 | 79\u00a0519 | 70\u00a0559 |
Bond premium | - | 760 | 1\u00a0037 |
Capitalized expenses bond loan | - | (712) | (970) |
Total non-current interest bearing liabilities | 252\u00a0491 | 246\u00a0621 | 199\u00a0184 |
Mortgage debt, current | 22\u00a0493 | 22\u00a0493 | 25\u00a0199 |
Total interest bearing liabilities | 274\u00a0984 | 269\u00a0114 | 224\u00a0383 |
Book value of collateral and mortgaged assets (USD '000) | 2025 | 2024 |
Vessels | 459\u00a0100 | 467\u00a0358 |
Bunkers inventory | 9\u00a0228 | 9\u00a0817 |
Earning accounts | 7\u00a0604 | 2\u00a0020 |
Accounts receivables | 24\u00a0629 | 23\u00a0388 |
Total book value of collateral and mortgaged assets | 500\u00a0561 | 502\u00a0582 |
Financial assets | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swaps | 5\u00a0006 | 120 |
Interest rate swaps | 3\u00a0561 | 6\u00a0404 |
Financial assets | 8\u00a0567 | 6\u00a0524 |
Current | 2\u00a0315 | 2\u00a0142 |
Non-current | 6\u00a0252 | 4\u00a0382 |
Financial liabilities | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swaps | 10 | 4\u00a0920 |
Forward Freight Agreements | 32 | - |
Financial instruments at fair value through P&L | ||
Forward currency contract | 11 | 164 |
Financial liabilities | 52 | 5\u00a0084 |
Current | 42 | 555 |
Non-current | 10 | 4\u00a0529 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 3\u00a0561 | 6\u00a0404 | 3\u00a0561 | 6\u00a0404 |
Fuel hedge | - | - | - | - |
Cross-currency interest rate swaps | 5\u00a0006 | 120 | 5\u00a0006 | 120 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | (164) | - | (164) |
Total financial assets at fair value | 8\u00a0567 | 6\u00a0359 | 8\u00a0567 | 6\u00a0359 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 13\u00a0606 | 14\u00a0918 | 13\u00a0606 | 14\u00a0918 |
Receivables from related parties | 218 | 706 | 218 | 706 |
Total financial assets measured at amortised costs | 13\u00a0824 | 15\u00a0623 | 13\u00a0824 | 15\u00a0623 |
Cash and cash equivalents | 49\u00a0732 | 56\u00a0139 | 49\u00a0732 | 56\u00a0139 |
Total financial assets | 72\u00a0122 | 78\u00a0122 | 72\u00a0122 | 78\u00a0122 |
Total current | 65\u00a0870 | 73\u00a0582 | 65\u00a0870 | 73\u00a0582 |
Total non-current | 6\u00a0252 | 4\u00a0540 | 6\u00a0252 | 4\u00a0540 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swaps | 10 | 4\u00a0920 | 10 | 4\u00a0920 |
Forward Freight Agreements | 32 | - | 32 | - |
Financial liabilities at fair value through P&L | ||||
Forward currency contract | 11 | 164 | 11 | 164 |
Total financial liabilities at fair value | 52 | 5\u00a0083 | 52 | 5\u00a0083 |
Other financial liabilities at amortised cost | ||||
Accounts payable | 4\u00a0493 | 7\u00a0524 | 4\u00a0493 | 7\u00a0524 |
Interest bearing debt, non-current | 167\u00a0054 | 128\u00a0560 | 170\u00a0334 | 131\u00a0003 |
Interest bearing debt, current | 22\u00a0493 | 25\u00a0199 | 22\u00a0493 | 25\u00a0199 |
Bond loan | 79\u00a0567 | 70\u00a0625 | 82\u00a0157 | 73\u00a0058 |
Overdraft facility | - | - | - | - |
Current debt to related parties | 247 | 556 | 247 | 556 |
Total financial liabilities at amortised cost | 273\u00a0854 | 232\u00a0463 | 279\u00a0724 | 237\u00a0339 |
Total financial liabilities | 273\u00a0906 | 237\u00a0546 | 279\u00a0776 | 242\u00a0422 |
Total current | 27\u00a0274 | 33\u00a0278 | 27\u00a0274 | 33\u00a0278 |
Total non-current | 246\u00a0632 | 204\u00a0267 | 252\u00a0502 | 209\u00a0144 |
Accounting policy | |
Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts, fuel contracts, Forward Freight Agreements and interest rate swaps to hedge its foreign currency risks, interest rate risks and to reduce exposure to volatile and potentially rising fuel costs and volatile freight rates. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classified as: \u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment. \u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. As per 31 December 2025 all the Group hedges are classified as cash flow hedges. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged | and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The effective portion of the gain or loss on the hedging instrument is recognised directly as other comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in profit and loss. Amounts recognised as other comprehensive income are transferred to profit and loss when the hedged transaction effects profit and loss, such as when the hedged financial income or expense is recognised or when a forecast transaction occurs. Derivative financial instruments designated as effective hedging instruments are classified as current or non-current in line with the classification of the underlying item. |
31 December 2025 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through OCI | ||||
Cross-currency interest rate swaps | - | 5\u00a0006 | - | 5\u00a0006 |
Interest rate swaps | - | 3\u00a0561 | - | 3\u00a0561 |
31 December 2025 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swaps | - | 10 | - | 10 |
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 170\u00a0334 | 170\u00a0334 |
Mortgage debt, current | - | - | 22\u00a0493 | 22\u00a0493 |
Bond loan | - | 82\u00a0157 | - | 82\u00a0157 |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through P&L | ||||
Forward currency contract | - | (164) | - | (164) |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swaps | - | - | - | - |
Fuel hedge | - | 20 | - | 20 |
Interest rate swaps | - | 6\u00a0144 | - | 6\u00a0144 |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 131\u00a0003 | 131\u00a0003 |
Mortgage debt, current | - | - | 25\u00a0199 | 25\u00a0199 |
Bond loan | 73\u00a0058 | - | 73\u00a0058 |
Accounting policy | |
Fair value measurement Derivatives are measured at fair value. The fair value of financial instruments traded in active markets is determined by reference to quoted market prices or dealer price quotations, without any deduction for transaction costs. The fair value of financial instruments not traded in active markets is determined using appropriate evaluation techniques. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value are measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: | Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets and liabilities Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The fair value of financial instruments that is not traded in an active market (for example over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instruments are included in level 2. If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. During the reporting periods there were no transfers between any of the levels. |
Liabilities | Equity | Total | ||||
(USD '000) | Interest payable | Interest bearing short-term debt | Interest bearing long- term debt | Share capital/ premium/ reserve | Other equity | Total |
Balance on 1 January 2025 | - | 25\u00a0199 | 199\u00a0184 | 208\u00a0664 | 151\u00a0201 | 486\u00a0387 |
Repayment of mortgage debt | - | (8\u00a0706) | (61\u00a0668) | - | - | (70\u00a0374) |
Proceeds from mortgage debt | - | 6\u00a0000 | 101\u00a0000 | - | - | 107\u00a0000 |
Repayment bond loans | - | - | - | - | - | - |
Proceeds from bond loan | - | - | - | - | - | - |
Reclassification as short-term debt | - | - | - | - | - | - |
Transaction costs on issuance of loans | - | - | (2\u00a0144) | - | - | (2\u00a0144) |
Interest paid | (14\u00a0656) | - | - | - | - | (14\u00a0656) |
Paid in registered capital increase | - | - | - | - | - | |
Transaction costs on capital increase | - | - | - | - | - | |
Repayment of overdraft facility | - | - | - | - | - | - |
Dividends | - | - | - | - | (18\u00a0075) | (18\u00a0075) |
Total Changes from financing cash flow | (14\u00a0656) | (2\u00a0706) | 37\u00a0188 | - | (18\u00a0075) | 1\u00a0751 |
Liability-related | ||||||
Expensed capitalised borrowing costs | - | - | 1\u00a0435 | - | - | 1\u00a0435 |
Non-cash movement | - | - | 8\u00a0814 | - | - | 8\u00a0814 |
Total liability-related changes | - | - | 10\u00a0249 | - | - | 10\u00a0249 |
Total equity-related other changes | - | - | - | (6\u00a0452) | 30\u00a0713 | 24\u00a0261 |
Balance on 31 December 2025 | 22\u00a0493 | 246\u00a0621 | 202\u00a0212 | 163\u00a0839 | 522\u00a0649 |
Liabilities | Equity | Total | ||||
(USD '000) | Interest payable | Interest bearing short-term debt | Interest bearing long- term debt | Share capital/ premium/ reserve | Other equity | Total |
Balance on 1 January 2024 | - | 25\u00a0199 | 221\u00a0732 | 209\u00a0732 | 137\u00a0725 | 529\u00a0882 |
0 | 0 | 10000000 | 0 | |||
Repayment of mortgage debt | - | - | (37\u00a0200) | - | - | (37\u00a0200) |
Proceeds from mortgage debt | - | - | 10\u00a0000 | - | - | 10\u00a0000 |
Repayment of bond loans | - | - | (18\u00a0259) | - | - | (18\u00a0259) |
Proceeds from bond loans | - | - | 29\u00a0203 | - | - | 29\u00a0203 |
Reclassification as short-term debt | - | - | - | - | - | - |
Transaction costs on issuance of loans | - | - | (444) | - | - | (444) |
Interest paid | (19\u00a0114) | - | - | - | - | (19\u00a0114) |
Paid in registered capital increase | - | - | - | - | - | - |
Transaction costs on capital increase | - | - | - | - | - | - |
Repayment of overdraft facility | - | - | - | - | - | - |
Dividends | - | - | - | - | (78\u00a0584) | (78\u00a0584) |
Total Changes from financing cash flow | (19\u00a0114) | - | (16\u00a0700) | - | (78\u00a0584) | (114\u00a0398) |
Liability-related | ||||||
Expensed capitalised borrowing costs | - | - | 1\u00a0184 | - | - | 1\u00a0184 |
Non-cash movement | - | - | (7\u00a0033) | - | - | (7\u00a0033) |
Total liability-related changes | - | - | (5\u00a0849) | - | - | (5\u00a0849) |
Total equity-related other changes | (1\u00a0069) | 77\u00a0819 | 76\u00a0751 | |||
Balance on 31 December 2024 | - | 25\u00a0199 | 199\u00a0184 | 208\u00a0664 | 151\u00a0201 | 486\u00a0387 |
Mortgage debt | Type (vessels) | Maturity | Interest rate | Type | Undrawn and available amount | Carrying amount |
USD '000 | ||||||
USD 60 million Facility* | CLEANBU (Bass, Balzani) | March 2027 | Term SOFR + 2.35 % (Commitment fee: 40% of Margin p.a.) | Term Loan | 13\u00a0236 | |
RCF | 30\u00a0000 | |||||
USD 190 million Facility** | CLEANBU (Baru, Barracuda, Barramundi, Baleen, Bangus, Baiacu) | June 2028 | Term SOFR + 2.15 % (Commitment fee: 0.75%) | Term Loan | 62\u00a0592 | |
RCF | 38\u00a0000 | 57\u00a0000 | ||||
USD 180 million Facility | CABU (Bakkedal, Balboa, Baffin, Ballard) | July 2031 | Term SOFR + 1.80 % (Commitment fee: 40% of Margin p.a.) | Term Loan | 60\u00a0000 | |
RCF*** | ||||||
Capitalized loan fees | (3\u00a0280) | |||||
Mortgage debt December 2025 | 68\u00a0000 | 189\u00a0548 |
Bond loan | Face value | Year of | Carrying amount |
(NOK '000) | maturity | (USD '000) | |
KCC05 | 500\u00a0000 | 05/09/2028 | 47\u00a0077 |
Tap issue KCC05 (Q2 2024) | 300\u00a0000 | 28\u00a0011 | |
Exchange rate adjustments | 4\u00a0431 | ||
Capitalized expenses | (712) | ||
Bond premium | 760 | ||
SUM KCC05 | 800\u00a0000 | 79\u00a0567 | |
Total bond loan | 800\u00a0000 | 79\u00a0567 |
Interest bearing liabilities | Fair value | Carrying amount | Carrying amount |
(USD '000) | 31 Dec 2025 | 31 Dec 2025 | 31 Dec 2024 |
Mortgage debt | 170\u00a0334 | 170\u00a0334 | 131\u00a0003 |
Capitalized loan fees | - | (3\u00a0280) | (2\u00a0443) |
Bond loan | 82\u00a0157 | 79\u00a0519 | 70\u00a0559 |
Bond premium | - | 760 | 1\u00a0037 |
Capitalized expenses bond loan | - | (712) | (970) |
Total non-current interest bearing liabilities | 252\u00a0491 | 246\u00a0621 | 199\u00a0184 |
Mortgage debt, current | 22\u00a0493 | 22\u00a0493 | 25\u00a0199 |
Total interest bearing liabilities | 274\u00a0984 | 269\u00a0114 | 224\u00a0383 |
Book value of collateral and mortgaged assets (USD '000) | 2025 | 2024 |
Vessels | 459\u00a0100 | 467\u00a0358 |
Bunkers inventory | 9\u00a0228 | 9\u00a0817 |
Earning accounts | 7\u00a0604 | 2\u00a0020 |
Accounts receivables | 24\u00a0629 | 23\u00a0388 |
Total book value of collateral and mortgaged assets | 500\u00a0561 | 502\u00a0582 |
Book value of collateral and mortgaged assets (USD '000) | 2025 | 2024 |
Vessels | 459\u00a0100 | 467\u00a0358 |
Bunkers inventory | 9\u00a0228 | 9\u00a0817 |
Earning accounts | 7\u00a0604 | 2\u00a0020 |
Accounts receivables | 24\u00a0629 | 23\u00a0388 |
Total book value of collateral and mortgaged assets | 500\u00a0561 | 502\u00a0582 |
Financial assets | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swaps | 5\u00a0006 | 120 |
Interest rate swaps | 3\u00a0561 | 6\u00a0404 |
Financial assets | 8\u00a0567 | 6\u00a0524 |
Current | 2\u00a0315 | 2\u00a0142 |
Non-current | 6\u00a0252 | 4\u00a0382 |
Financial liabilities | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swaps | 10 | 4\u00a0920 |
Forward Freight Agreements | 32 | - |
Financial instruments at fair value through P&L | ||
Forward currency contract | 11 | 164 |
Financial liabilities | 52 | 5\u00a0084 |
Current | 42 | 555 |
Non-current | 10 | 4\u00a0529 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 3\u00a0561 | 6\u00a0404 | 3\u00a0561 | 6\u00a0404 |
Fuel hedge | - | - | - | - |
Cross-currency interest rate swaps | 5\u00a0006 | 120 | 5\u00a0006 | 120 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | (164) | - | (164) |
Total financial assets at fair value | 8\u00a0567 | 6\u00a0359 | 8\u00a0567 | 6\u00a0359 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 13\u00a0606 | 14\u00a0918 | 13\u00a0606 | 14\u00a0918 |
Receivables from related parties | 218 | 706 | 218 | 706 |
Total financial assets measured at amortised costs | 13\u00a0824 | 15\u00a0623 | 13\u00a0824 | 15\u00a0623 |
Cash and cash equivalents | 49\u00a0732 | 56\u00a0139 | 49\u00a0732 | 56\u00a0139 |
Total financial assets | 72\u00a0122 | 78\u00a0122 | 72\u00a0122 | 78\u00a0122 |
Total current | 65\u00a0870 | 73\u00a0582 | 65\u00a0870 | 73\u00a0582 |
Total non-current | 6\u00a0252 | 4\u00a0540 | 6\u00a0252 | 4\u00a0540 |
31 December 2025 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through OCI | ||||
Cross-currency interest rate swaps | - | 5\u00a0006 | - | 5\u00a0006 |
Interest rate swaps | - | 3\u00a0561 | - | 3\u00a0561 |
31 December 2025 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swaps | - | 10 | - | 10 |
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 170\u00a0334 | 170\u00a0334 |
Mortgage debt, current | - | - | 22\u00a0493 | 22\u00a0493 |
Bond loan | - | 82\u00a0157 | - | 82\u00a0157 |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through P&L | ||||
Forward currency contract | - | (164) | - | (164) |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swaps | - | - | - | - |
Fuel hedge | - | 20 | - | 20 |
Interest rate swaps | - | 6\u00a0144 | - | 6\u00a0144 |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 131\u00a0003 | 131\u00a0003 |
Mortgage debt, current | - | - | 25\u00a0199 | 25\u00a0199 |
Bond loan | 73\u00a0058 | - | 73\u00a0058 |
Financial assets | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swaps | 5\u00a0006 | 120 |
Interest rate swaps | 3\u00a0561 | 6\u00a0404 |
Financial assets | 8\u00a0567 | 6\u00a0524 |
Current | 2\u00a0315 | 2\u00a0142 |
Non-current | 6\u00a0252 | 4\u00a0382 |
Financial liabilities | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swaps | 10 | 4\u00a0920 |
Forward Freight Agreements | 32 | - |
Financial instruments at fair value through P&L | ||
Forward currency contract | 11 | 164 |
Financial liabilities | 52 | 5\u00a0084 |
Current | 42 | 555 |
Non-current | 10 | 4\u00a0529 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 3\u00a0561 | 6\u00a0404 | 3\u00a0561 | 6\u00a0404 |
Fuel hedge | - | - | - | - |
Cross-currency interest rate swaps | 5\u00a0006 | 120 | 5\u00a0006 | 120 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | (164) | - | (164) |
Total financial assets at fair value | 8\u00a0567 | 6\u00a0359 | 8\u00a0567 | 6\u00a0359 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 13\u00a0606 | 14\u00a0918 | 13\u00a0606 | 14\u00a0918 |
Receivables from related parties | 218 | 706 | 218 | 706 |
Total financial assets measured at amortised costs | 13\u00a0824 | 15\u00a0623 | 13\u00a0824 | 15\u00a0623 |
Cash and cash equivalents | 49\u00a0732 | 56\u00a0139 | 49\u00a0732 | 56\u00a0139 |
Total financial assets | 72\u00a0122 | 78\u00a0122 | 72\u00a0122 | 78\u00a0122 |
Total current | 65\u00a0870 | 73\u00a0582 | 65\u00a0870 | 73\u00a0582 |
Total non-current | 6\u00a0252 | 4\u00a0540 | 6\u00a0252 | 4\u00a0540 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swaps | 10 | 4\u00a0920 | 10 | 4\u00a0920 |
Forward Freight Agreements | 32 | - | 32 | - |
Financial liabilities at fair value through P&L | ||||
Forward currency contract | 11 | 164 | 11 | 164 |
Total financial liabilities at fair value | 52 | 5\u00a0083 | 52 | 5\u00a0083 |
Other financial liabilities at amortised cost | ||||
Accounts payable | 4\u00a0493 | 7\u00a0524 | 4\u00a0493 | 7\u00a0524 |
Interest bearing debt, non-current | 167\u00a0054 | 128\u00a0560 | 170\u00a0334 | 131\u00a0003 |
Interest bearing debt, current | 22\u00a0493 | 25\u00a0199 | 22\u00a0493 | 25\u00a0199 |
Bond loan | 79\u00a0567 | 70\u00a0625 | 82\u00a0157 | 73\u00a0058 |
Overdraft facility | - | - | - | - |
Current debt to related parties | 247 | 556 | 247 | 556 |
Total financial liabilities at amortised cost | 273\u00a0854 | 232\u00a0463 | 279\u00a0724 | 237\u00a0339 |
Total financial liabilities | 273\u00a0906 | 237\u00a0546 | 279\u00a0776 | 242\u00a0422 |
Total current | 27\u00a0274 | 33\u00a0278 | 27\u00a0274 | 33\u00a0278 |
Total non-current | 246\u00a0632 | 204\u00a0267 | 252\u00a0502 | 209\u00a0144 |
31 December 2025 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through OCI | ||||
Cross-currency interest rate swaps | - | 5\u00a0006 | - | 5\u00a0006 |
Interest rate swaps | - | 3\u00a0561 | - | 3\u00a0561 |
31 December 2025 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swaps | - | 10 | - | 10 |
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 170\u00a0334 | 170\u00a0334 |
Mortgage debt, current | - | - | 22\u00a0493 | 22\u00a0493 |
Bond loan | - | 82\u00a0157 | - | 82\u00a0157 |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through P&L | ||||
Forward currency contract | - | (164) | - | (164) |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swaps | - | - | - | - |
Fuel hedge | - | 20 | - | 20 |
Interest rate swaps | - | 6\u00a0144 | - | 6\u00a0144 |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 131\u00a0003 | 131\u00a0003 |
Mortgage debt, current | - | - | 25\u00a0199 | 25\u00a0199 |
Bond loan | 73\u00a0058 | - | 73\u00a0058 |
Accounting policy | |
Fair value measurement Derivatives are measured at fair value. The fair value of financial instruments traded in active markets is determined by reference to quoted market prices or dealer price quotations, without any deduction for transaction costs. The fair value of financial instruments not traded in active markets is determined using appropriate evaluation techniques. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value are measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: | Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets and liabilities Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The fair value of financial instruments that is not traded in an active market (for example over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instruments are included in level 2. If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. During the reporting periods there were no transfers between any of the levels. |
Financial assets | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swaps | 5\u00a0006 | 120 |
Interest rate swaps | 3\u00a0561 | 6\u00a0404 |
Financial assets | 8\u00a0567 | 6\u00a0524 |
Current | 2\u00a0315 | 2\u00a0142 |
Non-current | 6\u00a0252 | 4\u00a0382 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 3\u00a0561 | 6\u00a0404 | 3\u00a0561 | 6\u00a0404 |
Fuel hedge | - | - | - | - |
Cross-currency interest rate swaps | 5\u00a0006 | 120 | 5\u00a0006 | 120 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | (164) | - | (164) |
Total financial assets at fair value | 8\u00a0567 | 6\u00a0359 | 8\u00a0567 | 6\u00a0359 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 13\u00a0606 | 14\u00a0918 | 13\u00a0606 | 14\u00a0918 |
Receivables from related parties | 218 | 706 | 218 | 706 |
Total financial assets measured at amortised costs | 13\u00a0824 | 15\u00a0623 | 13\u00a0824 | 15\u00a0623 |
Cash and cash equivalents | 49\u00a0732 | 56\u00a0139 | 49\u00a0732 | 56\u00a0139 |
Total financial assets | 72\u00a0122 | 78\u00a0122 | 72\u00a0122 | 78\u00a0122 |
Total current | 65\u00a0870 | 73\u00a0582 | 65\u00a0870 | 73\u00a0582 |
Total non-current | 6\u00a0252 | 4\u00a0540 | 6\u00a0252 | 4\u00a0540 |
Financial assets | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swaps | 5\u00a0006 | 120 |
Interest rate swaps | 3\u00a0561 | 6\u00a0404 |
Financial assets | 8\u00a0567 | 6\u00a0524 |
Current | 2\u00a0315 | 2\u00a0142 |
Non-current | 6\u00a0252 | 4\u00a0382 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 3\u00a0561 | 6\u00a0404 | 3\u00a0561 | 6\u00a0404 |
Fuel hedge | - | - | - | - |
Cross-currency interest rate swaps | 5\u00a0006 | 120 | 5\u00a0006 | 120 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | (164) | - | (164) |
Total financial assets at fair value | 8\u00a0567 | 6\u00a0359 | 8\u00a0567 | 6\u00a0359 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 13\u00a0606 | 14\u00a0918 | 13\u00a0606 | 14\u00a0918 |
Receivables from related parties | 218 | 706 | 218 | 706 |
Total financial assets measured at amortised costs | 13\u00a0824 | 15\u00a0623 | 13\u00a0824 | 15\u00a0623 |
Cash and cash equivalents | 49\u00a0732 | 56\u00a0139 | 49\u00a0732 | 56\u00a0139 |
Total financial assets | 72\u00a0122 | 78\u00a0122 | 72\u00a0122 | 78\u00a0122 |
Total current | 65\u00a0870 | 73\u00a0582 | 65\u00a0870 | 73\u00a0582 |
Total non-current | 6\u00a0252 | 4\u00a0540 | 6\u00a0252 | 4\u00a0540 |
(USD '000) | 31 Dec 2025 | 31 Dec 2024 |
Trade receivables from charterers | 13\u00a0606 | 15\u00a0044 |
Contract assets | 8\u00a0217 | 5\u00a0359 |
Prepaid expenses | 5\u00a0219 | 2\u00a0508 |
Claims | 292 | 555 |
Other short term receivables | 2\u00a0991 | 48 |
Trade receivables and other current assets | 30\u00a0326 | 23\u00a0514 |
Financial assets | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swaps | 5\u00a0006 | 120 |
Interest rate swaps | 3\u00a0561 | 6\u00a0404 |
Financial assets | 8\u00a0567 | 6\u00a0524 |
Current | 2\u00a0315 | 2\u00a0142 |
Non-current | 6\u00a0252 | 4\u00a0382 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 3\u00a0561 | 6\u00a0404 | 3\u00a0561 | 6\u00a0404 |
Fuel hedge | - | - | - | - |
Cross-currency interest rate swaps | 5\u00a0006 | 120 | 5\u00a0006 | 120 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | (164) | - | (164) |
Total financial assets at fair value | 8\u00a0567 | 6\u00a0359 | 8\u00a0567 | 6\u00a0359 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 13\u00a0606 | 14\u00a0918 | 13\u00a0606 | 14\u00a0918 |
Receivables from related parties | 218 | 706 | 218 | 706 |
Total financial assets measured at amortised costs | 13\u00a0824 | 15\u00a0623 | 13\u00a0824 | 15\u00a0623 |
Cash and cash equivalents | 49\u00a0732 | 56\u00a0139 | 49\u00a0732 | 56\u00a0139 |
Total financial assets | 72\u00a0122 | 78\u00a0122 | 72\u00a0122 | 78\u00a0122 |
Total current | 65\u00a0870 | 73\u00a0582 | 65\u00a0870 | 73\u00a0582 |
Total non-current | 6\u00a0252 | 4\u00a0540 | 6\u00a0252 | 4\u00a0540 |
(USD '000) | 31 Dec 2025 | 31 Dec 2024 |
Trade receivables from charterers | 13\u00a0606 | 15\u00a0044 |
Contract assets | 8\u00a0217 | 5\u00a0359 |
Prepaid expenses | 5\u00a0219 | 2\u00a0508 |
Claims | 292 | 555 |
Other short term receivables | 2\u00a0991 | 48 |
Trade receivables and other current assets | 30\u00a0326 | 23\u00a0514 |
Financial liabilities | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swaps | 10 | 4\u00a0920 |
Forward Freight Agreements | 32 | - |
Financial instruments at fair value through P&L | ||
Forward currency contract | 11 | 164 |
Financial liabilities | 52 | 5\u00a0084 |
Current | 42 | 555 |
Non-current | 10 | 4\u00a0529 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 3\u00a0561 | 6\u00a0404 | 3\u00a0561 | 6\u00a0404 |
Fuel hedge | - | - | - | - |
Cross-currency interest rate swaps | 5\u00a0006 | 120 | 5\u00a0006 | 120 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | (164) | - | (164) |
Total financial assets at fair value | 8\u00a0567 | 6\u00a0359 | 8\u00a0567 | 6\u00a0359 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 13\u00a0606 | 14\u00a0918 | 13\u00a0606 | 14\u00a0918 |
Receivables from related parties | 218 | 706 | 218 | 706 |
Total financial assets measured at amortised costs | 13\u00a0824 | 15\u00a0623 | 13\u00a0824 | 15\u00a0623 |
Cash and cash equivalents | 49\u00a0732 | 56\u00a0139 | 49\u00a0732 | 56\u00a0139 |
Total financial assets | 72\u00a0122 | 78\u00a0122 | 72\u00a0122 | 78\u00a0122 |
Total current | 65\u00a0870 | 73\u00a0582 | 65\u00a0870 | 73\u00a0582 |
Total non-current | 6\u00a0252 | 4\u00a0540 | 6\u00a0252 | 4\u00a0540 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swaps | 10 | 4\u00a0920 | 10 | 4\u00a0920 |
Forward Freight Agreements | 32 | - | 32 | - |
Financial liabilities at fair value through P&L | ||||
Forward currency contract | 11 | 164 | 11 | 164 |
Total financial liabilities at fair value | 52 | 5\u00a0083 | 52 | 5\u00a0083 |
Other financial liabilities at amortised cost | ||||
Accounts payable | 4\u00a0493 | 7\u00a0524 | 4\u00a0493 | 7\u00a0524 |
Interest bearing debt, non-current | 167\u00a0054 | 128\u00a0560 | 170\u00a0334 | 131\u00a0003 |
Interest bearing debt, current | 22\u00a0493 | 25\u00a0199 | 22\u00a0493 | 25\u00a0199 |
Bond loan | 79\u00a0567 | 70\u00a0625 | 82\u00a0157 | 73\u00a0058 |
Overdraft facility | - | - | - | - |
Current debt to related parties | 247 | 556 | 247 | 556 |
Total financial liabilities at amortised cost | 273\u00a0854 | 232\u00a0463 | 279\u00a0724 | 237\u00a0339 |
Total financial liabilities | 273\u00a0906 | 237\u00a0546 | 279\u00a0776 | 242\u00a0422 |
Total current | 27\u00a0274 | 33\u00a0278 | 27\u00a0274 | 33\u00a0278 |
Total non-current | 246\u00a0632 | 204\u00a0267 | 252\u00a0502 | 209\u00a0144 |
Financial liabilities | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swaps | 10 | 4\u00a0920 |
Forward Freight Agreements | 32 | - |
Financial instruments at fair value through P&L | ||
Forward currency contract | 11 | 164 |
Financial liabilities | 52 | 5\u00a0084 |
Current | 42 | 555 |
Non-current | 10 | 4\u00a0529 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 3\u00a0561 | 6\u00a0404 | 3\u00a0561 | 6\u00a0404 |
Fuel hedge | - | - | - | - |
Cross-currency interest rate swaps | 5\u00a0006 | 120 | 5\u00a0006 | 120 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | (164) | - | (164) |
Total financial assets at fair value | 8\u00a0567 | 6\u00a0359 | 8\u00a0567 | 6\u00a0359 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 13\u00a0606 | 14\u00a0918 | 13\u00a0606 | 14\u00a0918 |
Receivables from related parties | 218 | 706 | 218 | 706 |
Total financial assets measured at amortised costs | 13\u00a0824 | 15\u00a0623 | 13\u00a0824 | 15\u00a0623 |
Cash and cash equivalents | 49\u00a0732 | 56\u00a0139 | 49\u00a0732 | 56\u00a0139 |
Total financial assets | 72\u00a0122 | 78\u00a0122 | 72\u00a0122 | 78\u00a0122 |
Total current | 65\u00a0870 | 73\u00a0582 | 65\u00a0870 | 73\u00a0582 |
Total non-current | 6\u00a0252 | 4\u00a0540 | 6\u00a0252 | 4\u00a0540 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swaps | 10 | 4\u00a0920 | 10 | 4\u00a0920 |
Forward Freight Agreements | 32 | - | 32 | - |
Financial liabilities at fair value through P&L | ||||
Forward currency contract | 11 | 164 | 11 | 164 |
Total financial liabilities at fair value | 52 | 5\u00a0083 | 52 | 5\u00a0083 |
Other financial liabilities at amortised cost | ||||
Accounts payable | 4\u00a0493 | 7\u00a0524 | 4\u00a0493 | 7\u00a0524 |
Interest bearing debt, non-current | 167\u00a0054 | 128\u00a0560 | 170\u00a0334 | 131\u00a0003 |
Interest bearing debt, current | 22\u00a0493 | 25\u00a0199 | 22\u00a0493 | 25\u00a0199 |
Bond loan | 79\u00a0567 | 70\u00a0625 | 82\u00a0157 | 73\u00a0058 |
Overdraft facility | - | - | - | - |
Current debt to related parties | 247 | 556 | 247 | 556 |
Total financial liabilities at amortised cost | 273\u00a0854 | 232\u00a0463 | 279\u00a0724 | 237\u00a0339 |
Total financial liabilities | 273\u00a0906 | 237\u00a0546 | 279\u00a0776 | 242\u00a0422 |
Total current | 27\u00a0274 | 33\u00a0278 | 27\u00a0274 | 33\u00a0278 |
Total non-current | 246\u00a0632 | 204\u00a0267 | 252\u00a0502 | 209\u00a0144 |
Liabilities | Equity | Total | ||||
(USD '000) | Interest payable | Interest bearing short-term debt | Interest bearing long- term debt | Share capital/ premium/ reserve | Other equity | Total |
Balance on 1 January 2025 | - | 25\u00a0199 | 199\u00a0184 | 208\u00a0664 | 151\u00a0201 | 486\u00a0387 |
Repayment of mortgage debt | - | (8\u00a0706) | (61\u00a0668) | - | - | (70\u00a0374) |
Proceeds from mortgage debt | - | 6\u00a0000 | 101\u00a0000 | - | - | 107\u00a0000 |
Repayment bond loans | - | - | - | - | - | - |
Proceeds from bond loan | - | - | - | - | - | - |
Reclassification as short-term debt | - | - | - | - | - | - |
Transaction costs on issuance of loans | - | - | (2\u00a0144) | - | - | (2\u00a0144) |
Interest paid | (14\u00a0656) | - | - | - | - | (14\u00a0656) |
Paid in registered capital increase | - | - | - | - | - | |
Transaction costs on capital increase | - | - | - | - | - | |
Repayment of overdraft facility | - | - | - | - | - | - |
Dividends | - | - | - | - | (18\u00a0075) | (18\u00a0075) |
Total Changes from financing cash flow | (14\u00a0656) | (2\u00a0706) | 37\u00a0188 | - | (18\u00a0075) | 1\u00a0751 |
Liability-related | ||||||
Expensed capitalised borrowing costs | - | - | 1\u00a0435 | - | - | 1\u00a0435 |
Non-cash movement | - | - | 8\u00a0814 | - | - | 8\u00a0814 |
Total liability-related changes | - | - | 10\u00a0249 | - | - | 10\u00a0249 |
Total equity-related other changes | - | - | - | (6\u00a0452) | 30\u00a0713 | 24\u00a0261 |
Balance on 31 December 2025 | 22\u00a0493 | 246\u00a0621 | 202\u00a0212 | 163\u00a0839 | 522\u00a0649 |
Liabilities | Equity | Total | ||||
(USD '000) | Interest payable | Interest bearing short-term debt | Interest bearing long- term debt | Share capital/ premium/ reserve | Other equity | Total |
Balance on 1 January 2024 | - | 25\u00a0199 | 221\u00a0732 | 209\u00a0732 | 137\u00a0725 | 529\u00a0882 |
0 | 0 | 10000000 | 0 | |||
Repayment of mortgage debt | - | - | (37\u00a0200) | - | - | (37\u00a0200) |
Proceeds from mortgage debt | - | - | 10\u00a0000 | - | - | 10\u00a0000 |
Repayment of bond loans | - | - | (18\u00a0259) | - | - | (18\u00a0259) |
Proceeds from bond loans | - | - | 29\u00a0203 | - | - | 29\u00a0203 |
Reclassification as short-term debt | - | - | - | - | - | - |
Transaction costs on issuance of loans | - | - | (444) | - | - | (444) |
Interest paid | (19\u00a0114) | - | - | - | - | (19\u00a0114) |
Paid in registered capital increase | - | - | - | - | - | - |
Transaction costs on capital increase | - | - | - | - | - | - |
Repayment of overdraft facility | - | - | - | - | - | - |
Dividends | - | - | - | - | (78\u00a0584) | (78\u00a0584) |
Total Changes from financing cash flow | (19\u00a0114) | - | (16\u00a0700) | - | (78\u00a0584) | (114\u00a0398) |
Liability-related | ||||||
Expensed capitalised borrowing costs | - | - | 1\u00a0184 | - | - | 1\u00a0184 |
Non-cash movement | - | - | (7\u00a0033) | - | - | (7\u00a0033) |
Total liability-related changes | - | - | (5\u00a0849) | - | - | (5\u00a0849) |
Total equity-related other changes | (1\u00a0069) | 77\u00a0819 | 76\u00a0751 | |||
Balance on 31 December 2024 | - | 25\u00a0199 | 199\u00a0184 | 208\u00a0664 | 151\u00a0201 | 486\u00a0387 |
(USD '000) | 31 Dec 2025 | 31 Dec 2024 |
Trade receivables from charterers | 13\u00a0606 | 15\u00a0044 |
Contract assets | 8\u00a0217 | 5\u00a0359 |
Prepaid expenses | 5\u00a0219 | 2\u00a0508 |
Claims | 292 | 555 |
Other short term receivables | 2\u00a0991 | 48 |
Trade receivables and other current assets | 30\u00a0326 | 23\u00a0514 |
(USD '000) | 31 Dec 2025 | 31 Dec 2024 |
Trade receivables from charterers | 13\u00a0606 | 15\u00a0044 |
Contract assets | 8\u00a0217 | 5\u00a0359 |
Prepaid expenses | 5\u00a0219 | 2\u00a0508 |
Claims | 292 | 555 |
Other short term receivables | 2\u00a0991 | 48 |
Trade receivables and other current assets | 30\u00a0326 | 23\u00a0514 |
(USD '000) | 31 Dec 2025 | 31 Dec 2024 |
Accounts payable | 4\u00a0493 | 7\u00a0524 |
Unearned income | 4\u00a0965 | 4\u00a0801 |
Accrued expenses | 15\u00a0266 | 5\u00a0787 |
Wages to crew | 1\u00a0799 | 1\u00a0239 |
Other current liabilities | 3\u00a0152 | 2\u00a0804 |
Trade payables and other current liabilities | 29\u00a0675 | 22\u00a0154 |
(USD '000) | 31 Dec 2025 | 31 Dec 2024 |
Accounts payable | 4\u00a0493 | 7\u00a0524 |
Unearned income | 4\u00a0965 | 4\u00a0801 |
Accrued expenses | 15\u00a0266 | 5\u00a0787 |
Wages to crew | 1\u00a0799 | 1\u00a0239 |
Other current liabilities | 3\u00a0152 | 2\u00a0804 |
Trade payables and other current liabilities | 29\u00a0675 | 22\u00a0154 |
(USD '000) | 31 Dec 2025 | 31 Dec 2024 |
Bank deposits, NOK | 1\u00a0148 | 1\u00a0973 |
Bank deposits, USD | 45\u00a0910 | 52\u00a0514 |
Bank deposits, EUR | 2\u00a0095 | 1\u00a0157 |
Bank deposits, other | 262 | 38 |
Cash | 145 | 356 |
Payroll withholding tax account (restricted cash NOK) | 171 | 101 |
Cash and cash equivalents | 49\u00a0732 | 56\u00a0139 |
Risk | Description | Risk type |
Main risks next 12 months | ||
Freight rates and trade flows | The Group's primary revenue driver is freight rates, and sustained low freight rates for dry bulk commodities, caustic soda, or clean petroleum products may have a material adverse effect on the Group\u2019s earnings, cash flow and financial performance. The effect of weaker freight markets is partly mitigated by the low historical correlation between dry bulk and product tanker freight rates. In addition, partly fixed-rate contract coverage for the CABU fleet in 2026 reduces exposure to freight rate volatility over the next 12 months. The Group has also entered into forward freight agreements (FFAs) on the dry bulk market to hedge part of its exposure. The Group\u2019s business model relies on efficient combination trading, which is dependent on stable and predictable trade flows. Production disruptions at plants, mines and refineries, changes in regional commodity price differentials, and shifts in global supply and demand may impact trade patterns and volumes. Unfavourable changes in trade flows may reduce trading efficiency and negatively affect earnings and financial performance. Geopolitical risks, including territorial disputes, war, political instability, terrorism, piracy and trade conflicts, may adversely impact global trade flows, market levels and operating conditions. Such events may result in increased costs, including crew-related expenses and insurance premiums, as well as reduced revenues due to market disruptions, sanctions and trade restrictions. Limitations on the Group\u2019s ability to operate in key regions or to efficiently deploy vessels in combination trading could have a material adverse effect on the Group\u2019s business and financial performance. Regulatory initiatives arising from geopolitical tensions may further affect trading patterns and costs. In this context, the United States Trade Representative (USTR) has proposed port fees targeting Chinese-owned and Chinese-built vessels calling at U.S. ports. The implementation of these measures has been postponed by one year until October 2026. The initiative may not be implemented, and its final scope and potential impact remain uncertain. Based on current information, KCC expects that any impact on its operations would not be material, either due to applicable exemptions or the implementation of mitigating measures. Geopolitical disruptions may also create opportunities, as changes in trade patterns and longer-haul trades can, in certain circumstances, support freight markets. To mitigate all sorts of trade disruption or changes in trade flows, the Group maintains operational flexibility by aiming to maintain and further increase the number of customers, terminal acceptances, trade lanes, and commodities carried. | Strategic |
Risk | Description | Risk type |
Main risks next 12 months | ||
Vessel age | Due to stricter customer requirements, vetting requirements and environmental regulations, older tonnage faces a higher risk of being re-rated, subject to additional inspections or detained by port state control authorities, and of losing competitiveness compared to more modern tonnage. This may result in lower utilization due to increased waiting time, a higher risk of commercial discounts and, in certain cases, vessels not being accepted by some customers. For the Group, this may lead to reduced operational flexibility and lower net revenue for the oldest vessels in the fleet. As of\u00a0 year-end 2025, the Group owns four CABU vessels above 20 year age, which are therefore more exposed to these risks. To mitigate this risk, the Group has taken measures to secure employment and extend the operating life of selected vessels, including the conclusion of a long-term contract of affreightment starting in 2026 for one of the CABU I vessels and the completion of a renewal docking extending the vessel\u2019s operating life. The Group also focuses on maintaining the vessels well to ensure safe operations and to mitigate the risks described in this section.\u00a0 | Operational |
Non-standard vessel concepts | The Group operates non-standard vessel concepts, such as the CLEANBU vessels, which entails both commercial and technical risks, including the ability to establish and maintain trades, position the vessels in the clean petroleum product market, and obtain and retain acceptance from customers and terminals to operate in combination trades involving consecutive dry bulk and clean petroleum product cargoes. For the Group, limitations in market acceptance, changes in customer requirements or operational constraints related to combination trading may result in reduced utilisation, lower earnings or increased operating costs, which could adversely affect financial performance. | Strategic/ Operational |
Newbuilding program | The Group is scheduled to take delivery of all three CABU III newbuildings under construction in 2026. The Group is exposed to risks related to project execution and delivery, as well as the phase-in of vessels into established trades. These risks may result in delayed commercial deployment, higher costs and lower earnings in the initial period after delivery, which could adversely affect cash flows and return on investment. | Operational |
Energy savings devices | As an early adopter of energy efficiency technologies, the Group is exposed to risks related to cost-effective execution and the actual performance of such technologies meeting expectations. Improving the energy efficiency of the existing fleet is a key pillar of the Group\u2019s strategy and is closely aligned with its emissions reduction ambitions. During 2023-2025, the Group retrofitted five vessels with air lubrication system and shaft generator to reduce fuel consumption. One additional vessels is scheduled to undergo similar retrofits during\u00a0 2026. In addition, the Group has decided to install suction sails on one of the CABU newbuildings. The successful outcome of these initiatives depends on the ability to execute retrofit projects within budget and planned timelines, and on the technologies delivering the expected fuel and emissions savings. Actual emission reductions from the initial retrofits have improved over time following initial observations, supported by configuration improvements. Further work is ongoing to realise the full potential of the technologies. However, as some of the technologies applied have limited large-scale operational track records, the Group is exposed to due diligence, execution and performance risks when evaluating and implementing new energy efficiency measures. | Operational |
Risk | Description | Risk type |
Main medium- to long-term risks | ||
Global economic growth, geopolitics and the impact on energy and commodity markets | The general development of the global economy, in particular the oil and commodities markets, may impact demand for KCC\u2019s services and the profitability of the Group. Furthermore, the demand for seaborne transportation is dependent on open economies and low barriers to trade. There has historically been a strong link between the development of the world economy and demand for dry bulk commodities and oil products. A period of deterioration in the outlook for the world economy could reduce the overall demand for these commodities and for the Group's services. Trade restrictions such as tariffs and embargoes may have a negative impact on the demand for seaborne transportation. This may impact revenues negatively and may also make it more difficult to raise equity or debt. | Strategic |
Competitiveness of key customer industries | The Group which is exposed to risks related to the competitiveness and long-term development of industries the Group provides transportation services to. Structural changes in key customer industries, including changes in cost competitiveness, energy prices, regulatory requirements, emissions regulations and global supply chains, may affect production levels, trade flows and demand for seaborne transportation. In particular, the Group has significant exposure to the Australian alumina value chain, where it holds a high market share in shipments of caustic soda solution. Changes in the competitiveness of the Australian alumina industry may lead to reduced production volumes, refinery closures or shifts in trade patterns. Such developments could negatively affect cargo volumes, vessel utilisation and the Group\u2019s profitability. While four of the five Australian alumina refineries are currently among the world\u2019s most cost- competitive, uncertainties remain for certain older facilities and the longer-term outlook beyond 2030. At the same time, potential growth in other industries importing caustic soda solution in Australia and in other regions, including Indonesia and India, will likely have a positive effect on transported caustic soda volumes over time.\u00a0 | Strategic |
Impact of low-carbon transition on demand, regulation and fleet competitiveness | A transition to a low-carbon economy may have a material adverse impact on the Group through several channels: \u2022 Emerging propulsion technologies and fuels might negatively affect the competitiveness of the Group\u2019s existing fleet, potentially leading to lower revenue and/or impairment of vessel values. The increasing diversity of low carbon alternatives also heightens the risk of selecting the wrong technology. \u2022 New regulations may lead to material cost related to upgrades and retrofits and/or higher operating costs.\u00a0 It may also impair operational flexibility or ultimately lead to higher vessel recycling activity and/or stranded vessels. \u2022 Increased pressure on financial institutions to incentivize reduction in CO\u2082 emissions and new regulations could reduce access to capital, increase cost of capital, and raise breakeven levels for the Group. \u2022 Demand for the transportation of certain commodities may be materially affected by emissions regulations and decarbonisation efforts across multiple industries, not limited to fossil fuels. Structural changes in industrial value chains and production methods may reduce transport demand for commodities shipped by the Group. | Compliance/ Strategic |
Fleet renewal and recycling risk | As some of the vessels in the Group\u2019s fleet approach an assumed lifetime of approximately 25 years, the Group may be required to recycle vessels. Vessel recycling is subject to stringent environmental and regulatory requirements, and failure to comply may result in additional costs, delays, penalties or reputational impact. In addition, fleet renewal may expose the Group to risks related to timing of the newbuilding market, availability of shipyards willing and able to construct non- standard combination vessels, and higher or volatile newbuilding prices. | Compliance/ Strategic |
Risk | Description | Risk type |
Main medium- to long-term risks | ||
Impact of technology disruptions | Rapid technological developments, including increased use of artificial intelligence, may impact the Group\u2019s customers, markets and operations. Changes in how customers optimise logistics, trading patterns or decision-making processes may affect demand for the Group\u2019s services, while increased automation and data-driven solutions may alter competitive dynamics in the\u00a0 industry. For the Group, failure to adapt to technological developments or to effectively integrate new technologies into operations and processes may result in reduced competitiveness, higher costs or operational inefficiencies. At the same time, uncertainty related to the pace and direction of technological change may affect investment decisions and the long-term relevance of existing systems and processes. | Strategic |
Change in bps (effect in USD'000) | Profit before tax | Equity | ||
2025 | 2024 | 2025 | 2024 | |
100 | (1\u00a0382) | (1\u00a0027) | (418) | 109 |
50 | (691) | (514) | (200) | 64 |
-50 | 691 | 514 | 182 | (85) |
-100 | 1\u00a0382 | 1\u00a0027 | 345 | (191) |
Maturity profile financial liabilities | < 1 year | 2-3 years | 4-5 years | > 5 years | Total |
31 Dec 2025 | 2026 | 2027-2028 | 2029-2031 | 2032- | |
Mortgage debt (incl interests) | 29\u00a0370 | 136\u00a0435 | 16\u00a0178 | 30\u00a0980 | 212\u00a0963 |
Bond loan (incl interest) | 5\u00a0407 | 84\u00a0040 | - | - | 89\u00a0447 |
Trade and other payables | 29\u00a0675 | - | - | - | 29\u00a0675 |
Current debt to related parties | 248 | - | - | - | 248 |
Total | 64\u00a0700 | 220\u00a0475 | 16\u00a0178 | 30\u00a0980 | 332\u00a0333 |
Maturity profile financial liabilities | < 1 year | 2-3 years | 4-5 years | > 5 years | Total |
31 Dec 2024 | 2025 | 2026-2027 | 2028-2030 | 2031- | |
Mortgage debt (incl interests) | 33\u00a0832 | 93\u00a0777 | 47\u00a0751 | - | 175\u00a0360 |
Bond loan (incl interest) | 5\u00a0905 | 11\u00a0656 | 78\u00a0464 | - | 96\u00a0025 |
Trade and other payables | 22\u00a0154 | - | - | - | 22\u00a0154 |
Current debt to related parties | 556 | - | - | - | 556 |
Total | 62\u00a0446 | 105\u00a0433 | 126\u00a0215 | - | 294\u00a0094 |
Change in bps (effect in USD'000) | Profit before tax | Equity | ||
2025 | 2024 | 2025 | 2024 | |
100 | (1\u00a0382) | (1\u00a0027) | (418) | 109 |
50 | (691) | (514) | (200) | 64 |
-50 | 691 | 514 | 182 | (85) |
-100 | 1\u00a0382 | 1\u00a0027 | 345 | (191) |
Maturity profile financial liabilities | < 1 year | 2-3 years | 4-5 years | > 5 years | Total |
31 Dec 2025 | 2026 | 2027-2028 | 2029-2031 | 2032- | |
Mortgage debt (incl interests) | 29\u00a0370 | 136\u00a0435 | 16\u00a0178 | 30\u00a0980 | 212\u00a0963 |
Bond loan (incl interest) | 5\u00a0407 | 84\u00a0040 | - | - | 89\u00a0447 |
Trade and other payables | 29\u00a0675 | - | - | - | 29\u00a0675 |
Current debt to related parties | 248 | - | - | - | 248 |
Total | 64\u00a0700 | 220\u00a0475 | 16\u00a0178 | 30\u00a0980 | 332\u00a0333 |
Maturity profile financial liabilities | < 1 year | 2-3 years | 4-5 years | > 5 years | Total |
31 Dec 2024 | 2025 | 2026-2027 | 2028-2030 | 2031- | |
Mortgage debt (incl interests) | 33\u00a0832 | 93\u00a0777 | 47\u00a0751 | - | 175\u00a0360 |
Bond loan (incl interest) | 5\u00a0905 | 11\u00a0656 | 78\u00a0464 | - | 96\u00a0025 |
Trade and other payables | 22\u00a0154 | - | - | - | 22\u00a0154 |
Current debt to related parties | 556 | - | - | - | 556 |
Total | 62\u00a0446 | 105\u00a0433 | 126\u00a0215 | - | 294\u00a0094 |
Model inputs | |
Dividend yield (%) | 14% |
Expected volatility (%)* | 28% |
Risk-free interest rate (%)** | 3.60% |
Expected life of share options (year) | 5 |
Weighted average share price (NOK) | 62.20 |
Number of shares | Average exercise price | 2025 | 2024 |
Outstanding at 1 January | 101\u00a0025 | 40\u00a0500 | |
Granted during the year | NOK 69.5 | 112\u00a0543 | 60\u00a0525 |
Exercised during the year | - | - | |
Forfeited during the year | - | - | |
Expired during the year | - | - | |
Outstanding on 31 December | 213\u00a0568 | 101\u00a0025 |
Accounting policy |
Equity-settled share-based payments are treated as an increase in equity at fair value. The purchase price is recognized as a capital increase immediately, and the discount is periodized as a wage/equity increase over the vesting period. Employee share options are calculated at fair value at the time they are granted and charged to expense over the vesting period as payroll cost with a corresponding increase in equity. The market value of the employee share options are estimated based on the Black-Scholes- Merton method. |
Accounting policy |
Equity-settled share-based payments are treated as an increase in equity at fair value. The purchase price is recognized as a capital increase immediately, and the discount is periodized as a wage/equity increase over the vesting period. Employee share options are calculated at fair value at the time they are granted and charged to expense over the vesting period as payroll cost with a corresponding increase in equity. The market value of the employee share options are estimated based on the Black-Scholes- Merton method. |
Date | Shares | Notional (NOK) | Share capital (NOK) |
Shares and share capital on 31 December 2022 | 52\u00a0372\u00a0000 | 52\u00a0372\u00a0000 | |
Shares issued 30 May 2023 | 7\u00a0857\u00a0143 | 1 | 7\u00a0857\u00a0143 |
Shares issued 11 August 2023 (warrants) | 14\u00a0020 | 1 | 14\u00a0020 |
Shares issued 6 September 2023 (warrants) | 215\u00a0068 | 1 | 215\u00a0068 |
Shares and share capital on 31 December 2023 | 60\u00a0458\u00a0231 | 60\u00a0458\u00a0231 | |
Shares and share capital on 31 December 2024 | 60\u00a0458\u00a0231 | 60\u00a0458\u00a0231 | |
Share redemption | (950\u00a0000) | (950\u00a0000) | |
Shares and share capital on 31 December 2025 | 59\u00a0508\u00a0231 | 59\u00a0508\u00a0231 |
2025 | 2024 | |
Weighted average number of ordinary shares for basic EPS | 59\u00a0333\u00a0409 | 60\u00a0397\u00a0369 |
Effects of dilution from: | ||
\u00a0 Share options | 203\u00a0981 | 78\u00a0609 |
Weighted average number of ordinary shares for the effect of dilution | 59\u00a0537\u00a0390 | 60\u00a0475\u00a0978 |
Largest shareholders at 31 December 2025 | Ownership | Ownership |
Number of shares | In % | |
Rederiaksjeselskapet Torvald Klaveness | 32\u00a0537\u00a0608 | 54.7% |
EGD Shipping Invest AS | 3\u00a0650\u00a0000 | 6.1% |
Hundred Roses Corporation | 2\u00a0382\u00a0283 | 4.0% |
VPF Sparebank 1 Norge | 1\u00a0934\u00a0224 | 3.3% |
J.P. Morgan SE (nominee) | 1\u00a0798\u00a0745 | 3.0% |
J.P. Morgan SE (nominee) | 1\u00a0696\u00a0043 | 2.9% |
Goldman Sachs & Co. LLC (nominee) | 1\u00a0450\u00a0000 | 2.4% |
Landkreditt Utbytte | 794\u00a0573 | 1.3% |
Kontrari AS | 525\u00a0000 | 0.9% |
Surfside Holding AS | 410\u00a0000 | 0.7% |
Other | 12\u00a0329\u00a0755 | 20.7% |
Total | 59\u00a0508\u00a0231 | 100.0% |
Name | Position | Number of shares |
Engebret Dahm | Chief Executive Officer | 50 032 (held through E Dahm Invest AS) |
Magne \u00d8vre\u00e5s | Board member | Indirectly owns 9.9 % of EGD Shipping Invest AS which holds 3 650 000 shares |
G\u00f8ran Andreassen | Board member | 4 300 |
Brita Eilertsen | Board member | 2 000 |
Ernst A. Meyer | Chair of the Board | 5 000 |
Date | Shares | Notional (NOK) | Share capital (NOK) |
Shares and share capital on 31 December 2022 | 52\u00a0372\u00a0000 | 52\u00a0372\u00a0000 | |
Shares issued 30 May 2023 | 7\u00a0857\u00a0143 | 1 | 7\u00a0857\u00a0143 |
Shares issued 11 August 2023 (warrants) | 14\u00a0020 | 1 | 14\u00a0020 |
Shares issued 6 September 2023 (warrants) | 215\u00a0068 | 1 | 215\u00a0068 |
Shares and share capital on 31 December 2023 | 60\u00a0458\u00a0231 | 60\u00a0458\u00a0231 | |
Shares and share capital on 31 December 2024 | 60\u00a0458\u00a0231 | 60\u00a0458\u00a0231 | |
Share redemption | (950\u00a0000) | (950\u00a0000) | |
Shares and share capital on 31 December 2025 | 59\u00a0508\u00a0231 | 59\u00a0508\u00a0231 |
2025 | 2024 | |
Weighted average number of ordinary shares for basic EPS | 59\u00a0333\u00a0409 | 60\u00a0397\u00a0369 |
Effects of dilution from: | ||
\u00a0 Share options | 203\u00a0981 | 78\u00a0609 |
Weighted average number of ordinary shares for the effect of dilution | 59\u00a0537\u00a0390 | 60\u00a0475\u00a0978 |
Largest shareholders at 31 December 2025 | Ownership | Ownership |
Number of shares | In % | |
Rederiaksjeselskapet Torvald Klaveness | 32\u00a0537\u00a0608 | 54.7% |
EGD Shipping Invest AS | 3\u00a0650\u00a0000 | 6.1% |
Hundred Roses Corporation | 2\u00a0382\u00a0283 | 4.0% |
VPF Sparebank 1 Norge | 1\u00a0934\u00a0224 | 3.3% |
J.P. Morgan SE (nominee) | 1\u00a0798\u00a0745 | 3.0% |
J.P. Morgan SE (nominee) | 1\u00a0696\u00a0043 | 2.9% |
Goldman Sachs & Co. LLC (nominee) | 1\u00a0450\u00a0000 | 2.4% |
Landkreditt Utbytte | 794\u00a0573 | 1.3% |
Kontrari AS | 525\u00a0000 | 0.9% |
Surfside Holding AS | 410\u00a0000 | 0.7% |
Other | 12\u00a0329\u00a0755 | 20.7% |
Total | 59\u00a0508\u00a0231 | 100.0% |
Name | Position | Number of shares |
Engebret Dahm | Chief Executive Officer | 50 032 (held through E Dahm Invest AS) |
Magne \u00d8vre\u00e5s | Board member | Indirectly owns 9.9 % of EGD Shipping Invest AS which holds 3 650 000 shares |
G\u00f8ran Andreassen | Board member | 4 300 |
Brita Eilertsen | Board member | 2 000 |
Ernst A. Meyer | Chair of the Board | 5 000 |
2025 | 2024 | |
Weighted average number of ordinary shares for basic EPS | 59\u00a0333\u00a0409 | 60\u00a0397\u00a0369 |
Effects of dilution from: | ||
\u00a0 Share options | 203\u00a0981 | 78\u00a0609 |
Weighted average number of ordinary shares for the effect of dilution | 59\u00a0537\u00a0390 | 60\u00a0475\u00a0978 |
Accounting policy |
Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Related parties transactions are recorded to estimated fair value. |
Company name | Location | Ownership interest | Ownership interest |
per 31 Dec 2025 | per 31 Dec 2024 | ||
KCC Shipowning AS* | Oslo, Norway | 100% | 100% |
KCC Bass AS | Oslo, Norway | 100% | 100% |
KCC Chartering AS | Oslo, Norway | 100% | 100% |
Klaveness Combination Carriers Asia Ptd. Ltd. | Singapore | 100% | 100% |
Company name | Location | Ownership interest | Ownership interest |
per 31 Dec 2025 | per 31 Dec 2024 | ||
KCC Shipowning AS* | Oslo, Norway | 100% | 100% |
KCC Bass AS | Oslo, Norway | 100% | 100% |
KCC Chartering AS | Oslo, Norway | 100% | 100% |
Klaveness Combination Carriers Asia Ptd. Ltd. | Singapore | 100% | 100% |
Income taxes for the year | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Income taxes payable | - | - |
Change in deferred tax | - | - |
Total tax expense / income (-) reported in the income statement | - | - |
Tax on net (gain)/loss on revaluation of cash flow hedges | - | - |
Deferred tax charged to OCI | - | - |
(USD '000) | Income | 31 Dec 2025 | Income | 31 Dec 2024 |
Tax payable | Tax effect | Tax effect | ||
Profit / loss (-) before taxes, incl OCI | 30\u00a0464 | 6\u00a0702 | 77\u00a0808 | 17\u00a0118 |
Income from shipping activity, tonnage tax system | (45\u00a0262) | (9\u00a0958) | (96\u00a0804) | (21\u00a0299) |
Change in temporary differences | (11\u00a0518) | (2\u00a0534) | (258) | (57) |
Change in tax losses carried forward | 23\u00a0488 | 5\u00a0159 | 10\u00a0192 | 2\u00a0242 |
Exchange rate differences / Other permanent differences | 2\u00a0868 | 631 | 9\u00a0071 | 1\u00a0996 |
Tax payable in the balance sheet | - | - | - | - |
Effective tax rate | ||||
Tax payable -foreign subsidiaries | 7 | 4 | ||
Tonnage tax (included in operating profit) | 190 | 162 | ||
Total tax payable in the balance sheet | 197 | 166 |
(USD '000) | Temporary difference | 31 Dec 2025 | Temporary difference | 31 Dec 2024 |
Temporary differences - ordinary taxation | Tax effect | Tax effect | ||
Temporary differences | 6\u00a0627 | 1\u00a0458 | (4\u00a0891) | (1\u00a0076) |
Tax losses carried forward | 83\u00a0370 | (18\u00a0341) | (59\u00a0922) | (13\u00a0183) |
Deferred tax asset not recognised in the balance sheet | 76\u00a0773 | 16\u00a0883 | 64\u00a0813 | 14\u00a0259 |
Net temporary differences - deferred tax liability/asset (-) | - | - | - | - |
Deferred tax asset in balance sheet | - | - | ||
Deferred tax liability in balance sheet | - | - |
Accounting policy |
Under the tonnage tax regime, profit from operations is tax exempt. Companies within the tonnage tax regime pay a tonnage tax based on the deadweight tonnage of the vessels. The tonnage tax is recognised as an operating expense in the income statement. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses (based on financial assets in percent of total assets). For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income. |
Income taxes for the year | 31 Dec 2025 | 31 Dec 2024 |
(USD '000) | ||
Income taxes payable | - | - |
Change in deferred tax | - | - |
Total tax expense / income (-) reported in the income statement | - | - |
Tax on net (gain)/loss on revaluation of cash flow hedges | - | - |
Deferred tax charged to OCI | - | - |
(USD '000) | Income | 31 Dec 2025 | Income | 31 Dec 2024 |
Tax payable | Tax effect | Tax effect | ||
Profit / loss (-) before taxes, incl OCI | 30\u00a0464 | 6\u00a0702 | 77\u00a0808 | 17\u00a0118 |
Income from shipping activity, tonnage tax system | (45\u00a0262) | (9\u00a0958) | (96\u00a0804) | (21\u00a0299) |
Change in temporary differences | (11\u00a0518) | (2\u00a0534) | (258) | (57) |
Change in tax losses carried forward | 23\u00a0488 | 5\u00a0159 | 10\u00a0192 | 2\u00a0242 |
Exchange rate differences / Other permanent differences | 2\u00a0868 | 631 | 9\u00a0071 | 1\u00a0996 |
Tax payable in the balance sheet | - | - | - | - |
Effective tax rate | ||||
Tax payable -foreign subsidiaries | 7 | 4 | ||
Tonnage tax (included in operating profit) | 190 | 162 | ||
Total tax payable in the balance sheet | 197 | 166 |
(USD '000) | Temporary difference | 31 Dec 2025 | Temporary difference | 31 Dec 2024 |
Temporary differences - ordinary taxation | Tax effect | Tax effect | ||
Temporary differences | 6\u00a0627 | 1\u00a0458 | (4\u00a0891) | (1\u00a0076) |
Tax losses carried forward | 83\u00a0370 | (18\u00a0341) | (59\u00a0922) | (13\u00a0183) |
Deferred tax asset not recognised in the balance sheet | 76\u00a0773 | 16\u00a0883 | 64\u00a0813 | 14\u00a0259 |
Net temporary differences - deferred tax liability/asset (-) | - | - | - | - |
Deferred tax asset in balance sheet | - | - | ||
Deferred tax liability in balance sheet | - | - |
Accounting policy |
Under the tonnage tax regime, profit from operations is tax exempt. Companies within the tonnage tax regime pay a tonnage tax based on the deadweight tonnage of the vessels. The tonnage tax is recognised as an operating expense in the income statement. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses (based on financial assets in percent of total assets). For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income. |
(USD '000) | Income | 31 Dec 2025 | Income | 31 Dec 2024 |
Tax payable | Tax effect | Tax effect | ||
Profit / loss (-) before taxes, incl OCI | 30\u00a0464 | 6\u00a0702 | 77\u00a0808 | 17\u00a0118 |
Income from shipping activity, tonnage tax system | (45\u00a0262) | (9\u00a0958) | (96\u00a0804) | (21\u00a0299) |
Change in temporary differences | (11\u00a0518) | (2\u00a0534) | (258) | (57) |
Change in tax losses carried forward | 23\u00a0488 | 5\u00a0159 | 10\u00a0192 | 2\u00a0242 |
Exchange rate differences / Other permanent differences | 2\u00a0868 | 631 | 9\u00a0071 | 1\u00a0996 |
Tax payable in the balance sheet | - | - | - | - |
Effective tax rate | ||||
Tax payable -foreign subsidiaries | 7 | 4 | ||
Tonnage tax (included in operating profit) | 190 | 162 | ||
Total tax payable in the balance sheet | 197 | 166 |
(USD '000) | Temporary difference | 31 Dec 2025 | Temporary difference | 31 Dec 2024 |
Temporary differences - ordinary taxation | Tax effect | Tax effect | ||
Temporary differences | 6\u00a0627 | 1\u00a0458 | (4\u00a0891) | (1\u00a0076) |
Tax losses carried forward | 83\u00a0370 | (18\u00a0341) | (59\u00a0922) | (13\u00a0183) |
Deferred tax asset not recognised in the balance sheet | 76\u00a0773 | 16\u00a0883 | 64\u00a0813 | 14\u00a0259 |
Net temporary differences - deferred tax liability/asset (-) | - | - | - | - |
Deferred tax asset in balance sheet | - | - | ||
Deferred tax liability in balance sheet | - | - |
Accounting policy |
Under the tonnage tax regime, profit from operations is tax exempt. Companies within the tonnage tax regime pay a tonnage tax based on the deadweight tonnage of the vessels. The tonnage tax is recognised as an operating expense in the income statement. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses (based on financial assets in percent of total assets). For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income. |
Accounting policy |
Under the tonnage tax regime, profit from operations is tax exempt. Companies within the tonnage tax regime pay a tonnage tax based on the deadweight tonnage of the vessels. The tonnage tax is recognised as an operating expense in the income statement. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses (based on financial assets in percent of total assets). For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income. |
Accounting policy |
Under the tonnage tax regime, profit from operations is tax exempt. Companies within the tonnage tax regime pay a tonnage tax based on the deadweight tonnage of the vessels. The tonnage tax is recognised as an operating expense in the income statement. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses (based on financial assets in percent of total assets). For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income. |
Accounting policy |
Under the tonnage tax regime, profit from operations is tax exempt. Companies within the tonnage tax regime pay a tonnage tax based on the deadweight tonnage of the vessels. The tonnage tax is recognised as an operating expense in the income statement. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses (based on financial assets in percent of total assets). For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income. |