olivLaw · European equity research
Klaveness Combination Carriers ASA KCC.OL
Norway · Euronext Oslo Børs · ISIN NO0010833262 · Vertical: Listed companies from Norway
Klaveness Combination Carriers ASA owns and operates combination carriers that transport both wet and dry bulk cargoes, cutting ballast voyages. At the end of 2025 the fleet counted 16 vessels. The company is listed on Oslo Børs and has set a decarbonization strategy for 2026-2030.
At the close of 06 Nov 2026, Klaveness Combination Carriers ASA (KCC.OL) stock was 103.20 NOK (−2.09% on the day), with beta 0.37, 52-week range 73.90–115.20 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 44.0
- weak (30–45)
- Bollinger (20, 2)
- 98.54 – 115.42
- in the lower half of the band · %B 0.28 · band width 15.8%
- SMA 50 / 200
- 104.08 / 96.63
- mixed trend
- MACD (12, 26, 9)
- 1.04 / 1.61
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.6% | −0.6% | +0.1 pp | — |
| 3 months | +6.1% | −4.2% | +10.2 pp | — |
| 6 months | +3.0% | +4.3% | −1.3 pp | — |
| Year to date | +30.3% | +7.5% | +22.8 pp | — |
| 1 year | +38.7% | +9.9% | +28.8 pp | −4.7% |
| 3 years | +38.0% | +49.8% | −11.9 pp | +12.7% |
| 5 years | +108.9% | +42.8% | +66.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 287.2 m | 278.3 m | 238.5 m |
| Revenue YoY | unavailable | −3.1% | −14.3% |
| Net income | 86.9 m | 81.4 m | 33.4 m |
| Net income YoY | unavailable | −6.3% | −59.0% |
| Diluted EPS | 1.52 | 1.35 | 0.56 |
| Diluted EPS YoY | unavailable | −11.2% | −58.5% |
| net % | 30.3% | 29.3% | 14.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 49.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 366.1 m USD
- Total assets
- 665.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.78x
- ROE
- 9.2%
- ROA
- 5.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 287.2 m | 278.3 m | 238.5 m | esef· 21 Oct 2026verified |
| Operating income | 103.1 m | 96.1 m | 45.0 m | esef· 21 Oct 2026verified |
| Interest expense | 23.7 m | 20.3 m | 15.5 m | esef· 21 Oct 2026verified |
| Pre-tax income | 86.9 m | 81.4 m | 33.4 m | esef· 21 Oct 2026verified |
| Income tax | 0 | 0 | 0 | esef· 21 Oct 2026verified |
| Net income | 86.9 m | 81.4 m | 33.4 m | esef· 21 Oct 2026verified |
| Diluted EPS | 1.52 | 1.35 | 0.56 | esef· 21 Oct 2026verified |
| Dividend per share | 1.17 | 1.30 | 0.31 | esef· 21 Oct 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 68.1 m | 56.1 m | 49.7 m | esef· 21 Oct 2026verified |
| Inventories | 12.1 m | 12.7 m | 11.2 m | esef· 21 Oct 2026verified |
| Current assets | 106.9 m | 95.2 m | 93.8 m | esef· 21 Oct 2026verified |
| Total assets | 628.0 m | 612.2 m | 665.3 m | esef· 21 Oct 2026verified |
| Current liabilities | 44.0 m | 48.6 m | 52.7 m | esef· 21 Oct 2026verified |
| Equity | 361.7 m | 359.9 m | 366.1 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 57.2 m | 60.3 m | 59.7 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 149.0 m | 136.1 m | 83.1 m | esef· 21 Oct 2026verified |
| Investing cash flow | -30.4 m | -28.3 m | -84.8 m | esef· 21 Oct 2026verified |
| Financing cash flow | -115.2 m | -119.7 m | -4.7 m | esef· 21 Oct 2026verified |
| Dividends paid | 66.8 m | 78.6 m | 18.1 m | esef· 21 Oct 2026verified |
| Share repurchases | 0 | 1.2 m | 6.6 m | esef· 21 Oct 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.01 – 17.69 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E5.13 – 17.69 (Mid 11.06)19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)4.01 – 5.39 (Mid 4.60)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 14.0% | 79 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.9x | 22 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.8x | 82 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet46/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial79/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
KLAVENESS COMBINATION CARRIERS ASA (KCC.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 238.5 m USD in 2025; YoY growth -14.3%; net margin 14.0%; ROE 9.2%.
The estimated value range is 4.57–11.54 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 14.0%
- Current ratio: 1.8x
What contradicts it
- Interest coverage: 2.9x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for KCC.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Klaveness Combination Carriers ASA owns and operates combination carriers that transport both wet and dry bulk cargoes, cutting ballast voyages. At the end of 2025 the fleet counted 16 vessels 1. The company is listed on Oslo Børs and has set a decarbonization strategy for 2026-2030 1.
SWOT
Strengths
- The company presents itself as the world leader in combination carriers, with a specialised fleet that reduces ballast distances and emissions per transported ton 1.
- The balance sheet is described as strong, and the combination of fixed and floating rate contracts gives diversified revenue coverage 1.
- The company pays quarterly dividends and runs a share buy-back programme, which strengthens its relationship with shareholders 1.
Weaknesses
- The CLEANBU segment carries commercial and technical risks, since it requires building a brand in the clean petroleum market and securing acceptance from clients and terminals for combined operations 1.
- Ownership is concentrated, with the majority shareholder holding a large share of the company, which may limit trading liquidity 1.
- Some vessels in the fleet are considered vintage, which can lead to higher operational and technical risk and higher costs 1.
Opportunities
- Expanding the CABU segment into new regions and diversifying the customer base could open new revenue sources as newbuilds enter service 1.
- If decarbonization regulation accelerates, the company's leadership in low-emission shipping could become a more important competitive advantage 1.
- Developing new combination carrier concepts could widen the company's operating scope in the coming years 1.
Threats
- Volatile freight rates and shifting trade flows can negatively affect the company's revenues 1.
- Geopolitical instability and security risks in certain maritime regions can limit available routes and raise costs 1.
- If demand from dependent industries, such as Australian alumina, declines, transported volumes could be affected 1.
Risks
- Freight rate volatilityhigh
Freight rates and trade flows are volatile, which can directly affect the company's revenues over the next 12 months 1.
- Newbuild delivery riskmedium
The three newbuilds scheduled for 2026 carry initial technical and operational risks related to commissioning and entry into the commercial phase 1.
- Geopolitical and security riskhigh
Tensions in the Middle East, the Red Sea and the Singapore Strait can affect routes and crew safety, and the company has suspended Red Sea transits 1.
- Decarbonization and regulationmedium
Delayed regulation and slower customer response could make it harder to reach decarbonization targets, which the company has already reassessed 1.
- Access to capitallow
The company cites access to funding as a risk for further development of the group, particularly given large fleet investments 1.
Investment thesis
What would need to be true (bull case)
- The leading position in combination carriers and operational efficiency could support attractive margins if freight rates remain favourable 1.
- The solid balance sheet and quarterly dividend policy could strengthen long-term shareholder confidence 1.
- If emissions regulation accelerates, the fleet's efficiency advantage could become an important differentiator 1.
What would break the thesis
- Freight rate volatility and geopolitical instability could reduce revenues and profitability over shorter periods 1.
- Delayed decarbonization regulation and the reassessment of targets suggest some expected benefits could be postponed 1.
- Technical risks from newbuilds and older vessels could generate additional costs and periods of off-hire 1.
What to watch
- Freight rate developments in product tanker and dry bulk markets2026
- Delivery and integration of newbuild CABU vessels and other scheduled vessels2026
- Progress against decarbonization targets for 2026-2030next 10-K
- Level of quarterly dividends and share buy-backs2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Klaveness Combination Carriers ASA (KCC) owns and operates combination carriers for both wet and dry bulk cargoes, designed to combine an MR or LR1 product tanker with a Panamax or Kamsarmax dry bulk vessel 1. The company presents itself as the world leader in this segment, with eight CABU and eight CLEANBU vessels in operation at year-end 2025 1. Ship management and crewing are provided by Klaveness Ship Management AS, and the majority shareholder is Rederiaksjeselskapet Torvald Klaveness 1.
The business model alternates wet and dry cargo shipments so that vessels travel as little as possible in ballast 1. The company cites this efficiency as its main competitive advantage, since it reduces CO2 emissions per transported ton 1. CABU customers are alumina refineries in Australia, aluminium smelters in the Middle East and steel producers in the Far East, while CLEANBU customers are mainly energy, petrochemical and trading companies 1.
The 2025-2030 strategy, titled 'Redefining efficiency and sustainability in tanker and dry bulk shipping', aims to grow the CLEANBU business, expand CABU into new regions and explore new combination carrier concepts 1. The company also aims to act as a 'Smart Leader' in decarbonization and to deliver strong risk-adjusted returns to shareholders 1.
Segments
Market context
The company describes the tanker and dry bulk shipping market as influenced by trade imbalances, volatile freight rates and shifting trade flows 1. For 2026 KCC reports a solid start, supported by positive momentum in the product tanker market and a seasonally strong dry bulk market, while the outlook remains uncertain because of geopolitical instability 1.
Decarbonization is another important market factor, since regulation and customer behaviour are evolving more slowly than expected, which led the company to reassess its 2030 carbon intensity targets 1.
Trends
- Decarbonization and regulationmixed
Shipping emissions regulation is advancing more slowly than expected, and customer pressure for emission reductions remains uneven, which led the company to reassess its targets 1. If regulation accelerates, combination carriers could benefit from their emissions efficiency 1.
- Geopolitical instabilityheadwind
Conflicts and tensions in key regions affect trade routes and navigation security, and the company has decided not to transit the Red Sea until the situation improves 1.
- Product tanker markettailwind
The company signals positive momentum in the product tanker market at the start of 2026, which could support demand for CLEANBU vessels 1.
- Newbuild deliveries and investmentmixed
The company expects several newbuild deliveries in 2026 and their integration into the fleet, which brings both growth opportunities and commissioning risks 1.
Competitive position
KCC presents itself as the world leader in combination carriers, a niche in which direct competition is limited because standard tanker and bulk vessels do not offer the same wet and dry combination 1. Indirect competition comes from operators of standard tanker and Panamax or Kamsarmax vessels that may compete on certain routes 1.
The company's competitive edge rests on operational efficiency, a mix of fixed and floating rate contracts and a strong balance sheet, while standard competitors sail more ballast distance 1.
- Standard tanker operators (MR and LR1)
Operators of MR and LR1 tankers may compete on the same product tanker routes but do not offer the combined wet and dry cargo model 1.
- Standard dry bulk operators (Panamax and Kamsarmax)
Panamax and Kamsarmax operators compete in the dry bulk market but, without liquid cargo capacity, usually sail in ballast over long distances 1.
- Other combination carrier operators
The source does not identify other combination carrier operators; the company presents itself as the world leader in this segment 1.
- Operators on Australian and South American export routes
Competition on export routes from Australia and South America may come from operators serving alumina and other dry bulk cargoes 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Klaveness Combination Carriers ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.