Brief: Klaveness Q3 Net Profit Falls To $1.3 Mln

Klaveness Combination Carriers ASA

18/11/2020 06:14

Nov 18 (Reuters) - Klaveness Combination Carriers ASA
 KLAV.OL :
    * THIRD QUARTER 2020: ENVIRONMENTALLY FRIENDLY DEEP-SEA
VESSELS
ACHIEVE
    * DELIVERED A POSITIVE EBITDA OF 9,8 MILLION US DOLLAR IN Q3
OF
2020
    * DIVIDEND PAYMENTS MAINTAINED AT USD 0.03 PER SHARE (TOTAL
USD
1.44 MILLION) FOR Q3
    * Q3 NET REVENUE FROM VESSEL OPERATIONS $20.4 MILLION VERSUS
$16.6
MILLION YEAR AGO
    * Q3 NET PROFIT $1.3 MILLION VERSUS $1.5 MILLION YEAR AGO
    * EARNINGS OUTLOOK FOR FOURTH QUARTER 2020 IS POSITIVE
    * Q4 OUTLOOK IS SUPPORTED BY A HIGH TANKER MARKET COVERAGE
    * IN ADDITION, A RELATIVELY STRONG, ALBEIT VOLATILE, DRY
BULK
MARKET UNDERPINS KCC’S EARNINGS FOR Q4 2020
    * 85% OF TANKER MARKET EXPOSURE FOR Q4 2020 HAS BEEN SECURED
(87%
FIXED RATE) AND 50% FOR 1H 2021 (35% FIXED RATE)
    * IN 2021 THERE SHOULD BE CONSIDERABLE UPSIDE POTENTIAL IN
BOTH
TANKER AND DRY BULK MARKETS ONCE WORLD ECONOMY GETS UP TO SPEED

Source text for Eikon:  ID:nObiL965Ca 
Further company coverage:  KLAV.OL 

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