Brief: Klaveness: Strong Q1 2020 TCE Earnings And Increasing Tanker Market Coverage
07/04/2020 13:51
April 7 (Reuters) - Klaveness Combination Carriers ASA
KCCA.OL :
* KLAVENESS COMBINATION CARRIERS ASA: STRONG Q1 2020 TCE
EARNINGS
AND
* KLAVENESS COMBINATION CARRIERS ("KCC") ANNOUNCES ITS DAILY
TCE-EARNINGS FOR Q1 OF 2020
* CABU TCE EARNINGS ENDED AT $20,283/D AND CLEANBU TCE
EARNINGS
IMPROVED TO $20,932/D IN Q1 2020 ON BACK OF A STRONG TANKER
MARKET AND DESPITE WEAK DRY BULK AND FUEL MARKETS AND INCREASING
OPERATIONAL IMPACT OF COVID-19 VIRUS-SITUATION
* OUTLOOK Q2 IS POSITIVE FOR BOTH VESSEL CLASSES
* ON CORONAVIRUS: IN CURRENT COVID-19 SITUATION OUR FIRST
PRIORITY
IS TO SECURE HEALTH AND SAFETY OF OUR CREW AND WE HAVE INITIATED
A NUMBER OF VIRUS PROTECTION MEASURES TO PROTECT CREW AND ENSURE
NO VIRUS OUTBREAK ON BOARD OUR VESSELS
* HAS A STRONG BALANCE SHEET AND CASH POSITION MAKING KCC
ROBUST
TO TACKLE INCREASING COVID-19 RISKS AND LIKELY NEGATIVE IMPACT
ON ALL SHIPPING MARKETS AND OPERATIONAL DISRUPTIONS
* TO FURTHER IMPROVE KCC'S ROBUSTNESS AMIDST INCREASING
COVID-19
UNCERTAINTIES, KCC HAS INCREASED TANKER MARKET COVERAGE IN
CURRENT STRONG TANKER MARKET
* WE ARE PLEASED TO HAVE INCREASED TANKER MARKET COVERAGE IN
CURRENT STRONG TANKER MARKET BY CONCLUDING ONE 3-6 MONTHS
TIME-CHARTER, TANKER MARKET DERIVATE COVERAGE FOR 2H 2020 AND A
3 YEARS CAUSTIC SODA CONTRACT TO AUSTRALIA
* WITH ADDITIONAL INITIATED MITIGATING ACTIONS INCLUDING
INITIATIVES TO REDUCE RISKS OF A COVID-19 CONTAGION TO OUR
VESSELS AND POSTPONEMENT OF DOCKING AND NON-CRITICAL
INVESTMENTS, KCC IS ROBUST FOR LIKELY INCREASINGLY DIFFICULT
MARKET AND OPERATIONAL CONDITIONS
Source text for Eikon: ID:nObi7pyxja
Further company coverage: KCCA.OL
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