Klaveness Combination Carriers

Investor Presentation • Mar 7, 2024

DNB Energy & Shipping Conference 2024

Presentation by Engebret Dahm, CEO Oslo, 7 March 2024

World leader in combination carriers

EFFICENCY

DIVERSIFICATION

FLEXIBILITY

Substantially lower ballast and carbon footprint than standard vessels

Exposed to both dry bulk and product tanker markets

Optionality to shift capacity to the highest paying market

Substantially lower ballast and carbon footprint

4

EFFICENCY

Source: AXSDry and Alphatanker

Profitable decarbonization through efficiency improvements

Reinforcing KCC's leading carbon efficiency advantage

Carbon intensity EEOI (Grams CO2 per transported cargo per nautical mile)

2023-2026

Retrofits of air lubrication system and shaft generator (# of vessels)

1+5x contracted retrofits

5x optional retrofits

EFFICENCY

*Standard vessels (Panamax/Kamsarmax dry, MR-tankers and LR1-tankers wet) making the same transportation work in the same trades as performed by KCC's CABU and CLEANBU vessels 5

Exposure to both the dry bulk and product tanker markets

Spot market TCE earnings (\$/day)

Source: Clarksons Securities and Clarksons SIN

6

Optionality to shift capacity to the highest paying market

CLEANBU fleet tanker trading in % of capacity vs. LR1 spot market earnings (\$/day)

* YTD 29 February 2024

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Premium earnings and lower volatility than standard vessels

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM4Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2023 report. 2) Standard tonnage for bulk carriers are calculated averages of Panamax and Kamsarmax earnings and CABU and CLEANBU onhire days. Standard tonnage for product tankers are calculated averages of MR and LR1 earnings and CABU and CLEANBU onhire days.

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Record financial results supports strong dividend yield

Solid start to 2024

Quarterly KCC fleet TCE earnings1 vs. standard tonnage2 (\$/day)

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM4Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2023 report. 2) Standard tonnage for bulk carriers are calculated averages of Panamax and Kamsarmax earnings weighted by CABU and CLEANBU onhire days respectively. Standard tonnage for product tankers are calculated averages of MR and LR1 earnings weighted by CABU and CLEANBU onhire days respectively *Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)

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Forward pricing indicates a considerably stronger 2024 than 2023

Historical pricing and forward derivative pricing (TCE-earnings \$/day)1

EFFICIENCY

DIVERSIFICATION

FLEXIBILITY

Best risk-adjusted return in dry bulk/tanker shipping

2019 – 2023 average annualized quarterly return on invested capital vs. volatility (%)1

Volatility % (annualized quarterly standard deviation)

FUTURE BOUND