Klaveness Combination Carriers

Quarterly Report • Aug 24, 2023

Second Quarter 2023 Oslo, 24 August 2023

Disclaimer

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Agenda

Quarterly performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

Continued strong earnings despite softer markets

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2023 report.

4

Continued strong performance and high payout

1) Adjusted EBITDA for 2021 figures. Adjusted EBITDA is an alternative performance measure (APM) which are defined and reconciled in the excel sheet "APM2Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2023 report.

5

June 2023: Contracting of three "zero-emission fuel ready" CABU vessels

Lower carbon footprint1

Through optimized design and energy efficiency measures

Higher earnings capacity2

Due to higher cargo carrying capacity and lower fuel consumption

1) Compared to CABU I vessels (built 2001-2002). Calculated based on trades to/from Australia. 2) Compared to CABU I vessels (built 2001-2002)

Agenda

Quarterly performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

Tanker market maintains strength while dry bulk weaker than expected

TCE earnings and fuel price development1

Dry bulk market - positive market fundamentals and upcoming seasonal factors

9

Source: Klaveness Research 1) Effective fleet growth (increase/decrease in vessel DWT) adjusted for year-on-year changes in congestion and average fleet speed. Regular fleet growth (increase in dwt) is a result of newbuilds and scrapings.

Continued solid tanker market fundamentals

Oil consumption and production trending upwards1 Low OECD oil inventories1 High expectations for tonne mile growth2

1) Source: EIA Short-Term Energy Outlook (STEO) August 2023, forecast period shows average Q3-Q4 2) Source: Clarksons SIN

Delivering higher earnings over the cycle

Historical average TCE earnings1 vs. standard tonnage

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2023 report.

11

High caustic soda shipment volumes and tight schedule in Q2 2023

Growing and solidifying the CABU business

Increased caustic soda shipment volume Estimated CSS consumption of Australian lithium refineries

Record high CABU TCE earnings in second quarter

31 466 35 000 40 000

Quarterly TCE earnings (\$/day) Annual/YTD TCE earnings (\$/day)

• Source TCE-earnings standard vessels: Baltic Exchange, Clarksons SIN

• Note: CABU TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2023 report. • Dry bulk and MR Tanker TCE-earnings assume one-month advance cargo fixing / "lag"

Lower capacity in tanker trades due to normal variations in vessel positions

Expansion of customer base will further improve trading efficiency

CLEANBU concept approvals from CPP customers1

• Strong CLEANBU operational and vetting performance
• Solid growth in customers accepting CLEANBUs in combi-trading

Weaker CLEANBU earnings mainly due to lower tanker trading

• T x = MR Tanker multiple and B x = panamax dry bulker multiple

• Dry bulk and MR Tanker TCE-earnings assume one-month advance cargo fixing / "lag"

Quarterly TCE Earnings (\$/day) Annual/YTD TCE Earnings (\$/day)

Agenda

Quarterly performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

EBITDA -28% Q-o-Q mainly due to weaker CLEANBU earnings

EBITDA Q2 2023 compared to Q1 2023 (\$ millions)

CLEANBU OPEX impacted by timing effects

Off-hire

	Q1 2023	Q2 2023
On-hire days	1 430	1 394
Scheduled off-hire	-	60
Unscheduled off-hire	10	4

• CABU OPEX/day quite flat from last quarter and down \$1,157/day from Q2 2022 due to reversal of provision
• CLEANBU OPEX/day up \$1,541/day Q-o-Q and \$1,063/day from Q2 2022 mainly due to timing of procurement and crewing
• Limited unscheduled off-hire with 4 days in total for the fleet in Q2 2023
• One CABU vessel completed, and one CABU vessel started periodic dry docking in Q2, while one CLEANBU vessel completed dry docking in the quarter
• Two CABU vessels and two CLEANBU vessels will have off-hire related to dry-docking in 2H 2023, see more details in slide 37

1) OPEX \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2023 report.

Profit and loss Weaker financials Q-o-Q, but still at solid levels

USD thousand (unaudited accounts)	Q2 2023	Q1 2023	Quarterly variance
Net revenues from operations of vessels	44 529	55 369	19.6 %	Q2 2023	Q1 2023
				Earnings per share1	Earnings per share1
Operating expenses, vessels	(12 655)	(11 400)	11.0 %	\$0.30	\$0.54
SG&A	(2 367)	(2 988)	20.8 %	Dividend per share2	Dividend per share
EBITDA	29 505	40 981	28.0 %	\$0.25	\$0.40
				ROCE3	ROCE3
Depreciation	(7 956)	(8 502)	6.4 %	14%	21%
EBIT	21 550	32 479	33.7 %	ROE3	ROE3
Net financial items	(5 103)	(4 242)	20.3 %	19%	37%
Profit after tax	16 447	28 236	41.8 %
Earnings per share1	\$0.30	\$0.54

1) Basic earnings per share. Calculated basis 52 331 922 shares for Q1 and 54 953 332 for Q2 (average total shares adjusted for treasury shares) 2) Dividend for Q2 2023 approved 23 August 2023 and to be distributed in Q3 2023 3) ROCE/ROE is based on annualized EBIT/Profit after tax for the quarter. ROE and ROCE are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2023 report.

Profit and loss Record strong financial performance in first half 2023

USD thousand (unaudited accounts)	H1 2023	H1 2022	Variance
Net revenues from operations of vessels	99 899	71 449	39.8 %	H1 2023	H1 2022
				Earnings per share1	Earnings per share1
Operating expenses, vessels	(24 056)	(23 129)	4.0 %	\$0.83	\$0.45
SG&A	(5 345)	(3 953)	35.2 %	Dividend per share2	Dividend per share
EBITDA	70 500	44 366	58.9 %	\$0.65	\$0.41
				ROCE3	ROCE3
Depreciation	(16 458)	(14 231)	15.6 %	18%	10%
EBIT	54 041	30 135	79.3 %	ROE3	ROE3
Net financial items	(9 345)	(6 598)	41.6 %	25%	17%
Profit after tax	44 696	23 537	89.9 %
Earnings per share1	\$0.83	\$0.45

1) Basic earnings per share. Calculated basis 52 331 922 shares in Q1 and 54 953 332 share in Q2 (average total shares adjusted for treasury shares) 2) Dividend for Q2 2023 approved 23 August 2023 and to be distributed in Q3 2023 3) ROCE/ROE is based on annualized EBIT/Profit after tax for the period. ROE and ROCE are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2023 report.

Balance sheet Solid balance sheet accommodating the capital allocation strategy

USD thousand (unaudited accounts)	30 Jun 2023	31 Mar 2023	Quarterly variance
ASSETS
Non-current assets
Vessels	507 023	510 732	(3 709)	Q2 2023	Q1 2023
Other non-current assets	3 485	3 536	(51)
Current assets				Equity ratio1	Equity ratio1
Other current assets	46 308	57 167	(10 859)	55.3%	47.2%
Cash and cash equivalents	83 781	79 335	4 446		Available long-term
Total assets	640 598	650 770	(10 172)	Available long-term liquidity2	liquidity2
EQUITY AND LIABILITIES				\$196.8 million	\$109.0 million
Equity	354 089	306 972	47 117
Non-current liabilities
Mortage debt	167 129	152 817	14 312
Long-term financial liabilities	7 938	6 387	1 551
Long-term bond loan	64 224	66 379	(2 155)
Current liabilities
Short-term mortage debt	25 199	91 177	(65 979)
Other interest-bearing liabilities	924	1 423	(499)
Other current liabilities	21 095	25 615	(4 520)
Total liabilities	286 509	343 798	(57 289)
Total liabilities and equity	640 598	650 770	(10 172)

Available long-term liquidity2

1) Equity ratio is an alternative performance measure (APM) which is defined and reconciled in the excel sheet "APM2Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2023 report. 2) Available long-term liquidity = Cash and cash equivalents plus available undrawn capacity under revolving credit facilities

Cash flow Funding for future investments secured

* Including clearing ** Including dry-docking

Comments

• Solid cash position as funds have been secured for future investments in new builds and energy efficiency measures
• Equity issue with net proceeds of USD 48.7 million secured to part fund the investment in three CABU new builds. First payment of USD 17.2 million paid to yard in Q3 2023
• Mortgage debt refinancing finalized with a USD 38 million positive effect on available liquidity
• Temporary regulation of revolving credit facilities (RCF) due to increased cash position
• Interest rate swaps and options terminated with a positive cash effect of USD 4 million
• USD 20.9 million paid in dividend in Q2

24

Interest–bearing debt Refinancing of bank facilities finalized in Q2 2023

Debt maturities (USD million) Comments

• Refinancing of the DNB/SEB facility with due date December 2023 and the SEB/SR Bank/SPV facility with due date in October 2025 finalized in Q2 2023.
• Remaining facilities and interest rate swaps transferred from LIBOR to SOFR
• Bond issue with final due date in February 2025 first facility to be refinanced

Linking financing to sustainability performance will further cement KCC's position as a leader in low carbon shipping

Key Performance Indicators (KPI)

Energy Efficiency Operational Indicator (EEOI)

Sustainability Performance Target (SPT)

46% Reduction in EEOI (2018-2030)

Trajectory

Year-to-Year Targets (2019-2030)

The Framework is published on our website together with:

• A Second Party Opinion from DNV

"The SPT is meaningful to the ISSUER's business, as it addresses Climate Change (decarbonization)."

Annual reporting of progress reports to be verified by EY

Agenda

Quarterly performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

Environmental KPIs – Record strong EEOI driven by CLEANBU performance

Carbon emission benefits of combi trading

More time in ballast results in substantially higher carbon intensity

Effect on carbon intensity

Example from Q2'23, a CLEANBU vessel on time charter operating as a pure product tanker has a ~35% higher EEOI than the remaining CLEANBU fleet.

This serves a clear example of the environmental benefits of operating vessels in combination trade.

Agenda

Quarterly performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

Solid market upside potential in Q4 and into 2024

Historical pricing and forward derivative pricing1

Source: Klaveness, Baltic Exchange and Clarksons SIN as of August 2023 KMAX dry bulk vessel = P5TC, LR1 tanker = TC5 TCE, VLSFO = VSLFO Singapore. Forward TC5 TCE based on TC5 FFA assessment and forward VLSFO price. 31

High fixed-rate tanker coverage and full dry bulk market upside in 2H 2023

Trade	Expiry	% of dry or wet capacity2
CSS	Dec. 2027	~ 8%
CPP	Dec. 2023	~ 9%
Dry bulk	Dec. 2025	~23%

Comments

• CABU tanker coverage fully booked for 2H 2023
• 2 years T/C on MV Bass represents the only fixed-rate CLEANBU tanker coverage for Q4 2023
• Most of the dry bulk capacity open for Q4 2023

Maintaining solid earnings in Q3 2023 despite weaker summer markets

Q3 2023 TCE-earnings guiding vs. actual last two quarters

Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)1)

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2023 report.

Future proof and profitable business model

1) Calculated based on standard vessels (Panamax/Kamsarmax dry, MR-tankers and LR1-tankers) making the same transportation work in the same trades as performed by KCC's CABU and CLEANBU vessels in the relevant period. 2) EEOI in the current main trades to/from Australia and South America excluding voyages with extraordinary long ballasting.

FUTURE BOUND

Estimated CAPEX next 12 months (\$ millions)

³⁷ 1) Period indicated is expected quarter in which drydocking will start, off-hire may occur in following period, while costs may occur in previous or following period

Detailed 2023 contract coverage – wet

Contract coverage (slide 32)

CABU: CSS contract coverage

Total wet contract coverage

CLEANBU: CPP contract coverage

# of days	Q3 23	Q423	2H 2023
Fixed rate COA/Spot	396	92	488
Floating rate COA		98	98
Total contract days	396	190	585
FFA coverage			$\overline{\phantom{0}}$
Available wet days CLEANBU	463	368	831

Detailed 2023 contract coverage – dry bulk

Contract coverage (slide 32)

Total dry bulk contract coverage