Klaveness Combination Carriers

M&A Activity • Jun 23, 2023

KCC – Shipbuilding contract for three third generation CABU vessels concluded

KCC – Shipbuilding contract for three third generation CABU vessels concluded

Oslo, 23 June 2023: Klaveness Combination Carriers ASA(“KCC” or the “Company”) hereby announces that a 100% owned subsidiary has today concluded the shipbuilding contract for the construction of three third generation CABU vessels with Jiangsu New Yangzi Shipbuilding Co. Ltd. and Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd in line with the Letter of Intent (“LOI”) announced 23 May 2023.

Compared to the existing CABU vessels built 2001-2002 that the newbuilds will replace, the vessels are estimated to have 25-30% higher earnings capacity and around 35% lower CO2 emissions due to increased cargo carrying capacity and substantially lower fuel consumption.

The newbuilds are key for KCC to position the Company for expected growing caustic soda import volumes to Australia, and for meeting its ambitious targets of an approximately 45% reduction in its carbon intensity within 2030 relative to its actual 2018 performance.

The vessels are estimated to be delivered in Q1-Q3 2026 and the equity portion of the investment is fully funded, partly through a private placement of NOK 550 million in May 2023

For additional information, please contact:

Engebret Dahm, Chief Executive Officer

Email: eda@klaveness.com

Phone: +47 957 46 851

Liv Dyrnes, Chief Financial Officer

Email: lhd@klaveness.com

Phone: +47 976 60 561

About Klaveness Combination Carriers ASA

KCC is the world leader in combination carriers, owning and operating eight CABU and eight CLEANBU combination carriers. KCC’s combination carriers are built for transportation of both wet and dry bulk cargoes, being operated in trades where the vessels efficiently combine dry and wet cargoes with minimum ballast. Through their high utilization and efficiency, the vessels emit up to 40% less CO2 per transported ton compared to standard tanker and dry bulk vessels in current and targeted combination trading patterns.