Klaveness Combination Carriers

Report Publication Announcement • Mar 23, 2021

KCC Annual Report and Sustainability Report 2020: Profitability and sustainability go hand in hand

KCC Annual Report and Sustainability Report 2020: Profitability and sustainability go hand in hand

Oslo, 23 March 2021: Klaveness Combination Carriers ASA (KCC) releases its 2020 Sustainability Report together with its Annual Report for 2020, reporting a profit of $15.2 million and improved sustainability performance.

- KCC has a profitable and resilient business model being well prepared for stricter future regulations and requirements from customers for cutting carbon emissions, says CEO Engebret Dahm.

KCC continued to deliver the most carbon-efficient shipping solution in deep-sea tanker and dry bulk markets, offering the most cost-effective way for customers to decarbonize their transportation. The 2020 Sustainability report released together with the annual report for 2020 is in accordance with Global Reporting Initiative (GRI) and Task Force on Climate-related Financial Disclosures (TCFD) standards.

The Sustainability report highlights the following:

* High attention to protecting the health and wellbeing of our seafarers during a challenging COVID-19 situation.

* Launched ‘KLASS’ (“Klaveness always safe and secure”) safety culture program across the fleet and on shore. Per mid-March 2021, one year has passed without medium or major crew injuries onboard.

* The CABU and CLEANBU once again delivered an industry leading carbon-efficient performance. The average carbon intensity (EEOI) for the fleet in 2020 ended at 7.4, down from 7.9 in 2019, and significantly below the 2020 benchmark for standard vessels in KCC’s trades of 10.0.

* Launched numerous initiatives to further improve energy and operational efficiency to reach KCC’s ambitious 2022 decarbonization targets.

* Shipments of fossil fuels were limited to 19% of total transported cargo despite growth in the CLEANBU fleet in 2020.

-We are pleased with these results and believe our 2020 performance illustrates well how profitability and sustainability can go hand in hand, says Dahm.

Contact:

Engebret Dahm, CEO

Telephone +47 957 46 851

Liv Dyrnes, CFO

Telephone +47 976 60 561

Invitation to open sustainability webinar: KCC’s decarbonization roadmap – moving towards carbon neutrality

In connection with the release of our sustainability report, we would like to share our ongoing initiatives related to decarbonization and social responsibility. Join us to learn what we have done so far and our next steps later today at 14:00-14:30 CET by signing up here: https://register.gotowebinar.com/register/8840796280146684175

About Klaveness Combination Carriers ASA:

KCC is the world leader in combination carriers, owning and operating nine CABU and six CLEANBU combination carriers with another two CLEANBU combination carriers on order for scheduled delivery in 2021. 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.