Klaveness Combination Carriers

Earnings Release • May 27, 2020

KCC: Q1 2020 results

KCC: Q1 2020 results

Oslo, 27 May 2020: Klaveness Combination Carriers (“KCC”) announces its results for the first quarter of 2020.

Highlights

* Adjusted EBITDA of USD 12.9 million, 40% higher than last quarter, and EBT of USD 4.3 million

* CABU TCE earnings of $20,283/d, the best quarterly earnings since 2015 with 92% of the fleet capacity employed in combination trades

* CLEANBU TCE earnings of $20,932/d with solid TCE earnings of $24,000/d in combination trades

* Building tanker market coverage for 2020 and first half of 2021 in a strong tanker market

* Strong cash position, a fully financed fleet and positive earnings outlook for 2020

* Our first priority is to ensure the health and safety of our crew in the current COVID-19 situation. Limited financial and operational impact to date

* KCC triples dividend payments to USD 0.03 per share (total USD 1.44 million) for Q1

Engebret Dahm, CEO Klaveness Combination Carriers ASA, says:

“We are pleased to report KCC’s strongest financial results to date on the back of increased combination trading and a strong tanker market. We are also pleased to have concluded a higher tanker market coverage at attractive levels for the balance of 2020. This supports a strong outlook for KCC’s earnings for the 2020 and an increased financial robustness in the current uncertain COVID-19 situation”

APM: CABU and CLEANBU TCE earnings USD/day for Q1 2020 are alternative performance measures (APM) which are further described and reconciled in the quarterly report for Q1 2020, note 2 (page 16-17). Earnings for the CLEANBUs in combination trading of $24,000/day (APM) for Q1 2020 are reconciled in the Q1 presentation, slide 31-33. See link for report and presentation: https://www.combinationcarriers.com/investor-relations/#reports-presentation.

For further queries, please contact:

Engebret Dahm, CEO

Telephone +47 22 52 62 62

Liv Dyrnes, CFO

Telephone +47 22 52 61 51

About Klaveness Combination Carriers ASA:

KCC is the world leader in combination carriers, owning and operating nine CABU and three CLEANBU combination carriers with another five CLEANBU combination carriers on order for scheduled delivery in the period 2020 - 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.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.