Klaveness Combination Carriers

Investor Presentation • Jan 15, 2025

Quarterly analyst call 15 January 2025, 8:45 AM

Date, time and participants details

Date and time of meeting: Wednesday 15 January 2025, 08:45-09:30am CET

Participants from KCC: Engebret Dahm (CEO), Liv Dyrnes (CFO), Ingri Langemyhr (Head of Financial and ESG Reporting), Helen Vad Johansen (Finance and Strategy Analyst)

Other participants:

Name	Company	Name	Company
Petter Haugen	ABG Sundal Collier	Fredrik Dybwad	Fearnley Securities
Oliver Dunvold	ABG Sundal Collier	Nils Thommesen	Fearnley Securities
Martin Mauseth	ABG Sundal Collier	August Klemp	Pareto Securities
Frode Mørkedal	Clarksons Securities	Eirik Haavaldsen	Pareto Securities
Even Kolsgaard	Clarksons Securities	Magnus Hjermann	Pareto Securities
Bendik Folden Nyttingnes	Clarksons Securities	Peder Loholt Kristiansen	Pareto Securities
Jørgen Lian	DNB Markets	Jon Nikolai Skåland	SEB
Johannes Steinsbø Fylkesnes	DNB Markets	Oliver Moriggi Kielland	SEB
Jostein Aschjem	DNB Markets

Agenda

New approach for quarterly group calls

Previous quarter's highlights

Latest business update

Feedback and Q&A

Background and format

Ambition to increase analyst engagement..

• KCC aims to establish a structured format for frequent analyst dialogue starting in 2025 (with Q4 2024 reporting)
• Educating and improving analysts' understanding of KCC's markets and operations
• Strengthens the foundation for valuation
• Opportunity for management to remind analysts about facts provided in last quarterly presentation and other published material
• Analyst questions and feedback provide valuable insights for potential adjustments to KCC's capital markets communications

..through quarterly group calls

• Collective group call with analysts and KCC management
• The call will be held on the same day as the publication of the quarterly business update. Details regarding participants and timing will be published alongside the business update
• Agenda for the call will be as follows;
  • Summary of the previous quarter's highlights and guiding
  • Presentation of the latest business update
  • Analyst feedback and Q&A session
• The group call will be recorded, and made available to NFSA upon request
• No sensitive information will be disclosed during the call beyond what has already been published by KCC

Agenda

New approach for quarterly group calls

Previous quarter's highlights

Latest business update

Feedback and Q&A

Strong financial results amid more challenging markets Q3 recap

• EBITDA of USD 32.6 million and EBT of USD 21.7 million
• Both segments outperformed the standard markets
• Quite stable CLEANBU TCE earnings of \$38,673/day (-\$400/day Q-o-Q) despite considerably weaker product tanker market
• CABU TCE earnings of \$29,668/day (-\$8,000/day Q-o-Q) impacted by a weaker MR-tanker market and temporary lower caustic soda shipment volume
• Record low carbon intensity (EEOI 6.1) driven by limited ballasting and high cargo intake

Highlights Q3 2024 KCC TCE earnings (\$/day)¹

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2024 report.

6

Q3 recap

CABU TCE impacted by lower CSS² volume and weaker MR-tanker market

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2024 report. 2) CSS = Caustic Soda Solution

7

CLEANBU rates at solid levels, despite weaker markets Q3 recap

(\$/day)

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1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2024 report. *% of days in combination trades for Q2 2024 adjusted from 63 % to 56 % compared to Q2 2024 reporting

Agenda

New approach for quarterly group calls

Previous quarter's highlights

Latest business update

Feedback and Q&A

Delivering substantially stronger than standard tankers for the quarter

Q4 2024 TCE earnings¹ guiding vs. actual Highlights and comments

• Preliminary CABU TCE earnings above mid-point guiding mainly due to more capacity in caustic soda trades supported by a tight contract schedule.
• Preliminary CLEANBU TCE earnings below mid-point due to considerably weaker product tanker market compared to the forward market at the time of guiding, more than expected ballasting and waiting time for two vessels after completion of drydock, and negative IFRS 15² effects.
• Both the CABU and CLEANBU fleet delivered considerably higher TCE earnings compared to standard MR and LR1 vessels for the quarter, with a multiple of 1.7³ and 1.4³ respectively.

On-hire days	Q4 2024 (guiding)	Q4 2024 (actual)
CABU	680	684
CLEANBU	650	631
KCC Fleet	1 330	1 315

• 15 fewer on-hire days than guided mainly due to longer dry-docking of two CLEANBU vessels.

* Mid-point of guiding range 1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM4Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2024 report.

2) IFRS15 recognises revenue based on load-to-discharge and not based on discharge-to-discharge. No cash effect, but effect om timing of revenue recognition. 3) Clarksons, MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag»

Continued efficient combination trading

% days in combination trades & ballast Quarterly TCE earnings¹

(\$/day)

1)TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM4Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2024 report. 2) CSS = Caustic Soda Solution

11

Weaker CPP market and trading inefficiencies impact CLEANBU Q4 earnings

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM4Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2024 report. *% of days in combination trades for Q2 2024 adjusted from 63 % to 56 % compared to Q2 2024 reporting

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Considerably weaker markets compared to forward market at time of guiding

2024 has been a historically strong year

2024 TCE earnings¹ vs. 2023 TCE earnings¹

On-hire days

On-hire days	2023	2024
CABU	2 754	2 779
CLEANBU	2 872	2 648
KCC Fleet	5 626	5 427

Expect 30-35% fixed rate coverage for dry bulk and CSS for 2025

contract volume is expected to be fixed-rate.

Maintaining high floating rate contract and spot trading to harvest the benefits from efficient combination trading

Split of tanker and dry booking¹

Earnings premiums to standard markets increase as the two markets converge

Quarterly KCC fleet TCE earnings¹ vs. standard tonnage²

• Lower TCE earnings volatility than the standard markets
• Outperforming standard product tankers by 1.5 in a weaker product tanker market in Q4

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1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM4Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2024 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.

Getting the best out of peaking markets – overperforming in "normal" markets

Average KCC TCE earnings¹ vs. standard tonnage (\$/day)²

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM4Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2024 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.

Summary

• Maintaining strong TCE earnings amid weaker markets preliminary CABU and CLEANBU TCE earnings for Q4 2024 at \$/day 28 988 and \$/day 28 027, respectively. Fleet average TCE earnings at \$/day 28 527
• Expects to secure full 2025 caustic soda contract volume for the CABU fleet during the next weeks – expecting more than 30% of full contract volume to be fixed-rate
• With less difference between the dry bulk and product tanker markets in 2025, KCC's earnings premiums to standard markets are expected to increase based on KCC's efficient combination trading
• Working to get the full fleet into the best combination trades by optimizing CABU trading to/from Australia and secure trading in main combi-trades for the CLEANBU vessels

Agenda

New approach for quarterly group calls

Previous quarter's highlights

Latest business update

Feedback and Q&A

Feedback? Q&A