Klaveness Combination Carriers

Investor Presentation • Feb 27, 2025

SpareBank 1 Markets Energy Conference 26 February 2025

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Redefining dry bulk and product tanker shipping

CABU introduced in 2001-17

CLEANBU introduced in 2019-21

Capitalizing on trade imbalances and inefficiencies in standard shipping

…results in more paid days, less volatility in earnings and lower emissions

~10% trading empty/ballast

Source: AXSDry and Alphatanker

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 assumes one-month advance cargo fixing/"lag". 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.

5

The concept enables carbon emission outperformance….

KCC's carbon intensity (EEOI) targets

KCC's EEOI1 compared to benchmark standard vessels

1) EEOI = EEOI (Energy Efficiency Operational Index) is defined by IMO and represents CO2 emitted per transported cargo per nautical mile for a period of time (both fuel consumption at sea and port included). *Standard vessels (Panamax/Kamsarmax dry, MR-tankers and LR1-tankers wet) making the same transportation work in the same trades as performed by KCC's CABU and CLEANBU vessels

6

…and consistent quarterly dividends since listing

1) Adjusted Cash Flow to Equity (ACFE) is an 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).

While markets have weakened, there are positive signals moving forward

TCE earnings development \$/day1

1) Source: Clarksons Securities and Clarksons SIN

8

Geopolitical uncertainties present both risks and opportunities

Trade-wars? Ukraine peace agreement?

Image: Chip Somodevilla/Getty Images

Tightening sanctions against Iran and Russia?

Image: Office of the Iranian Supreme Leader

Gaza conflict resolution/ normalization of Red Sea situation?

Image: Khaled Ziad/AFP

China macroeconomic development – impact of stimulus efforts?

Image: Wang Zhao/AFP/Getty Images

KCC is well positioned to deliver shareholder value through uncertainty

EFFICIENCY

DIVERSIFICATION

FLEXIBILITY

Substantially lower ballast and carbon footprint than standard vessels

Exposed to both dry bulk and product tanker markets

Optionality to shift capacity to the highest paying market

Improving our competitive advantage through fleet renewal and energy efficiency investments

Investments 2025-2026 (est. mUSD)

Energy efficiency measures Newbuilds fully delivered Newbuild debt*	14 177 115
		CAPEX net of debt	75

-25% Lower carbon footprint1

Through optimized design and energy efficiency measures

Higher earnings capacity2 Due to higher cargo carrying capacity and +25% lower fuel consumption

*Assuming 60% debt funding of delivered newbuild cost, not yet secured 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)

Financial flexibility to cover capex and continue delivering shareholder return

EBITDA and Profit after tax (USD millions) Available liquidity (USD millions) and Equity ratio (%)

2) 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 "APM2Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2024 report.

FUTURE BOUND