Klaveness Combination Carriers

Investor Presentation • Mar 6, 2025

DNB's 18th Annual Energy & Shipping Conference 6 March 2025

Disclaimer

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Who we are and how we create value

3

2024 – another fantastic year

Outlook 2025

Redefining dry bulk and product tanker shipping

MR product tanker Panamax

dry bulk vessel

LR1 product tanker Kamsarmax

dry bulk vessel

Value drivers:

E F F I C I E N C Y

D I V E R S I F I C A T I O N

F L E X I B I L I T Y

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

Trading efficiency drives profitable decarbonization

Source: AXSDry and Alphatanker

Better downside protection by trading in two markets

Spot market TCE earnings (\$/day)

Source: Clarksons Securities and Clarksons SIN

F L E X I B I L I T Y

Trading optionality – shift capacity to the highest paying market

CLEANBU tanker trading in % of capacity vs. Spot earnings diff. LR1-tanker vs. Kmax dry (\$/day)

Source: Clarksons Securities and Clarksons SIN

-68%

Who we are and how we create value

9

2024 – another fantastic year

Outlook 2025

2024 – got the best out of a strong product tanker market

KCC fleet TCE earnings¹ vs. standard tonnage²

EBITDA and Profit after tax (USD millions)

10

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

3) 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 "APM4Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q4 2024 report.

2024 - Continuing strong and consistent quarterly dividend payouts

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).

11

Who we are and how we create value

12

2024 – another fantastic year

Outlook 2025

Geopolitical uncertainties present both risks and opportunities

Trade-wars? Ukraine peace agreement?

Image: Chip Somodevilla/Getty Images

Tightening sanctions against Iran and Russia?

Gaza conflict resolution/ normalization of Red Sea situation?

China macroeconomic development – impact of stimulus efforts?

Image: Wang Zhao/AFP/Getty Images

Upside potential after a seasonally weak Q1 2025

1) Source: Clarksons Securities and Clarksons SIN 2) 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. 3) 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.

High contract coverage – living well with market exposure

Dry bulk market exposure Q2-Q4 2025

(% share of the fleet days)

Spot Floating rate COA Fixed-rate COA

Tanker market exposure Q2-Q4 2025

(% share of the fleet days)

Spot Floating rate COA Fixed-rate COA

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.

16

EFFICIENCY

DIVERSIFICATION

FLEXIBILITY

Best risk-adjusted return in dry bulk/tanker shipping

2019 – 2024 Q4 average annualized quarterly return on invested capital (%)¹

Source: Bloomberg 1) Return on invested capital is calculated as annualized quarterly net operating profit dividend by the company's invested capital.

FUTURE BOUND