Klaveness Combination Carriers

Earnings Release • Jul 12, 2023

KCC: Second Quarter 2023 Business Update

KCC: Second Quarter 2023 Business Update

Oslo, 12 July 2023: Klaveness Combination Carriers ("KCC" or the "Company") preliminary CABU and CLEANBU TCE earnings for second quarter 2023 ended at $/day 34,502 and $/day 29,482 respectively. Fleet average TCE earnings for the quarter ended at $/day 31,955, approximately $/day 750 below the guiding range.

CABU TCE earnings increased approximately $/day 3,000 from Q1 2023 to Q2 2023 mainly due to higher caustic soda shipment volumes. The CLEANBU TCE earnings decreased by approximately $/day 16,400 from Q1 2023 to Q2 2023 driven by lower capacity in tanker trades (down from 91% in Q1 to 57% in Q2) mainly due to normal quarterly variations in the vessels’ geographical positions and unpaid waiting time between voyages as well as a seasonally weaker product tanker market in early summer. While the dry bulk market improved somewhat compared to the first quarter of 2023, both the CABU and CLEANBU TCE earnings continue to have low contributions from dry bulk fixtures.

TCE earnings guiding for Q3 2023 will be published with KCC’s 2023 second quarter and half-year report on 24 August 2023.

TCE earnings Q2 2023 Q2 2023 Q1 2023

($/on-hire day) Preliminary Guiding range* Actual

(on-hire days)

CABU..................34,502 (687) 34,000-35,000 31,466

CLEANBU...............29,482 (707) 31,500-33,500 45,911

Fleet.................31,955 (1,394) 32,700-34,200 38,708

*Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)

TCE earnings $/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2023" published on the Company’s homepage Investor Relations/Reports and Presentations under the section for the Q2 2023 report. The address to the Company’s homepage is www.combinationcarriers.com.

For further queries, please contact:

Engebret Dahm, CEO, Telephone +47 957 46 851

Liv Dyrnes, CFO, Telephone +47 976 60 561

About Klaveness Combination Carriers ASA:

KCC is the world leader in combination carriers, owning and operating eight CABU and eight CLEANBU combination carriers with three CABU vessels under construction for delivery in 2026. 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.