Klaveness Combination Carriers

Earnings Release • Jan 13, 2026

KCC: Fourth Quarter 2025 Business Update

KCC: Fourth Quarter 2025 Business Update

Oslo, 13 January 2026: Klaveness Combination Carriers’ ("KCC" or the "Company") preliminary fleet average TCE earnings for the fourth quarter ended at $29,333/day, slightly above the mid-point of the guiding range ($28,500-30,000/day).

The CABU fleet achieved TCE earnings of $31,840/day, $840/day above the guiding range ($30,000–31,000/day) mainly due to stronger dry earnings driven by more fixed rate contract days, and positive IFRS periodization effects[1]. Compared to Q3 2025, the CABU TCE earnings increased by $1,778/day driven by stronger dry bulk earnings, positive IFRS effects[1] and more capacity employed in wet trades, partly offset by lower per-day wet rates. CABU earnings continued to outperform the standard MR tanker market, with a multiple of 1.4[2] for the quarter.

KCC has secured a record-high contract of affreightment (COA) portfolio for 2026, covering the full caustic soda solution (CSS) capacity of its expanding CABU fleet, including the three CABU newbuilds to be delivered in 2026. This CSS COA volume also supports the CLEANBU trading into Australia through increased flexibility. Approximately 35% of the contract volume is fixed-rate, secured in the period October to December 2025.

The CLEANBU fleet reported TCE earnings of $26,851/day for Q4, $149/day below the guiding range ($27,000-29,000/day) mainly due to negative IFRS effects[1]. The TCE earnings were slightly above LR1 spot tanker rates for the quarter, corresponding to a multiple of 1.1[2]. The CLEANBU TCE earnings were down $889/day from Q3 2025 to Q4 2025 mainly driven by negative IFRS effects[1] partly offset by higher dry earnings.

Actual on-hire days in Q4 were 15 days higher than the guiding for the quarter due to less off-hire than expected related to dry-docking.

Preliminary fleet average TCE earnings for 2025 were $26,278/day, down approximately $9,100/day from 2024, mainly driven by weaker product tanker markets and somewhat weaker dry bulk markets.

KCC’s Fourth Quarter Report for 2025 and the Annual Report for 2025 will be published on 13 February 2026.

[1] IFRS recognizes revenue based on load to discharge basis and not discharge to discharge

[2] Clarksons MR (CABU) and LR1(CLEANBU) tanker multiple calculated based on assumption of one-month advance cargo fixing/«lag»

CABU (TCE earnings per on-hire day and on-hire days)

Q4 2025 Preliminary: $31,840/day (660 days)

Q4 2025 Guiding range[3]: $30,000/day-$31,000/day (666 days)

Q3 2025 Actual: $30,062/day (712 days)

2025 Preliminary: $27,700/day (2,708 days)

CLEANBU (TCE earnings per on-hire day and on-hire days)

Q4 2025 Preliminary: $26,851/day (667 days)

Q4 2025 Guiding range[3]: $27,000/day-$29,000/day (646 days)

Q3 2025 Actual: $27,740/day (688 days)

2025 Preliminary: $24,897/day (2,787 days)

Fleet (TCE earnings per on-hire day and on-hire days)

Q4 2025 Preliminary: $29,333/day (1,327 days)

Q4 2025 Guiding range[3]: $28,500/day-$30,000/day (1,312 days)

Q3 2025 Actual: $28,921/day (1,400 days)

2025 Preliminary: $26,278/day (5,495 days)

[3] 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 “APM4Q2025” published on the Company’s homepage Investor Relations/Reports and Presentations under the section for the Q4 2025 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.