Klaveness Combination Carriers

Investor Presentation • Mar 11, 2019

Klaveness Combination Carriers AS

Company Presentation March 2019

Disclaimer

This presentation has been prepared by Klaveness Combination Carriers AS (the "Company") and is furnished to you for information purposes only and may not be reproduced or redistributed, in whole or in part, to any other person. The presentation does not constitute or form part of any offering of securities, and the contents of this presentation have not been reviewed by any regulatory authority. The presentation should not form the basis for any investments nor be deemed to constitute investment advice by the Company including its affiliates or any of their directors, officers, agents, employees or advisers. An investment in the Company's securities involves risk, and several factors could cause the actual results, performance or achievements that may be expressed or implied by statements and information in this presentation and by attending or reading the presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you must make your own independent assessment of the information contained in the presentation after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates, projections, opinions or other forward-looking statements contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should make its own verifications in relation to such matters.

This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances, not historical facts, and are sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this presentation (including assumptions, opinions and views of the Company or opinions cited from third party sources) are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company, any of its parent or subsidiary undertakings, or any such person's officers, directors, or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors, nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments described herein.

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The information and opinions contained in this document are provided as at the date of this presentation and may be subject to change without notice. Except as required by law, neither the Company nor any of its affiliates undertake any obligation to update any forward-looking statements or other information herein for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations or publicly release or inform of the result of any revisions to these forward-looking statements which the Company or any of its affiliates may make to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events.

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This presentation speaks as of [•] November 2018. Neither the delivery of this presentation nor any further discussions by the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. Neither the Company nor the Manager intends to, or will assume any obligation to, update this presentation or any of the information included herein.

This presentation shall be governed by Norwegian law. Any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of the Norwegian courts with the Oslo City Court as exclusive legal venue.

Torvald Klaveness & Klaveness Combination Carriers (KCC)

Torvald Klaveness' business segments

Own unique vessel designs KCC and its combination carrier concepts Safely and efficiently transporting dry or wet cargoes Dry cargo Wet cargo

Unique commercial concept and trading pattern

Substantially more energy efficient and substantially lower GHG emissions than standard vessels

Being around 40% more energy efficient and having around 40% lower carbon footprint than standard vessels

Energy Efficiency Operational Index (g CO2 / tons * nm)

7 10.03.2019

Reduction in GHG emissions per year compared to standard vessels after delivery of contracted newbuilds in 2020 is equivalent to pollution from

~44,000 cars

Capitalizing on more expensive bunker fuels from 2020

• From January 1, 2020, the International Maritime Organization (IMO) has decided that the maximum allowed sulphur content in bunker fuel will be 0.5%. Currently, heavy fuel oil has an average sulphur content of 2.45% (and max 3.5%)
• The new IMO regulations will cause the majority of the world cargo fleet to switch out of high sulphur fuel oil (HFO) and into middle distillate gasoil (MGO/LSFO), creating an expected large spread between HFO and MGO/LSFO

New IMO regulations in 2020… …will create a larger spread between MGO/LSFO and HFO…

Fuel prices

Forward fuel prices and spreads USD/mt2

…resulting in higher earnings for KCC

+/- \$100 in bunker prices

+/- \$1,000 TCE earnings per day for CABU & CLEANBU1)

Higher bunker prices lead to higher earnings for KCC's fleet as the value of KCC's operational efficiency increases as fuel costs increase

1) Bunker effect on earnings depend on contract portfolio and trading pattern. Effect estimated to be in the range \$600-1,200/d 2) Source: Closing prices ICE

Earnings generated from 3 fairly uncorrelated markets

The long view (2000 – YTD 2019)¹

• 3 volatile "commodity" markets impact KCC's earnings: the product tanker and dry bulk markets as well as the bunker fuel markets
• The value of fuel efficient combitrading patterns varies with fuel costs, hence higher fuel prices are positive for KCC's earnings
• Correlation between the three markets has historically been limited

10 10.03.2019

Proven vessel concept with strong operational track record

• 9 CABU vessels on water
• 72,500-80,400 Dwt built 2001-2017
• Equivalent carrying capacity of a MR product tanker in wet mode and a Panamax/ kamsarmax bulker in dry mode

Designed for transportation of Caustic soda solution (CSS), liquid fertilizer and molasses as well as all relevant dry-bulk commodities

Long term logistic provider for the aluminium industry - combining caustic soda and dry bulk

• Carries caustic soda (CSS) into alumina refineries in Australia and Brazil
• 90-95% match on inbound CSS and outbound dry bulk shipments
• Short- to long-term COAs with investment grade aluminium companies

Substantial earnings premium compared to standard tonnage – superior returns

CABU historical TCE earnings vs standard tonnage¹

1) Average monthly earnings per on-hire day for the period 2005 to 2018. Gross of commissions and commercial management fees, Average of the 4 Spot Routes for Baltic Panamax Index (P4TC). Gross rate., Average MR Clean Earnings. Gross rate. 2) Average ROCE for five CABU ship owning SPCs in the period 2005 – 2017. 2018 ROCE based on KCC figures excluding newbuilds and cash. ROCE = EBIT/ (Average total asset less average current liabilities).

Building on the success of the CABUs The CLEANBUs - the new combination carrier concept

WET/ DRY	WET/ DRY	WET/ DRY	WET/ DRY	WET/ DRY	WET/ DRY	WET/ DRY

• 1 x CLEANBU vessel on water + 5 x newbuildings for delivery April 2019-October 2020 + 8 options
• 82,400-83,500¹ Dwt
• Equivalent carrying capacity of a large LR1 product tanker in wet mode and a kamsarmax bulker in dry mode

Designed for transportation of Clean petroleum products (CPP), Caustic soda solution (CSS) as well as all nonhazardous dry-bulk commodities dry-bulk commodities.

The first CLEANBU has successfully completed its first cargo

MV Baruin Bunbury, Australia discharging its first caustic soda cargo 9 February 2019

Expanding combi to the petroleum and petrochemical industries by combining CPP and dry bulk

• Carries clean petroleum products (CPP) into dry bulk export hubs
• Matching inbound CPP and outbound dry bulk trades
• Large addressable market 10 CLEANBUs = 5-7% of CPP import in the first 4 target markets

Targeted CLEANBU trading pattern

Historically low entry point and insignificant price difference compared to LR1 tanker

Insignificant premium compared to price of LR1 tanker

A product tanker and a bulker at the cost of a product tanker

18 10.03.2019 1) Source: Shipping Intelligence Network

Cleanbu price at par with tanker when accounting for size difference

par with product tanker when accounting for size difference

CLEANBUs simulated to 1.5-2.5x premium to standard markets

CLEANBU historical run-rate TCE earning simulation vs achieved standard tonnage TCE¹

The simulation is intended as an illustration for the earnings potential of the CLEANBUs based on actual dry bulk, product tanker and bunkers spot market conditions in the period 2010-2018 in target trades

1) Simulations for illustration purposes only. Simulated rates are gross of commercial management fee. Bulk carrier (actual) is the average of the 4 Spot Routes for Baltic Panamax Index (P4TC). Gross rate. LR1 Tanker is the average LR1 12 months T/C-rates. Gross rate. Source: Company and Shipping Intelligence Network.

2018 Key figures KCC

Profitable

Strong balance sheet

Solid operating cash flow

\$ 8.8mn Profit for the year 2018

̴ 7.5%

CABU ROCE¹

53%

Equity ratio

\$ 240mn Market capitalization²

\$ 30.8mn EBITDA

1) ROCE = EBIT/ (Average total asset less average current liabilities). Calculation excludes newbuilds and cash.

2) Market capitalization based on 40.5 million shares and last traded price as reported by NOTC as of 08.03.2019 of NOK 52/per share converted to USD at USDNOK rate of 8.79

Substantial dividend potential

Investor friendly dividend policy² Low estimated cash break even rates¹

After the initial investment period, KCC intends to distribute a minimum 80% of operating cash flow less debt service and maintenance CAPEX as dividends

1) Illustrative. 2020 cash BE rates include estimates for OPEX, G&A included commercial management, period dry docking costs and debt service.

2) Period average of five CABU ship owning SPCs annual average dividend yield in the period 2005 – 2016 and average of six CABU ship owning SPCs annual average dividend yield of 2017. Dividend yield = Dividends/ (Average book equity)

Contract coverage in 2019

Volume coverage

Share of estimated total fleet carrying capacity (i.e. volume) booked for rest of 2019¹

Financial coverage

Share of estimated rate (i.e. price) exposure that has been fixed for rest of 2019¹

• 40-50% of vessel capacity allocated to transportation of wet products and 50-60% to dry products
• The one-year caustic soda (CSS) contracts are normally concluded during October – December for the next year
• For the one-year contracts, the price is fixed for the contract period, i.e. pricing is fixed once a year
• Part of the dry rate exposure is fixed through FFAs

1) Rest of 2019 as of end of February

Earnings sensitivity fully delivered

Earnings sensitivity	Unit	Q4 2018	2018	2010-2017 average	2010-2013 average	2010 average
# of vessels years	#	19	19	19	19	19
# of CABU	"	9	9	9	9	9
# of CLEANBU	"	10	10	10	10	10
CABU TCE2	USD/day	19 200	17 492	24 100	28 250
CLEANBU TCE2	"	26 500	21 000	26 000	29 650
Utilization	%	98.2 %	98.2 %	98.2 %	98.2 %
Average OPEX	USD/day	(7 100)	(7 100)	(7 100)	(7 100)
SG&A per day	"	(800)	(800)	(800)	(800)	(800)
Equity value	USDm	221	221	221	221
Equity need3	"	100	100	100	100
Post money value	"	321	321	321	321
Bank debt4	"	323	323	323	323
Bond loan	"	35	35	35	35
Total IBD	"	359	359	359	359
Enterprise value5	"	680	680	680	680
All-in interest rate, bank loan	%	5.0 %	5.0 %	5.0 %	5.0 %
Fixed interest, Bond loan	"	7.0 %	7.0 %	7.0 %	7.0 %	35 100 39 200 98.2 % (7 100) 221 100 321 323 35 359 680 5.0 % 7.0 % 254 -49,5 -5,5 199,0 -20,5 -31,5 -3,5 143,5
Revenue	USDm	132	157	171	197
OPEX	"	-49,5	-49,5	-49,5	-49,5
G&A	"	-5,5	-5,5	-5,5	-5,5
EBITDA	"	77,0	102,0	116,0	142,0
Interest expense	"	-20,5	-20,5	-20,5	-20,5
Debt repayments	"	-31,5	-31,5	-31,5	-31,5
Drydock cost6	"	-3,5	-3,5	-3,5	-3,5
Free cash flow to equity (FCFE)	"	21,5	46,5	60,5	86,5
EV/EBITDA	x	8,8x	6,7x	5,9x	4,8x	3,4x
FCFE-yield	%	6,7%	14,5%	18,8%	26,9%	44,7%
Unlevered yield	"	10,8%	14,5%	16,6%	20,4%	28,8%

FCFE-yield potential before considering expected fuel spread¹ Based on valuation as in private placement September 2018¹

1) Table and chart for illustration purposes only

2) TCE rates based on actual achieved day rates for CABU and earnings simulation for CLEANBU. CABU 2018 and Q4 2018 rate/d is average for six vessels built 2001 -2007 and three vessels built in 2016-2017. The three CABU vessels delivered in 2016 and 2017 has approx. 9% higher earnings compared to the six vessels built in 2001-2007. 3) Assumed equity raise of USD25 million and ~USD30 million in debt financing per vessel. Total of four additional vessels.

4) Debt is estimated end of 2022 debt bank debt balance in addition to USD30 million in debt financing per additional vessel and a bond loan of USD35 million

5) For simplicity assumed to be Post money value plus total IBD (bank and bond debt)

6) For simplicity assumed equal to 2020 estimated drydock costs

Limited refinancing risk and strong relationships with leading shipping banks

Limited refinancing risk

Maturity profile for debt as per 31.12.2018 and committed debt (3XCLEANBU with 2019 delivery) ¹

Bank consortium and main debt terms

• KCC shall aim to have diversified sources of funding and maintain a solid capital structure
• Limited refinancing risk with no maturities prior to the bond due date in May 2021. The current bank debt matures in March 2022 and December 2023
• Klaveness has a strong relationship to its key banks and is in addition in process of securing bank debt from new banks
• Bank loans have been secured for the three newbuilds with delivery in 2019. The company is in process to secure bank debt for the additional three newbuildings with delivery in 2020
• Average margin for bank debt is 2.3% at year-end 2018 and the NOK bond loan is swapped to a USD fixed interest rate 6.98%
• Profile for the newbuild facility is 18 years

1) In January 2019 the USD 36 million unsecured loan from KSH was cancelled while simultaneously the KCC assumed the obligations of the KCC03 bond loan

Significant barriers to entry for potential new players

Shipping and fuel market development - Only one of 3 markets has to be strong to give healthy combi earnings

• of IMO 2020 will most likely result in higher bunker fuel prices and likely positive market effects in the product tanker and also in the dry bulk markets
• KCC has solid dry bulk coverage for both the CABU and CLEANBU fleet in 2019 fixed before the dry market drop in fourth quarter 2018
• High caustic soda COA coverage for CABUs in 2019 (partly index linked/partly fixed rate) – CLEANBU have full tanker market risk trading spot or on index linked COAs in 2019

1) Source: Baltic Exchange, Shipping Intelligence Network, Thomson Reuters

Shipping and fuel market development - Focus on end 2019 and 2020

Dry bulk market passed the trough? – partly recovery likely over coming months/quarters.

Dry bulk forward curve¹ P4TC, Dotted line forward curve

Positive product tanker outlook based on low order book and positive IMO 2020 effects

Fuel prices (and freight rates) will increase following implementation of IMO 2020 sulphur cap

1) Source: Shipping Intelligence Network

KCC Environmental policy / strategy

Working together with customers to reduce local pollution

Sulphur SOx

Sulphur from engine combustion creates sulfuric acid, which is the main component of acid rain

Nitrogen Oxide (NOx) NOx gases react to form smog and acid rain as well as formation of fine particles and ground level ozone, both

associated with adverse health effects.

Black carbon Mix of particles and oil droplets. Second largest driver of global warming Dangerous when being inhaled

Noise

Noise from diesel engines, ventilation systems and other machinery can be unhealthy for people living close to the ports

Possible initiatives

• Burning 0.1% sulphur marine diesel in approaches and in port
• Utilizing NOx SCR on KCC's newest vessels
• Installing on-board equipment for the use of non-polluting shore power in ports
• Identifying ways to reduce noise pollution

Why will CLEANBUs be a commercial and technical success contrary to the old OBOs ?

Higher value creation in a high fuel cost environment

Deliveries of combination carriers vs fuel price¹

Better technical solutions and better operational procedures permitted by new technology

Bridge on new CLEANBU

New times, new requirements, new players

Valuation at private placement in September 2018

Current newbuild quote MR tanker	USDm	35.8
Premium for CABU	"	4.0
Implied NB quote for CABU	USDm	39.8
Useful life	Years	25
Scrap value	USDm	4.3
Depreciation per year	"	1.4
Average age CABU fleet	Years	10.7
Average value per CABU	USDm	24.6
# of CABU vessels	#	9
Total value of CABU fleet	USDm	221.0

Comment to valuation

• CABU vessels are priced at a USD 4m premium to a standard MR tanker due to the larger size and CABU specifications. Based on a 25 year straight line depreciation to scrap (in line with the most conservative listed product tanker companies) the CABU fleet is valued at ~USD 221m
• CLEANBUs valued at cost

Delivery and CAPEX overview¹

CLEANBU delivery schedule

	DWT1	Contract price2				2019			2020				2021				2022
Name			Option declaration date	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Baru - 1222	82,425	USD 48.5m	Delivered
Barracuda - 1223	83,500	USD 48.5m	Firm	10.01.2019
Barramundi – 1224	83,500	USD 48.2m	Firm		16.04.2019
Cleanbu # 4 - 1226	83,500	USD 46.5m	Firm		30.04.2019
Cleanbu # 5 - 1227	83,500	USD 46.5m	Firm			28.02.2020
Cleanbu # 6 - 1228	83,500	USD 46.5m	Firm				31.08.2020
Option # 1 - 1229	83,500	USD 46.5m	May 2019				31.10.2020
Option # 2 - 1247	83,500	USD 46.5m	May 2019					10.01.2021
Option # 3 - 1225	83,500	USD 46.5m	Jun 2019					28.02.2021
Option # 4 - 1248	83,500	USD 47.4m	Aug 2019						30.04.2021
Option # 5 – 8	83,500	TBA	Sep and Dec 2019							30.08.2021
																	2021/2022

Estimated remaining CAPEX on firm vessels

		Remaining CAPEX						Quarterly yard instalment plan
	Yard	Predelivery costs2 Total remaining				2019				2020
Remaining CAPEX in USDm	instalments		CAPEX	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Total
Baru – 1222	34.0	2.2	36.2	34.0	-	-	-	-	-	-	-	34.0
Barracuda – 1223	34.0	2.1	36.1	-	34.0	-	-	-	-	-	-	34.0
Barramundi – 1224	33.7	2.1	35.8	-	33.7	-	-	-	-	-	-	33.7
Cleanbu # 4 – 1226	42.0	3.3	45.3	4.7	-	4.7	-	32.6	-	-	-	42.0
Cleanbu # 5 – 1227	42.0	3.5	45.5	-	4.7	-	4.7	-	-	32.6	-	42.0
Cleanbu # 6 – 1228	46.5	3.7	50.3	9.3	-	-	-	4.7	-	-	32.6	46.5
Total	232.3	16.9	249.2	48.0	72.4	4.7	4.7	37.3	-	32.6	32.6	232.3

1) In addition to capital expenditure related to the CLEANBU newbuild program the Company has capital expenditures related to drydocking, maintenance and upgrading. These are estimated to USD5 million in 2019, USD 3.5 million in 2020 and USD 6 million in 2021.

2) Estimates for vessels under construction, actual DWT might deviate some upon delivery of vessel

3) Payment terms - 10%/10%/10%/70%

4) Includes supervision, project management , change orders and startup costs. Excludes financing costs.

Fleet development Enclosures

10.03.2019

Overview of key services to be provided by Torvald Klaveness affiliated companies to Klaveness Combination Carriers

	Pricing method	Overview of services
Administrative services & business management (G&A)	CEO and CFO: Cost+10 %. Administrative services: Cost+5% Services outsourced to Manila: Cost+5% * Bonus charged separately	Accounting, treasury, legal, IT services, rent and office services. Services partially outsourced to Manila in cost-efficient model ▪ Management (CEO + CFO part time) ▪ External expenses related to auditors etc ▪ Costs reported as G&A ▪
Commercial management services	Chartering, Operations & Business Development (Oslo & Singapore): Cost+7.5% *1.25% fixture fee on dry spot fixtures	▪ Dedicated team of 4-5 persons covering chartering and business development of the combination carrier business ▪ Dry-bulk spot chartering performed by persons within Klaveness' dry-bulk chartering and trading operations ▪ Commercial operations ▪ Commercial management cost has historically been extracted prior to payment of hire to the vessels. From Q2 2018 the fee has been reported as G&A.
Technical management	Technical management: Fixed fee per vessel	▪ Maintenance and repair incl. drydock supervision, supplies and provisioning, insurance, procurement of spares, IT and administration. ▪ Crewing fee part of opex ▪ Fee is reported as part of OPEX
Project and newbuild supervision	Project management (Oslo): Cost+7.5%. On-site supervision: Cost+5%	▪ Site supervision and project management services for the newbuilds ▪ Vessel design and development expenses, technical discussions and negotiations with shipbuilders /sellers ▪ Costs reported as part of delivered cost for vessels under construction

Transparent pricing model in accordance with OECD principles. Fees are fixed annually based on a review of the cost base

Consolidated financial statements 2018 (audited)

USD '000	Notes	2018	2017
Continuing operations
Freight revenue	2.5	84 2 84
Charter hire revenue	2.5	17540	46235
Total revenues, vessels		101824	46 235
Voyage expenses	2.6	(45431)
Net revenues from operations of vessels		56393	46235
Operating expenses, vessels	z	(21599)	(21199)
Group commercial and administrative services	19	(3618)	(1167)
Tonnage tax	20	(119)	(112)
Other operating and administrative expenses		(300)	(170)
Operating profit before depreciation		30757	23587
Ordinary depreciation	10	(16840)	(16.867)
Operating profit after depreciation		13917	6720
Finance income	2	2 2 3 4	1709
Finance costs		(7374)	(5331)
Profit before tax from continuing operations		8777	3098
Tax income/(expense)		59	(38)
Profit after tax from continuing operation		8836	3060
Profit after tax from discontinuing operations			(318)
Profit for the year		8836	2742
Attributable to:
Equity holders of the parent company		7978	1768
Non-controlling interests		858	974
Total		8836	2742
Earnings per Share (EPS) from operations	17	0.23	0.07
Basic and diluted, profit for the period attributable to ordinary equity holders
of the parent
Earnings per Share (EPS) from continuing operations	17	0.23	0.08
Basic and diluted, profit for the period attributable to ordinary equity holders

USD '000	2018	2017
Profit/ (loss) of the period		2742
Other comprehensive income to be reclassified to profit or loss
Net movement fair value on interest rate swaps	368	(86)
Net movement fair value FX hedge	(35)
Net movement fair value bunker hedge	(918)
Net movement fair value FFA hedge	970
Income tax effect
Net other comprehensive income to be reclassified to profit or loss __________		(86)
Other comprehensive income/(loss) for the period, net of tax	385	(86)
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Total comprehensive income/(loss) for the period, net of tax		2655
Attributable to:
Equity holders of the parent company	8029	1724
Non-controlling interests	192	931
Total ---------------------------------------

Consolidated financial statements 2018 (audited)

ASSETS	Notes	31 Dec 2018	31 Dec 2017	EQUITY AND LIABILITIES	Notes	31 Dec 2018	31 Dec 2017
Non-current assets				Equity
Deferred tax asset		15		Share capital	17	4863
Vessels		167 037	179785	Share premium		92 271	48997
Newbuilding contracts		59 877	37751	Other reserves		51
Long-term receivables from related parties			13788
Financial assets		1855	912	Retained earnings		80901	103877
Total non-current assets		228 786	232 236	Equity attributable to equity holders of the parent		178 086	152873
Current assets				Non-controlling interests			20441
Financial assets		464		Total equity		178 086	173 315
Inventories		5883	726
Trade receivables and other current assets		9870	1893	Non-current liabilities
Receivables from related parties		594	7638	Mortgage debt		95746	94765
Cash and cash equivalents		88 26 3	51538	Long-term liabilities to related parties		36000
Total current assets		105 074	61795	Financial liabilities		450	1509
				Deferred tax liability			59
Total Assets		333859	294032	Total non-current liabilities		132 196	96333

Total equity and liabilities	333 859	294032
Total current liabilities	23577	24384
Tax liabilities	1 フヌ	114
Current debt to related parties	563	762
Trade and other payables	7601	2959
Financial liabilities	918
Other interest bearing liabilities	2172
Short-term mortgage debt	12.200	20549
Current liabilities

Consolidated Consolidated financial statements 2018 (audited) statements 2018 (audited)

38 10.03.2019

USD '000	Notes	2018	2017	USD '000	Notes	2018	2017
				Proceeds from mortgage debt	15		368
Profit before tax from continued operation		8777	3098	Transaction costs on issuance of loans			(372)
Profit before tax from discontinued operation			57	Repayment of mortgage debt	15	(7528)	(217)
				Interest paid		(7103)	(514)
Tonnage tax expensed		119	112	Capital increase April 5, 2017			650
Ordinary depreciation	10	16840	16867	Capital increase April 30, 2018		12000
Amortization of upfront fees bank loans		228 (1163)	258 (518)	Capital increase October 10, 2018		45000
Financial derivatives unrealised loss / gain (-) Interest income		(1071)	(1355)	Transaction costs on capital increase		(581)
Interest expenses		6972	4886	Payments made by increase of loans to related parties			216
Taxes paid for the period			(73)	Acquisition of non-controlling interests		(622)
Change in receivables		(2070)	(381)	Group contribution/dividend		(9958)	(116)
Change in current liabilities		(1782)	206	Dividends to non-controlling interests		(495)	(134)
Interest received		1071	1355	C: Net cash flow from financing activities		30713	332
A: Net cash flow from operating activities		27920	24 5 13
				Net change in liquidity in the period $(A + B + C)$		34552	(157)
Acquisition of tangible assets	10	(2817)	(3368)	Net foreign exchange difference
Installments and other cost on newbuilding contracts	п	(22126)	(40188)			34552	(15)
Acquisition of subsidiaries, net of cash		863
B: Net cash flow from investment activities		(24080)	(43556)	Cash and cash equivalents at beginning of period		51 538	672