Klaveness Combination Carriers

Investor Presentation • Jan 24, 2020

COMPANY PRESENTATION JANUARY 2020

Disclaimer

This presentation has been prepared by Klaveness Combination Carriers ASA (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.

No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein. Accordingly neither the Company nor any of its affiliates accept any liability whatsoever arising directly or indirectly from the use of this presentation, including any reproduction or redistribution.

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.

This presentation speaks as of January 2020. 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. The Company does not intend 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.

1	Company introduction	"World leader in combination carriers"
2	Environmental policy and strategy	efficient transportation "Most carbon deep today" system -sea
3	Earnings and markets	"Consistent superior earnings with market diversification"

5 Enclosures

Klaveness Combination Carries (KCC) The world leader in combination carriers Company introduction

1) Fleet size: 12 vessels on water and 5 under construction, Average age as of expected delivery date of last vessel under construction

2) Figures for Q3 2019

3) EEOI = CO2 emission per ton transported cargo per nautical mile, Benchmark vessel is standard panama bulker, mr tanker lr1 tanker as defined by Baltic Exchange

4) Figures per 21 January 2020

4

Torvald Klaveness and KCC Strong industrial sponsor giving substantial commercial and administrative synergies Company introduction

Torvald Klaveness – Industrial long-term majority owner ~70 years experience in combination carriers

Klaveness Combination Carriers ASA	Klaveness Container	Klaveness Dry bulk	Klaveness Digital	Klaveness Operations
12+5 combination carriers	8 feeder vessels	Operator AS Klaveness Chartering	SaaS CargoValue	Klaveness Ship Management AS
		Pool Manager Baumarine AS Bulkhandling AS	PaaS KPlatform	Global support services

Purpose built vessels designed for efficient trading Company introduction

Unique proprietary vessel designs 9x CABU vessels

Designed to safely and efficiently carry and switch between dry and wet cargo

Servicing the alumina/aluminium industry

3+5x CLEANBU vessels

Expanding service to the petroleum/petrochemical industries

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

KCC efficiently ships wet cargoes to dry bulk export hubs in Australia and South America Company introduction

Substantially higher energy efficiency and lower CO2 emissions Company introduction

The CABUs have consistently outperformed standard tonnage by 1.5-2x Company introduction

1) Average monthly earnings per on-hire day for the period 2005 to 2019. 2019 earnings are preliminary figures. Gross of commissions and commercial management fees, Average of the 4 Spot Routes for Baltic Panamax Index (P4TC). Gross rate., Clarksons average MR Clean Earnings. Gross rate. Source: Company data and Clarksons. 2) CABU historical TCE earnings are defined and reconciled in enclosures to the presentation (slide 37-38) (Alternative performance measures).

9

Operating model with significant barriers to entry Company introduction

Social responsibility: Dedication to crew development, safety, welfare and long term employment Company introduction

In-house crew management and training

• Officers, ratings and trainees from Eastern Europe, the Philippines and South Africa
• Crew recruitment, training & development by Klaveness' partially owned manning agencies Barklav¹ , Romania and Klaveness Maritime Agencies (KMA)² , Philippines
• Semi-annual conferences and seminars for all ranks and frequent office visits
• Manpower Development Program (MDP) since 2003 providing job opportunities on-board for young maritime graduates from less fortunate areas in The Philippines

Industry leading officer retention rate

Stable officer retention rate onboard KCC's vessels at 97-99% over last 3 years

Klaveness' South Africa crewing program

• Klaveness is the only shipping company operating in South Africa with an own agreement with maritime authorities on skills development and union agreements
• Established a MDP for South African youngsters in the Ugo district in KwZulu-Natal together with tribal chief Xolo and Impande Foundation
• A total of 35 + officers, ratings and trainees serving in the fleet and more to come

1) Barklav located in Constanta, Romania is owned 50% by Klaveness and 50% by Wilhelmsen Ship Management 2) KMA, based in Manila, Philippines, is owned 25% by Klaveness

Governance Strong focus on compliance and anti-corruption Company introduction

Anti-corruption and compliance Governance

• Adopted Torvald Klaveness compliance program including company code of conduct and counterparty code of conduct
• Founding member of maritime anti-corruption network MACN
• First shipping company with ISO 37001 anticorruption certification issued by DNV GL

• Key KCC Oslo personnel to be employed directly in KCC ASA from 1 February 2020
• All transactions with Klaveness companies priced on an armslength basis
• Services provided by Klaveness companies are priced based on the OECD Transfer Pricing Guidelines
• No group-internal commissions except for a limited number of dry bulk fixtures to third parties being made through Klaveness

1	Company introduction	"World leader in combination carriers"
2	Environmental policy and strategy	efficient "Most carbon deep transportation today" system -sea
3	Earnings and markets	"Consistent superior earnings with market diversification"
5	Enclosures

Decarbonization is a center-piece of KCC's strategy Long term target of cutting the GHG emissions of KCC's business to zero Environmental policy and strategy

IMO's two fold emissions ambition includes both relative and absolute CO² emissions targets Environmental policy and strategy

Relative target – reduce carbon intensity per transport work Absolute target – reduce shipping's overall carbon emissions

Reduce average CO² emissions per transport work by 40% within 2030 and 70% within 2050 compared to 2008

Reduce total CO² emissions from international shipping by 50% by 2050 compared to 2008

KCC's strong environmental position rests on 3 main pillars Environmental policy and strategy

1) A strong starting point: The most carbon efficient deep-sea transportation system today

Up to 40% lower CO² emission per tonne-mile relative to standard vesses in KCC's trades

No current viable alternatives:

Currently no other technical solution capable of cutting CO² emission of deepsea shipping by more than 10- 15%

2) Ambitious strategy&roadmap: Specific initiatives to meet or exceed IMO's carbon intensity and CO² emission reduction targets

Optimize & improve: Substantially improve energy and operational efficiency of current fleet , test, promote and use new low carbon fuels

Innovate:

Develop a zero-emission vessel – target ready for contracting in 2030 3) Transparent reporting : Regular reporting of environmental KPIs and sustainability

Quarterly reporting

Expand current quarterly reporting to 4 key KPIs reflecting KCC's operational efficiency, carbon intensity and CO² emissions

Annual sustainability reporting and third party audit of KPIs/ environmental impact calculations

The most carbon efficient deepsea transportation solution Environmental policy and strategy

Substantial CO² emission savings per tonne-mile relative to standard tonnage in KCC's main trades

…and here is an example Environmental policy and strategy

Compared to standard tonnage the CLEANBU vessel MV Baru generated ~36% bunker savings on a CPP cargo from India/Middle East to Argentina with Dry cargo on return to Far East

1) Fuel consumption numbers as per Baltic Exchange description (see Appendix 1) 2) Trading patterns are basis AIS tracking and statistics provided by AXS Marine.(see Appendix 2) 3) Operational assumptions believed to reflect the actual market and vessels lot size capabilities.

Reach IMO 2030 targets within 2022 and to be carbon neutral within 2030 Environmental policy and strategy

KCC Target Carbon Intensity¹ 9,7 Reaching IMO 2030 carbon intensity target • Within 2022: In relative terms compared to standard vessels in KCC's trades • Within 2030: In absolute terms compared to KCC's reported actual 2018 carbon intensity KCC CO2 emission per vessel in KCC's fleet in mt/year CO2 emissions reductions – carbon neutral operation • Within 2022: Reduce average CO2 emissions per vessel in KCC's fleet by 15% compared to actual 2018 levels • Within 2030: Achieve carbon neutral operation within 2030 1 2 Target reduction -15% Target reduction

1) Carbon intensity per tonne-mile for KCC's total fleet and estimated carbon intensity per tonne-mile for standard vessels in KCC's trades in

19 500

16 600

??

2018 2022 2030

2018

19

Use of bio-fuel and purchase of carbon offset points

KCC has set out a road map to achieve IMO 2030 targets within 2022 and to be carbon neutral within 2030 Environmental policy and strategy

	Targets within 2022	Targets within 2030
Optimize & Improve	✓ Reduce average carbon emission per vessel by minimum 15% through improved energy and operational efficiency within 2022 relative to actual 2018 ✓ Improve carbon intensity per ton-mile (EEOI) by minimum 25% within 2022 relative to actual 2018 ✓ Testing out and start using sustainable bio fuel	✓ Further reduce average carbon emission per vessel through further improvements in energy and operational efficiency, phasing out of CABU I vessels and introduction of new generation vessels with substantially improved fuel efficiency ✓ Extensive use of fuel with Low carbon footprint/biofuel
Innovate & Develop	✓ Proof of concept of a zero emission vessel within 2022	✓ Contracting of first zero emission combination carrier within 2030 ✓ Purchase of carbon offset points as a transitional measure if needed to reach carbon neutrality

Full disclosure and transparency on environmental performance Environmental policy and strategy

Facsimiles from KCC Q3 2019 earnings report and presentation

Environmental and operational KPIs are today included in KCC's quarterly report and sustainability reporting will during 2020 be an integral part of the company's reporting scheme.

Quarterly reports will include:

• CO² emissions per ton of transported cargo per NM (EEOI)
• Average absolute CO² emissions per vessel in MT
• Ballast days in % of available time
• Share of days in combi-trading
• Health and Safety statistics

Annual sustainability reports will in addition include:

• Strategic ESG targets
• Performance on oil company vettings and port state controls
• Governance and social KPIs
• Environmental risks and mitigations
• Impact reporting of emissions reductions

1	Company introduction	"World leader in combination carriers"
2	Environmental policy and strategy	efficient transportation "Most carbon deep today" system -sea

3 Earnings and markets "Consistent superior earnings with market diversification"

5 Enclosures

KCC earnings generated from 3 fairly uncorrelated markets Earnings and markets

• 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 combi-trading patterns varies with fuel costs, hence higher fuel prices are positive for KCC's earnings
• Correlation between the three markets has historically been limited

"Rule of thumb" sensitivity for KCC's average TCE earnings

1) Source: Shipping Intelligence Network, January 2020 figures is averages as of 21.01.2020, Bunker prices is HFO until November 2019, and VLFO from and including December 2019

23

2020 contract coverage for total fleet (CABU + CLEANBU) Earnings and markets

Volume coverage

Share of estimated total fleet carrying capacity (i.e. volume) booked for 2020¹

Financial coverage

Share of estimated rate (i.e. price) exposure that has been fixed for 2020 ▪ Around 50 % of KCC's fleet capacity is

• Fixed rate caustic soda (CSS) contracts (COAs) consist of one long term COA and several mainly one year COAs
• One-year COAs are normally concluded during October-December for the next one year period with a fixed pricing i.e. pricing is fixed once a year
• Dry COAs consist of both fixed rate and index-linked COAs. In addition, part of dry bulk exposure is hedged by selling FFAs

CABU Quarterly earnings Proven and profitable – strong Q4-2019 earnings after headwinds in 1H-2019 Earnings and markets

• 1 sthalf 2019 results impacted by weak dry market and lower CSS contract volumes caused by i.e. Hydro's Alunorte situation
• Improved CSS contract shipment volumes in 2nd half 2019
• 2019 of ~\$16,900/d is 1.2-1.5 x standard markets

Solid progress in CLEANBU introduction, but some phase-in inefficiencies are still expected during 2020 Earnings and markets

Performing on par with LR1 earnings in year of introduction

CLEANBU Net revenue USD per on-hire day¹and premium to LR1 tanker

• Performing on par with LR1 tankers in first year of operations amidst of a commercial and technical phase-in
• Phase-in effects such as non-optimal trading, discount to customers and offhire related to technical modifications impacted earnings
• Lead-time from delivery to combination trading has shorten for each vessel delivered
• First combi-voyages performed during the year proves the earnings capacity of the CLEANBU concept in efficient combi-trades

Source: Shipping Intelligence Network and Clarksons Platou Securities shipping weekly, company data 1) Net revenue per onhire day (TCE Earnings) are defined and reconciled in enclosures to the presentation (slide 37-38) (Alternative performance measures).

26

Strong product tanker and moderate dry bulk market outlook despite a weaker macro-economic outlook Earnings and markets

Forward curves pricing in rebounds from Q1 lows

Dry bulk market Tanker market¹

0 jan.18 apr.18 jul.18 okt.18 jan.19 apr.19 jul.19 okt.19 jan.20 apr.20 jul.20 okt.20

Source: Baltic Exchange, company data

1) Product tanker markets: Triangle trade TC5 PG-Japan+TC5 Korea/Australia. Earnings for TC5 triangle trade and TC7 bunker is basis based on Sing380 until Nov 2019. From Dec 2019 bunker based on forward curve for Singapore VLSFO 0.5% compliant fuel.

1	Company introduction	"World leader in combination carriers"
2	Environmental policy and strategy	efficient "Most carbon deep transportation today" system -sea

3 Earnings and markets "Consistent superior earnings with market diversification"

5 Enclosures

Solid balance sheet, strong bank support and limited refinancing risk Enclosures

Maturity profile

Maturity profile for debt as per 31.12.2019 and committed debt (3XCLEANBU with 2020 delivery)

• KCC has a diversified sources of funding and target to use the bond market on a continuous basis
• KCC has a solid capital structure to give sufficient assurance to the debt and equity providers that the company is solid and sustainable through the cycle
• Limited refinancing risk with no maturities prior to the bond due date in May 2021 and bank debt maturities distributed over the years 2022 to 2025
• Klaveness has a strong relationship to its key banks and has added new banks in the portfolio the last year
• Bank loan has been secured for the three newbuilds under construction with delivery in 2020. Discussion for bank loan for the remining two vessels with delivery 2021 has been initiated with good initial feedback and indicative terms in line with existing facilities.
• Average margin for bank debt is 2.3% at year-end 2019
• In addition to vessel debt, KCC has a USD 10 million overdraft facility for working capital purposes in KCC Chartering AS

Fleet list Enclosures

Vessel	Type	Built	Yard	DWT	Flag	Manager	Ownership
MV Banastar	CABU	2001	Oshima, Japan	72 562	MI	KSM AS2	100%
MV Barcarena	CABU	2001	Oshima, Japan	72 562	NIS	KSM AS	100%
MV Banasol	CABU	2001	Oshima, Japan	72 562	MI	KSM AS	100%
MV Bangor	CABU	2002	Oshima, Japan	72 562	NIS	KSM AS	100%
MV Bantry	CABU	2005	Oshima, Japan	72 562	MI	KSM AS	100%
MV Bakkedal	CABU	2007	Oshima, Japan	72 562	MI	KSM AS	100%
MV Baffin	CABU	2016	Ouhua Zhejiang, China	80 200	MI	KSM AS	100%
MV Balboa	CABU	2016	Ouhua Zhejiang, China	80 200	NIS	KSM AS	100%
MV Ballard	CABU	2017	Ouhua Zhejiang, China	80 200	MI	KSM AS	100%
MV Baru	CLEANBU	2019	YZJ, China	82 400	MI	KSM AS	100%
MV Barracuda	CLEANBU	2019	YZJ, China	82 400	MI	KSM AS	100%
MV Barramundi	CLEANBU	2019	YZJ, China	82 400	MI	KSM AS	100%
MV Baleen 1	CLEANBU	03/2020 (E)	YZJ, China	82 500	MI	KSM AS	100%
1 MV Bangus	CLEANBU	08/2020 (E)	YZJ, China	82 500	MI	KSM AS	100%
MV Baiaco 1	CLEANBU	10/2020 (E)	YZJ, China	82 500	MI	KSM AS	100%
Newbuild #7 1	CLEANBU	01/2021 (E)	YZJ, China	82 500	MI	KSM AS	100%
Newbuild #8 1	CLEANBU	02/2021 (E)	YZJ, China	82 500	MI	KSM AS	100%

CLEANBU OPTIONS: KCC holds six fixed price options with expiry in the period between February 2020 and January 2021. The option vessels have scheduled delivery dates in the period September 2021 to November 2022. Purchase option prices are in the range USDm 47.85-48.35

1) Planned / estimated delivery dates and DWT based on newbuild contract 2)KSM AS = Klaveness Ship Management AS

Delivery and CAPEX overview¹ Enclosures

Estimated Newbuild CAPEX per quarter (USDm) 1

• The company has five CLEANBUs on order with delivery in 2020 and 2021, payment terms is 10%/10%/10%/70%
• In addition to newbuild program the company has around USD 7.0 million in maintenance CAPEX including four dockings and instalment of ballast water treatment systems

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

Structure Enclosures

Board of directors Enclosures

Lasse Kristoffersen Chairman of the Board and CEO of Torvald Klaveness

Appointed CEO of Torvald Klaveness in September 2011 after four years as Head of the Specialized dry-bulk activities. President of the Norwegian Shipowners' Association and board member of DNV GL.

Worked 11 years for Det Norske Veritas prior to joining Klaveness.

Holds a Master of Science in Naval Architecture and Marine Engineering from NTNU.

Morten Skedsmo Board member and Head of Container in Torvald Klaveness

Appointed Head of Ship Owning & Projects of Torvald Klaveness in September 2012. From 2016 Head of Container.

Started working for Klaveness in 1990 and has held a wide range of positions within chartering, marketing and business development. EVP of Klaveness Asia in Singapore from 2009-2011.

Magne Øvreås Board member and CEO of EGD Shipholding AS

Worked six years as CEO of chemical tanker owner Utkilen AS, before joining EGD in 2015.

Has 12 years experience as management consultant in Cardo Partners and The Boston Consulting Group (Oslo, New York and Stockholm).

Holds a Master of Science in Naval Architecture from NTNU, Trondheim and ENSTA, Paris.

Stephanie Wu (Board member

Worked at HSBC, Hong Kong from 2003 to 2013. Director of various ship owning and investment companies.

Holds a bachelor's degree in economics from the University of California, Irvine.

Lori Wheeler Næss Board member

Prior to current position she served as Director of the technical department at PWC. She has also worked as an Audit Manager for US GAAP and SEC Reporting for several US, German and Norwegian companies. She has 2 years experience at the Norwegian Financial Advisory as a Senior Advisor in the Section for Prospectuses and Financial Reporting.

Næss holds a Bachelor of Business Administration and Masters of Accounting from the University of Michigan, USA. Næss is a US Certified Public Accountant.

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

Employment of four key persons, including the CEO, will be transferred from Klaveness AS to KCC from 1 February 2020. Other services provided by Klaveness companies are priced according to matrix below, in line with OECD Transfer Pricing Guidelines.

	Pricing method	Overview of services
Administrative services & business management (G&A)	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 ▪ CFO ▪ External expenses invoiced without mark-up ▪ 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 3 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 ▪ Costs 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 ▪ Costs 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

Consolidated financial statements Q3 2019 (unaudited) (1/2) Enclosures | Q3 2019 results

Income Statement ('000 USD)	Q3 2019	Q3 2018	YTD 2019	YTD 2018
Net revenues	16 571	13 392	42 503	41 413
Operating expenses, vessels	(7 563)	(5 719)	(21 401)	(15 729)
SG&A	(1 244)	(887)	(4 377)	(2 841)
EBITDA	7 764	6 786	16 726	22 842
Depreciation	(3 621)	(4 110)	(9 541)	(12 383)
EBIT	4 143	2 676	7 185	10 459
Net financial items	(2 598)	(1 364)	(8 324)	(2 289)
Profit before tax	1 545	1 312	(1 139)	8 170
Tax	-	-	-	-
Profit after tax	1 545	1 312	(1 139)	8 170
EPS	0.03	0.04	(0.03)	0.24

• Profit of USD 1.5 million for the quarter
• CABU earnings of USD 17,287/day
• CLEANBU earnings of USD 22,802/day
• Increase in operating expenses due to CLEANBU
• Administration costs is up compared to 2018 due to increased complexity and higher activity level
• Negative unrealised effects from changes in fair value of derivatives (-0.5)

Consolidated financial statements Q3 2019 (unaudited) (2/2) Enclosures | Q3 2019 results

Balance sheet ('000 USD)	Q3 2019 YTD	2018
Vessels & newbuildings	364 472	226 914
Other non-current assets	2 187	1 870
Total non-current assets	366 659	228 786
Cash and cash equivalents	67 481	88 263
Other current assets	18 862	16 811
Total current assets	86 343	105 074
Total assets	453 002	333 859
Total equity	211 397	178 086
Total non-current liabilities	212 581	132 196
Total current liabilities	29 024	23 577
Total equity and liabilities	453 002	333 859

Alternative performance measures used in the presentation Enclosures

Definitions & reconciliations

• Net revenue USD per on-hire day = TCE earnings = time charter equivalent earnings equals average revenue per on-hire day as further described in the quarterly reports for Q2 2019, note 2 and note 13 (page 15/page 23) and for Q3 2109, note 2 and note 11 (page 15/page 23) which are published on the company's homepage: https://www.combinationcarriers.com/investor-relations/#reports-presentation
• EBIT = Total revenue less operating expenses, depreciation, amortization and impairment. EBIT is used as a measure of the Group's overall financial performance, excluding the impact from financial items and taxes.
• EBT = Earnings before tax equals Profit before tax in the income statement.
• EBITDA is defined as "Earnings before interest, tax, depreciation and amortization" and equals to Operating profit before depreciation in the Income Statement. The Company has included EBITDA as an APM because management believes that the measure provides useful information regarding the Company's ability to service debt and to fund capital expenditures and provides a helpful measure for comparing its operating performance with that of other companies.
• Opex per day is defined as operating expenses, vessels adjusted for divided by operating days (incl. offhire) as further described in the quarterly report for Q2 2019, note 13 (page 23) and in the quarterly report for Q3 2019, note 11 (page 23). Reports are published on the company's homepage: https://www.combinationcarriers.com/investorrelations/#reports-presentation.

Alternative performance measures used in the presentation Enclosures

		Q4 2019		2019
USD'000	CABU	CLEANBU	TOTAL	CABU CLEANBU TOTAL
Net revenues from operations of vessels	15 406	3 420	18 826	53 397 7 932 61 329
Other revenue				15	15
IFRS 15 adjustment	153	665	818	123 557	680
Net revenue ex IFRS adjustment	15 559	4 085	19 644	53 520 8 504 62 024
Onhiredays	819	218	1 037	465 3 171	3 636
TCE earnings (\$/d)	19 002	18 715	18 941	16 877 18 300	17 060

USD'000	2009	2010	2011	2012	2013	2014	2015	2016	2017
Net revenues from operations of vessels	56 912	75 250	57 165	54 414	48 398	52 299	50 742	41 026	46 245
Other revenue								232	(603)
Commercial fee to Klaveness AS (AS Klaveness Chartering)	2 145	2 969	2 553	2 540	2 264	2 450	2 798	2 183	2 522
Net revenues from operations of vessels ex commercial fee	59 057	78 220	59 718	56 954	50 662	54 749	53 539	43 441	48 164
Onhiredays	2 171	2 143	1 933	2 141	2 111	2 164	2 116	2 274	3 048
TCE earnings (\$/d)	27 200	36 500	30 900	26 600	24 000	25 300	25 300	19 100	15 800