Klaveness Combination Carriers

Investor Presentation • Oct 31, 2023

Oslo, 31 October 2023 Third Quarter 2023

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. Making this presentation available in no circumstances whatsoever implies the existence of a commitment or contract by or with the Company, or any of its affiliated entities, or any of its or their respective subsidiaries, directors, officers, representatives, employees, advisers or agents (collectively, "Affiliates") for any purpose. 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.

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Agenda

Quarterly performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

Maintaining earnings through softer summer markets

• EBT of USD 16.3 million and EBITDA of USD 27.9 million
• Record high CABU TCE earnings slightly lower CLEANBU TCE earnings
• Seasonally weaker tanker and dry bulk markets
• NOK 500 million sustainability-linked bond issue secured
• Energy efficiency measures installed on MV Ballard delivering estimated 15% lower fuel consumption

Key highlights Q3 2023 KCC TCE earnings¹ continue at strong levels

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2023 report.

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Solid profitability and outlook secures continued high dividend payout

Agenda

Quarterly performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

Improving tanker and dry bulk markets after the summer

TCE earnings and fuel price development¹

• Product tanker market maintaining healthy earning levels through seasonally weaker summer markets. Strong market recovery from August
• Dry bulk markets improved from late August, after a poor summer

Upcoming positive seasonal factors in Q4, all eyes on China long-term

Source: Klaveness Research 1) Effective fleet growth (increase/decrease in vessel DWT) adjusted for year-on-year changes in congestion and average fleet speed. Regular fleet growth (increase in dwt) is a result of newbuilds and scrapings.

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Continued solid tanker market fundamentals

Oil consumption and production trending

1) Source: EIA Short-Term Energy Outlook (STEO) October 2023, forecast period shows average Q4-Q1 2) Source: Clarksons SIN

Consistent value creation over the cycle – record high TCE earnings YTD 2023

Historical average TCE earnings¹ vs. standard tonnage²

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2023 report.

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2) 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.

Maintaining strong earnings through volatile markets

Quarterly KCC fleet TCE earnings¹ vs. standard tonnage²

• Slightly higher average TCE-earnings in Q3 vs. Q2 (+\$59/day) despite considerably weaker markets than in Q2

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• Considerably higher tanker trading in Q3 compared to Q2

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2023 report.

2) Standard tonnage for bulk carriers are calculated averages of Panamax and Kamsarmax earnings weighted by CABU and CLEANBU onhire days respectively. Standard tonnage for product tankers are calculated averages of MR and LR1 earnings weighted by CABU and CLEANBU onhire days respectively.

Record high CABU TCE earnings driven by strong CSS volume and efficiency

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2023 report.

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Strengthen further the resilience of the CLEANBU business

High capacity in tanker trades offset by seasonally weaker markets

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2023 report.

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Agenda

Quarterly performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

EBITDA -5% Q-o-Q driven by weaker markets and dry docking

EBITDA Q3 2023 compared to Q2 2023 (\$ millions)

Continued normal variations in OPEX/day

	Q2 2023	Q3 2023
On-hire days	1 3 9 4	1 3 6 0
Scheduled off-hire	59	108
Unscheduled off-hire		4

• Operating expenses, vessels were up USD 0.6 million/ 5% Q-o-Q
• Normal variations in timing of procurement and crewing
• Provisions made for potential losses related to yard claims (USD 0.4 million)
• Limited unscheduled off-hire (4 days)
• Two CABU vessel completed periodic drydocking with in total 100 off-hire days, impacted by delays related to MV Ballard
• MV Ballard installed air lubrication system and shaft generator
• One CLEANBU vessel is scheduled to start dry docking in the Off coming quarter, see more details on slide 34 -hire

1) OPEX \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2023 report.

Profit and loss Continued solid value creation in seasonally weaker markets

USD thousand (unaudited accounts)	Q3 2023	Q2 2023	Quarterly variance
Net revenues from operations of vessels	43 796	44 5 29	1.6 %
				Q3 2023	Q2 2023
Operating expenses, vessels	(13 190)	(12615)	4.6 %	Earnings per share 1	Earnings per share 1
SG&A	(2694)	(2408)	11.9 %	\$0.27	\$0.30
EBITDA	27 912	29 5 05	5.4 %	Dividend per share 2	Dividend per share
Depreciation	(7929)	(7956)	0.3%	\$0.25	\$0.25
				ROCE 3	ROCE 3
EBIT	19 9 83	21 550	7.3%	13%	14%
Net financial items	(3672)	(5102)	28.0 %	ROE3	ROE3
Profit after tax	16 311	16 447	0.8%	18%	19%
Earnings per share 1	\$0.27	\$0.30

Balance sheet Stability and solidity

USD thousand (unaudited accounts)	30 Sep 2023	30 Jun 2023	Quarterly variance
ASSETS
Non-current assets
Vessels	503 162	507 023	(3862)
Newbuilding contracts	17481		17481
Other non-current assets	6451	3 4 8 5	2 9 6 6	Q3 2023	Q2 2023
Current assets				Equity ratio 1	Equity ratio 1
Other current assets	36 388	46 308	(9920)
Cash and cash equivalents	64 194	83 7 81	(19586)	56.3%	55.3%
				Available long-term	Available long-term
Total assets	627 676	640 598	(12922)	liquidity 2	liquidity 2
EQUITY AND LIABILITIES
Equity	353 401	354 089	(688)	\$177.2 million	\$196.8 million
Non-current liabilities
Mortage debt Long-term financial liabilities	160 979 2 2 0 1	167 129 7938	(6 150) (5737)
Long-term bond loan	63 905	64 2 2 4	(319)
Current liabilities
Short-term mortage debt	25 199	25 199
Other interest-bearing liabilities		924	(924)
Other current liabilities	21 990	21 0 95	896
Total liabilities	274 275	286 509	(12 234)
Total liabilities and equity	627 676	640 598	(12922)

1) Equity ratio is an alternative performance measure (APM) which is defined and reconciled in the excel sheet "APM3Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2023 report. 2) Available long-term liquidity = Cash and cash equivalents plus available undrawn capacity under revolving credit facilities

Cash flow

Impacted by payment of newbuild instalments and refinancing of bond issue

Comments

• First newbuild yard installment paid in July 2023, USD 17.5 million including other costs of USD 0.3 million
• USD 4.0 million in drydocking and upgrading including energy efficiency investments
• Net cash effect of bond issue (KCC05) and repurchase (KCC04) negative USD 9.1 million including termination of CCYIRS swaps, premium and fees
• No more outstanding warrants after declaration in Q3

Solid cash position as funds have been secured for future investments in new builds and energy efficiency measures

Interest–bearing debt

Successful placement of sustainability-linked senior unsecured bond

Debt maturities¹

(USD million) Key financing terms

Amount:	NOK 500 million
Tenor:	5 years
Pricing:	NIBOR + 365 bps
Listing:	Oslo Børs
Ticker:	KCC05

• Margin down 110 bps in NOK from previous bond issue (KCC04) in 2020
• Fixed from 3M NIBOR + 365 bps to 3M Term SOFR + 414 bps with 15% CSA level
• Repayment amount linked to KCC's sustainability performance based on carbon intensity (EEOI)
• Repurchased NOK 508.5 million of the KCC04 bond issue with due date in February 2025

Agenda

Quarterly performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

Tradewinds 23 October 2023

Carbon intensity – Maintaining strong performance in Q3

Carbon intensity (EEOI)¹

• Continued strong carbon intensity (EEOI) performance at levels well below 2022 actual
• Positive effect from lower time in ballast and longer laden distance, and negative effects of lower average cargo weight compared to Q2
• MV Bass, fixed on a 2-year T/C operating as a pure product tanker, continue to have negative impact
• CO² emission per vessel-year² increased by 6% reflecting longer sailed voyages/shorter time in port

1) EEOI = EEOI (Energy Efficiency Operational Index) is defined by IMO and represents CO2 emitted per transported cargo per nautical mile for a period of time (both fuel consumption at sea and port included). 2) Average CO2 emissions per vessel-year = total emissions/vessel year. Vessel years = days available – off-hire days at yards. When new vessels are delivered to the fleet, the vessel years are calculated from the date the vessel is delivered.

Successful first large energy efficiency retrofit

What?

Large installation of energy efficiency measures on 2017 built CABU II vessel MV Ballard completed end September

• Air lubrication system
• Shaft generator
• Mewis duct
• Welding seem fairing
• Silicon paint
• New ship performance system

Successful system tests and function test during first voyage. Estimated fuel consumption reduction based on initial analyses of first voyage.

CO² emission reductions and business case2

Investment: \$4 million1)

Est. fuel cons. reduction: -15%

Payback (fuelprice \$ pmt) \$665 (Oct.'23): ~8 years \$930 (Oct'23+carbon cost² ): ~6 years

1) Estimated greener CAPEX less grant from Enova.. Not adjusted for off-hire 2) Average EUA spot for October = USD ~85

Agenda

Quarterly performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

Market upside potential

Historical pricing and forward derivative pricing¹

Source: Klaveness, Baltic Exchange and Clarksons SIN as of October 2023 KMAX dry bulk vessel = P5TC, LR1 tanker = TC5 TCE, VLSFO = VSLFO Singapore. Forward TC5 TCE based on TC5 FFA assessment and forward VLSFO price.

Positive outlook for CSS contract renewals

Expect higher share of floating rate CSS COAs in 2024 Positive market backdrop for fixed-rate discussions – continued strong MR term market

% share of CABU tanker days 12 months T/C-rates for 47-48,000 Dwt MR-tankers (USD/day)

Continued high tanker trading and high spot market exposure in 2024

Continued high spot market exposure (spot / index linked COAs) in 2024

% share of CLEANBU tanker days % share of tanker trading

15% 21% 16% 18% 70% 61% 2023 2024 E Expected spot/index linked CPP COAs ~80% 38% 54% 74% 76% 71% 2021 2022 1H 2023 Q3 2023 Q4 2023 E 2H 2023 est. average: ~74%

Q4-2023 and 2024

Spot (expected/booked) Floating rate (expected/booked) Booked time charter

Improved earnings estimates for Q4 2023

Q4 2023 TCE-earnings guiding vs. actual last two quarters

Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)¹ )

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2023" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2023 report.

Best risk-adjusted return in dry bulk/tanker shipping

2019 – 2023 Q3 average annualized quarterly return on invested capital (%) ¹

Volatility % (annualized quarterly standard deviation)

FUTURE BOUND

Estimated CAPEX next 12 months (\$ millions)

	Upcoming drydocking1 (expected off-hire days)
Q4 2023	Baru (75)
Q1 2024	Barcarena (16)
Q2 2024	Balzani (16), Barracuda (65)
Q3 2024	Balboa (65), Barramundi (65), Banastar (16)

Detailed 2023 contract coverage – wet

Contract coverage

CABU: CSS contract coverage	Total wet contract coverage

CLEANBU: CPP contract coverage

# of days	Q4 2023
Fixed rate COA/Spot	319
Floating rate COA
Total contract days	319
FFA coverage
Available wet days CLEANBU	500

Detailed 2023 contract coverage – dry bulk

Contract coverage

Total dry bulk contract coverage