Klaveness Combination Carriers

Investor Presentation • Oct 10, 2024

ABGSC Shipping Seminar

Presentation by Engebret Dahm, CEO Oslo, 10 October 2024

Redefining dry bulk and product tanker shipping

CABU introduced in 2001-17

CLEANBU introduced in 2019-21

EFFIC I ENCY

DIVERSIFICATION

FLEXIBILITY

Substantially lower ballast and carbon footprint than standard vessels

Exposed to both dry bulk and product tanker markets

Optionality to shift capacity to the highest paying market

Structural inefficiencies in standard shipping

Panamax dry bulk

Product tankers

KCC solves and capitalizes on these inefficiencies

~10% trading empty/ballast

Source: AXSDry and Alphatanker

trading empty/ballast

~40 - 50%

Tank Dry bulk Ballast

~30%

trading empty/ballast

Strong Q3-2024 TCE-earnings despite weaker product tanker markets

Fleet TCE earnings1 (\$/day)

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2024 report.

Long history of attractive shareholder returns

Quarterly dividend payments USD million

Strong tanker and dry bulk fundamentals – short/medium term uncertainties

TCE earnings development \$/day

Short/medium term tanker market outlook – many moving parts!

The longevity of disruptions in the Red Sea

Chinese economy and oil demand

1.04 0.42 0.10 -0.13 -0.20 -0.03 0.00 0.20 0.40 0.60 0.80 1.00 1.20 2023 2024 Q1 2024 Q2 E2024 Q3 E2024 Q4 CHINA OIL CONSUMPTION GROWTH, MM BBL Y-O-Y1

Risks of wider conflict in the Middle East

1) Source: EIA, STEO October 2024 2) Source: Bloomberg 3) Growth in "trading fleet", Source: Clarksons Shipping Intelligence Network, Oil & Tanker Trades Outlook September 2024

Getting the best out of peaking markets – overperforming in "normal" markets

Average KCC TCE earnings1 vs. standard tonnage (\$/day)2

⁹ 1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM3Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q3 2024 report. 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.

Best risk-adjusted return in dry bulk/tanker shipping

2019 – 2024 Q2 average annualized quarterly return on invested capital (%)1

Volatility % (annualized quarterly standard deviation)

FUTURE BOUND