Klaveness Combination Carriers

Investor Presentation • May 7, 2024

First Quarter

06.05.2024

Disclaimer

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Agenda

Introduction / performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

Capitalizing on inefficiencies in tanker and dry bulk shipping

EFFICENCY

Substantially lower ballast and carbon footprint than standard vessels

DIVERSIFICATION

Exposed to both dry bulk and product tanker markets

Optionality to shift capacity to the highest paying market

FLEXIBILITY

Strong validation of the combination carrier concept value

Highlights Q1 2024 KCC TCE earnings1

• million
• All-time high Q1 TCE earnings (\$40,514/day)
• Highly efficient CABU trading (8% ballast)
• High share of CLEANBU tanker trading (75%)
• Increased carbon intensity (EEOI 6.9)
• Off-hire higher than expected

⁶ 1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM1Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q1 2024 report.

Solid performance results in high dividend payout

Agenda

Introduction / performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

Booming product tanker market and seasonally strong dry market

TCE earnings development \$/day1

• Product tanker markets spiked from 2nd half December following disruption in Red Sea/ Suez transits
• The strongest start of the year in the dry bulk market since 2012 (except for 2021+2022)

Capitalizing on strong product tanker markets in Q1 2024

Quarterly KCC fleet TCE earnings1 vs. standard tonnage2

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM1Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q1 2024 report.

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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 trading efficiency in Q1 2024

% of days in tanker and dry bulk trades % days in combination trades & ballast Quarterly TCE earnings1 (\$/day)

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM1Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q1 2024 report.

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Continued high tanker market trading paid off for the CLEANBUs

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM1Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q1 2024 report.

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Agenda

Introduction / performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

EBITDA stable at strong level: Increased TCE rates offset by less on-hire days

EBITDA Q1 2024 compared to Q4 2023 (USD millions)

Q1 dry dockings extended due to unexpected repairs

Dry docking overview remaining 2024 (CAPEX in USD millions and off-hire in parenthesis)

Vessel	Type	Dry docking and other technical upgrades (off-hire days)	Energy efficiency measures (off-hire days)	Total cost (off-hire days)	Timing*
Baru	CLEANBU	4.0	5.6	9.5 (146)	Q4 2023 - Q2 2024
Banastar	CABU	2.2	-	2.2 (33)	Q2 April/May
Balzani	CLEANBU	1.1	0.3	1.4 (13)	Q2 June
Barracuda	CLEANBU	1.7	4.9	6.6 (75)	Q3 Jul-Aug
Barramundi	CLEANBU	1.7	5.1	6.9 (75)	Q3 Sep-Oct
Balboa	CABU	1.7	4.6	6.3 (75)	Q4 Nov

Off-hire Q1

	Q1 2024	Q4 2023
On-hire days	1 317	1 442
Scheduled off-hire	130	10
Unscheduled off-hire	9	19

Comments

• Q1: Barcarena delayed 17 days in Q1 due to increased scope of steel renewal
• Q1-Q2: Baru delayed 6 days in Q1 due to unplanned repair of propeller shaft. The repair will impact Q2 off-hire and Baru is expected to be ready for commercial activity 15 May. The repair is not related to the energy efficiency retrofit project and large additional off-hire is not expected for remaining dry dockings in 2024

Profit and loss Q1 2024 Continued strong value creation

USD thousand (unaudited accounts)	Q1 2024	Q4 2023	Quarterly variance
Net revenues from operations of vessels	53 365	53 110	0.5 %	Q1 2024	Q4 2023
Other income	278	-	-	Earnings per share1	Earnings per share1
Operating expenses, vessels	(13 114)	(13 114)	-	\$0.43	\$0.43
				Dividend per share2	Dividend per share2
SG&A	(2 929)	(3 460)	15.3 %	\$0.35	\$0.35
				ROCE3	ROCE3
EBITDA	37 599	36 536	2.9 %	20%	19%
Depreciation	(7 514)	(7 455)	0.8 %	ROE3	ROE3
EBIT	30 085	29 081	3.5 %	28%	29%
Net financial items	(4 105)	(3 190)	28.7 %
Profit after tax	25 980	25 892	0.3 %

1) Basic earnings per share. Calculated basis 60 431 653 for Q4 2023 and 60 431 653 for Q1 2024 (average total shares adjusted for treasury shares) 2) Dividend for Q1 2024 approved 6 May 2024 and to be distributed in Q2 2024 3) ROCE/ROE is based on annualized EBIT/Profit after tax for the quarter. ROE and ROCE are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM1Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q1 2024 report.

Balance sheet Solid balance sheet

USD thousand (unaudited accounts)	31 Mar 2024	31 Dec 2023	Quarterly variance
ASSETS
Non-current assets
Vessels	493 705	497 072	(3 367)
Newbuilding contracts	17 948	17 591	357
Other non-current assets	4 888	6 432	(1 544)
Current assets
Other current assets	47 114	38 875	8 239
Cash and cash equivalents	60 044	68 071	(8 027)
Total assets	623 700	628 041	(4 341)
EQUITY AND LIABILITIES
Equity	366 358	361 698	4 660
Non-current liabilities
Mortage debt	141 760	154 835	(13 075)
Long-term financial liabilities	3 072	657	2 415
Long-term bond loan	45 766	66 897	(21 131)
Current liabilities
Short-term mortage debt	25 199	25 199	-
Short-term bond loan*	17 655	-	17 655
Other current liabilities	23 891	18 755	5 136
Total liabilities	257 342	266 342	(9 000)
Total liabilities and equity	623 700	628 041	(4 341)

58.7% 57.6% Equity ratio1 Equity ratio1 Q1 2024 Q4 2023

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* KCC04 is categorized as short-term bond loan as it matures in February 2025.

1) Equity ratio is an alternative performance measure (APM) which is defined and reconciled in the excel sheet "APM1Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q1 2024 report.

Cash flow Maintaining a solid long-term available liquidity position

Comments

• No extraordinary events driving cash flow in the quarter
• Repaid USD 7 million on revolving credit facility capacity in Q1

Solid available liquidity position of USD 180 million at the end of Q1 as funds have been secured for future investments in newbuilds and energy efficiency measures

Agenda

Introduction / performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

Carbon intensity increased driven by less efficient CLEANBU trading

Carbon intensity (EEOI)1

g CO2/(tons cargo x nautical miles)

Compared to 2023:

• CABU EEOI down 4% due to improved combi trading

• CLEANBU EEOI up 17% due to strong tanker market: incen�vizing higher speeds and less combi trading

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.

Vessel speed and time in ballast had a large impact on EEOI in Q1

Agenda

Introduction / performance overview

Market review and commercial update

Financial update

Sustainability efforts

Summary and outlook

Product tanker market

Product tanker market expected to remain tight for the foreseeable future

Dry bulk market

Bullish setup for the dry market with limited fleet growth the coming years

	2024E	2025E
Dry bulk commodity demand growth			• Healthy iron ore, grains and bauxite shipments in Cal-2024 • Likely moderating demand growth in 2025
Tonne-miles growth			• Increasing sailing distances due to canal disruptions • Likely easing disruptions
Fleet growth			• Low fleet growth in both 2024, 2025 and 2026
Market balance			• Tight market in 2024, but likely moderating from 2H 2024 and in 2025 pending longevity of Panama and Red Sea disruptions • Low fleet growth leaves little room for surprises/inefficiencies

Forward markets shares optimistic, but with normal "backwardation" pricing

Historical pricing and forward derivative pricing1

Source: Klaveness and Baltic Exchange as of May 2024 KMAX dry bulk vessel = P5TC, LR1 tanker = TC5 TCE. Forward TC5 TCE based on TC5 FFA assessment and forward VLSFO SGP paper price.

Moderate tanker fixed-rate coverage in 2024 – building coverage for 2025 Tanker market coverage

• 86% of tanker capacity booked for Q2-2024
• Fixed-rate tanker coverage in 2H 2024 (31 %) consist of CABU caustic soda COAs and T/C of one CLEANBU vessel
• Floating-rate tanker COAs in 2H 2024 (32%) booked in the best combi trades for both CABUs and CLEANBUs
• Target considerably increased fixed-rate tanker coverage for 2025

Split of tanker booking

% share of fleet (CABU+CLEANBU tanker days) as of 6 May 2024

Limited dry bulk fixed-rate coverage in both 2024 and 2025 Dry bulk market coverage

• 58% of dry bulk capacity booked for Q2 2024
• Limited fixed-rate dry bulk COAs for H2 2024 (13%) and no fixed-rate dry bulk COAs 2025
• Floating rate dry bulk COAs constitute 21-22% of dry bulk capacity for H2 2024 and 2025

Split of dry bulk booking

% share of fleet (CABU+CLEANBU dry bulk days) as of 6 May 2024

Expect continued strong performance in Q2

Q2 2024 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 "APM1Q2024" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q1 2024 report.

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EFFICIENCY

DIVERSIFICATION

FLEXIBILITY

Best risk-adjusted return in dry bulk/tanker shipping

2019 – 2024 Q1 average annualized quarterly return on invested capital (%)1

Source: Bloomberg 1) Return on invested capital is calculated as annualized quarterly net operating profit dividend by the company's invested capital. 29

FUTURE BOUND

Detailed 2024 and 2025 contract coverage – wet

Contract coverage (as per 6 May 2024)

CABU: CSS contract coverage

Total wet contract coverage

CLEANBU: CPP contract coverage

# of days	Q2-24	2H 2024	2025
Fixed rate COA/TC/Spot	407	184	યતિ
Floating rate COA		105	210
Total contract days	407	289	255
FFA coverage
Available wet days CLEANBU	517	8 ਵਰੋ	1 622

Detailed 2024 and 2025 contract coverage – dry bulk

Contract coverage (as per 6 May 2024)

Total dry bulk contract coverage