KCC Third Quarter 2022 – Another record-breaking quarter and positive outlook

03 Nov 2022 07:00 CET

Oslo, 3 November 2022: Klaveness Combination Carriers ASA (“KCC”) reports
another record-breaking quarter with EBITDA of USD 34.5 million and EBT of USD
22.0 million. – In the third quarter, the CLEANBU fleet really proved its high
earnings capacity driven by 70% capacity trading in a strong product tanker
market. Despite macroeconomic headwinds on the horizon, our outlook for Q4 2022
and 2023 remains positive, says CEO Engebret Dahm.

Both segments had a high degree of capacity employed in efficient combination
trades, with the CLEANBU vessels performing long-haul tanker trades supporting
the very strong TCE earnings of close to 45,000 $/day. The earnings outlook for
both the CABU fleet and the CLEANBU fleet remains strong with fourth quarter
capacity close to fully booked. Renewal of caustic soda contracts for 2023 has
started at TCE earnings more than double compared to 2022. Caustic soda cargo
volume is also expected to increase in 2023.

Solid progress in customer acceptance, operational efficiency and booking of
index- linked CPP contracts bode well for the outlook for the CLEANBU business
for 2023.

Highlights for third quarter 2022:
* Q3 average fleet TCE earnings [1] of 35,915 $/day driven by very strong
CLEANBU rates
* Above 70% of days in tanker trades for the CLEANBU vessels in a very strong
tanker market
* Another record quarter with EBT of USD 22.0 million (+36% Q-o-Q) and EBITDA of
USD 34.5 million (+30% Q-o-Q)
* Four-year contract of affreightment with Alba for transportation of Alumina
announced
* Started renewal of 2023 caustic soda COAs at more than double TCE rates
compared to 2022. Expect higher cargo volume
* Board of directors declares dividend of USD 0.30 per share (USD 15.7 million
in total), 30% increase from Q2 2022

[1] APM: TCE earnings per on-hire day is an alternative performance measure
(APM), further described and reconciled in the quarterly report for Q3 2022,
appendix 1 (page 25).

Invitation to presentation of Q3 2022 financial results:
In connection with the release of financial results for the third quarter of
2022, Klaveness Combination Carriers ASA (“KCC”) will hold a webcast
presentation at 09:00 CET on Thursday 3 November.

To follow the webcast live go to www.combinationcarriers.com/investor-relations
or https://www.combinationcarriers.com/kcc-q3-2022-financial-results. Questions
for the Q&A session can be submitted in writing through the webcast solution
during the presentation.

About Klaveness Combination Carriers ASA:
KCC is the world leader in combination carriers, owning and operating eight CABU
and eight CLEANBU combination carriers. KCC’s combination carriers are built for
transportation of both wet and dry bulk cargoes, operating in trades where the
vessels efficiently combine dry and wet cargoes with minimum ballast. Through
their high utilization and efficiency, the vessels emit up to 40% less CO2 per
transported ton compared to standard tanker and dry bulk vessels in current and
targeted combination trading patterns.

For further queries, please contact:
Engebret Dahm, CEO
Telephone: +47 957 46 851
Liv Dyrnes, CFO
Telephone: +47 976 60 561

More information:
Access the news on Oslo Bors NewsWeb site

574590_KCC 2022 Q3 Report.pdf
574590_KCC 2022 Q3 Presentation.pdf