KCC Annual Report and ESG Performance Report 2022 - Concluding a record-breaking year with solid progress across KCC’s business

07 Mar 2023 06:58 CET

Oslo, 7 March 2023: Klaveness Combination Carriers ASA (“KCC”) releases its
Annual Report and ESG Performance Report for 2022.

”2022 was a very profitable year for KCC with solid progress across KCC’s two
business segments and supported by historically strong, but extremely volatile
product tanker, dry bulk and energy markets. COVID-19 restrictions eased through
the year, with positive effects for crew wellbeing and repatriation and vessel
operations,” says CEO Engebret Dahm.

Profit after tax was USD 60.9 million for the year 2022, a record financial
result.

After having relocated two CABU vessel from South America in Q2 2022, the CABU
fleet was dedicated to KCC’s most efficient CABU trades to/from Australia for
the remaining part of the year. With high caustic soda solution volumes and
strong dry bulk markets for the first half of the year, the fleet delivered the
highest TCE earnings since 2011.

2022 was the first year with the full CLEANBU fleet in service after taking
delivery of the last of eight CLEANBU newbuilds in May 2021. The year in many
ways represented a breakthrough for the CLEANBU business. The number of
customers having chartered the vessels doubled from 2021 to 2022 and the trading
efficiency of the CLEANBU fleet improved substantially with time in combination
trade increasing from 66% in 2021 to 88% and ballast decreasing from 18% to 13%
from 2021 to 2022.

Furthermore, KCC advanced well with its decarbonization efforts focused on
efficiency improvements through every part of the business. After a successful
trial in 2022, the first carbon pricing mechanism has been implemented into one
freight contract with effect from 2023. Multiple energy and voyage efficiency
measures were installed on all vessels and contracts were concluded for an
innovative air lubrication system combined with a new shaft generator to be
installed on two vessels during 2023. Average CO2 emission per vessel year
improved by 5% from 2021 to 2022, while average carbon intensity (EEOI) improved
by 7% from 2021.

Attached:
Annual Report 2022
Annual Report ESEF-file 2022 (KCCASA-2022-12-31-en.zip)
ESG Performance Report 2022

Contact:
Engebret Dahm, CEO Telephone +47 957 46 851
Liv Dyrnes, CFO Telephone +47 976 60 561

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, being operated 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.

More information:
Access the news on Oslo Bors NewsWeb site

584390_Annual Report 2022.pdf
584390_ESG Performance Report 2022.pdf
584390_KCCASA-2022-12-31-en.zip