KCC: First Quarter 2023 Business Update

12 Apr 2023 17:59 CEST

Oslo, 12 April 2023: Klaveness Combination Carriers (“KCC”) preliminary CABU and
CLEANBU TCE earnings for first quarter 2023 ended at $/day 31,466 and $/day
45,911 respectively. TCE earnings for both segments ended above the guiding
range for the quarter. TCE earnings were positively impacted by a continued
strong product tanker market, while the weaker dry bulk markets in the first
part of Q1 had negative effects on mainly the CABU earnings. Capacity in tanker
trading ended at 69% for the fleet, reflecting KCC’s ability to allocate
capacity to the strongest market.

TCE earnings Q1 2023 Q1 2023 Q4 2022
($/on-hire day) Preliminary Guiding range* Actual
(on-hire days)
CABU..................31,466 (713) 28,000-29,000 25,757
CLEANBU...............45,911 (717) 40,000-42,000 36,812
Fleet.................38,708 (1,430) 34,000-35,500 31,531

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

TCE earnings $/day are alternative performance measures (APM). APMs are defined
on the company’s homepage:
https://www.combinationcarriers.com/alternative-performance-measures. Average
TCE earnings for Q1 2023 are reconciled in attached appendix.

KCC will publish its full first quarter 2023 report and arrange a webcast on 5
May 2023.

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

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, 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

587452_APM press release Q1 2023.pdf