KCC: Third Quarter 2024 Business Update

08 Oct 2024 18:01 CEST

Oslo, 8 October 2024: Klaveness Combination Carriers’ ("KCC" or the "Company")
preliminary CABU and CLEANBU TCE earnings for third quarter 2024 ended at $/day
29,668 and $/day 38,673 respectively. Fleet average TCE earnings for the quarter
ended at $/day 34,052, approximately $/day 4,300 lower than in Q2 2024, and
approximately $/day 1,900 higher than high end of the guiding range ($/day
30,700-32,200).

CABU TCE earnings for Q3 2024 were approximately $/day 650 above the high end of
the guiding range due to stronger than expected earnings for index-linked
caustic soda contracts. The CABU TCE earnings in the quarter were down
approximately $/day 8,000 from the record strong Q2 2024 as the fleet
experienced a somewhat lower number of caustic soda shipments this quarter as
well as a weaker MR-tanker market from the end of Q2 and through Q3 2024
negatively impacting the index-linked caustic soda contracts. The CABU fleet
maintained its high trading efficiency with 88% combination trading and 11%
ballast for the quarter.

The CLEANBU fleet maintained strong TCE earnings in Q3 2024 (down approximately
$/day 400 from Q2 2024) despite a significantly weaker product tanker spot
market in the quarter relative to Q2 2024. CLEANBU TCE earnings ended
approximately $/day 3,200 higher than the high end of the guiding range due to
several smaller effects including somewhat higher than expected tanker spot
earnings, a positive IFRS15 effect (periodisation effect from ballast voyages)
and positive effects of changes to voyage schedules. Trading efficiency for the
CLEANBU fleet was high in Q3 2024 with 87% combination trading and 12% ballast.


Actual number of on-hire days were six days lower than the guiding for third
quarter. The six days are related to dry-docking of one CLEANBU vessel.

KCC’s Third Quarter Report 2024 will be published on 30 October 2024.

CABU (TCE earnings per on-hire day and on-hire days)
Q3 2024 Preliminary: $/day 29,668 (735 days)
Q3 2024 Guiding range*: $/day 28,000-29,000 (734 days)
Q2 2024 Actual: $/day 37,656 (680 days)

CLEANBU (TCE earnings per on-hire day and on-hire days)
Q3 2024 Preliminary: $/day 38,673 (697 days)
Q3 2024 Guiding range*: $/day 33,500-35,500 (704 days)
Q2 2024 Actual: $/day 39,093 (683 days)

Fleet (TCE earnings per on-hire day and on-hire days)
Q3 2024 Preliminary: $/day 34,052 (1,432 days)
Q3 2024 Guiding range*: $/day 30,700-32,200 (1,438 days)
Q2 2024 Actual: $/day 38,376 (1,363 days)

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

TCE earnings $/day are alternative performance measures (APMs) which are defined
and reconciled in the excel sheet “APM3Q2024” published on the Company’s
homepage Investor Relations/Reports and Presentations under the section for the
Q3 2024 Report. The address to the Company’s homepage is
www.combinationcarriers.com.

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 with three CABU vessels under
construction for delivery in 2026. 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.

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