KCC: First Quarter 2025 Business Update

10 Apr 2025 07:01 CEST

Oslo, 10 April 2025: Klaveness Combination Carriers’ ("KCC" or the "Company")
preliminary CABU and CLEANBU TCE earnings for Q1 2025 ended at $/day 22,346 and
$/day 22,449, respectively. Fleet average TCE earnings for the quarter ended at
$/day 22,400, in the high end of the guiding range ($/day 21,000-22,500).

CABU TCE earnings for Q1 2025 were approximately $/day 850 above the high end of
the guiding range, supported by more capacity employed in caustic soda trades.
The CABU fleet delivered higher TCE earnings compared to standard MR tanker
vessels in Q1, with a multiple of 1.2*.

CLEANBU TCE earnings for Q1 2025 ended quite in line with the mid-point of the
guiding range and were stronger than the LR1 spot tanker rates for the quarter,
with a multiple of 1.2*.

The CABU and CLEANBU TCE earnings were down approximately $/day 6,650 and $/day
5,600, respectively, from Q4 2024 to Q1 2025. The rate development for CABU was
mainly due to a weaker dry bulk market, less optimal trading (81% combination
trading and 15% ballast) and lower capacity trading in wet mode, while the
CLEANBU rate development mainly was driven by weaker markets.

KCC had 28 less on-hire days in Q1 compared to the guiding as two CABU vessel
started drydocking earlier than expected.

It is uncertain how the proposed US tariffs, including the United States Trade
Representative’s (USTR) proposed port fees, and potential retaliatory tariffs
will impact KCC’s business. 11 out of 16 vessels on water as well as the three
newbuilds under construction are built in China. The CABU fleet is not trading
to/from the US, while one of the main CLEANBU trades involves US port calls. KCC
has no contractual obligations for shipments in this trade and will limit
shipments to and from the US until USTR’s regulations concerning Chinese built
vessels have been clarified. No other direct effects on KCC’s business have so
far been identified and KCC continues to monitor the situation, including
potential direct and indirect effects.

KCC’s First Quarter Report for 2025 will be published on 8 May 2025.

*Clarksons, MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on
assumption of one-month advance cargo fixing/«lag»

CABU (TCE earnings per on-hire day and on-hire days)
Q1 2025 Preliminary: $/day 22,346 (660 days)
Q1 2025 Guiding range*: $/day 20,500-21,500 (690 days)
Q4 2024 Actual: $/day 28,988 (684 days)

CLEANBU (TCE earnings per on-hire day and on-hire days)
Q1 2025 Preliminary: $/day 22,449 (720 days)
Q1 2025 Guiding range*: $/day 21,500-23,500 (718 days)
Q4 2024 Actual: $/day 28,027 (631 days)

Fleet (TCE earnings per on-hire day and on-hire days)
Q1 2025 Preliminary: $/day 22,400 (1,380 days)
Q1 2025 Guiding range*: $/day 21,000-22,500 (1,408 days)
Q4 2024 Actual: $/day 28,527 (1,315 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 “APM1Q2025” published on the Company’s web
page Investor Relations/Reports and Presentations under the section for the Q1
2025 Report. The address to the Company’s web page is
www.combinationcarriers.com.

The Company has in relation to this Business Update scheduled a group call with
equity and credit analysts covering KCC. More information about the call,
including date/time and participants is included in the attached presentation.
The presentation includes the material being presented in the meeting.

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.

More information:
Access the news on Oslo Bors NewsWeb site

643368_20250410 KCC Presentation For Group Analyst Call.pdf