KCC: Fourth Quarter 2025 Business Update

13 Jan 2026 07:00 CET

Oslo, 13 January 2026: Klaveness Combination Carriers’ ("KCC" or the "Company")
preliminary fleet average TCE earnings for the fourth quarter ended at
$29,333/day, slightly above the mid-point of the guiding range
($28,500-30,000/day).

The CABU fleet achieved TCE earnings of $31,840/day, $840/day above the guiding
range ($30,000–31,000/day) mainly due to stronger dry earnings driven by more
fixed rate contract days, and positive IFRS periodization effects[1]. Compared
to Q3 2025, the CABU TCE earnings increased by $1,778/day driven by stronger dry
bulk earnings, positive IFRS effects[1] and more capacity employed in wet
trades, partly offset by lower per-day wet rates. CABU earnings continued to
outperform the standard MR tanker market, with a multiple of 1.4[2] for the
quarter.

KCC has secured a record-high contract of affreightment (COA) portfolio for
2026, covering the full caustic soda solution (CSS) capacity of its expanding
CABU fleet, including the three CABU newbuilds to be delivered in 2026. This CSS
COA volume also supports the CLEANBU trading into Australia through increased
flexibility. Approximately 35% of the contract volume is fixed-rate, secured in
the period October to December 2025.

The CLEANBU fleet reported TCE earnings of $26,851/day for Q4, $149/day below
the guiding range ($27,000-29,000/day) mainly due to negative IFRS effects[1].
The TCE earnings were slightly above LR1 spot tanker rates for the quarter,
corresponding to a multiple of 1.1[2]. The CLEANBU TCE earnings were down
$889/day from Q3 2025 to Q4 2025 mainly driven by negative IFRS effects[1]
partly offset by higher dry earnings.

Actual on-hire days in Q4 were 15 days higher than the guiding for the quarter
due to less off-hire than expected related to dry-docking.

Preliminary fleet average TCE earnings for 2025 were $26,278/day, down
approximately $9,100/day from 2024, mainly driven by weaker product tanker
markets and somewhat weaker dry bulk markets.

KCC’s Fourth Quarter Report for 2025 and the Annual Report for 2025 will be
published on 13 February 2026.

[1] IFRS recognizes revenue based on load to discharge basis and not discharge
to discharge

[2] 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)
Q4 2025 Preliminary: $31,840/day (660 days)
Q4 2025 Guiding range[3]: $30,000/day-$31,000/day (666 days)
Q3 2025 Actual: $30,062/day (712 days)
2025 Preliminary: $27,700/day (2,708 days)

CLEANBU (TCE earnings per on-hire day and on-hire days)
Q4 2025 Preliminary: $26,851/day (667 days)
Q4 2025 Guiding range[3]: $27,000/day-$29,000/day (646 days)
Q3 2025 Actual: $27,740/day (688 days)
2025 Preliminary: $24,897/day (2,787 days)

Fleet (TCE earnings per on-hire day and on-hire days)
Q4 2025 Preliminary: $29,333/day (1,327 days)
Q4 2025 Guiding range[3]: $28,500/day-$30,000/day (1,312 days)
Q3 2025 Actual: $28,921/day (1,400 days)
2025 Preliminary: $26,278/day (5,495 days)

[3] 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 “APM4Q2025” published on the Company’s
homepage Investor Relations/Reports and Presentations under the section for the
Q4 2025 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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