KCC: Second Quarter 2026 Business Update

10 Jul 2026 07:00 CEST

Oslo, 10 July 2026: Klaveness Combination Carriers' ("KCC" or the "Company")
preliminary fleet average TCE earnings for the second quarter ended at
$37,782/day, within the guiding range of $36,500-38,400/day).

The CABU fleet achieved TCE earnings of $34,076/day, within the guiding range
of $33,500--34,500/day. CABU TCE earnings increased by $4,524/day from Q1
2026, mainly driven by stronger underlying markets and more capacity trading
in wet mode. This was partly offset by less efficient trading, as the
situation in the Middle East affected caustic soda procurement to the alumina
industry resulting in more ballasting and longer waiting time. Compared with
the MR tanker market, the CABU TCE earnings multiple was 0.7[1] for the second
quarter.

The CLEANBU TCE earnings were $42,243/day in Q2 2026, within the guiding range
of $40,000-43,000/day. The CLEANBU TCE earnings increased by $4,932/day from
Q1 2026, mainly reflecting a volatile, but in average significantly stronger
LR1 product tanker market, a higher share of capacity employed in wet and
support from a healthy dry bulk market. The TCE earnings were negatively
impacted by IFRS effects[2] of ~$1,900/day at quarter end due to more than
usual ballasting for the fleet. The CLEANBU TCE earnings achieved a multiple
of 0.6[1] compared to the LR1 product tankers for the second quarter.

Actual on-hire days in Q2 were 4 days more than the guiding, primarily due to
Banastar exiting safely the Middle East Gulf on 25 June. Total loss of hire
compensation for Banastar and one CLEANBU vessel with prolonged dry docking
are expected to be approximately USD 5.3 million for Q2 2026.

KCC's Second Quarter Report for 2026 will be published on 25 August 2026.

[1] Clarksons MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on
assumption of one-month advance cargo fixing/«lag»
[2] IFRS recognises revenue based on load to discharge basis and not discharge
to discharge

CABU (TCE earnings per on-hire day and on-hire days)
Q2 2026 Preliminary: $34,076/day (754 days)
Q2 2026 Guiding range[3]: $33,500/day-$34,500/day (748 days)
Q1 2026 Actual: $29,552/day (703 days)
H1 2026 Preliminary: $31,892/day (1,457 days)

CLEANBU (TCE earnings per on-hire day and on-hire days)
Q2 2026 Preliminary: $42,243/day (626 days)
Q2 2026 Guiding range[3]: $40,000/day-$43,000/day (628 days)
Q1 2026 Actual: $37,311/day (704 days)
H1 2026 Preliminary: $39,633/day (1,330 days)

Fleet (TCE earnings per on-hire day and on-hire days)
Q2 2026 Preliminary: $37,782/day (1,380 days)
Q2 2026 Guiding range[3]: $36,500/day-$38,400/day (1,376 days)
Q1 2026 Actual: $33,432/day (1,407 days)
H1 2026 Preliminary: $35,586/day (2,786 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 "APM2Q2026" published on the
Company's homepage Investor Relations/Reports and Presentations under the
section for the Q2 2026 Report. The address to the Company's homepage is
www.combinationcarriers.com.

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

About Klaveness Combination Carriers ASA:
KCC is the world leader in combination carriers, owning and operating ten CABU
and eight CLEANBU combination carriers with one 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