KLAVENESS COMBINATION CARRIERS ASA Oslo ,16 February 2024 :Klaveness Combination Carriers ("KCC") reports a solid financial performance for the fourth quarter of 2023 with EBT ofUSD 25.9 million and EBITDA ofUSD 36.5 million . The results marked a historically strong quarter for KCC and sealed a record year, with the momentum expected to continue in Q1 2024. In a year of sudden trade changes and extreme market volatility, KCC's fleet proved its mettle. Through the fleet's high trading efficiency and flexibility, KCC again managed to get the best out of both the product tanker and dry bulk markets. The year also saw clear progress on decarbonization ambitions, with significant headway made on KCC's energy efficiency program and a marked improvement of carbon intensity (EEOI) with a 6% reduction from 2022. CEO Engebret Dahm comments: "A strong Q4 2023 closes a record year for KCC, a year of record profitability and solid strategic progress across the business. Both the CABUs and CLEANBUs delivered some of our highest TCE earnings to date, getting the most out of a substantially stronger product tanker market in Q4. After a solid start to the new year, KCC is on course to deliver another exciting quarter in Q1 2024." Average TCE earnings for the fleet ended at$36,823 /day [1] for the fourth quarter. Average TCE earnings for the CABUs hit$36,110 /day [1] and$37,537 /day [1] for the CLEANBUs. The results were driven by high freight rates on the fixed-rate caustic soda contracts and robust dry bulk earnings, coupled with a substantially stronger product tanker market in Q4. With strong CABU coverage secured for 2024 and record CLEANBU TCE earnings anticipated, the CABU TCE earnings guiding [2] for Q1 2024 is$32,000-33,000 /day and$48,000-50,000 /day for the CLEANBUs. Highlights for Fourth Quarter 2023 and 2023: - EBT ofUSD 25.9 million and EBITDA ofUSD 36.5 million for Q4 2023 - Historically solid Q4 TCE earnings - Record high 2023 financial result - 17 % ROCE [1] and 24 % ROE [1] - 2023 carbon intensity (EEOI) performance 6% better than 2022 - Close to 100% of CABU wet capacity secured for 2024 - KCC Board of Directors declares dividend ofUSD 0.35 per share (~USD 21.2 million in total) __________________________________________ [1] TCE earnings $/day, ROCE and ROE are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM4Q2023" published on the Company's homepage Investor Relations/Reports and Presentations under the section for the Q4 2023 report. The address to the Company's homepage is www.combinationcarriers.com. [2] Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA). __________________________________________ Invitation to presentation of Q4 2023 financial results In connection with the release of financial results for the fourth quarter of 2023,Klaveness Combination Carriers ASA ("KCC") will hold a webcast presentation at09:00 CET on Friday 16 February. To follow the webcast live go to www.combinationcarriers.com/investor-relations or copy and paste the following link to your browser: https://www.combinationcarriers.com/kcc-q4-2023-financial-results. Questions for the Q&A session can be submitted in writing through the webcast solution during the presentation. AboutKlaveness 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. For further queries, please contact: Engebret Dahm, CEO Telephone: +47 957 46 851Liv Dyrnes , CFO Telephone: +47 976 60 561
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