Oslo, 5 May 2023: Klaveness Combination Carriers ASA ("KCC") opens 2023 with
another record quarter, with EBITDA of USD 41.0 million and EBT of USD 28.2
million yielding a return on equity on an annualized basis of 37% [1]. A
flourishing tanker market, solid contract base, and expected continued
strengthening of the dry bulk market position KCC on a strong footing for 2023,
says CEO Engebret Dahm.

KCC delivered the highest ever TCE earnings for both the CLEANBU and CABU fleet
in Q1 2023. Average CLEANBU TCE earnings ended at $45,911/day [3], a substantial
increase from Q4 2022 due to a strong tanker market and 91% of capacity trading
in tanker mode. Average CABU TCE earnings for Q1 2023 ended at $31,466/day [3],
a solid increase from Q4 2022 due to strong earnings from caustic soda freight
contracts, despite weaker dry bulk markets in the quarter.

Q2 2023 is set to be another strong quarter for KCC with an expected solid
increase in CABU TCE earnings and continued high, albeit lower CLEANBU TCE
earnings. The outlook for CABU TCE-earnings in Q2 2023 is in the range of
$34-35,000/day [2] driven by high and well-paying fixed-rate contract coverage
for shipment of caustic soda and higher dry bulk earnings. The Q2 2023 earnings
guidance for the CLEANBUs is in the range of $31,500-33,500/day [2]. While the
CLEANBUs also benefit from a stronger dry bulk market, a lower share of tanker
trading in Q2 2023 has negative earnings effect due to a continued large
difference between tanker and dry bulk earnings.
 
The quarter also saw KCC announce our first freight contract with earnings
linked to emissions performance, further strengthening our commitment to offer
profitable and cost-effective decarbonization, adds Dahm.

Highlights for first quarter 2023:
o Q1 average fleet TCE-earnings [3] of $38,708/day, the strongest ever
o Record quarter with Q1 EBT USD 28.2 million and EBITDA USD 41.0 million, +84%
and +46% Q-o-Q 
o High tanker trading for the quarter demonstrates the trading flexibility of
the CLEANBU fleet
o Carbon pricing mechanism implemented into an existing freight contract
o The Board of Directors of KCC declares dividend of USD 0.40 per share (USD
20.9 million in total), up 33% from Q4 2022
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[1] Return on equity on an annualized basis is an alternative performance
measure (APM) defined and reconciled in Q1 2023 Report, Appendix 1, page 25.  
[2] Estimate based on booked cargoes and expected employment for open capacity
basis forward freight pricing (FFA)
[3] Average TCE Earnings is an alternative performance measure (APM) defined and
reconciled in Q1 2023 Report, Note 2 page 16 and Appendix 1 page 25.
________________________________________

Invitation to presentation of Q1 2023 financial results:
In connection with the release of financial results for the first quarter of
2023, Klaveness Combination Carriers ASA ("KCC") will hold a webcast
presentation at 09:00 CEST on Friday 5 May.
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-q1-2023-financial-results
Questions for the Q&A session can be submitted in writing through the webcast
solution during the presentation.     

About Klaveness Combination Carriers ASA:
KCC is the world leader in combination carriers, owning and operating eight CABU
and eight CLEANBU combination carriers. 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 46 851
Liv Dyrnes, CFO 
Telephone: +47 976 60 561