Oslo, 7 May 2024: Klaveness Combination Carriers ("KCC") reports another quarter
of solid financial performance with historically high efficiency for the CABU
fleet and high tanker trading of the CLEANBU vessels. KCC delivered EBT of USD
26.0 million (Q4 2023: USD 25.9 million) and EBITDA of USD 37.6 million (Q4
2023: USD 36.5 million), supporting continued high dividend distribution of USD
0.35 per share/USD 21.2 million in total for the quarter. 

CEO Engebret Dahm comments: "Our Q1 performance demonstrates both the high
efficiency and high flexibility in KCC's business model. The CABUs delivered
highly efficient operations with only 8% ballast and strong and stable earnings,
while we utilized the flexibility of the CLEANBU fleet employing 75% of the
CLEANBU capacity in tanker trades to take benefit of the remarkably strong
tanker market."

KCC owns and operates 16 combination carriers built for transportation of both
wet and dry bulk cargoes. The vessels are operated in trades where they
efficiently combine dry and wet cargoes with minimum ballast, capitalizing on
imbalances in trade flows.
	
All-time high TCE earnings for the fleet ($40,514/day [1]) in Q1 2024 (Q4 2023:
$36,823/day [1]) were driven by a strong product tanker market supported by
robust dry earnings in addition to high trading efficiency for the CABU fleet.
Average TCE earnings for the CABUs were $34,824/day [1] and $46,593/day [1] for
the CLEANBUs. However, in total 139 off-hire days for the fleet impacted the
financial results negatively. 130 days were related to two dry dockings that
were delayed for a total of 23 days in addition to 9 unscheduled off-hire days. 

KCC continues to provide shareholder value with a dividend for the quarter of
USD 0.35 per share/USD 21.2 million in total. On a running basis over the last 4
quarters, KCC has paid out an aggregated amount of USD 72.5 million in total
dividend.

The carbon intensity (EEOI) of the KCC fleet increased Q-o-Q and compared to
2023. The CLEANBU fleet EEOI was up 17% Q-o-Q, outweighing the CABU fleet's 4%
reduction from improved combination trading. Increased CLEANBU emissions
intensity was driven mainly by temporary effects of operation at higher speeds
and increased ballast to take benefit of the strong tanker market in the
quarter.

With strong CABU contract coverage secured for 2024 and expected continued
strong product tanker markets having positive effects on both the CABU and the
CLEANBU fleet, the CABU TCE earnings guiding [2] for Q2 2024 is
$36,000-37,000/day and $37,500-40,500/day for the CLEANBUs. 

Highlights for First Quarter 2024:
- EBT of USD 26.0 million (Q4 2023: USD 25.9 million) and EBITDA of USD 37.6
million (Q4 2023: USD 36.5 million) for Q1 2024
- All-time high Q1 TCE earnings ($40,514/day) (Q4 2023: $36,823/day)
- Efficient combination trading for the CABUs (ballast 8 %)
- Continued high share of CLEANBU capacity employed in tanker trades (75%)
- Increased carbon intensity (EEOI 6.9) driven by CLEANBU speed and ballast 
- Off-hire higher than expected due to extended dry dockings and unscheduled
off-hire 
- KCC Board of Directors declares dividend of USD 0.35 per share (~USD 21.2
million in total)

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[1] TCE earnings $/day are alternative performance measures (APMs) which are
defined and reconciled in the excel sheet "APM1Q2024" published on the Company's
homepage Investor Relations/Reports and Presentations under the section for the
Q1 2024 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).

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Invitation to presentation of Q1 2024 financial results
In connection with the release of financial results for the first quarter 2024,
Klaveness Combination Carriers ASA ("KCC") will hold a webcast presentation at
09:00 CEST on Tuesday 7 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-q1-2024-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 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 46 851

Liv Dyrnes, CFO 
Telephone: +47 976 60 561