Oslo, 8 May 2025: Klaveness Combination Carriers ASA (“KCC”) reported EBITDA of USD 15.0 million and EBT of USD 4.3 million in a seasonally weak dry bulk quarter and a mixed product tanker market. Both vessel segments continued to outperform standard market benchmarks, with earnings exceeding comparable tanker earnings by a factor of 1.2x and dry bulk rates by 2.7x [1], underscoring the value of KCC’s business model. 

CEO Engebret Dahm commented: “After a seasonally weak start of the year and high macroeconomic and geopolitical uncertainty, we are optimistic for the development over the next quarters, supported by positive outlook for the crude tanker market. KCC’s resilient business model with diversified market exposure, strong contract coverage and the ability to shift capacity between markets, positions the company well to navigate continued high uncertainty.” 

KCC owns and operates a fleet of 16 combination carriers, with 3 newbuilds arriving in 2026, built for the 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. 

Highlights for First Quarter 2025: 
- EBITDA of USD 15.0 million (Q4 2024: USD 20.2 million) and EBT of USD 4.3 million (Q4 2024: USD 8.6 million) 
- Both vessel segments outperformed the product tanker and dry bulk markets in the quarter [1] 
- CABU TCE earnings [2] of $22,346/day (Q4 2024: $28,988/day), impacted by weaker markets and less optimal trading 
- CLEANBU TCE earnings [2] of $22,449/day (Q4 2024: $28,027/day), impacted by weaker markets 
- Q1 dividend of USD 0.035 per share amounting to approximately USD 2.1 million (Q4 2024: USD 0.10 per share)   
- Steel cutting for two out of three newbuilds

The decrease in EBITDA and EBT from Q4 2024 to Q1 2025 was mainly driven by lower TCE earnings, partly offset by less dry-docking off-hire and lower expenses. Average TCE earnings per on-hire day for the CABU vessels ended at $22,449/day [2] in Q1 2025 (Q4 2024: $28,988/day), down from Q4 2024, mainly due to a very weak dry bulk market in the Pacific, less capacity trading in wet mode after a hectic caustic soda contract program in Q4 2024, and somewhat less efficient trading to service customer requirements. The decrease in CLEANBU TCE earnings [2] from $28,027/day in Q4 2024 to $22,449/day in Q1 2025 was mainly driven by a somewhat weaker LR1 product tanker market and considerably weaker dry bulk markets. During the quarter, the CLEANBU vessels’ trading flexibility was actively used to optimize earnings, both ballasting more to lift higher paying CPP shipments and carrying vegetable oils instead of dry bulk shipments out of South America.  

A milestone was reached for the newbuilding program consisting of three vessels under construction in China, when the steel cutting of two out of the three vessels was made in first quarter. The vessels are expected to be delivered Q1-Q3 2026.  

The Board of Directors declares a quarterly dividend distribution of USD 0.035 per share (Q4 2024: USD 0.10 per share) amounting to approximately USD 2.1 million, equaling 135% of the Adjusted Cash Flow to Equity (ACFE) [2] for Q1 2025, well above the minimum level in the dividend policy of 80%.  

TCE earnings guidance [3] for Q2 2025 is $24,000-25,000/day for the CABUs, supported by stronger markets and more efficient trading so far in the second quarter. TCE earnings guidance [3] for Q2 2025 for the CLEANBUs of $21,500-23,500/day is negatively impacted by the geopolitical uncertainty, especially related to the USTR port fees, resulting in a decision to temporarily reduce trading in one of KCC’s efficient combination trades to/from the US. Following the release of the revised USTR-proposal in mid-April 2025, normal trading to/from the US has been resumed, but KCC is following the situation closely and prepares to reduce vessel capacity in this trade again dependent on the final wording of the USTR regulation. 

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[1] Standard tonnage for bulk carriers is calculated averages of Panamax and Kamsarmax earnings weighted by CABU and CLEANBU on-hire days respectively. Standard tonnage for product tankers is calculated averages of MR and LR1 earnings weighted by CABU and CLEANBU on-hire days respectively. Multiples are calculated by dividing KCC average TCE earnings on standard tonnage for bulk carriers and product tankers. Source: Clarksons Securities and Clarksons SIN. 

[2] TCE earnings $/day and ACFE are alternative performance measures (APMs) which are defined and reconciled in the excel sheet “APM1Q2025” published on the Company’s homepage Investor Relations/Reports and Presentations under the section for the Q1 2025 report. The address to the Company’s homepage is www.combinationcarriers.com. 

[3] 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 2025 financial results 
In connection with the release of financial results for the First Quarter 2025, Klaveness Combination Carriers ASA (“KCC”) will hold a webcast presentation at 09:00 CEST on Thursday 8 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-q1-2025-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