Oslo, 16 February 2023: Klaveness Combination Carriers ASA ("KCC") reports
another strong quarter with EBITDA of USD 28.1 million and EBT of USD 15.3
million. - KCC ended 2022 on a strong note with the second highest TCE earnings
to date. KCC will pay out the entire profit for the quarter as dividends to its
shareholders. 2023 is set to be another very strong year for KCC with solid
tanker market contract coverage fixed at record-high earnings levels, says CEO
Engebret Dahm.

Average CABU TCE earnings for Q4 2022 ended at $25,757/day[1], a small decrease
from Q3 2022 mainly due to weaker dry bulk markets. Average CLEANBU TCE earnings
ended at $36,812/day[1], down from last quarter. The share of the CLEANBU
capacity trading in the tanker market fell from 72% in Q3 2022 to 49% in Q4
2022, reflecting normal fluctuations between the quarters. The lower share in
tanker trading and higher share of dry bulk trading in the relatively weaker dry
bulk market are the main explanation for the lower CLEANBU TCE earnings in Q4
2022 compared to Q3 2022.

The average TCE earnings outlook for both the CABU fleet and the CLEANBU fleet
remains strong for the first quarter and for the remainder for 2023. Caustic
Soda Solution (CSS) cargo booking for 2023 is record high and earnings on booked
fixed-rate CSS contracts of affreightment for 2023 are at an all-time high. The
CSS cargo contract volume is expected to cover the full tanker capacity of the
CABU fleet in 2023. The 2023 TCE earnings outlook for the CLEANBU fleet is also
positive supported by a strong product tanker outlook. The share of the CLEANBU
fleet in tanker trading will increase from 49% in Q4 2022 to an excess of 80% in
Q1 2023. To capture value from the exceptionally strong tanker market, KCC has
expanded the trading of the CLEANBUs in triangulation trading and as regular
tankers from late 2022.

Guiding range for the first quarter 2023[2]:
Average CABU TCE earnings		$28,000/day-$29,000/day
Average CLEANBU TCE earnings            $40,000/day-$42,000/day
Average KCC TCE Earnings		$34,000/day-$35,500/day

KCC continues to strengthen its customer base and the recent conclusion of a
three-year index-linked contract of affreightment with Raizen will further
strengthen the CLEANBU fleet's position in the important combination trade to
and from South America.

Highlights for fourth quarter 2022:
* Q4 average fleet TCE earnings per on-hire day of $31,531/day, in the high end
of the guiding range [1]
* Q4 EBT (USD 15.3 million) and Adjusted EBITDA (USD 28.1 million), -30% and
-18% Q-o-Q
* Record high EBT (USD 60.9 million) and EBITDA (USD 107.0 million) for 2022,
Y-o-Y increase of 169% and 59% respectively
* Caustic soda solution (CSS) capacity for 2023 secured with close to 75% fixed
rate - approximately 2.5 times the average CSS TCE earnings for 2022
* The Board of Directors of KCC declares dividend of USD 0.30 per share (USD
15.7 million in total), flat from Q3 2022

[1] APM: TCE earnings per on-hire day is an alternative performance measure
(APM), further described and reconciled in the quarterly report for Q4 2022,
appendix 1 (page 26-27). 
[2] Estimate based on booked cargoes and expected employment for open capacity
basis forward freight pricing.

Invitation to presentation of Q4 2022 financial results:
In connection with the release of financial results for the fourth quarter of
2022, Klaveness Combination Carriers ASA ("KCC") will hold a webcast
presentation at 09:00 CET on Thursday 16 February. 

To follow the webcast live go to www.combinationcarriers.com/investor-relations
or https://www.combinationcarriers.com/kcc-q4-2022-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