Oslo, 16 January 2024: Klaveness Combination Carriers ("KCC" or the "Company")
preliminary CABU and CLEANBU TCE earnings for fourth quarter 2023 ended at $/day
36,110 and $/day 37,537 respectively. Fleet average TCE earnings for the quarter
ended at $/day 36,823, approximately $/day 4,600 higher than in Q3 2023 and
approximately $/day 3,050 above the mid-point in the guiding range. 

The CABU fleet continued to deliver historically strong TCE earnings in Q4 2023,
albeit approximately $/day 1,000 lower than the record high earnings in Q3 2023.
In Q4 2023 as in Q3, the CABUs benefited from high freight rates on the
fixed-rate caustic soda ("CSS") contracts and stronger dry bulk earnings, but a
somewhat weaker operational efficiency had a negative impact compared to the
previous quarter. CABU TCE earnings for Q4 were approximately $/day 1,100 above
the mid-point in the guiding range mainly due to longer duration on CSS voyages
leading to fewer days in a lower paying dry bulk market. 

The CLEANBU TCE earnings increased approximately $/day 9,600 from Q3 2023 to Q4
2023 mainly due to a stronger product tanker market and supported by a stronger
dry bulk market. CLEANBU TCE earnings for Q4 were approximately $/day 4,550
higher than the guiding range mid-point mainly due to a considerable
strengthening of the US Gulf tanker market where KCC had several vessels in
position. 

Based on the escalating situation in the Red Sea area, KCC has decided to not
trade any of its vessels through the Red Sea until the situation improves. The
CABUs do not trade in the area, while the CLEANBUs from time-to-time transits
through the Red Sea. The decision is expected to have limited impact on KCC
business activities and financial performance.

TCE earnings guiding for Q1 2024 will be published in KCC's 2023 Fourth Quarter
Report on Friday 16 February 2024.

CABU (TCE earnings per on-hire day and on-hire days)
Q4 Preliminary: $/day 36,110 (722 days)
Q4 Guiding range*: $/day 34,500-35,500 (734 days)
Q3 Actual: $/day 37,134 (632 days)
2023 Preliminary: $/day 34,742(2,754 days)

CLEANBU (TCE earnings per on-hire day and on-hire days)
Q4 Preliminary: $/day 37,537 (721 days)
Q4 Guiding range*: $/day 32,000-34,000 (710 days)
Q3 Actual: $/day 27,938 (727 days)
2023 Preliminary: $/day 35,214 (2,872 days)

Fleet (TCE earnings per on-hire day and on-hire days)
Q4 Preliminary: $/day 36,823 (1,442 days)
Q4 Guiding range*: $/day 33,000-34,500 (1,444 days)
Q3 Actual: $/day 32,214 (1,360 days)
2023 Preliminary: $/day 34,983 (5,626 days)

*Estimate based on booked cargoes and expected employment for open capacity
basis forward freight pricing (FFA)

TCE earnings $/day 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. 

For further queries, please contact:
Engebret Dahm, CEO, Telephone +47 957 46 851
Liv Dyrnes, CFO, Telephone +47 976 60 561

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.