Oslo, 16 February 2024: Klaveness Combination Carriers ("KCC") reports a solid
financial performance for the fourth quarter of 2023 with EBT of USD 25.9
million and EBITDA of USD 36.5 million. The results marked a historically strong
quarter for KCC and sealed a record year, with the momentum expected to continue
in Q1 2024.

In a year of sudden trade changes and extreme market volatility, KCC's fleet
proved its mettle. Through the fleet's high trading efficiency and flexibility,
KCC again managed to get the best out of both the product tanker and dry bulk
markets. The year also saw clear progress on decarbonization ambitions, with
significant headway made on KCC's energy efficiency program and a marked
improvement of carbon intensity (EEOI) with a 6% reduction from 2022.

CEO Engebret Dahm comments: "A strong Q4 2023 closes a record year for KCC, a
year of record profitability and solid strategic progress across the business.
Both the CABUs and CLEANBUs delivered some of our highest TCE earnings to date,
getting the most out of a substantially stronger product tanker market in Q4.
After a solid start to the new year, KCC is on course to deliver another
exciting quarter in Q1 2024."

Average TCE earnings for the fleet ended at $36,823/day [1] for the fourth
quarter. Average TCE earnings for the CABUs hit $36,110/day [1] and $37,537/day
[1] for the CLEANBUs. The results were driven by high freight rates on the
fixed-rate caustic soda contracts and robust dry bulk earnings, coupled with a
substantially stronger product tanker market in Q4.

With strong CABU coverage secured for 2024 and record CLEANBU TCE earnings
anticipated, the CABU TCE earnings guiding [2] for Q1 2024 is $32,000-33,000/day
and $48,000-50,000/day for the CLEANBUs.

Highlights for Fourth Quarter 2023 and 2023:
- EBT of USD 25.9 million and EBITDA of USD 36.5 million for Q4 2023
- Historically solid Q4 TCE earnings
- Record high 2023 financial result - 17 % ROCE [1] and 24 % ROE [1]
- 2023 carbon intensity (EEOI) performance 6% better than 2022
- Close to 100% of CABU wet capacity secured for 2024
- 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, ROCE and ROE 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.
[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 Q4 2023 financial results
In connection with the release of financial results for the fourth quarter of
2023, Klaveness Combination Carriers ASA ("KCC") will hold a webcast
presentation at 09:00 CET on Friday 16 February.

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-q4-2023-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 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