Oslo, 23 August 2024: Klaveness Combination Carriers ("KCC") reports another
solid quarter marked by efficient trading for the CABU fleet with record-high
TCE earnings and a strong product tanker market resulting in one of the best
CLEANBU quarters in the company's history. With a dividend of USD 0.30 per share
for the quarter, KCC continues to deliver on its dividend policy with high
quarterly distributions and high running yield to its shareholders.

CEO Engebret Dahm comments: "Based on robust market conditions and exceptional
CABU TCE earnings, KCC delivered strong results in the second quarter 2024
culminating in the best half-yearly results in our history. With our diversified
market exposure and fleet flexibility, we are confident in our ability to
deliver solid operational and financial performance and attractive quarterly
dividends to our shareholders going forward despite the ongoing high volatility
in the product tanker market."

KCC owns and operates 16 combination carriers 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 Second Quarter 2024:
- EBITDA of USD 36.2 million for Q2 2024 (Q1 2024: 37.6) and EBT of USD 25.1
million (Q1 2024: 26.0), resulting in record half-yearly financial results
- Record CABU TCE earnings of $37,656/day (Q1 2024: $34,824/day) supported by
strong MR tanker markets and efficient trading
- Continued high CLEANBU TCE earnings of $39,093/day (Q1 2024: $46,593/day) with
high share of tanker trading (79%)
- Renewal of fixed rate dry bulk contract out of Australia for 2025 with higher
volume and rates
- Q2 dividend of USD 0.30 per share (~USD 18.1 million in total), bringing total
dividends paid since listing in 2019 to USD 185.4 million

Fleet average TCE earnings for the quarter of $38,376/day [1] (Q1 2024:
$40,514/day [1]) were driven by a strong product tanker market and robust dry
earnings in addition to high trading efficiency for the CABU fleet. The CABU
segment delivered record-high average TCE earnings of $37,656/day [1] for the
quarter, while CLEANBU TCE earnings ended at $39,093/day [1] one of the best
CLEANBU quarters ever. Two vessels completed dry-docking with a total of 89
off-hire days in the quarter. 

Quarterly dividend distribution of USD 0.30 per share and in total USD 18.1
million for second quarter is well above the minimum dividend policy level of
80% of the adjusted cash flow to equity [2]. Over the last four last quarters,
KCC has distributed an aggregated amount of USD 75.6 million in dividends, and
since its listing in 2019, USD 185.4 million.

The carbon intensity (EEOI) of the KCC fleet ended at 6.9, in line with Q1 2024,
and was negatively impacted by ballast days for the CLEANBU fleet as chartering
decisions were made to take advantage of the strong tanker market. The CABU
fleet continued with a high share of combination trading and its EEOI remained
in line with the target for 2024.

TCE earnings guidance [3] for Q3 2024 is $28,000-29,000/day for the CABUs and
$33,500-35,500/day for the CLEANBUs, somewhat down from a very strong second
quarter. The reduction is mainly driven by weaker product tanker markets going
into the third quarter and temporarily lower caustic soda cargo volumes for the
CABUs for the period caused by uneven distribution of contract shipments over
the quarters. Looking further ahead, both the dry bulk and the product tanker
markets are expected to remain strong and especially the product tanker market
is expected to be highly volatile. KCC, with high efficiency, diversified market
exposure and flexibility, is well positioned to deliver strong financial results
and attractive dividends to its shareholders.  

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[1] TCE earnings $/day are alternative performance measures (APMs) which are
defined and reconciled in the excel sheet "APM2Q2024" published on the Company's
homepage Investor Relations/Reports and Presentations under the section for the
Q2 2024 report. The address to the Company's homepage is
www.combinationcarriers.com.
[2] EBITDA, less maintenance CAPEX, less debt service
[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 Q2 2024 financial results
In connection with the release of financial results for the second quarter 2024,
Klaveness Combination Carriers ASA ("KCC") will hold a webcast presentation at
09:00 CEST on Friday 23 August.

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-q2-2024-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