Oslo, 11 July 2024: Klaveness Combination Carriers' ("KCC" or the "Company")
preliminary CABU and CLEANBU TCE earnings for second quarter 2024 ended at $/day
37,656 and $/day 39,093 respectively. Fleet average TCE earnings for the quarter
ended at $/day 38,376, approximately $/day 2,100 lower than in Q1 2024, but at
the high end of the guiding range ($/day 36,700-38,700). 

The CABU fleet struck another TCE earnings record in Q2 2024 driven by a very
strong MR tanker market positively impacting the index-linked contracts and
continued efficient trading with 13% ballast and 98% combination trading. CABU
TCE earnings for Q2 were up approximately $/day 2,800 from Q1 2024 and were
approximately $/day 700 above the high end of the guiding range.

CLEANBU TCE earnings were mainly driven by a continued strong LR1 product tanker
market, although LR1 spot market earnings fell back relative to the buoyant
levels seen in Q1 2024 and have remained very volatile throughout the quarter.
To optimize earnings, the CLEANBU fleet continued to be employed mainly in
tanker trades in Q2 (79%) although the combination trading still accounted for
63% of the CLEANBU capacity in the quarter. CLEANBU TCE earnings for Q2 were in
line with the mid-point of the guiding range and approximately $/day 7,500 lower
than the record strong Q1 2024 TCE earnings.  

Actual number of on-hire days were in line with the expected number of days in
the guiding for second quarter, but with 12 less CABU days and 10 more CLEANBU
days. 

KCC has decided to postpone the planned energy efficiency retrofit projects for
two vessels from second half 2024 until 2025. One CLEANBU vessel completed the
retrofit of an air lubrication system and a shaft generator during the 5-year
docking in May 2024. Similar retrofits will be made on one CABU vessel in Q4
2024 and on further one CABU and two CLEANBU vessels in 2025. Three vessels will
dry dock and one vessel will be off hire in connection with intermediary class
survey during second half of 2024. However, due to the postponed retrofits,
total scheduled off hire is expected to be 161 days for second half 2024, down
from 225 days reported in the Q1 Presentation. Further details for each vessel
will be available in the Q2 Presentation.      

KCC's Second Quarter Report 2024 will be published on 23 August 2024.

CABU (TCE earnings per on-hire day and on-hire days)
Q2 2024 Preliminary: $/day 37,656 (680 days)
Q2 2024 Guiding range*: $/day 36,000-37,000 (692 days)
Q1 2024 Actual: $/day 34,824 (680 days)

CLEANBU (TCE earnings per on-hire day and on-hire days)
Q2 2024 Preliminary:  $/day 39,093 (683 days)
Q2 2024 Guiding range*: $/day 37,500-40,500 (673 days)
Q1 2024 Actual: $/day 46,593 (637 days)

Fleet (TCE earnings per on-hire day and on-hire days)
Q2 2024 Preliminary: $/day 38,376 (1,363 days)
Q2 2024 Guiding range*: $/day 36,700-38,700 (1,365 days)
Q1 2024 Actual: $/day 40,514 (1,317 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 "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. 

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.