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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 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. Full report Klaveness Combination Carriers, press release 
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