KCC: Third Quarter 2025 Business Update

Issuer

Klaveness Combination Carriers

Oslo, 10 October 2025: Klaveness Combination Carriers' ("KCC" or the "Company")
preliminary fleet average TCE earnings for the quarter ended at $28,921/day,
landing at the upper end of the guiding range ($27,500-29,000/day).

The CABU fleet achieved TCE earnings of $30,062/day, slightly above the guiding
range ($29,000-30,000/day). CABU earnings continued to outperform the standard
MR tanker market, with a multiple of 1.4* for the quarter.

The CLEANBU fleet reported TCE earnings of $27,740/day for the quarter, at the
upper end of the guiding range ($26,000-28,000/day) and slightly above LR1 spot
tanker rates, corresponding to a multiple of 1.1*.

CABU and CLEANBU TCE earnings increased by approximately USD 3,700 per day and
USD 4,900 per day, respectively, from the second to the third quarter of 2025.

The CABU rate improvement from last quarter was primarily driven by stronger
caustic soda solution TCE earnings, supported by higher cargo intake and a
firmer underlying product tanker market. In addition, solid dry bulk earnings
and more efficient trading (95% combination trading and 11% ballast) contributed
positively, partly offset by a lower share of capacity trading in wet mode (47%
in Q3, down from 54% in Q2) and negative IFRS effects.

The positive CLEANBU rate development from the second quarter to the third
quarter of 2025 was driven by stronger markets, increased capacity employed in
the best-paying trades, and a higher share of capacity employed in clean
petroleum products trading (60% in Q3, up from 56% in Q2), as well as positive
IFRS effects.

KCC recorded 14 more on-hire days than guided for the third quarter, primarily
due to adjustments in the start dates of two dry-dockings.

KCC's Third Quarter Report for 2025 will be published on 28 October 2025.

*Clarksons, MR (CABU) and LR1 (CLEANBU) tanker multiple calculated based on
assumption of one-month advance cargo fixing/«lag»

CABU (TCE earnings per on-hire day and on-hire days)
Q3 2025 Preliminary: $30,062/day (712 days)
Q3 2025 Guiding range*: $29,000/day-$30,000/day (702 days)
Q2 2025 Actual: $26,365/day (677 days)

CLEANBU (TCE earnings per on-hire day and on-hire days)
Q3 2025 Preliminary: $27,740/day (688 days)
Q3 2025 Guiding range*: $26,000/day-$28,000/day (684 days)
Q2 2025 Actual: $22,843/day (711 days)

Fleet (TCE earnings per on-hire day and on-hire days)
Q3 2025 Preliminary: $28,921/day (1,400 days)
Q3 2025 Guiding range*: $27,500/day-$29,000/day (1,386 days)
Q2 2025 Actual: $24,561/day (1,387 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 "APM3Q2025" published on the Company's web
page Investor Relations/Reports and Presentations under the section for the Q3
2025 Report. The address to the Company's web page 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.

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