Klaveness Combination Carriers (KCC) Pareto Securities' 33rd Annual Energy Conference presentation summary

Unique business model and value creation

• Operates a fleet of combination carriers that can switch between dry bulk and product tanker trades, maximizing flexibility and efficiency.

• CABU and CLEANBU vessels significantly reduce ballast (empty) trading compared to standard vessels, lowering fuel consumption by 30-40%.

• Business model addresses inefficiencies in bulk shipping, capturing value through operational flexibility.

Decarbonization and operational efficiency

• Implements a carbon adjusted freight mechanism to incentivize lower emissions.

• Achieved steady reduction in carbon intensity (EEOI) from 2019 to 2026, with ongoing energy efficiency programs.

• Works closely with customers to improve operational efficiency and reduce environmental impact.

Market performance and resilience

• Earnings supported by strong performance in product tanker, dry bulk, and fuel markets, with all segments performing well.

• Demonstrates flexibility and robustness during market disruptions, such as Middle East crises affecting trade flows.

• Alumina industry remains resilient, with growing CABU CSS cargo volumes and expanded contract coverage.