Vision and values
At the core of Torvald Klaveness are the values we live by and the vision we pursue. Our vision is to improve the nature of shipping. Our legacy is to challenge status quo, and much of our success has been, and is linked to finding new ways to improve technology and business models in shipping.
The vision provides direction and guiding along three dimensions:
We always look for new solutions
Our ambition is to improve the very nature of the business we are in
Shipping is our market and where we can make a difference
Our values define what we stand for and what you can expect from us.
We know our business in detail:
Constantly update and renew competence
Deliver as promised
Build and contribute to teams
Keep it simple
We act on our principles
Ethics before profits
Express your concerns
We see through cycles
See lasting solutions
Never bet the company
Support the customer
Never give up
We challenge established thinking
Look for new solutions
Share with and build on insights of others
Try a little, learn a lot
Commitment to compliance
Klaveness’ vision is to improve the nature of shipping and our ambition is to contribute to developing the standard for compliance in our industry.
Klaveness Code of Conduct
Our Code of Conduct defines our core legal and ethical standards and applies to all Klaveness directors, officers and employees, both on shore and on board our vessels. The code provides a framework for Klaveness’ governance, and defines the most important principles and ethical norms that form the basis for how we create value in Klaveness and conduct our business. These principles and values are implemented in our governance documents.
Klaveness Counterparty Code of Conduct
Our Counterparty Code of Conduct defines the core legal and ethical standards we expect from our subcontractors, contractual counterparties and others we do business with. The code applies to all our contractual relationships through standard documents and clauses.
Membership in the Maritime Anti-Corruption Network (MACN)
The Maritime Anti-Corruption Network is a global business network working towards the vision of a maritime industry free of corruption that enables fair trade to the benefit of society at large.
Klaveness was among the founding members in 2011 and was actively involved in the formalisation process in 2012. MACN and its members promote good corporate practice in the maritime industry for tackling bribes, facilitation payments and other forms of corruption. The members are vessel owners and other companies in the maritime industry including cargo owners and service providers.
As of 2019 the Network has more than 100 members and has become one of the pre-eminent examples of collective action to tackle corruption.
Klaveness believes transparent and good corporate governance drives value creation through aligning stakeholder as well as company interests.
The main governance structure and principles are as follows:
Trond Harald Klaveness is the main shareholder of the company, and chairman of Rederiaksjeselskapet Torvald Klaveness (RASTK). The board of directors also comprises independent representatives with extensive corporate experience. Current board members are Christian Rynning-Tønnesen, Tellef Thorleifsson and Christian Andersen.
Lasse Kristoffersen is the President and CEO of Torvald Klaveness, and heads up the corporate management team of six executives. He has no ties to the Klaveness family, but holds a minority ownership share in RASTK.
Risk management and compliance is an integral part of our business. We have a corporate risk management unit with the responsibility to identify and mitigate business and financial risks. In addition, we have a Chief Compliance Officer responsible for development, implementation and follow-up of our compliance program.
We operate under a Code of Conduct that is accepted in writing by each employee, officer and director.
|Figures in USD Million||2018||2017||2016||2015|
|Profit and loss account|
|Gross operating revenue 1)||317||327||262||389|
|Gain from sale fixed assets||–||–||32||–|
|Profit/(loss) after tax (incl. minority interests)||6||-6||-58||-22|
|Profit/(loss) after tax (excl. minority interests)||4||-6||-50||-21|
|Total equity (incl. minority interests)||318||260||261||313|
|Total equity (excl. minority interests)||250||238||244||294|
|Cash and cash equivalents||124||107||151||123|
|Cash flow from investing activities|
|Investments in vessels and newbuilding contracts||29||43||87||32|
|Equity ratio (excl. minority interests)||42%||42%||44%||41%|
|Equity ratio (incl. minority interests)||56%||46%||47%||43%|
|Number of employees onshore 2)||168||157||166||163|
|Klaveness Chartering – chartered vessels||67||96||76||64|
|Combination carriers (incl. MV Baru)||9||9||8||6|
|Vessels under construction||6||3||4||7|
1) Income/loss from physical and financial freight
2) Number of employees at year-end for Oslo, Singapore, Shanghai, Rio de Janeiro and Manila
3) Per year-end. Vessels hired in on spot voyages are not included