Despite continued weak shipping markets Torvald Klaveness maintained a high solidity and good liquidity in 2016. The result was negatively impacted by impairment of container vessels and ended at a loss before tax (EBT) of USD 58 million. Due to a solid cash position after the sale of the five selfunloader vessels in January, Klaveness repaid both bond and bank debt and strengthened cash deposits during 2016. The company took delivery of three vessels in 2016 and has additional four vessels under construction.
The group, consisting of Rederiaksjeselskapet Torvald Klaveness and its subsidiaries, delivered the following consolidated accounts (numbers in USD million):