Torvald Klaveness’ financial result for 2018


Torvald Klaveness’ financial result for 2018

The financial results of Torvald Klaveness improved in 2018 both due to somewhat improved underlying markets and a more optimal trading pattern and contract composition for the combination carriers. Earnings before tax (EBT) ended at USD 10.1 million and Torvald Klaveness maintained a high solidity and good liquidity also in 2018.

2018 has been an eventful year with focus on consolidating the combination carrier activities under one holding company, Klaveness Combination Carriers AS, and further develop the activities through raising external capital, registering the shares on N-OTC and growing the newbuilding program by three vessels. In addition, Klaveness has continued to invest in digital initiatives and has maintained its position as one of the leading Dry Bulk operators and pool managers.

The group, consisting of Rederiaksjeselskapet Torvald Klaveness and its subsidiaries, delivered the following consolidated financials for 2018:

financial results 2018.png

The combination carriers continued to deliver positive results in 2018. Earnings for the nine vessels on water, the CABU (caustic-bulk) combination carriers, strengthened in 2018, mainly due to somewhat improved dry bulk markets, a more optimal trading pattern, a higher number of caustic soda cargoes and higher bunker fuel prices.

Both the dry bulk market and the container market continued to improve in 2018, however, sentiment in both markets turned negative towards the end of the year. Average container vessel earnings improved in 2018 and the vessels still achieved rates above the general market due to the vessels’ fuel efficiency. Results for the dry bulk activities were positively impacted by active long and short positions along with market development. However, weather delays and related extended port stays impacted the results negatively.

EBITDA for 2018 was USD 37 million up from USD 28 million in 2017. The combination carriers were the largest contributor to the EBITDA. The balance sheet remains solid with a book equity including minority interest of USD 318 million at year-end corresponding to an equity ratio of 54 per cent. Cash and bank deposits ended at USD 124 million year-end 2018 with additional capacity under a long-term revolving credit facility of USD 52 million.

For full financial statement see Klaveness’ ship owning activities are organized under the ownership of the subsidiary Klaveness Ship Holding AS, whereof Klaveness Combination Carriers AS is registered on N-OTC and its bond is listed on Nordic ABM. Separate consolidated results for Klaveness Combination Carriers AS have been published on In addition to the ship owning activities consisting of combination carriers and container vessels, Rederiaksjeselskapet Torvald Klaveness consists of the Chartering and Trading activities, digital services and the pool and management companies.


For questions please contact:
Lasse Kristoffersen, CEO
Telephone +47 2252 6238

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