Torvald Klaveness Annual Report 2025
Image: Ernst Meyer, President & CEO Torvald Klaveness
Oslo, 30 March 2026: Torvald Klaveness announces a strong financial performance for 2025, reporting earnings before taxes of USD 46.2 million.
CEO of Torvald Klaveness Ernst Meyer comments: “2025 has been another strong year in Klaveness’ history, with solid financial performance, continued strategic progress, and a significant increase in company value. Driven by the competence and commitment of our global team, we have strengthened our market position and further developed our long-term strategy to create value for our customers through Trading Efficiency, leaving Klaveness well positioned for the years ahead.”
2025 Highlights:
Klaveness Combination Carriers (KCC): Delivered an improved performance through the second half of the year, with average fleet TCE earnings outperforming relevant dry bulk and product tanker spot markets. The CABU fleet maintained high trading efficiency, with 90% of on-hire days in combination trades throughout the year and a limited 13% of on-hire days in ballast, supported by strong contract volumes. The CLEANBU fleet expanded its customer base, gained new concept approvals, and commenced a broader range of cargoes and trading patterns.
Klaveness Dry Bulk (KDB): Operated and managed around 50 Panamax, Kamsarmax and Post-Panamax vessels as an operator and pool manager through Klaveness Chartering and the Baumarine pool. Despite a weak first half and continued market headwinds, KDB delivered disciplined commercial positioning and active risk management, while further strengthening its foothold in Asia through its partnership with Marubeni and growing presence in Japan.
Klaveness Digital (KD): Expanded its customer base and increased Annual Recurring Revenue (ARR) significantly in 2025, while retaining a high level of customer loyalty. The business continued to invest in product innovation, began transitioning customers to CargoValue 2.0, and commercially operated the Market Manager platform during the year. In early 2026, Market Manager was sold from KDB to KD to consolidate digital services in the group.
Klaveness Holding: Delivered strong returns from its investment portfolio in 2025. The equity fund portfolio generated a 25% return, outperforming the MSCI World benchmark return of 19%. The fixed income portfolio also produced solid returns, while overall portfolio risk was reduced. The Holding company continued to diversify through secondary private equity commitments and opportunistic investments, including its 18.8% ownership in Stainless Tankers.
About Torvald Klaveness
Torvald Klaveness is a pioneering and progressive shipping company with a vision to improve the nature of shipping and a mission to make seaborne supply chains more resilient, decarbonized and cost-effective.
The company consists of a holding structure and three operating companies. Klaveness Holding executes active ownership of the existing portfolio of companies, drives new strategic investments, and manages a portfolio of liquid financial investments.
Klaveness Combination Carriers actively participates in the transition to low-carbon shipping with its unique combination carrier concept. Klaveness Dry Bulk is a leading operator servicing the global dry bulk industry and manages the world’s largest Panamax pool. Klaveness Digital is responsible for the development and commercialization of digital services across all business units, including CargoValue, the world’s leading platform for managing seaborne supply chains, and the portfolio of freight decision support software. It also serves as a hub for innovation to test, validate, and commercialize new ideas.
With 80 years of experience, Klaveness operates approximately 75 vessels through offices in Oslo, Singapore, Manila, Dubai and Tokyo, employing around 155 people.
For more information about our company and activities, please visit: www.klaveness.com.