rss icon Subscribe
desktop mobile

Dry Bulk, Container Markets Strengthened in 2017: Torvald Klaveness

Photo:  Torvald Klaveness

By Aiswarya Lakshmi

The tanker market remained subdued, while the dry bulk and container markets strengthened during 2017, said Norwegian shipping company Torvald Klaveness.

Torvald Klaveness managed to improve its financial results in 2017, but they "were still not at a satisfactory level", Torvald Klaveness said.
Earnings before tax (EBT) for 2017 ended at a loss of USD -2 million. Torvald Klaveness maintained a high solidity and good liquidity in 2017.
Stronger markets resulted in improved results for the container segment and the dry bulk segment compared to 2016. The combination carriers continue to deliver satisfactory results, although impacted by a weak tanker market.
The container market strengthened during 2017 resulting in significantly less idle days for the Klaveness container vessels compared to 2016. Rates above the general market were still achieved due to the vessels' fuel efficiency.
In addition to managing own vessels, Klaveness acts as an operator and manages a portfolio of physical and financial contracts linked to the panamax and supramax dry bulk markets. Klaveness also offers commercial management through pools for external owners in the same segments.
The first substantial dry bulk market improvement came in April but vanished quickly and only from September did markets experience a solid recovery. The dry bulk chartering and trading activity continued to target five geographic areas and employ data driven decisions. The dry bulk activities generated a net revenue of USD 19 million in 2017, up from USD 11 million in 2016. The total number of operated dry bulk vessels was 129.
Klaveness' vision is to improve the nature of shipping and the strategy focuses on three core areas; establish a global combination carrier service, build the leading digital operator, and provide useful and intuitive digital services.
As a result, Klaveness in 2017 has continued to focus on improving and developing existing and new combination carrier concepts, continued to invest in digital initiatives through Klaveness Digital and roll out new services, and establishing a more data driven approach to trading and chartering activities.
Klaveness' ship owning activities are organized under the ownership of the subsidiary Klaveness Ship Holding AS. This company is the issuer of the KSH03 bond. Separate consolidated preliminary results for Klaveness Ship Holding have therefore also been published today.
In addition to Klaveness Ship Holding, Rederiaksjeselskapet Torvald Klaveness consists of the Chartering and Trading activities, digital services and the pool and management companies.

Feb 12, 2018

 

Bulk Carriers

CP Rail Workers Reject Contract, Resume Negotiations

File Image (CREDIT: AdobeStock / © Carolyn Franks )

Canadian Pacific Railway conductors and locomotive engineers on Friday rejected the company's

Baltic Index Marks Second Straight Weekly Decline

File Image (CREDIT: AdobeStock / © Lidian Neeleman)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk

K Line Adds 'Corona' Series Coal Carrier "Corona Xanadu"

Image: Kawasaki Kisen Kaisha

Kawasaki Kisen Kaisha (“K” Line) is proud to announce the delivery of “Corona Xanadu,” an 88

Container Ships

CMA CGM Sets Surcharge to Offset Fuel Price Surge

Photo: CMA CGM

French shipping group CMA CGM said on Friday it would introduce an exceptional surcharge after its

Maersk Line Introduces Bunker Surcharge

File Image: CREDIT Maersk

The world's largest container shipping company Maersk Line is increasing prices because of a surge

Meet the Digital, Zero Emission Cargo Solution

Photo: Kalmar

Kalmar, part of Cargotec, and Yara entered into an agreement in which Kalmar will deliver fully

Maritime Apps