Klaveness Offloads Its Selfunloader Fleet

Norwegian shipping company Klaveness Ship Holding AS (KSH) has through its subsidiary, Klaveness Selfunloaders AS, sealed a deal to sell its five self-unloading bulk carriers to affiliates of Algoma Central Corporation and the CSL Group Inc.

Under the agreement, affiliates of Algoma and CSL will each acquire two vessels and Marbulk Shipping Limited, a company jointly owned by both Algoma and CSL, will acquire one vessel.

The transaction values the five vessels at USD 190 million in total.

“With this transaction we will free up significant investment capacity that we can use to realize projects we have been working on,” said Lasse Kristoffersen, CEO Torvald Klaveness.

The subjects are likely to be lifted in December 2015, with a completion of the transaction in Q1 2016. The agreement is subject to technical due diligence on each vessel.

KSH said that the transaction would result in an estimated accounting gain of approximately USD 30 million.

Klaveness’ selfunloaders are primarily employed in the CSL pool managed from Boston and serve industrial customers in the Americas.

The company’s fleet is comprised of two ships built in 2002, MV Barkland and MV Balder, featuring 49,463 and 48,184 DWT each, the 1981-built 75,569 DWT MV Baldock and 2013-built duo of 71,900 DWT, MV Balto and MV Balchen.

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