Vessel Impairments Hit Torvald Klaveness’ Earnings

Image Courtesy: Torvald Klaveness

Norwegian shipping company Torvald Klaveness concluded 2016 with a loss of USD 58 million negatively impacted by impairment of container vessels, compared to a loss of USD 23 million seen in 2015.

Due to a solid cash position after the sale of the five self-unloader vessels in January, Klaveness repaid both bond and bank debt and strengthened cash deposits during 2016.

During the year, the company took delivery of three vessels and has additional four vessels under construction, one of which will be delivered in 2017.

“Results for the combination carriers weakened compared to 2015, but were still satisfactory. The container segment was impacted by lower rates and impairments, whilst the results for dry bulk suffered from continued weak markets and low volatility,” Klaveness said.

Earnings for the combination carriers weakened in 2016, mainly due to a weaker tanker market, somewhat higher spot exposure and lower transported caustic volumes.

The container market weakened further in 2016 resulting in an increase in idle days for the Klaveness container vessels, however rates above the general market were still achieved due to the vessels’ fuel efficiency, according to the company.

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.

As a result of weak dry bulk markets and reduced margins, chartering and trading focused more on industrial type of cargo clients and tailor made services.

The total operated dry bulk fleet was 116 and the number of vessels in the Klaveness pools counted 49 vessels at year-end. The dry bulk activities generated a net revenue of USD 11 million in 2016, down from USD 20 million in 2015.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Mar 2017 >>
MTWTFSS
27 28 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Breakbulk Europe 2017

For more than a decade, Breakbulk Europe has served as the networking hub for industry professionals who do business in Europe — or would like to! Exhibitors and sponsors include cargo owners, ocean carriers, freight forwarders, ports/terminals, heavy haulers, equipment companies and more that are involved in this specialized industry.

In addition to exceptional networking opportunities, Breakbulk Europe provides a dynamic conference, along with a range of educational and training workshops — intensive all-day classes held the day before the exhibition opens as well as many on-the-floor sessions.

  • Over 7,600 participants attended Breakbulk Europe 2016
  • Meet with over 400 exhibitors and sponsors
  • Hear from industry experts, including leading shippers, during the conference sessions
  • Learn new skills in the educational workshops held before the exhibition and on-the-floor micro-seminars and exhibitor-led sessions during the event

More info

read more >

Ferries Asia Summit

Propelling Regional Waterway Connectivity & Fleet-wide Operational Excellence

Ferry travel is in the limelight. The potential for driving tourism growth is immense – and for archipelago nations battling with urban congestion, ferry services pose a clean, efficient alternative in everyday public transport. But high-profile ferry accidents have brought ever greater attention to safety regulations for Asia’s maritime travel industry.

Amid these circumstances, how can vessel operators cope with ever-tightening safety requirements, while making the right decisions at the right time to capture rising demand? What are the smartest ways to improve service reliability and fleet quality, that maximize operating and capital spend? What are the industry’s best-practices for sustainable growth, and how can they be achieved?

Play your part! Join us at the Ferries Asia Summit 2017 to push forward the regional debate on making Asia’s ferry industry more progressive, safe, and commercially sustainable. Bringing together fast-ferry, RO-RO and ROPAX vessel owners along with international and domestic maritime regulators, classification agencies, shipbuilders and naval architects, this event connects the entire value chain for a meaningful holistic debate on ferry operations excellence in Asia.

WHAT’S ON THE AGENDA THIS YEAR?

Comprehensive debates on addressing the complexity of ferry safety in Asia: Is vessel age truly the greatest concern? How significant are other factors, and how can they be addressed?

Pathways to change through greater public-private collaboration

Contrasting viewpoints on the most effective ways to enhance operational stability & passenger management

Cost-efficient O&M strategies to extend vessel life & tips for stakeholder management to avoid purchasing mistakes

Integrating ferry business with tourism opportunities through strategic partnerships

Exciting formats including speed networking, panel discussions & a high-intensity fast-pitch ‘Shark Tank’!

For more information, click here to download the brochure.
If you would like to attend the event, register here before 3rd February to save USD 400.
Alternatively, email us at enquiry@iqpc.com.sg 
for any enquiries regarding the event.

More info

read more >

INMEX Vietnam 2017

The event is an exceptional meeting point for the global maritime community in Vietnam, a region where the industry remains buoyant and strong…

read more >

Singapore Maritime Week 2017

Singapore Maritime Week (SMW) is the leading maritime event in Singapore. Driven by the Maritime and Port Authority of Singapore (MPA), SMW…

read more >