Driven by stronger container and dry bulk markets, Norwegian shipping company Torvald Klaveness managed to improve its financial results in 2017.
However, although the financial results improved in the past year, they “were still not at a satisfactory level”, Torvald Klaveness said.
EBITDA for 2017 stood at USD 28 million, up from USD 12 million in 2016.
Earnings before tax (EBT) for 2017 ended at a loss of USD 2 million, compared to a loss of USD 90 million reported a year earlier.
The tanker market remained subdued, negatively impacting the company’s combination carriers segment.
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, according to the company.
The company said that the first substantial dry bulk market improvement came in April but vanished quickly and only from September did markets experience “a solid recovery”.
With regards to activities carried out last year, the company said: “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.”
Currently, the company’s owned fleet comprises nine combination carriers and eight containerships. Including the owned ships, Klaveness operates a fleet of about 120 vessels.