Norwegian shipping company Torvald Klaveness has extended its shipping agreement with Luxembourg-based steel and mining firm Arcelor Mittal.
Under the contract, Klaveness is to transport ten cargoes aboard a Panamax vessel from south America to the continent, and ten cargoes on Supramaxes from West Africa to the continent.
The deal, which represents a continuation of the parties’ long-lasting relationship, will see the company ship a total volume of 1.4 million tonnes of iron ore in 2018.
“We are proud that Arcelor Mittal share our concerns when it comes to considering the environments we operate in, work towards cutting emissions, and running their business in a more energy efficient way,” Klaveness said.
The deal comes on the back of a strengthened dry bulk market witnessed in 2017.
In addition to managing its 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 2017 but vanished quickly and only from September the same year did markets experience a solid recovery.
Torvald Klaveness’ 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.