Klaveness to sell its selfunloader vessels

Klaveness to sell its selfunloader vessels

A subsidiary of Klaveness Ship Holding AS (KSH), Klaveness Selfunloaders AS, has reached agreement to sell its five self-unloading bulk carriers to affiliates of Algoma Central Corporation and The CSL Group Inc.

Under the terms of 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. The agreement is subject to technical due diligence on each vessel.

The subjects are likely to be lifted in December 2015, with a completion of the transaction in Q1 2016. The transaction will lead to an estimated accounting gain of approximately USD 30 million for KSH.

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

For further information, please contact: Lasse Kristoffersen (CEO, Torvald Klaveness) +47 2252 6238

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