Torvald Klaveness Annual Report 2023
Image: Ernst Meyer, President and CEO, Torvald Klaveness
Oslo, 19 March 2024: Torvald Klaveness today announces a historical financial performance for 2023 as net profits after taxes reach USD 87.7 million.
CEO of Torvald Klaveness Ernst Meyer comments: “With zero accidents or incidents causing harm to people, environment, or cargo, we achieved a record performance in 2023 thanks to a stellar performance from our people across companies, offices, and vessels. With freight-rate levels high due to record low order books, coupled with tragic geopolitical conflicts and climate change impact adding ton-miles, we believe our solutions are essential in helping customers to reduce carbon footprints and supply-chain risks. In addition, our digital solutions are seeing our customers increase revenues and are playing a key role in our strategic success, evidenced in our expanding customer base these recent years.”
Highlights:
Klaveness Combination Carriers again demonstrated the value of efficiency, flexibility, and diversification in the combination carrier concept, delivering both a record strong financial result and a record low carbon intensity (EEOI). The CABU fleet delivered the highest time-charter earnings since 2011 and achieved high trading efficiency with 92% on-hire days. The CLEANBU fleet continued to expand the number of customers and trades in 2023, with time-charter earnings at record high levels and the benefit of a high product tanker market. Three new CABU’s were ordered with delivery in 2026.
Klaveness Ship Management (KSM) delivered safe operations to our fleet without serious injuries - and no spills. On the back of digital developments and capacity, numerous projects and initiatives were completed on the vessels towards meeting Klaveness’ decarbonization goals. Meaningful fuel and emissions savings are being reported by the fleet.
Klaveness Dry Bulk (KDB) delivered a strong bottom line thanks to smart decision-making in a challenging market. Data-driven solutions engineered by the team were also at work, with one of these solutions Market Manager, the Software-as-a-Service solution for freight decision making, now fully commercialized and acquiring its first external customers. Marubeni Corporation bought 25% of the shares in KDB, expanding our cooperation beyond the joint-venture pool business.
Klaveness Digital secured a 122% net retention revenue from its customer base and a 36% increase in annual recurring revenue for its software solution CargoValue. The Software as a Service platform also continued its expansion into the food, energy, and metals industries worldwide.
Klaveness Holding, the holding structure providing parent value to the business, saw solid returns on its internal and external investments in 2023 and sits with ample capacity for new strategic and financial investments going forward.
For more information, please contact:
Daniel Middleton, Head of Corporate Communications
Ernst Meyer, CEO
Tel: +47 22 52 60 00
Email: communications@klaveness.com
About Klaveness
Torvald Klaveness is a pioneering shipping company with a vision to Improve the Nature of Shipping and an ambition to Make Seaborne Supply Chains Resilient, Decarbonized, and Cost-effective.
The company consists of a holding structure and four operating companies. Through Klaveness Combination Carriers, the company takes an active part in the transition to low-carbon shipping with its unique combination carrier concept. Klaveness Dry Bulk is a leading operator servicing the global dry bulk industry, it manages the world’s largest Panamax Pool and Market Manager, a digital platform enabling clients to make data-driven freight decisions. Klaveness Ship Management manages the owned vessels from an environmental, technical, and commercial standpoint. Klaveness Digital has developed the world’s leading platform for managing seaborne supply chains for raw materials in bulk with CargoValue.
With over 75 years’ experience, Klaveness operates some 100 vessels through offices in Oslo, Singapore, Manila, and Dubai with around 200 employees onshore and close to 650 seafarers.
More information about our company and our activities can be found at www.klaveness.com.