Torvald Klaveness Annual Report 2024
Image: Ernst Meyer, President and CEO Torvald Klaveness
Oslo, 31 March 2025: Torvald Klaveness announces another strong financial performance for 2024, reporting profits before taxes of USD 79.1 million.
CEO of Torvald Klaveness Ernst Meyer comments: "Marked by a solid financial performance and zero accidents, 2024 has been another standout year in Klaveness’ history books, demonstrating our ability to deliver results while navigating global challenges. Driven by the craftsmanship of the people behind our business units, the company delivered record earnings, made new strategic investments, advanced digital innovation, and strengthened our market position—all reinforcing our commitment to making maritime supply chains more resilient, decarbonized, and cost-effective."
2024 Highlights:
Klaveness Combination Carriers (KCC) delivered historically strong financial results in 2024, driven by high trading efficiency, and the flexibility of its combination carrier concept in volatile dry and wet markets. The CABU fleet achieved solid earnings with 94% of on-hire days in combination trades, while the CLEANBU fleet set new records for time charter earnings, with 80% of capacity deployed in the peak product tanker market during the first half of the year.
Klaveness Dry Bulk (KDB) navigated a challenging market, delivering 101% index-linked contract earnings and 117% on fixed-rate contracts for pool customers, despite low volatility and declining rates. The business mitigated risk through strategic positioning, reduced exposure and leveraging digital tools.
Klaveness Digital (KD) saw continued strong user engagement for its flagship platform, CargoValue. In 2024, a decision was made to integrate the Market Manager and Vessel Connect teams under the KD organizational platform to create a more comprehensive digital ecosystem for freight and supply chain decision-making.
Klaveness Holding strengthened its position with increased investment capacity following strong results from the financial portfolio and KCC dividends. The company maintains a diversified financial portfolio, spanning fixed income, equities, real estate, and opportunistic investments in shipping and energy stocks.
Klaveness Ship Management (KSM) was sold to OSM Thome effective early 2025, securing scale benefits while preserving expertise. KSM remains dedicated to serving KCC and remains co-located in Oslo. OSM Thome also acquired the crewing agency Klaveness Maritime Agency in Manila.
Barklav manning services in Romania remains a joint venture company between Klaveness and Wilhelmsen after the OSM Thome acquisition of KSM. Barklav delivers high-quality crewing services to reputable maritime companies, including its owners, and celebrated 25 years of success in January 2025.
About Torvald Klaveness
Torvald Klaveness is a pioneering shipping company with a vision to improve the nature of shipping and a mission to make seaborne supply chains more resilient, decarbonized and cost-effective.
The company consists of a holding structure and three operating companies. Klaveness Holding executes active ownership of the existing portfolio of companies, drives new strategic investments and manages a portfolio of liquid financial investments.
Klaveness Combination Carriers actively participates 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 and manages the world’s largest Panamax pool. Klaveness Digital is responsible for the development and commercialization of digital services across all business units, including CargoValue, the world’s leading platform for managing seaborne supply chains, and our portfolio of freight decision support software. It also serves as a hub for innovation to test, validate and commercialize new ideas.
With over 75 years of experience, Klaveness operates approximately 75 vessels through offices in Oslo, Singapore, Manila, Dubai, and Tokyo, employing around 155 people.
For more information about our company and activities, please visit: www.klaveness.com.
For more information, please contact:
Haley Zerwas Kerek, Head of Corporate Communications
Ernst Meyer, CEO
Tel: +47 22 52 60 00
Email: communications@klaveness.com