Presentation

Klaveness has been engaged in the development of combination carriers since the 1950s and has pioneered the development of vessels that are equipped to carry both wet and dry cargo. The company as we know it today was established in 2018 through the consolidation of all Klaveness’ existing combination carrier business. Klaveness Combination Carriers is still controlled by the Klaveness family (53.8% stake) and listed on Oslo Axess with a market capitalization of USD 200m and net debt of USD 170m as of Q2’20.

Klaveness’ fleet consists of nine CABU combination carriers (MR tanker / panamax bulk carrier), three CLEANBU vessels (LR1 product tanker / kamsarmax bulk carrier). The company also has an additional 5 CLEANBU newbuildings on order, with expected deliveries between now and Q1’21e. Further, Klaveness has secured four individual fixed price options with scheduled delivery in 2022e which expire in Q4’20.

The company used the recent spike in tanker rates to increase contract coverage at attractive terms, and 69% of the tanker segment is covered for H2’20e. Klaveness is in a comfortable liquidity position following the recent bond refinancing, and have newbuilding financing in place and no balloon payments until 2022e. With a young fleet of fuel efficient and high spec vessels, we believe the company is well positioned to navigate through a period with challenging markets.