7.3 Shipowning & projects

The business area Ship Owning & Projects manages the company’s ship investments other than the combination carriers, in addition to facilitating new projects.

During 2013, two new selfunloaders were delivered to Klaveness from Chengxi Shipyard in China, increasing the fleet to five vessels. The selfunloader vessels are employed in the CSL International Pool. The pool has a diversified contract portfolio and the vessels are mainly employed in North America and the Caribbean. Results were in line with expectations for the year, albeit somewhat lower than the 2012 results.

In September 2013, it was decided to seek a stock exchange listing of a potential newbuilding program under the name Klaveness Bulk ASA. This effort was however terminated as a result of changed market conditions. Instead, Klaveness entered into cooperation with the hedge fund Tufton Oceanic for parts of its dry bulk investments.

Klaveness also took delivery of three new 2,500 TEU container vessels from Yangzijiang Shipyard in China. Another three are due for delivery from the same yard in the first quarter of 2014. Adding the two existing vessels brings the container fleet to 8 vessels, ranging in size from 1,700 TEU to 3,100 TEU. The vessels were chartered out to liner companies for periods of less than 12 months, and all delivered vessels have been fully employed throughout the year. While the new vessels have been earning rates above the general market due to their fuel efficiency, rates have in general been quite weak.

In June 2013, Klaveness sold its interest in the German cement shipping company Baltrader.