1. Highlights


2013 was a year characterised by growth for Torvald Klaveness. Three container vessels and two specialised selfunloader vessels were delivered from yards, and a further two container vessels, two kamsarmax dry bulk vessels and two specialised cabu vessels were ordered.

Klaveness posted an EBITDA of USD 60 million in 2013 (USD 72 million in 2012). The company had a profit before tax (EBT) of USD 31 million (loss USD 10 million in 2012). Cash flow from operations was USD 26 million. The balance sheet remains solid with a book equity including minority interest of USD 337 million at year end corresponding to an equity ratio of 43%.

The market for Klaveness’ specialised vessels continued to be good in 2013. Several contracts were renewed during the year, securing a continuation of volumes carried in the past. The market for Klaveness’ container vessels was still weak in 2013. Still, all of the container vessels were fully employed through the year and all contracts that expired were renewed. In the first half of 2013, Klaveness swapped one of its new builds for another container vessel at Jiangsu Yangzijiang Shipyard Co., Ltd. in China, and purchased two additional 2,500 TEU container vessels from the same yard. These three vessels will be delivered in the first quarter of 2014.

In the chartering and trading activities the number of vessels under commercial management decreased somewhat during the year. At the same time, improved rates and the market positioning in the dry bulk market contributed to significant growth in the forward values of the portfolio under management.

There have been no major incidents or disruptions to the operations of the Klaveness Ship Holding (KSH) entities in 2013.

Klaveness Container Holding AS and Klaveness Container AS were during the year established as a subsidiary group under KSH and Klaveness Bulk Holding AS and Klaveness Bulk AS were established as another subsidiary group under KSH. Following the restructuring all ship owning activities and vessels of Torvald Klaveness are now gathered under the corporate umbrella of KSH.