2. Newbuilding program


In the first and second quarter of 2013, the selfunloader newbuilding MV Balto and the container vessels MV Balao and MV Ballenita were delivered from the yards. The last selfunloader newbuilding MV Balchen and the third container newbuilding MV Balsa were delivered in the third quarter. Klaveness also entered into an agreement with Jiangsu New Yangzi Shipbuilding Co. Ltd. to swap the fourth container newbuilding for another newbuilding, which resulted in both a price reduction and an earlier delivery of the vessel. All container vessels were delivered directly into short-term employment at market rates which acknowledged the vessels’ improved fuel economy.

Klaveness, through Klaveness Container AS, entered into an agreement with Jiangsu New Yangzi Shipbuilding Co. Ltd. in China to purchase two 2,500 TEU container vessels currently under construction. The vessels are expected to be delivered in the first quarter of 2014. In September, Klaveness entered into a contract with the same yard for an order of two 82,000 DWT Kamsarmax dry bulk vessels including options for more vessels. The vessels are estimated to be delivered in the second half of 2015. Klaveness also entered into cooperation with Tufton Oceanic for a new building program for vessels of this type, and sold several new build contracts to a Tufton Oceanic managed account.

Towards the end of the year, Klaveness negotiated a contract with Zhejiang OuHua Shipbuilding Co. Ltd. in China for an order of two 80,500 DWT combination carriers. The order was finally concluded in January 2014. The vessels are estimated to be delivered in the third and fourth quarter of 2016 and will be part of the cabu fleet of vessels. The contract includes options for further vessels, declarable in 2014.