Klaveness Combination Carriers sells a 21-years old CABU vessel in a historically strong dry bulk market

Oslo, 18 October 2021

A subsidiary of Klaveness Combination Carriers ASA (“KCC”) has concluded a sale of the 2001-built CABU vessel, MV Banasol, as a dry bulk vessel.

Second-hand values for older panamax dry bulk vessels have increased by around 150% to date in 2021, representing an opportunity to sell the oldest vessel in KCC’s fleet and to start preparing for a renewal of the CABU fleet.

The vessel is expected to be delivered to the new owner in December 2021. The sale will generate an estimated profit of USD 6.5 million and an estimated net cash effect of USD 10.6 million, recognized in the fourth quarter.

"The concluded sale demonstrates attractive secondhand values in the standard markets for KCC’s fleet and will support KCC’s investor friendly dividend policy going forward. The sale furthermore supports KCC’s decarbonization efforts by reducing average CO2 emission and improving average trading efficiency of KCC’s fleet," comments the CEO of KCC, Engebret Dahm.

KCC is the world leader in combination carriers, owning and operating nine CABU and eight CLEANBU vessels. KCC’s combination carriers are built for transportation of both wet and dry bulk cargoes, being operated in trades where the vessels efficiently combine dry and wet cargoes with minimum ballast.

Through their high utilization and efficiency, the vessels emit up to 40% less CO2 per transported ton compared to standard tanker and dry bulk vessels in current and targeted combination trading patterns.

Klaveness Combination Carriers, press release