Klaveness Combination Carriers

Regulatory Filings • Nov 10, 2015

Klaveness to sell its selfunloader vessels

Klaveness to sell its selfunloader vessels

A subsidiary of Klaveness Ship Holding AS (KSH),

Klaveness Selfunloaders AS, has reached an agreement

to sell its five self-unloading bulk carriers to

affiliates of Algoma Central Corporation and The CSL

Group Inc. Under the terms of the agreement,

affiliates of Algoma and CSL will each acquire two

vessels and Marbulk Shipping Limited, a company

jointly owned by both Algoma and CSL, will acquire one

vessel. The transaction values the five vessels at USD

190 million in total. The agreement is subject to

technical due diligence on each vessel.

The subjects are likely to be lifted in December 2015,

with a completion of the transaction in Q1 2016. The

transaction will lead to an estimated accounting gain

of approximately USD 30 million for KSH.

Says Lasse Kristoffersen, CEO Torvald Klaveness: "With

this transaction we will free up significant

investment capacity that we can use to realize

projects we have been working on."

For further information, please contact: Lasse

Kristoffersen (CEO, Torvald Klaveness) +47 22526238