Klaveness Combination Carriers

M&A Activity • Aug 25, 2016

EGD joins Klaveness as partner in the combination carriers

EGD joins Klaveness as partner in the combination carriers

EGD Shipholding AS joins Klaveness as partner in two

combination carriers under construction in China. EGD

Shipholding AS and a subsidiary of Klaveness

Shipholding AS will own 50% each in the two vessels.

The agreement includes possibilities for further co-

investments.

"This co-operation is a continuation of our long

tradition of investing together with partners. We are

very pleased to invest together with EGD. The

companies are a good fit, as both are family owned

with a long history in industrial shipping. The

partnership is in line with our strategy to invest in

specialized vessels and increase the scale of our

combination carrier concept", says Lasse

Kristoffersen, CEO of Torvald Klaveness.

The two 80,500 dwt vessels will be delivered from

Ouhua Shipbuilding Co. Ltd. in November 2016 and

January 2017, and will be employed in the Klaveness

combination carrier pool. After delivery of the

vessels the pool will count 9 vessels in total. The

restructuring of the bank loan to incorporate the

partner structure is in the process of being

finalized.

"Klaveness is a highly reputed shipping company and we

look forward to take part in the further development

of Klaveness' combination carriers business", says

Magne Øvreås, CEO of EGD Shipholding.

About EGD:

EGD is a private owned company established in 1907

with a strategic focus on real estate and shipping

investments. The fleet consists of 21 wholly and

partly owned vessels mainly employed on long-term

contracts or in pools.

About Torvald Klaveness:

Torvald Klaveness is a global shipping company

operating around 150 vessels in the dry bulk and

container markets with a strong presence within

specialized dry bulk. Since the foundation of the

company in 1946, growth has been achieved through

seeking new and innovative ways of providing cost-

efficient and predictable transportation services to

customers.

For further information please contact:

Lasse Kristoffersen (CEO, Torvald Klaveness) +47

22526238