Klaveness Combination Carriers

Share Issue/Capital Change • Apr 26, 2018

Consolidation of ownership, new capital and option for combination carrier newbuild declared

Consolidation of ownership, new capital and option for combination carrier newbuild declared

Consolidation of ownership and new capital

The existing investors in the Combination carrier business have agreed to consolidate the ownership of the business in a holding company. The investors today own the vessels together in several single purpose companies (SPCs) and have now agreed to establish a new sub-holding company, Klaveness Combination Carriers AS (KCC), and consolidate the owner shares in the SPCs to the new company. KCC will after the transfer own all combination carriers directly or indirectly 100%.

The existing investors will in addition contribute with in total USD 32 million in new equity in KCC over the next 18 months to further grow the combination carrier business within the KCC group. Following this, Klaveness Ship Holding AS will own approx. 70% of the shares in KCC and the minority shareholders will own approx. 30%.

The combination carrier pool company, Cabu Chartering AS (CC), was previously owned by Rederiaksjeselskapet Torvald Klaveness (RASTK) and hence not a part of the KSH group of companies. KCC has now purchased CC from RASTK in order to consolidate all combination carrier activities under the KCC joint ownership.

KSH will remain owners of 82.7% of Klaveness Container AS.

Option for combination carrier newbuild declared

Klaveness Ship Holding AS has through a subsidiary of KCC declared an option for the construction of a combination carrier with Jiangsu New Yangzi Shipbuilding Co., Ltd in China. The delivery date is scheduled for first quarter 2020. The subsidiary already has three sister vessels under construction at the same yard with delivery late this year and early 2019, and also holds options for further vessels.

For further information please contact:

Lasse Kristoffersen (CEO, Torvald Klaveness and Chairman, KCC) +47 22526238