Norwegian owner Torvald Klaveness is using the strong market to exit the boxship sector.

The Oslo-based shipowner has sold its last four sub-panamaxes for a price of around $120m en bloc.

The 2,546-teu Balao, Balsa and Ballenita (all built 2013) and Banak (built 2014) have been sold to an undisclosed buyer, according to brokers.

The price is around $12m more per vessel than what the Oslo-based shipowner obtained for a pair of sisterships five months ago.