Norwegian bulker and combination carrier group Torvald Klaveness has revealed a record profit for 2021 as its long-serving chief executive prepares to depart.
The pools specialist said net earnings last year topped $100m, against a break-even figure in 2020.
Revenue climbed to $520m from $309m in strong bulker markets.
All business units delivered good results and the company has seen a clear pay-off from its strategic investments and initiatives, it said.
CEO Lasse Kristoffersen is leaving on 31 March to take over the top job at Norwegian car carrier giant Wallenius Wilhelmsen.
He will be replaced with Klaveness ship management boss and chief operating officer Ernst Meyer.
The outgoing CEO said: “I am very pleased that 2021 saw us utilise our unique platform to deliver significant customer value and profits.
“Strong markets helped, but most of all, this is due to the craftsmanship, curiosity, integrity and commitment of our team.”
Broadening its bulker scope
The Klaveness Dry Bulk division achieved a trading profit of $38.8m.
The unit is also aiming to become a “market manager” through a range of services including time-charter partnerships, portfolio management, bunker and research services, Klaveness said.
In 2021, the division experienced good interest for several of these services and has entered into contracts with its first customers, the group added.
The company also maintained its position as the leading dry bulk pool in the world, running 30 panamaxes with partner Marubeni of Japan.
Klaveness said the pool had returned “market-leading earnings” to owners.
The group runs another 40 chartered-in bulkers, plus its 16 combination carriers through the Oslo-listed spin-off Klaveness Combination Carriers.
Technology division Klaveness Digital reported record growth in 2021 with a doubling of annual recurring revenue.
Boxships gone
The 2021 result was boosted by the sale of Klaveness Container's entire fleet of eight boxships to various rivals in booming markets.
Klaveness Ship Management delivered progress on its strategic objectives of “safer, greener and data-smart”, and successfully secured management of new external vessels.
“Our strategy of making seaborne supply chains resilient, decarbonised, and cost-effective has never been more relevant,” said Kristoffersen.
Leading the way
“The supply chain disruptions and market volatility our customers are now facing drives digital transformation and new solutions. Factoring in the increasing urgency to decarbonise, Klaveness is in a unique position to grow and develop in the years to come,” he added.
The group said it has discontinued business with Russian counterparties, cargoes and ports and will act in accordance with the intention of sanctions imposed by the European Union and the US over the Ukraine invasion.
“Our sincere empathies are with the people affected in Ukraine. We have, and will continue to, actively support them with the means we have at hand,” the company added.
Klaveness has also set up GreenFreight, so that dry bulk customers have the option to compensate for carbon emissions with carbon insets based on biofuel.
