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The dry bulk clouds now cast shadow on Klaveness

2015 became the year in which Norway's Klaveness also took a blow from the horrid dry bulk market and saw numbers go red, according to the preliminary annual report. Impairments and provisions on dry bulk and container play a part, but the carrier continues to invest in new vessels.

Photo: Klaveness

There are not many players in the dry bulk sector which have been able to keep the crisis at bay. Yet, Norwegian Torvald Klaveness, which operates in segments including dry bulk and container, managed to achieve a profit in 2014 at a time when many other dry bulk carriers suffered deficits already back then. The picture looks different for 2015, however, as Klaveness also dropped below zero on the bottom line with a deficit after taxes of USD 16 million, according to the preliminary financial report.

In 2014, Klaveness delivered a profit of USD 6 million after taxes. The operating result (EBITDA) is still on the right side though, with a profit of USD 52 million while the gross operating income came to USD 400 million, the company writes. However, both items are characterized by declines compared to 2014.

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