EGD Joins Klaveness As Partner In The Combination Carriers

By Finance

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.

EGD Joins Klaveness As Partner In The Combination Carriers

Image courtesy: 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.

Source: Klaveness