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Klaveness Combination Carriers sells CABU vessel

Published by , Assistant Editor
Dry Bulk,

A subsidiary of Klaveness Combination Carriers ASA (KCC) has concluded a sale of the 2001-built CABU vessel, MV Banasol, as a dry bulk vessel.

Second-hand values for older Panamax dry bulk vessels have increased by around 150% to date in 2021, representing an opportunity to sell the oldest vessel in KCC’s fleet and to start preparing for a renewal of the CABU fleet. The vessel is expected to be delivered to the new owner in December 2021. The sale will generate an estimated profit of US$6.5 million and an estimated net cash effect of US$10.6 million, recognised in 4Q21.

“The concluded sale demonstrates attractive second-hand values in the standard markets for KCC’s fleet and will support KCC’s investor friendly dividend policy going forward. The sale furthermore supports KCC’s decarbonisation efforts by reducing average CO2 emission and improving average trading efficiency of KCC’s fleet,” comments the CEO of KCC, Engebret Dahm.

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Dry bulk shipping market