Oslo-based Klaveness Combined Carriers (KCC) is in no rush to get fully listed on the Stock Exchange, according to chairman Lasse Kristoffersen.
The company has been listed on Oslo Axess since May.
He said: “We live well with that and the market does so as well. The demand is that we get more shareholders."
Klaveness Ship Holding is the largest shareholder with 54%, then EGD Shipholding with 18% and Hong Hong's Hundred Roses Corp with 5%.
Klaveness has a long history of owning and operating combined carriers and KCC is now in the middle of an extensive newbuilding programme.
The company has nine so-called Cabu combined carriers and two Cleanbu ships that are trading and an additional six sisterships to be delivered from Jiangsu New Yangzi Shipbuilding from September till the first quarter of 2021.
In addition there are options. In August KCC said there were options for another six combined carriers, but Kristoffersen says the company has a dialogue with the yard.
The prices on these ships vary. The most expensive, the 83,000-dwt Baru and Barracuda (both built 2019), have a price tag of $48.5m each.
Valuation argument
UK-based online firm VesselsValue says they are only worth $31m to $32m, but Kristoffersen strongly rejects this estimate.
"VesselsValue bases its estimates on computer evaluations that do not take account of the features of special tonnage like our Cabus and Cleanbus. They earn some 1.5 times more than standard tonnage and there are no second hand transactions," Kristoffersen said.
KCC had a pre-tax loss of $1.9m in the second quarter this year, against a $3.2m profit in the same period last year. Net revenues dropped from $14.4m to $12.6m.
Company CEO Engebret Dahm says the result is linked to “one off costs” on the introduction of the Cleanbus and the listing of KCC as well as negative effects from interest rate derivatives. He expects significant increased earnings both from the dry and wet markets in the coming quarters.
