Torvald Klaveness Group fell into a loss in 2019, according to the latest annual report by the Oslo-based group.
The company, which is the holding company for shipowner Torvald Klaveness, logged a pre-tax loss of $30.7m, reversing a profit of $10.1m in 2018.
The group's results took a hit from the slump in the bulker market and continued weak results from its containerships.
Turnover from bulkers accounted for 42.5% of the group’s total revenue in 2019. The group had gross revenue of $285m last year, down from $318m in 2018.
Last year, Torvald Klaveness decided to reduce its exposure to the supramax bulker segment and focus on bulkers of between 70,000 dwt and 80,000 dwt.
Three months ago, it was decided that Clipper Bulk of Denmark would take over its Bulkhandling pool, and thus the supramax and ultramax activities under the name Clipper Bulkhandling pool.
At the same time, Torvald Klaveness extended its engagement in the panamax segment through a partnership with Japan’s Marubeni in the Baumarine pool, which becomes the biggest operation in this segment. Baumarine now has a fleet of 30 ships, and this figure is expected to continue to grow.
Torvald Klaveness also has a 53.8% stake in Oslo-listed Klaveness Combination Carriers (KCC), which has a fleet of 17 combination carriers, including newbuildings.
KCC had a strong start to this year and has guided that the second quarter will be as good as the first. The group also has eight containerships built between 2004 and 2014.
The Torvald Klaveness Group had a book equity of $323m including minority posts at the end of 2019. The group is owned by Trond Harald Klaveness and his family.
