Torvald Klaveness has sold a pair of boxships, cashing in on a rising values.
In an off market deal, the Norwegian company has sold the 1,700-teu boxship Baro and the 3,091-teu Barry (both built 2004), likely for some $10m each, market sources said.
Torvald Klaveness chief executive Lasse Kristoffersen confirmed the sale of the two oldest containerships in the company's fleet, but he declined to comment on the price.
He told Norwegian financial daily Finansavisen that the company's boxship exposure is a financial investment.
"Thus, we are sellers if the price is right," he said.
Torvald Klaveness has invested a total of $254m in eight containerships.
In February, the company sold the 2,500-teu Baleares and Bardu (both built 2014) both to Borealis Finance for $18m each.
With the four containerships sold so far this year, Torvald Klaveness will be left with four 2,500-teu ships, all built at in China in 2013 and 2014.
Earnings from the containerships fleet were weak in 2020 and only improved at the end of the year. But Torvald Klaveness is set to book solid profits from the sale of the quartet sold in 2021.
Last year, the shipowner had a pre-tax profit of $100,000 in 2020. That was an improvement on a loss of $30.7m in 2019.
Operating revenue increased from $284.6m to $308.9m.
Much of the Torvald Klaveness's fleet is in the bulker segment, which represented 40% of its total revenue.
The company also holds a 53.8% stake in Oslo-listed Klaveness Combination Carriers (KCC), with 15 ships trading and two vessels on order.
Torvald Klaveness is controlled by and his family, with Kristoffersen holding a small stake.
