Klaveness Marine Holding has reported a plunge in its annual profit as shipping dragged on its result, although the Norwegian conglomerate has managed to boost its equity.
The private company, which is controlled by Tom Erik Klaveness and his family, saw its pre-tax profit drop from NOK 261m ($31.4m) in 2020, up from NOK 227m in the prior year.
That came as operating revenue fell to NOK 396m in 2020, down from NOK 431m a year earlier.
But Klaveness said its value-adjusted equity value jumped to NOK 4.4bn, up from NOK 4.1bn in 2019.
Klaveness Marine has traditionally had three legs: finance, real estate and maritime.
In its shipping business, the company took a $10m write down on its 50% stake in Norwegian Car Carriers (NOCC), which suffered from slumping market conditions.
JP Morgan Global Maritime Investment Fund owns the other half of the company, which was bolstered by $3m in fresh equity.
Klaveness Marine is also a substantial shareholder in the Blystad Group's Blystad Container, which faced a tough start to 2020 but enjoyed a strong market later in the year.
The company also is a partner with the Knutsen Group on two LNG carriers, plus two newbuildings, on long-term charter contracts.
Brothers Tom Erik and Trond Harald divided the Klaveness Group in 2011, with Tom Erik's share becoming Klaveness Marine.
Tom Erik has since transferred control of the company to his daughters, Karianne and Kristine, who own each B shares through their own holding companies. He retained one voting A share and is on the board.
The company reported that chief executive Jon Chr Syvertsen had total remuneration of NOK 11.2m ($1.3m) last year.
