Klaveness Combination Carriers lines up tree newbuilds in China

Norwegian owner Klaveness Combination Carriers (KCC) is set to expand its fleet after signing a deal for three Cabu newbuild vessels in China. The Oslo-listed firm, with eight Cabu and eight Cleanbu combination carriers, has entered into a letter of intent with Jiangsu New Yangzi Shipbuilding to have the trio delivered in 2026. 

The newbuilds come at $56.4m per vessel, with an estimated delivered cost including zero-emission readiness and costs for the shipyard supervision team, taking the price tag to $60.5m per unit.

KCC said the newbuilds will position the company for predicted increased caustic soda import volumes to Australia as well as reaching its targets of a 45% reduction in carbon intensity by 2030 compared to its actual 2018 performance. When compared to earlier Cabu vessels built in 2001 and 2002, newbuild replacements are expected to have a 25 to 30% higher earnings capacity and around 35% reduced CO2 emissions due to improved cargo carrying capacity and lower fuel consumption.

To partly finance the newbuilds, KCC has tapped ABG Sundal Collier, Clarksons Securities and DNB Markets with the intention of raising $50m via private placement of new shares. The company will finance the remaining equity through cash on the balance sheet and expects to secure around 60% of debt before delivery. The company’s major shareholder, Rederiaksjeselskapet Torvald Klaveness, has pre-committed to subscribe for shares corresponding to its pro-rata shareholding of around 53.76%. 

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