Photo: Klaveness

Klaveness Combination Carriers boosts tanker market coverage amid COVID-19 uncertainties

Klaveness Combination Carriers (KCC), part of Norway’s shipping company Torvald Klaveness, has found work for one of its CLEANBU ships. 

According to the company, a second of its CLEANBU vessel has been fixed on a three-to-six-month charter for delivery within April.

Including this T/C fixture, KCC said that its fixed-rate tanker market coverage increases to around 85 per cent for the second quarter of 2020 and close to 40 per cent for the second half of 2020.

In Q1 2020, CABU TCE earnings ended at $20,283/d and CLEANBU TCE earnings improved to $20,932/d on the back of a strong tanker market and despite weak dry bulk and fuel markets and increasing operational impact of the coronavirus pandemic.

“With solid contract coverage, a strong financial position and flexible vessels suitable for both the wet and dry markets, KCC is well prepared for potential negative effects from the ongoing COVID-19 situation,” the company said. 

KCC owns and operates nine CABU and three CLEANBU combination carriers with another five CLEANBU combination carriers on order for scheduled delivery in 2020 and 2021. KCC’s combination carriers are built for transportation of both wet and dry bulk cargoes, being operated in trades where the vessels efficiently combine dry and wet cargoes with minimum ballast.