Photo: Image Courtesy: Torvald Klaveness

Klaveness Combination Carriers Starts Trading on NOTC

Norway’s shipping company Torvald Klaveness has registered its combination carrier subsidiary on NOTC.

Klaveness Combination Carriers, which is 63% owned by Klaveness Ship Holding, is registered on the NOTC-list as of October 15, 2018, with ticker code “KCC”.

Following a successful private placement of common shares in September this year, the company managed to raise USD 45 million intended for two new vessels.

The company issued in the private placement 8,241,750 common shares with a par value of NOK 1 (USD 0.12), distributed between close to 70 shareholders. Based on the share issue price, the market capitalization is NOK 1,797,922,560 (NOK 44.38 per share).

The company has entered into an agreement with NOTC AS to be able to use the reporting system as of October 15, 2018.

The objectives of KCC is to provide transportation for drybulk, chemical and product tanker clients, as well as new investment and acquisition opportunities that fits KCCs existing business platform.

The company has nine CABU vessels on the water, all of which are special purpose built tonnage. In addition, the company has placed 5 CLEANBU newbuilding orders at Jiangsu New Yangzi in China, with delivery between 4Q18 and 3Q20 and holds 1+1+1+1 options for additional CLEANBU vessels at the same yard, with delivery between 4Q20 and 2Q21.

NOTC is a marketplace for unlisted shares. NOTC AS is owned 100% by Oslo Børs ASA.