TOFG, Klaveness to Co-Operate on Kamsarmax Newbuildings

Tufton Oceanic Finance Group (TOFG) will back up Torvald Klaveness’ (Klaveness) Kamsarmax newbuildings.

Klaveness has previously ordered two 82,000 dwt Kamsarmax vessels at YZJ shipyard in China with options. Klaveness has also negotiated a second program for additional Kamsarmax vessels at the same yard.

The company has now ordered the two first vessels from the second program against a novation to a Tufton Oceanic managed entity as a buyer of these vessels. Klaveness will enter into a cooperation with Tufton Oceanic for joint supervision of the vessels.

With this transaction Klaveness has secured additional options as well as a potentially lower delivered cost resulting from a larger program.

[mappress]
Press Release, November 20, 2013