A.P. MOLLER SELLS GEARED BULK CARRIER BUSINESS TO NORWAY’S TORVALD KLAVENESS GROUP

A.P. MOLLER SELLS GEARED BULK CARRIER BUSINESS TO NORWAY’S TORVALD
KLAVENESS GROUP

A.P. MOLLER SELLS GEARED BULK CARRIER BUSINESS TO NORWAY’S TORVALD
KLAVENESS GROUP

   A.P. Moller is selling Maersk Bulk’s geared Panamax bulk carrier activities to Torvald Klaveness Group, of Norway.

   Under the deal, Torvald Klaveness Group will take over a fleet consisting of 13 chartered geared vessels serving industrial clients worldwide, and related cargo contracts.

   The terms of the sale were not disclosed.

   A.P. Moller said that the takeover would be carried out on a vessel by vessel basis between June 1 and Aug. 1.

   The agreement does not include Maersk Bulk’s gearless Panamax and Capesize bulk carrier activities. A.P. Moller will continue to operate 25 bulk carriers following the transfer of the 13 geared Panamax bulk carrier activities to Torvald Klaveness Group, said S'ren Skou, senior vice president.

   “A.P. Moller desires to reduce its exposure in dry bulk, focusing its resources on the areas where the company owns tonnage,” the Danish group said.

   Torvald Klaveness Group is a large dry bulk shipping company based in Oslo.