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Klaveness Group has ended 2016 with a net loss after tax of 74.8 mill. $. For 2015 the loss was negative 9.6 mill. $. Earnings for combination carriers and container vessels weakened over the year.

Klaveness achieved an EBITDA of 47.1 mill. $ in 2016 (2015: 62.7 mill. $). Mainly [ds_preview]due to impairment of container vessel values, the company made a loss before tax (EBT) of 51.1 mill. $ (2015: loss of 3.4 mill. $).The sale of five selfunloader vessels contributed with a profit of 26.3 mill. $. Cash flow from operations was 25.0 mill. $ ( 67.5 mill. $).

Earnings for the combination carriers weakened in 2016, mainly due to a weaker tanker market, higher spot exposure and lower transported caustic volumes. Results were nevertheless satisfactory and Klaveness was able to expand its fleet by establishing new trades. The container market weakened further in 2016 resulting in an increase in idle days for the Klaveness container vessels, however rates above the general market were still achieved due to the vessels’ fuel efficiency.

The Group reported total operating revenue from continuing operations of 31.5 mill. $ in the second half of 2016, compared with 40.2 mill. $ in the second half of 2015, due to lower revenue from both the combination vessels and the container vessels in 2016. The result before tax was also negatively impacted by impairment of container vessels of 23.5 mill. $ ( 17.5 mill. $) in the second half of 2016. EBITDA ended at 10.3 mill. $ compared with 19.7 mill. $ in 2H 2015.

For the full year 2016 total gross operating revenue from continuing operations was 60.1 mill. $ (2015: 76.6 mill. $) and total operating costs amounted to 39.7 mill. $ (2015: 40.9 mill. $. EBITDA was 20.4 mill. $ for 2016, weaker than EBITDA of 35.7 mill. $ for 2015 due to challenging markets.

Loss before tax was negative 76.0 mill. $ and includes impairment of vessels of 60.1 mill. $ in 2016 (2015: -17.5 mill. $). Negative effects of 5.2 mill. $ from refinancing the bond loans and de-recognition of hedge accounting hits the finance costs in 2016. The net result from financial items was in total negative by 16.2 mill. $ in 2016 (2015: -12.1 mill. $).

Net profit after tax from continuing operations ended negative 74.8 mill. $ for 2016. For 2015 the loss was negative 9.6 mill. $. 8.5 mill. $ of the negative result (2015: 0.7 mill. $) is attributable to non- controlling interests related to external investors in some of the combination carrier and container companies. Profit from discontinued operations was 24.9 mill. $ for 2016, up from 10.4 mill. $ in 2015 due to recognized gain sale of vessels of 26.3 mill. $ in 2016.