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Sunday, April 18, 2021

Maritime Logistics Professional

April 1, 2021

Marubeni/Klaveness Pool Allowing Shipowners to Switch Between Floating and Fixed Rates

From left: Masashi Kobayashi, department manager of the ship department of Marubeni Corporation; Kosuke Takechi, COO of Marubeni Corporation; Lasse Kristoffersen CEO and president of Klaveness and Michael Jørgensen, head of dry bulk at Klaveness. (Photo: Klaveness)

From left: Masashi Kobayashi, department manager of the ship department of Marubeni Corporation; Kosuke Takechi, COO of Marubeni Corporation; Lasse Kristoffersen CEO and president of Klaveness and Michael Jørgensen, head of dry bulk at Klaveness. (Photo: Klaveness)

Marubeni and Torvald Klaveness' joint venture panamax bulker pool is offering pool partners the option to convert freely between floating and fixed rate, at any given time, in line with forward market levels.

The companies, which announced the merging of their panamax pool activities through the MaruKlav joint venture in June 2020, said the newly expanded "MaruKlav 2.0" structure allows owners to utilize market peaks to lock-in fixed earnings at preset target levels.

Michael Joergensen, managing director of Oslo-based shipowner and operator Klaveness, said, “It’s a clear stamp of approval from our respective organizations, and during times of consolidation and collaboration we are excited to consistently offer better structures. Through our monthly portfolio meetings with each of the pool members we calibrate target levels and enable owners to take control in optimizing their earnings.”  

Masashi Kobayasahi, deputy managing director of Tokyo-headquartered trading house Marubeni, said, “From Marubeni side it’s been a great journey and our two companies are consistently learning from one another,” adding, “unlike other market related conversion clauses this offering comes without ship owners being forced to give away optional periods, that often results in redelivery at market lows.”