Photo Credit: KCC / Image Engebret Dahm, CEO Klaveness Combination Carriers
Klaveness Combination Carriers (KCC) has agreed with China’s Jiangsu New Yangzi Shipbuilding to acquire three CABU III newbuild vessels, with expected delivery in the period from first quarter to third quarter of 2026.
The shipowner said it signed a letter of intent with Jiangsu New Yangzi Shipbuilding to book three Cabu III newbuildings.
The ships will have a contract price of $56.4m for each one and the estimated delivered cost including, amongst others, zero-emission readiness and costs for shipyard supervision team, is approximately USD 60.5 million per vessel.
Compared to the existing CABU I ships built in 2001-2002, that the CABU III newbuilds will replace, the vessels are estimated to have 25-30% higher earnings capacity and around 35% lower CO2 emissions due to increased cargo carrying capacity and substantially lower fuel consumption.
The CABU III newbuilds are key for Klaveness Combination Carriers to position the Oslo-based company for expected growing caustic soda import volumes to Australia and for meeting its ambitious targets of an approximately 45% reduction in its carbon intensity within 2030, relative to its actual 2018 performance.
KCC’s CEO Engebret Dahm said: “The new CABU III vessels will introduce a new era of carbon efficiency in KCC’s Australia trade. These newbuilds are key for positioning KCC for expected growing caustic soda import volumes to Australia and for meeting its ambitious targets of an approximately 45% reduction in its carbon intensity within 2030 relative to its actual 2018 performance.”
The company claims that the CABU III newbuilds will introduce a new standard of efficiency with an estimated 35% reduction in carbon footprint than the first generation CABU vessels built between 2001 and 2007, which the newbuilds will replace.
In the announcement of the deal, KCC said it was contemplating a private placement of shares, with gross proceeds of NOK equivalent of approximately $50 million by issuing new shares. The final size of the private placement and the number of offer shares to be issued will be decided by the company´s board of directors.
ABG Sundal Collier ASA, Clarksons Securities AS and DNB Markets, a part of DNB Bank ASA are acting as joint bookrunners on the deal.
KCC said the net proceeds of the private placement will be used to partly fund the equity component of the delivered cost of three CABU newbuilds, with the remainder coming from cash on its balance sheet and 60% debt prior to delivery.