Klaveness Combination Carriers secures three-year CLEANBU charter

Klaveness Combination Carriers (KCC) has secured a three-year time charter for one of its CLEANBU combination carriers, taking advantage of strong conditions in the product tanker market. The charter, arranged through a subsidiary of the Norwegian shipping company, takes effect immediately.

The agreement features a front-loaded rate structure, with the highest charter rate applying during the first year, followed by lower rates in the second and third years. According to KCC, the average rate over the full three-year period exceeds every previous average annual time charter rate achieved by its CLEANBU fleet.

The company did not disclose the vessel’s identity, the charterer’s name or the financial terms of the agreement. However, the fixture represents the completion of KCC’s time charter employment programme, with the remaining six CLEANBU vessels continuing to operate in combination trades.

“The concluded time charter enables KCC to capitalize on the historically strong product tanker market,” said Engebret Dahm, Chief Executive Officer of Klaveness Combination Carriers.

“With this contract, we complete our time charter employment program, and the remaining six CLEANBU vessels will continue operating as combination carriers,” Dahm added.

CLEANBU vessels are designed to transport both wet and dry bulk cargoes, allowing them to switch between different cargo segments and reduce ballast voyages. KCC operates eight CLEANBU vessels alongside 11 CABU combination carriers, with the two vessel classes forming the basis of its specialised shipping operations.

The latest agreement secures long-term employment for another CLEANBU vessel at historically high average charter rates for the fleet. At the same time, KCC will retain exposure to combination trades through the six remaining CLEANBU vessels, maintaining its ability to serve both wet and dry bulk cargo markets.