Norwegian shipping company Klaveness Ship Holding AS (KSH) has through its subsidiary, Klaveness Selfunloaders AS, sealed a deal to sell its five self-unloading bulk carriers to affiliates of Algoma Central Corporation and the CSL Group Inc.

Under the agreement, affiliates of Algoma and CSL will each acquire two vessels and Marbulk Shipping Limited, a company jointly owned by both Algoma and CSL, will acquire one vessel.

The transaction values the five vessels at US$190m in total.

"With this transaction we will free up significant investment capacity that we can use to realize projects we have been working on," said Lasse Kristoffersen, CEO Torvald Klaveness.

The completion of the transaction is expected for Q1 2016. The agreement is subject to technical due diligence on each vessel.

KSH said that the transaction would result in an estimated accounting gain of approximately US$30m.

Klaveness' selfunloaders are primarily employed in the CSL pool managed from Boston and serve industrial customers in the Americas.