J. Lauritzen is getting additional cash of around $125m to tide it over this year from its sole shareholder, Lauritzen Fonden, while Jesper Lok is set to replace Bent Østergaard as the chairman of the board at the bulk and gas firm.
“We are impacted by a dry cargo market which even in a 30-year time frame is an all-time low and has led to negative EBITDA and impairment losses,” said the firm’s president and ceo Jan Kastrup-Nielsen, while issuing its annual report today.
It emerges J. Lauritzen lost $313m for the last financial year.
The private Danish firm said it expects dry bulk rates to remain “subdued” while gas carriers should see a small improvement with demand just outstripping supply.
