Dry CargoEuropeFinance and InsuranceGas

Cash injection to help J. Lauritzen tide over tricky 2016

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.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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