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Lauritzen CEO is hunting for new dry cargo execs

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The carrier is hunting for a replacement for the two dry cargo executives who recently left Lauritzen Bulkers. "The process is important, so whether it takes one or three months to find the right person is a secondary factor," says CEO Mads P. Zacho to ShippingWatch.

J. Lauritzen: Dry bulk challenging despite improvements

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J. Lauritzen delivered an improved operating result in the first quarter, though the carrier still suffered a deficit. "Despite market improvements in Q1, dry cargo markets continue to be challenging," says CEO Mads P. Zacho. The carrier maintains its expectations for the full year 2017.

This week's top stories on ShippingWatch

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J. Lauritzen's bondholder dispute was resolved, the carrier relying on money from its owner. More details emerged about the EU approval of Maersk's takeover of Hamburg Süd. And Rickmers Maritime had to throw in the towel. Keep up with this week's top stories on ShippingWatch.

J. Lauritzen owner secures CEO's refinancing plan

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After resistance from J. Lauritzen's bondholders, sole owner Lauritzen Fonden must inject the carrier with extra capital. "This is a very important agreement for the carrier," says CEO Mads Peter Zacho to ShippingWatch. Repayment of bank loans will now be halved for four years.

J. Lauritzen is repaying its bondholders

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J. Lauritzen has dropped its attempts to secure an extension of its NOK 300 million bond loans. The carrier will now pay the entire loan when it is due in October 2017, with money from its owner Lauritzen Fonden, which will increase its planned capital injection to USD 80 million.

Lauritzen's head of dry cargo steps down

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J. Lauritzens' head of dry cargo, Peter Borup, has stepped down from the carrier "following mutual agreement." The carrier is currently struggling to settle a refinancing agreement. The head of Lauritzen's gas vessels will serve as interim head of dry cargo.

J. Lauritzen drops meeting with bondholders

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Danish bulk carrier J. Lauritzen has decided to give up an agreement with a group of recalcitrant bondholders ahead of a meeting Tuesday. At the meeting, bondholders will vote for the carrier's suggestion to set aside NOK 500 million of debt. J. Lauritzen is currently working on a new proposal.

Norwegian bondholder rejects new Lauritzen offer

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Capital manager Alfred Berg Kapitalforvaltning does not seem to have softened its stance following an improved offer from J. Lauritzen to its bondholders. The response at this point is another no, as the carrier has still not been in touch with the company, Alfred Berg tells ShippingWatch.

J. Lauritzen improves offer to bondholders

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After criticism from several bondholders, J. Lauritzen has decided to change the conditions of the offer which was made to them. Without an acceptance, the refinancing package cannot be approved. The meeting with bondholders in Oslo has been postponed to March 28.

This is why bondholders are angry with J. Lauritzen

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Yet another owner of bonds in J. Lauritzen is highly critical of the carrier's proposal to push back repayment of the loan. The investors have now hired a special consultant to handle dialog with the carrier. ShippingWatch outlines why the bondholders are prepared to vote no.

Bondholders could knock down J. Lauritzen's bank deal

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Two thirds of the bondholders need to vote in favor of repayment of their loans being postponed, otherwise J. Lauritzen's entire, new refinancing package, including backing from the banks and owner Lauritzen Fonden, will collapse. ShippingWatch has interviewed CEO Mads Zacho about the prospects.

J. Lauritzen suffers new full-year deficit in 2016

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Hard-pressed dry bulk carrier J. Lauritzen was hit with yet another deficit in 2016, a result management deems unsatisfactory. However, the carrier's CEO Mads Zacho has been able to settle the main terms of the refinancing deal with banks that was crucial for the company's future.

J. Lauritzen loses bunker deal with Hafnia

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Although both parties were seemingly pleased with the results, J. Lauritzen's arrangement to handle Hafnia Management's bunker acquisitions has been canceled, effective April 1. The deal has secured Lauritzen one dollar per purchased ton of bunker oil.

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