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Lauritzen withdraws from offshore flotel venture

Lauritzen.jpg Offshore:

Axis Offshore will be merged with Norway's Prosafe – and J. Lauritzen will thus go from being an active player in the offshore sector to serving merely as a financial investor. The downturn in the oil- and gas market makes the merger the only right move, Axis CEO Jesper Kragh Andresen tells ShippingWatch.

Last week's top stories on ShippingWatch

Mads Zacho 4.jpg Carriers:

Mads Zacho explained how he plans to get J. Lauritzen back on its feet, Maersk's shipbreaking troubles intensified, and two Norwegian shipping families joined forces in a new bulk partnership between Grieg Star and Gearbulk this week. Read about how shipping talent is developed as well.

J. Lauritzen supports Maersk in Alang controversy

værftsarbejdere.jpg Carriers:

J. Lauritzen deems it visionary of Maersk to recycle vessels in Alang. If India is going to improve, the carriers have to put on the pressure, the bulk carrier tells ShippingWatch. Norden cites the Hong Kong Convention, just as Maersk does. Torm is working on its scrapping policy.

J. Lauritzen CEO could face additional capital needs

TT20151214_65799.jpg Bulk:

J. Lauritzen, which is set to publish its second quarter interim report on August 19th, could need another USD 100 million in new capital injections from owner Lauritzen Fonden by as early as next year, analysts project. The pressure on new CEO Mads Peter Zacho looks set to grow further.

J. Lauritzen got a bad start to 2016

lauritzenbulk.jpg Bulk:

Fund-owned dry bulk carrier J. Lauritzen is still struggling with the dire state of the dry bulk market, and the carrier's suffered a USD 17.2 million operating deficit before one-off items. However, a capital injection boosted the bottom line.

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