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This week's top stories on ShippingWatch

The Monjasa appeal case progressed, three major Danish carriers released third quarter results and Torm announced plans for a listing in New York. These were among the headlines over the past week on ShippingWatch.

Bulk shares have surged in 2017

Investors are now also thought to believe in a stable recovery in bulk, where the largest shares have been through significant price increases throughout 2017. One carrier in particular has experienced a huge price increase.

Bulk recovery faster and stronger than expected

Growth in the dry bulk market is surprisingly strong and driven by Chinese appetite for iron ore as well as the large Capesize vessels, assesses JP Morgan ahead of the release of many third quarter reports.

Zacho tackles tough second year with J. Lauritzen

One year ago, Mads Zacho traded in his job as CFO of Torm to become chief executive officer of J. Lauritzen. Now, he is looking toward the future in a dry bulk market that is still a far cry from daily rates at the break-even level.

J. Lauritzen loses supreme court case to MAN

Carrier J. Lauritzen must pay approximately DKK 2 million to engine manufacturer MAN Diesel & Turbo after Denmark's Supreme Court reversed a ruling this Wednesday in a protracted case regarding defect marine engines.

Prosafe postpones old Lauritzen rigs

Prosafe has opted to postpone two flotels which it took over when acquiring Axis Offshore at the turn of the year. The rigs were ordered when Axis Offshore was partly-owned by Danish carrier J. Lauritzen.

CEO has leaned down J. Lauritzen for tough years

CEO Mads P. Zacho has reduced expenses at J. Lauritzen in order to prepare the carrier for a protracted downturn on the dry bulk market. There is no need for more major cost cutting, he tells ShippingWatch.

Here are next week's critical interim reports from shipping

Next week will bring Q2 interim reports from the heavy hitters in Danish shipping for a first half-year which saw positive developments in container and bulk, while the tanker market is challenged by weak rates and too many vessels. The Maersk report is widely seen as a test of Søren Skou after one year as Group CEO.

Lauritzen managers to establish Baltnav in Singapore

Two managers from J. Lauritzen's office in Singapore have switched to competitor Baltnav, which is set to open an office there in early September this year. This marks the latest in a series of changes in J. Lauritzen's organisation.

JP Morgan: Crude oil could bottom out in two years

An imminent improvement for the crude oil segment will be short-lived, projects JP Morgan. A large number of orders weighs down and will send the market toward the bottom by 2020 at the latest, notes the bank.

Lauritzen CEO is hunting for new dry cargo execs

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

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.

Lauritzen Fonden books DKK 50 million profit

Lauritzen Fonden has booked a profit for 2016 after a DKK billion deficit the year prior. It was pulled up by its ownership of DFDS, while J. Lauritzen continued to battle a tough bulk market.

Former head of EAC steps down from Lauritzen Fonden

Michael Fiorini is stepping down from his position as deputy chairman of the board at Lauritzen Fonden. Fiorini was the head of Denmark's East Asiatic Company from 1992 to 1996. He will now be replaced by another prominent shipping figure.

This week's top stories on ShippingWatch

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

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

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.

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