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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.
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.
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.
The persistently challenging market conditions have forced J. Lauritzen's newly appointed CEO, Mads Zacho, to implement a significant reduction in the number of employees at the Danish carrier. "Necessary," Zacho tells ShippingWatch.
The emerging dry bulk recovery has so far sidestepped J. Lauritzen, and the carrier is now also preparing for a downturn in the gas sector. "Of course we'd much rater be making money," the carrier's new CEO, Mads P. Zacho, tells ShippingWatch.
The challenging dry bulk market makes J. Lauritzen lower its full-year guidance. Mads P. Zacho in the quarter took over as CEO of the carrier, which booked yet another negative bottom line.
J. Lauritzen's new CEO has presented himself as a leader to his employees, and he has in every way possible challenged the traditional idea of how a man in finance would lead a company.
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, der fremlægger halvårsregnskab den 19. august, kan få behov for yderligere kapital på omkring 100 mio. dollars fra sin ejer Lauritzen Fonden allerede næste år, lyder det i en analyse. Presset på rederiets kommende CEO Mads Peter Zacho ser ud til kun at øges.
Which is really what he is, J. Lauritzen's future CEO Mads Peter Zacho, with a professional background at Nordea and the World Bank.
Jan Kastrup-Nielsen to step down as CEO of dry bulk carrier J. Lauritzen. He will be succeeded by Mads Peter Zacho, who comes from a position as CFO of Torm.
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