The Lauritzen earnings curve has been headed downwards for the past five years. Not a constant downward curve but from 2007 to 2011 the financial results in the old shipping company has changed from a positive result of USD 350 million to a negative result of just below USD 50 million.
“It is true that the curve has had the wrong direction but when considering how much have happened in this period, we are happy that we have been able to operate with a positive bottom line of USD 650 million in the period. Everybody knows what happened in 2008 and the world economy has suffered badly. We have taken a lot of precautions and started renegotiating in the autumn 2008 where we cancelled many contracts and achieved better general terms and conditions of delivery. We have furthermore changed our operative set-up by placing a lot of our business in the Far East at our office in Singapore”, CEO Torben Janholt says.