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Deep bulk crisis forces Lauritzen to impair USD 160 million

Struggling Lauritzen now faces the consequences of the massive downturn in the dry bulk market in recent months by performing a USD 160 million impairment based on decreasing asset values and loss provisions.

Struggling carrier J. Lauritzen now faces the consequences of the massive downturn in the dry bulk market in recent months by performing a USD 160 million impairment. The impairment in based on decreasing ship asset values and loss provisions on older charter contracts, said the carrier in a statement on Friday.

The impairment means that J. Lauritzen now expects a full-year 2014 net deficit of around USD 160 million following significant losses in the two previous years.

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