J. Lauritzen lowers its projections for the full year 2015 to a net deficit of USD 50 to 100 million, from previously a deficit of USD 20-70 million, according to the group's interim report for the first quarter 2015.
"The dry cargo markets in Q1 turned out to be weakest for the last 30 years and substantially weaker than expected at the beginning of the year. Less demand growth than projected at the end of 2014 amplifying the already known oversupply of carrying capacity have lead to a downward revision of our earnings forecast for the full year (2015)," says CEO Jan Kastrup-Nielsen in the report, pointing to significant uncertainties in the dry bulk market for at least the remaining part of this year.
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