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J. Lauritzen downplays gas fleet growth plan

The growth ambitions for major gas vessels, launched in 2013, remain intact, says Lauritzen CFO Birgit Aagard-Svendsen, but the global ordering activity has put the strategy on hold for now.

Last year J. Lauritzen announced an impending foray into the booming market for major gas vessels, but a hectic newbuilding activity has replaced this growth strategy with a more cautious approach to the market, said Executive Vice President and CFO at J. Lauritzen, Birgit Aagaard-Svendsen at an investor presentation on Monday in relation to the group's 2nd quarter interim report, where she described the age of Lauritzen Kosan's fleet of smaller gas vessels as challenging:

"We've opted for a wait-and-see strategy in Lauritzen Kosan in terms of renewing the carrier's fleet. The gas ships have an average age of 17.3 years. A very challenging age, but there are zero indications of satisfactory returns in the current market, and that's why we're very cautious in relation to a fleet renewal in this segment."

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