Shipping company J. Lauritzen lowers is expectations significantly for the results for 2013 as a whole. The crisis in the dry bulk industry and the failure among the carrier's partners to comply with financial obligations prompts the shipping company to expect a deficit of USD 310-340 million:
"The net result for 2013 is anticipated to remain unsatisfactory with an expected loss of USD (310-340)m. In JL’s continuous efforts to adjust the tonnage portfolio, additional sale of assets may further negatively affect the result for 2013, but is expected to have a positive effect on JL’s cash position. JL expects to also fulfill all covenants at year-end 2013," writes the company in the financial report for the first half of the year.
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