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J. Lauritzen: We'll survive without new outside capital

J. Lauritzen does not plan on asking for new capital from its owner, the Lauritzen Fund, nor from any of its banks or bondholders. "We have a strong balance and we comply with all our financial obligations," says CFO Birgit Aagaard Svendsen.

J. Lauritzen has no plans to request new capital from its owner, the Lauritzen Fund, nor from any of the banks or bondholders, says the shipping company's CFO Birgit Aagaard Svendsen on Friday following the publication of a poor interim report with an expected deficit of USD 310-340 million for 2013 as a whole. A deficit that is primarily caused by a new, massive fleet impairment for a total of USD 207 million.

"J. Lauritzen wants to keep its hands on the wheel. When planning our future, it's important to stress that we're complying fully with all our financial covenants in 2015 without issuing any new bonds. But that doesn't mean that we won't issue new bonds if the market is positive," said Birgit Aagaard Svendsen on a conference call Friday morning.

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