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.
Already a subscriber? Log in.
Read the whole article
Get 14 days free access.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.
- Access all locked articles
- Receive our daily newsletters
- Access our app
Get full access for you and your coworkers.
Start a free company trial todayMore from ShippingWatch
Hafnia could face difficulties financing major acquisition from biggest rival
Hafnia is in the process of acquiring 12 vessels from its largest rival, Scorpio Tankers, in a cash transaction estimated at USD 360m. It could prove difficult for Hafnia to finance such a large deal with the current stock prices, analyst tells ShippingWatch.
"Fossil" ships to be part of Norden's fleet for many years to come
Shipping line Norden wants all ships to be able to sail on green fuels in 2030. Until then, the company is not through with buying fossil-fueled ships, head of climate solutions tells ShippingWatch.
Several factors explain the plummeting dry bulk rates
Dry bulk rates have taken an unusual dive at the beginning of 2022. Most recently, the Baltic Dry Index dipped by 4 percent Friday. Several factors have triggered a ”panic in the market,” an analyst explains to ShippingWatch.
One of China's busiest ports jammed by Covid
Bottlenecks in the US and Europe greatly impact Chinese port Shenzhen as upcoming holidays are likely to further slow shipment of goods out of China.
Prosafe reports best fleet utilization since 2015
Norwegian hotel rig provider Prosafe, which completed a large-scale restructuring in December, comes out of 2021 with the highest fleet utilization in six years.
Chief Operating Officer 
Sales Director 
Safety & Operations Manager 
Fleet Manager 
Key Account Manager, Denmark 
Director of Lederne Søfart