Danish carrier J. Lauritzen has launched several initiatives to keep its head above water and to survive the carrier's enormous debt of more than USD 1 billion. In August, the shipping company announced an expected deficit of USD 310-340 million in 2013 and a gradual withdrawal from the product tank market. And the most important thing right now is to ensure that banks, bond holders and ship charterers don't lose faith in the shipping company, says CEO Jan Kastrup-Nielsen in an interview with Danish newspaper Børsen.
"The most important thing for us is to make sure that we comply with our commitments, so that we have some mobility left for when the markets improve. We have a name that has been in this industry for many years, and if we want to keep doing business, which we do, then the crucial thing is to make sure that there was never any doubt about whether we were paying our bills on time," he says.