ShippingWatch

J. Lauritzen: Top priority is keeping the market's trust

J. Lauritzen is currently struggling with an enormous debt of more than USD 1 billion, and the carrier expects a deficit of around USD 310-340 million this year. The company's top priority is to comply with its financial commitments, says CEO Jan Kastrup-Nielsen.

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.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
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
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Maersk rejects shippers' complaint in USD 180m dispute

U Shippers has no case in a contractual dispute reported to the US Federal Maritime Commission, Maersk writes in a response to the FMC. Moreover, the case should not even be a matter for the commission, the company says.

Further reading

Related articles

Latest news

See all jobs