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J. Lauritzen pleased with OSG settlement

"It's an acceptable deal for us," says Jens Søndergaard, Senior Vice President of J. Lauritzen, about the settlement with American OSG.

With a US court settlement that could ultimately provide the shipping company with USD 300.000 from bankrupt tanker carrier OSG, J. Lauritzen has locked its claim against the American shipping company, which is under Chapter 11 bankruptcy protection.

OSG is currently negotiating with several creditors, and J. Lauritzen is pleased with the settlement and the fact that the case is now locked, says Senior Vice President Jens Søndergaard. Had the case been prolonged, the shipping company's demand could have wound up at smaller sum and with additional expenses related to the case, which stems from OSG's breach of a charter contract for the product tanker Freja Taurus, which was returned to J. Lauritzen early from a three-year contract with OSG.

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