Klik venligst

Lauritzen loss of 350m dollar in 2012

Lauritzen loss of 350m dollar in 2012

26-02-2013 18:00:00

Writedowns of 167 million dollars and a loss on sales of vessels due to counterparty defaults amounting to 104 million dollar, sent J. Lauritzen down in a spin to a total loss of 350 million dollar in 2012.

“Characterised by oversupply in major shipping markets, surplus shipbuilding capacity,
low economic growth and tight credit conditions, 2012 brought plummeting asset values, a
Baltic Freight Index at a 25 year low and further defaults among shipping companies. JL
was obviously influenced by these circumstances and our 2012 result was very
unsatisfactory”, says Jan Kastrup-Nielsen, JL’s new President and CEO.

The result for the year was a loss of 350 million dollar against 46 million dollar loss in 2011.

Adjusted for one-off items, JL’s result was a deficit of 95 million dollar, down from 21 million dollar in 2011 - mainly due to income lost as a consequence of counterparty defaults and the weaker bulk markets.

Apart from Lauritzen Bulkers, JL’s three other business units - Lauritzen Kosan,
Lauritzen Tankers and Lauritzen Offshore - reported better EBITDA than in 2011.

In connection with the approval of JL’s Annual Report for 2012, the Lauritzen Foundation decided to convert two subordinated loans of originally DKK 850m into equity. At year-end 2012, the loans including accrued interest amounted to a total of DKK 903m, equivalent to USD 160m. The conversion increases JL’s solvency ratio from 37% at year-end 2012 to 44%.

Terms for the refinancing of a loan facility, originally due mid-2014, have been agreed upon late February 2013 and consequently no refinancing is required until 2015.

After more than 14 years as President & CEO, Torben Janholt retires as planned in conjunction with the release of JL’s 2012 annual accounts. Jan Kastrup-Nielsen, who has been with JL since 2000 and member of Executive Management since 2009 is JL’s new President & CEO.

In its outlook for 2013 J. Lauritzen expects a EBITDA in the range of 60-80m dollar, slightly up on 2012.

The result for 2013 is anticipated to remain unsatisfactory with an expected loss of 75 -100 million dollar

Source: J Lauritzen

Read more maritime Danish news in English at www.maritimedenmark.dk - click HERE

Klik venligst

< Front page

Copyright © Maritime Danmark

Breaking News

- Nyt forskningsskib til Folkemødet
- DFDS ship with new name and fresh paint
- Nordic Shipholding risk a winding up
- Triple-E ships call in Aarhus this summer
- Demand for more security off West Africa
- DFDS renews and expands agreement
- Norden loss of 269m dollar in 2012
- New research vessel will be named Aurora
- Lauritzen loss of 350m dollar in 2012
- Mols-Line ferry in final construction phase
- Triple-E vessels have no aft thrusters
- A.P. Moller Maersk profit of 4.0bn dollar

Todays Top 5

This weeks Top 10

Klik venligst
Klik venligst
Klik venligst