Lauritzen net result of 1.5m dollar
J. Lauritzen reports a half-year result of 1.5 million dollar, compared to 322.4 million dollar in the same period of 2008. The management says, that the bulk market particularly affected during the first quarter and the product tanker market during the second quarter
Main events during the first six months:
Lauritzen Offshore Services, which was established late 2008 as a new business entity serving the rapidly growing markets in the offshore oil exploration and production sectors with dynamically positioned support vessels, secured long-term employment for the converted shuttle tanker Dan Eagle to Petrobras, Brazil, from August 2009. Furthermore, two additional shuttle tanker newbuildings are under construction against long-term employment for Petrobras upon delivery in 2011.
The conversion of Dan Swift into an advanced dynamically positioned accommodation and support vessel - the first of its kind - went into its final stage with expected delivery end of third quarter of 2009. The vessel has been awarded its first employment contract by StatoilHydro commencing December 2009 for supporting the development of the new Peregrino field to come on stream in the Campos Basin off Brazil.
Lauritzen Bulkers sold five handysize bulk carriers and one panamax bulk carrier and furthermore three time-chartered vessels were redelivered as part of the fleet renewal and adjustment programme. Nine additional time-chartered bulk carriers are expected to be redelivered during the second half of the year.
Lauritzen Kosan took delivery of the two last 8,000 cbm ethylene gas carriers (May and July) completing the series of seven owned innovative and environmentally friendly vessels from Sekwang Heavy Industries, Korea. Further, one sister vessel has been delivered to the Lauritzen Kosan fleet by partners, with two additional vessels to follow, bringing the series to a total of ten identical vessels.
Early August 2009, Lauritzen Bulkers took delivery of the 180,000 dwt capesize bulk carrier, Caecilie Bulker, the largest-ever vessel built to J. Lauritzen. The vessel is employed on long-term time-charter.
Although the management anticipate, that the international seaborne trade will be fare better during the second half of the year, market conditions are expected to remain subdued due to a significant delivery schedule, in particular of bulk carriers and product tankers.
Net result for the full year 2009 is expected to be USD 30-35m.
Source: J. Lauritzen
