J. Lauritzen advancing in difficult markets
J. Lauritzen delivers significantly better operating earnings in Q2 this year compared to last year. But the numbers are still negative. This year the deficit was $6 million compared to a loss of $12.9 million in the same period last year. It is dry cargo that’s spearheading the progress.
"Despite the improvements in Q2, the restoration of the dry cargo market will take some more time," says CEO Mads P. Zacho, adding that "our gas tankers are negatively affected by deliveries of larger gas tankers".
Lauritzen Bulkers improved EBITDA in Q2 with $6.8 million to a loss of $8.2 million, but at the same time saw EBITDA in Lautitzen Kosan reduced by $2.4 million to a surplus of $3 million in the gas tanker market.
The total result for the first half of the year for the J. Lauritzen Group was a loss of $ 20.8 million. A clear improvement over the deficit in the same period in 2016 of $30.7 million.
J. Lauritzen expects EBITDA for the full year to be in the range of $-40 to -10 million.
"Depreciation and special items are expected to be in line with 2016. In accordance with previously announcements, financial net costs are expected to increase as financial income related to the sale of equity items in 2016 is not repeated in 2017. Currency and interest rate fluctuations and gains or losses at any sale of assets may affect the result," is written in the financial statements.
Source: J. Lauritzen Group / Maritime Denmark