Lauritzen Bulkers lost 18m dollar

Lauritzen Bulkers lost 18m dollar

26-03-2021 12:00:00

On 1 July 2020, Lauritzen Bulkers was established as an independent company wholly owned by J. Lauritzen, with economic effect retroactively from 1 January 2020. The aim of this restructuring was to provide the best conditions for the continued development of the bulk business's activities.

In its first year, the short-term book activities (0-4 months) reflected strong performance resulting in a contribution of USDm 15.4.

The long-term book’s active management of their owned and long period tonnage secured a USD 9,040 gross revenue per ship per day, or USD/day 1,037 above the BHSI-38 index, whereas their legacy time-charter fleet (long-term period vessels taken on charter before 2019) yielded a negative result of USD (2,962) per ship per day.

Period vessels taken by the long-term book during 2019-20 contributed USD/day 1,216.

“In 2020, we further refined our business model and continued the transformation of becoming an asset-light handysize freight trader, and we are pleased to see the robustness of the results generated from the trading activities”, says CEO Niels Josefsen.

“Despite continued uncertainties regarding the COVID-19 pandemic, we expect dry cargo markets to strengthen in 2021, as supply growth will continue to decline combined with a pick-up in demand. On that background, we expect a positive net result in 2021 based on improved risk management, increased activity and further reduction of our legacy fleet”.

Source: J. Lauritzen

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