Announcement No. 6, 2013

Aug 15 2013

Interim financial report for the first half of 2013

EBITDA as expected, but very unsatisfactory net result
"EBITDA for the first six months of 2013 amounted to USD 25.7m and was in line with our expectations. Counterparty defaults, changes in the business environment for shuttle tankers, increased ordering of fuel-efficient dry cargo tonnage and strategic decisions on our product carriers have decreased the value of the fleet and led to total write-downs of USD 207m impacting very negatively on our net result. After write-downs at period-end, our solvency ratio is 38% and cash available is USD 179m, sufficient to satisfy all covenants.

In response to the accumulated effect of several defaults since 2011 and the sustained challenging market outlook, we will strengthen our cash position by the sale of selected assets. More than anything else, JL stands for accountability and by trimming our balance sheet we shall ensure our ability to fulfil our commitments and provide the basis for future investments”, says Jan Kastrup-Nielsen, President and CEO.

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