Successful year in a difficult market
In a year of severe world economic recession and a sharp decline in maritime transports and freight rates, J. Lauritzen (JL) achieved net results of USD 74.6m in 2009 compared to USD 149.5m in 2008. Results were better than expected and acceptable in light of the difficult trading conditions.
JL’s growth strategy was challenged by the adverse international business environment and JL took during the year measures to protect its businesses through reduction of time-chartered tonnage and in cooperation with shipyards the newbuilding programme was restructured.
JL took delivery of sixteen newbuildings in 2009, including nine bulk carriers, five gas carriers, and one product tanker. An Accomodation and Support vessel was also delivered after extensive conversion.
All owned newbuildings are self-funded until delivery from yards and in 2009 external finance was arranged for newbuildings with delivery stretching into 2011.
In 2007, JL commenced a new strategy by entering the offshore services market. During 2009, JL successfully accomplished the initial strategy by securing medium to long-term contracts now covering all units, including three shuttle tankers and an accommodation unit.
JL enjoyed strong customer loyalty and was successful in attracting important new customers in all market segments during 2009.