Quarterly update – Q3 2017
Dry cargo improvements and gas carrier challenges
“Despite continued dry cargo improvements in Q3, a balanced market is still some time away”, says CEO Mads P. Zacho, adding that “our largest gas carriers remained negatively impacted by the continued weak market conditions for the size segments above ours.”
- Capital injection from our owner, Lauritzen Fonden, was received during Q3 and the outstanding JLA02 corporate bond and related hedging debt was subsequently repaid.
- Towards the end of Q2, a strategy revision was completed and during Q3 implementation of a series of strategic initiatives commenced.
- Our strategic ambition is to be the leading player within smaller gas tankers and dry bulk carriers building on our current strengths and competitive advantages.
- Within Lauritzen Bulkers, we focus on the handysize segment where we have a proven track record and strong customers relations.
- Within Lauritzen Kosan we will build on our existing tonnage and long-standing customer relations.
- Three handysize bulk carriers were taken on medium-term (up to two years) time-charter with options to extend. A smaller pressurized gas carrier was also taken on medium-term time-charter.