Lauritzen Bulkers

Copenhagen-based shipowner and operator Lauritzen Bulkers cutting of long-term charters. Lauritzen Bulkers has been concentrated on increased activity in short-term bulk carrier charters for up to four (4) months. Short-term bulk carrier charters provided a strong performance and income. Danish shipowner and operator Lauritzen Bulkers has signed Freight Forward Agreements (FFA) to reduce the risks. According to Lauritzen Bulkers, long-term time-charter tonnage was redelivered to shipowners and replaced by shorter-term period bulk carriers at attractive rates. Copenhagen-based shipowner and operator Lauritzen Bulkers expects positive results in 2021. Lauritzen Bulkers’ Dubai has expanded its charterer base in one (1) year. Furthermore, Lauritzen Bulkers is going to open an office in Hong Kong in April 2021. Lauritzen Bulkers’ Hong Kong office is going to serve Chinese shipowners and charterers. Lauritzen Bulkers has continued to reduce its long-term chartered fleet as the company targets new Chinese charterers. In 2020, Lauritzen Bulkers operated an average of 73 bulk carriers and reported a pre-tax loss of $18 million. Shipowner and operator Lauritzen Bulkers has reported an annual loss every year since 2016. Lauritzen Bulkers transformed into an asset-light handysize ship operator. In 2020, Copenhagen-based shipowner and operator J Lauritzen has split bulk carrier and LPG carrier operations. In March 2021, J Lauritzen’s LPG shipowner arm Lauritzen Kosan concluded a merger with BW Group’s Epic Gas. 25-March-2021

 

Copenhagen based shipowner and operator J Lauritzen has split bulk carrier and LPG carrier operations. Lauritzen Bulkers and Lauritzen Kosan are soon legitimately separate entities with two stand-alone operations. Lauritzen Bulkers fancied an asset-light model in the handysize market. Fleets of Lauritzen Bulkers and Lauritzen Kosan are now fully refinanced with long-term capital. Lauritzen Bulkers has a short-term pool of bulk carriers and enough cargoes. In 2019, J Lauritzen reported a net loss of $105 million. In 2019, J Lauritzen operated an average fleet of 104 ships. In the last 6 months, Lauritzen Bulkers sold 7 handysize bulk carriers, as part of the switch to an asset-light model. 1-July-2020

 

Copenhagen-based shipowner and operator Lauritzen Bulkers recruited Mette Stenild Gron as the company’s head of global operations. Previously, Mette Stenild Gron was working at compatriot Norden. Mette Stenild Gron will join Lauritzen Bulkers’ Copenhagen office on 1 January 2020. Lauritzen Bulkers aim to expand in short-term handysize bulk carrier chartering. Before joining Norden, Mette Stenild Gron worked for Simpson Spence Young (SSY) and Neu Seeschiffahrt. Shipowner and operator Lauritzen Bulkers sold off much of its owned fleet to focus on asset-light model. 15-November-2019

 

Copenhagen based shipowner and operator Lauritzen Bulkers has sold another bulk carrier. Lauritzen Bulkers sold 2011 built handysize bulk carrier 31K DWT MV Elvira Bulker. MV Elvira Bulker is the seventh bulk carrier sale since June 2019. MV Elvira Bulker was built Hakodate Shipyard, Japan in 2011. Lauritzen Bulkers sold MV Elvira Bulker to Greek shipowner for about $10.3 million. MV Elvira Bulker is due for dry-docking. Danish shipowner and operator Lauritzen Bulkers remains as a giant player in the handysize market, despite trimming its fleet of owned ships. At the end of 2018, Lauritzen Bulkers operated 58 handysize bulk carriers. After the sale of MV Elvira Bulker, Lauritzen Bulkers has left with just four (4) Japanese built handysize bulk carriers. 22-September-2019

 

Copenhagen based shipowner and operator Lauritzen Bulkers has continued to trim its shipowning activities with the sale of three (3) handysize bulk carriers to Clipper Group.

  • MV Orchard Bulker (32K DWT 2010 built)
  • MV Sentosa Bulker (32K DWT 2010 built)
  • MV Emilie Bulker (32K DWT 2010 built)

Clipper Group has acquired three (3) handysize bulk carriers at an undisclosed price. According to market veterans, these handysize bulk carriers are worth around $8.3 million each. MV Orchard Bulker, MV Sentosa Bulker and MV Emilie Bulker were built at Jiangmen Nanyang Ship Engineering, China in 2010. Clipper Group has renamed three (3) handysize bulk carriers as MV Clipper Appollonia, MV Clipper Aegina and MV Clipper Alexandria. Currently, Danish shipowner and operator Clipper Bulk now operates around 85 handysize and supramax bulk carriers. Bulk carriers are operated by the two Clipper Bulk-managed pools:

  • Clipper Handy Pool
  • Clipper Ultra Pool

In July 2019, Copenhagen based shipowner and operator Lauritzen Bulkers sold 2011 built handysize bulk carrier 31K DWT MV Hedvig Bulker for around $10.3 million. Lauritzen Bulkers is a subsidiary of J Lauritzen. Lauritzen Bulkers remains as a big player in the handysize bulk segment, despite trimming its fleet of owned bulk carriers. At the end of 2018, Lauritzen Bulkers operated 58 handysize bulk carriers. Furthermore, in the same period Lauritzen Bulkers sold 2010 built handysize bulk carriers 31K DWT MV Emma Bulker and MV Louise Bulker to Taylor Maritime. Danish shipowner and operator Clipper Bulk had not bought a bulk carrier since 2016. 6-September-2019

 

Copenhagen based shipowner and operator Lauritzen Bulkers trims owned fleet further. Lauritzen Bulkers sold 2011 built 31K DWT MV Hedvig Bulker for about $10.3 million to Taylor Maritime. Hong Kong-based Taylor Maritime operates a homogenous fleet of high-quality Japanese handysize dry bulk carriers. MV Hedvig Bulker was built at Hakodote Shipyard, Japan in 2011. Danish Lauritzen Bulkers was a gigantic player in the handysize market, but the company has trimmed its own fleet. Lauritzen Bulkers sold nine (9) handysize bulk carriers in 2018. Since the beginning of July 2019, Lauritzen Bulkers also sold 2010 Japanese built 31K DWT MV Emma Bulker and MV Louise Bulker to Taylor Maritime for about $9.5 million each. 27-August-2019

 

Lauritzen Bulkers is to open a new office in Dubai in August 2019. Lauritzen Bulkers target the Middle Eastern market. Middle East region is an important and growing area for Lauritzen Bulkers. Lauritzen Bulkers will be closer to existing and new customers. CEO Niels Josefsen explained that Lauritzen Bulkers Dubai office is part of the Lauritzen Bulkers’s goal to double its overall short-term trading activity in the Middle East region. Copenhagen headquartered Lauritzen Bulkers already has offices in, Singapore, Stamford USA, and Denmark. Lauritzen Bulkers Dubai office will be led by Simon Fast as of 1 August 2019. Previously, Simon Fast was a chartering manager at MUR Shipping and Ultrabulk. Besides Simon Fast, Christian Elbaek will be transferred to the Dubai office from Copenhagen. In February 2019, Lauritzen Bulkers warned investors that the company is unlikely to return to profitability in 2019. This week Lauritzen Bulkers sold two handysize bulk carriers to Taylor Maritime. Due to the weak bulk market, Lauritzen Bulkers reduced its operated bulk carrier fleet by 15 ships. 10-July-2019

 

Copenhagen-based shipowner and operator Lauritzen Bulkers has trimmed 15 bulk carriers in a weak market. Lauritzen Bulkers decreased the number of controlled bulk carriers down to 68 from 83. Handysize bulk carrier market was weak in Q1 2019. According to Lauritzen Bulkers, the US-China trade war and problems in Brazilian iron ore exports negatively impacted dry cargo demand with larger freight rate declines for bulk carriers of all sizes. In Q1 2019, Lauritzen Bulkers reported a net loss of $16.9 million. Danish shipowner and operator J Lauritzen reported a total assets of $642 million. Besides bulk carriers, currently J Lauritzen operates 31 gas carriers. 2-June-2019

 

Copenhagen based shipowners and operator J Lauritzen Bulkers is optimistic about further dry cargo market improvements despite uncertainties related to tariffs and trade friction between the USA and China. Danish shipowner and operator J Lauritzen extended 5 handysize dry bulk carriers time charters and chartered in 3 handy dry bulk carriers on medium-term deals. Danish shipowner and operator J Lauritzen is aiming to end bulker losses in 2019. J Lauritzen returned 3 loss-making handy bulk carriers to their owners at the end of contracts. J Lauritzen CEO Mads P Zacho mentioned that J Lauritzen replaced expensive time-chartered tonnage with attractively priced dry bulk carries improving J Lauritzen’s competitive position in Q2 2018. J Lauritzen reported an operating profit of $1 million for Q2 2018 overturned a loss of $6 million in Q2 2017. 19-August-2018

 

Danish shipowner and operator J Lauritzen’s main shareholder injecting $80 million in order to meet a bond payment late 2017. CEO Mads Peter Zacho mentioned that $80 million will significantly strengthen J Lauritzen’s balance sheet and reduce financing costs. Danish shipowner and operator J Lauritzen also pushed back loans that are maturing to due dates in 2021. J Lauritzen total debts are $250 million. 11-April-2017