- About us
- IBJ Awards
- Free Sample
- Contact us
Lauritzen optimistic on strength of dry cargo market
(Posted on 28/08/18)
“During the second quarter of 2018, we continued to build our activity in the dry cargo period market by replacing expensive time-chartered tonnage with attractively priced vessels improving our competitive position. We remain optimistic in terms of further dry cargo market improvements despite uncertainties related to tariffs and trade friction. Earnings for our gas carriers were in line with expectations despite the still difficult market for our largest vessels”, said Lauritzen CEO Mads P. Zacho.
Highlights included options to extend time-charter periods were declared for five handysize bulk carriers and an additional handysize bulk carrier was taken on medium-term time-charter. Three loss making long-term time-chartered handysize bulk carriers were redelivered to owners.
In Q2, the average number of controlled bulk carriers were 79 compared to 83 in Q1 2018 and the average number of operated gas carriers reached 32, unchanged from Q1 2018.
The dry cargo handysize market experienced its normal weakening during Q2, however ending approximately 12% above the level one year ago. The market for small gas carriers also saw the usual seasonal weakening in Q2, however ending 1-3% above the levels recorded one year ago for larger semi-refrigerated and ethylene tonnage and about 50% higher for the smallest vessel segments.At period end, cash and cash equivalents amounted to USDm 39, unchanged compared to period end Q1 2018. Total assets amounted to USDm 478, down from USDm 504 at year-end 2017. Solvency ratio was 51%, compared 52% at year-end 2017.
North P&I Club has reported continuing growth in its diversified business lines and solid progress... Read more
Britannia P&I will officially launch B Korea P&I Correspondent Co., Ltd. (‘B Korea&rsquo... Read more
To embed action on environmental sustainability and biodiversity, Fleet Management (FLEET) has teamed... Read more
K+S Windsor Salt Ltd. (“Windsor Salt”) and Canada Steamship Lines (“CSL”), a... Read more
The global crew change crisis could lead to a shortage of seafarers if exhausted crew choose to leave... Read more
The Isle of Man Ship Registry has become the first flag state to broadcast a mass direct to crew aboard... Read more
Today, NORDEN celebrates its 150th anniversary, being one of the world’s oldest international... Read more
Digital technologies, including AI, data integration and analytics solutions, are expected to transform... Read more
The Middle East Navigation Aids Service (MENAS) has taken a huge step forward in its effort to ensure... Read more
Grand Wisdom, the second Very Large Ore Carrier (VLOC) to join the U-Ming Marine Transport fleet, has... Read more