- 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.
Fleet Management Limited (FLEET), the world’s largest third-party ship management company, has... Read more
Asian shipowners with vessels sailing to and from Europe are likely to face estimated emissions liabilities... Read more
VIKAND, the global leader in maritime healthcare, is providing V.Ships Greece with officer training... Read more
The Republic of the Marshall Islands (RMI) Maritime Administrator has awarded an Approval in Principle... Read more
Ambrey and Inchcape Shipping Services (ISS) have announce a strategic partnership aimed at transforming... Read more
Founded in 2013 by Stuart Ostrow, a Florida-based CPA and entrepreneur, ShipMoney set out to challenge... Read more
ClassNK has introduced E-Learning courses offered through its training and education service, &ldquo... Read more
Robert Bryans, a senior US maritime strategist and systems engineering expert, has joined the growing... Read more
Varma Mutual Pension Insurance Company has agreed to co-invest EUR 15 million alongside OP Finland Infrastructure... Read more
DNV, Lloyd’s Register, and Steamship Mutual have all given their backing to the aims and objectives... Read more