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.
Latest News
Red Sea conflict brings massive shipping carbon emissions increases
(Posted on 23/04/24)Conflict in the Red Sea has brought massive carbon emissions increases in ocean freight shipping, according... Read more
WFW advises Danaos on US$450m newbuild vessel financing
(Posted on 23/04/24)Watson Farley & Williams (“WFW”) has advised Danaos Corporation (“Danaos&rdquo... Read more
North Pacific Green Corridor Consortium forms new corridor
(Posted on 18/04/24)Global industry leaders from North America, Asia and Europe have announced the formation of the North... Read more
Tomini Dynasty Captain receives prestigious Gallantry Award
(Posted on 16/04/24)Tomini Group, a world-class dry bulk ship owner, has announced that Captain Om Dutta has been honoured... Read more
Singapore retains top spot as world’s leading maritime city
(Posted on 15/04/24)Singapore has retained its title as the leading maritime city in the world, followed by Rotterdam and... Read more
AtoB@C Shipping takes delivery of Stellamar
(Posted on 15/04/24)AtoB@C Shipping, a subsidiary of ESL Shipping, the leading carrier of dry bulk cargoes in the Baltic... Read more
Maritime industry leaders to explore ammonia as marine fuel on US West Coast
(Posted on 29/03/24)American Bureau of Shipping, CALAMCO, Fleet Management Limited, Sumitomo Corporation and TOTE Services... Read more
MMS raises awareness over improper use of antibiotics on board vessels
(Posted on 29/03/24)Leading provider of medical support services for crews, Marine Medical Solutions (MMS), is concerned... Read more
ESL to sell Supramaxes
(Posted on 25/03/24)ESL Shipping, a leading carrier of dry bulk cargoes in the Baltic region, has signed a memorandum of... Read more
Sustainable fuels can reach cost parity with fossil fuels by 2035
(Posted on 25/03/24)New Wärtsilä analysis shows EU ETS and FuelEU Maritime will close price gap, creating policy... Read more