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
MIS launches as new global media platform
(Posted on 30/07/25)Maritime Information Services (MIS) has officially launched as a global media platform delivering daily... Read more
Russian and Ukrainian seafarers continue struggle with psychiatric fallout of war
(Posted on 30/07/25)Russian and Ukrainian seafarers continue to experience significant psychological strain following the... Read more
Noatum expands global footprint with inauguration of Shanghai office
(Posted on 30/07/25)Noatum Maritime, part of AD Ports Group’s Maritime & Shipping Cluster, announced the official... Read more
Smart Ship Hub emission reporting first through Asiatic Lloyd partnership
(Posted on 21/07/25)Leading vessel optimisation platform Smart Ship Hub has announced its partnership with AL Group &ndash... Read more
KR Representative LEE Jungkun Elected Chair of IACS Safety Panel
(Posted on 21/07/25)KR (Korean Register) has announced that LEE Jungkun, General Manager of KR’s Convention &... Read more
INTERCARGO-member fleets outperform on safety and compliance
(Posted on 17/07/25)Dry bulk carriers entered with the International Association of Dry Cargo Shipowners (INTERCARGO) continue... Read more
NEMO strengthens global role with official status from IMO and IAEA
(Posted on 15/07/25)The Nuclear Energy Maritime Organization (NEMO) is proud to announce that it has officially been granted... Read more
Industry statement on recent Red Sea attacks on shipping
(Posted on 09/07/25)ICS, BIMCO, European Shipowners | ECSA, INTERCARGO and INTERTANKO have released a joint industry statement... Read more
NovaAlgoma Cement Carriers establishes new JV with DP World
(Posted on 08/07/25)NovaAlgoma Cement Carriers Limited, a joint venture between Algoma Central Corporation and Nova Marine... Read more
Julia Ju appointed The Swedish Club’s new Chief Executive in Hong Kong
(Posted on 08/07/25)The Swedish Club has announced the appointment of Julia Ju as the new Chief Executive and Area Manager... Read more
