Announcement No. 1, 2016

Feb 25 2016

Weathering the storm

"We are impacted by a dry cargo market which even in a 30-year time frame is all-time low and has lead to negative EBITDA and impairment losses" says Jan Kastrup-Nielsen, President and CEO, and continues "J. Lauritzen, however, has in 2015 managed to keep a robust balance sheet and maintained strong relations with our core customers while redeeming USD 71m of bond debt. Our gas carrier activities continued to perform well and in line with expectations, and initiatives, which will be executed during Q1 2016, will assist us in weathering the current storm in the dry cargo segment".

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