Announcement No. 7, 2017
Interim financial report – first half 2017
Some tailwinds and some headwinds
“Restoring dry cargo markets will, despite market improvements in Q2, take yet some time”, says CEO Mads P. Zacho, adding that “our largest gas carriers are being negatively impacted by the influx of new tonnage in the size segments above ours.”
• Documentation regarding the agreement with our core lenders and our owner, Lauritzen Fonden, which will substantially strengthen our balance sheet and reduce our financing costs was finalised. The capital injection from our owner, which will ensure the repayment of the outstanding JLA02 corporate bond and the related hedging debt when these become due in October 2017, will be executed in Q3 2017.
• Six handysize bulk carriers were taken on medium-term time-charter with options to extend.
• With effect from 1 July 2017, Thomas Wøidemann was promoted Chief Operating Officer (COO) responsible for the commercial and operational activities of Lauritzen Bulkers and Lauritzen Kosan.