Big Bulk Carrier in Big Loss

 25 Feb 2016    Finance, Global Economy/Trade

Dry bulk carrier J. Lauritzen has reportedly suffered a loss of US$313.4 million, according to Shipping Watch.

Read: Baltic Dry Index Hurtles to Record Low

Jan Kastrup-Nielsen, CEO of J. Lauritzen, said, “We are impacted by a dry cargo market which even in a 30 year time frame is all-time low and has led to negative EBITDA and impairment losses.

“J.Lauritzen, however, has in 2015 managed to keep a robust balance sheet and maintained strong relations with our core customers while redeeming US$71 million 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.”

The recent crisis in the bulk sector has already seen many casualties, with respite seemingly unavailable all players involved in the bulk market.

Technical Paper: How to Navigate the Dry Bulk Market