J.Lauritzen’s Bulker Charters Cut Short

J.Lauritzen's Bulker Charters Cut Short

Danish gas and dry bulk shipping specialist J. Lauritzen has confirmed that the charters of two of its Capesize bulk carriers have been cut short by the charterer.

The 2011-built Churchill Bulker and Corona Bulker will cease the present charters against compensation payable during 2015-17.

The cancelled charters are expected to decrease the company’s EBIDTA by USD 15 million in fiscal year 2015, which is now estimated at USD 65 million.

The company’s special items are expected to go down by USD 15 – 20 million, and the annual net result by USD 30 – 35 million.

The negative effect primarily relates to write-down of the vessels.

Through the first half of 2015 dry bulk vessels values have decreased, J. Lauritzen says, and the company will assess if this leads to impairment in its half year financial report.

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