Lauritzen Sells Ultramax Newbuilding to BW Dry Cargo

Danish shipping company J. Lauritzen sold its 61,000 dwt Ultramax bulker newbuilding to BW Dry Cargo, part of BW Group, on 5 August 2016, according to data provided by VesselsValue.

The vessel was priced at USD 18.3 million.

The Ultramax vessel is one of two 61,000 dwt bulk carriers being built for J. Lauritzen by the China-based Dalian Cosco Kawasaki Shipyard and scheduled for delivery in 2016.

The company’s dry bulk division, Lauritzen Bulkers, consists of 44 bulk carriers and 11 newbuilding vessels scheduled for delivery in 2016-17, excluding the sold Ultramax.

EBITDA from Lauritzen’s dry bulk activities amounted to USD -55 million in 2015, down from USD 6.4 million in 2014, due to the depressed dry bulk markets and the average cost of the company’s long-term chartered fleet which remained above market rates.

During 2015, the company sold two Capesize bulk carriers completing the Capesize segment exit strategy. This was followed by a reduction in dry bulk exposure through the sale of further nine owned and five part-owned vessels.

The company is reducing its core dry bulk fleet through the sale of owned tonnage as a response to the ongoing slump in the dry bulk sector which is expected to persist for the foreseeable future.

In March 2016, BW Group established a dry bulk division to “explore opportunities available in the market at a moderate pace, with particular focus on current vessels on water”.

This will be the third vessel in BW Dry Cargo’s fleet, following the purchase of two Kamsarmax dry bulkers in June 2016.

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