Issue No. 7, September 2007 - J. Lauritzen
Issue No. 7, September 2007 - J. Lauritzen
Issue No. 7, September 2007 - J. Lauritzen
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
OCEANS OF KNOW-HOW<br />
<strong>September</strong> <strong>2007</strong><br />
A Capesize<br />
milestone<br />
Half-year results · <strong>Lauritzen</strong> Kosan newbuilding programme enters into<br />
delivery phase · Staying safe means staying alert · Vessel of the Year<br />
2006 · Hole in one · JL exits the reefer business · A Capesize milestone ·<br />
Goodbye to training, Hello to the real thing · It’s back to school for<br />
experienced purchasers · <strong>Lauritzen</strong> Tankers builds in China
4<br />
5<br />
6<br />
8<br />
9<br />
10<br />
13<br />
14<br />
16<br />
18<br />
19<br />
20<br />
Half-year results <strong>2007</strong><br />
<strong>Lauritzen</strong> Kosan newbuilding<br />
programme enters into delivery phase<br />
Staying safe means staying alert<br />
Vessel of the Year 2006<br />
Hole in one<br />
JL exits the reefer business<br />
A Capesize milestone<br />
Allotment gardens - nature and leisure<br />
within the city limits<br />
Goodbye to training, Hello to the<br />
real thing<br />
It’s back to school for experienced<br />
purchasers<br />
<strong>Lauritzen</strong> Tankers builds in China<br />
Namegiving ceremonies
Dear Reader,<br />
The ability to handle uncertainty and change is paramount in today’s business<br />
world with its increasing competitive pressures. The ability to cope with and<br />
even thrive on change can thus be regarded as a major competitive advantage.<br />
The decision to sell JL’s 50% shareholding in NYK<strong>Lauritzen</strong>Cool, and consequently<br />
to exit reefer shipping, is an excellent example. I take pride in the way it<br />
demonstrates our ability to change. JL’s history in the reefer business (see article,<br />
page 10) illustrates our ability to constantly seek new opportunities through<br />
innovation, market development, and flexibility – and to continuously respond<br />
to changing market conditions.<br />
It is, of course, emotional to leave the fascinating reefer industry together with<br />
all our trustworthy customers and dedicated colleagues worldwide. We wish all<br />
our friends in the reefer industry good luck and thank them for the trust they<br />
have shown us during many years. However, our exit from the reefer business<br />
will open new opportunities for JL.<br />
I find it fair to state that the ability to cope with change is built into the culture,<br />
organisation, and management style of JL. I am very pleased with that. But there<br />
is always a risk that complacency might be lurking around the corner. Therefore,<br />
we constantly have to sharpen our skills and competencies and thus our ability<br />
to continuously change.<br />
During the last couple of months, other major changes have occurred. <strong>Lauritzen</strong><br />
Bulkers has ordered no less than four Capesize bulk carriers, manifesting its presence<br />
in this segment of the bulk market. The Capes are the biggest vessels ever ordered<br />
by JL. During the summer, <strong>Lauritzen</strong> Tankers ordered six additional product tankers,<br />
another sign of our continuous fleet build-up in the MR product tanker market.<br />
With 50 owned and time-chartered vessels on order, JL has the biggest newbuilding<br />
portfolio ever recorded. Furthermore, partners will add 15 additional<br />
newbuildings to the JL-managed fleet.<br />
I am pleased to report that JL’s result for the first six months of <strong>2007</strong> was<br />
USD 132 million compared to USD 60 million in 2006 and thus better than<br />
expected and very satisfactory. The outlook for the remaining part of the year<br />
is positive, and the best ever full-year result is expected for <strong>2007</strong>.<br />
Sincerely,<br />
Torben Janholt<br />
President & CEO<br />
Although some organisations<br />
may continue successfully with<br />
their current strategies, most<br />
will undoubtedly need to change.<br />
Of course, any change brings<br />
uncertainty, and some organisations<br />
are better at coping<br />
with that situation than others.<br />
Torben Janholt,<br />
President and CEO<br />
3
4<br />
Very satisfactory<br />
half-year results <strong>2007</strong><br />
JL’s result for the first six months of<br />
<strong>2007</strong> was USD 132 million compared<br />
to USD 60 million in 2006. The<br />
result is better than expected and very<br />
satisfactory.<br />
The improvement compared to 2006<br />
was primarily driven by a substantial<br />
strengthening of the bulk market,<br />
increasing activities within JL’s product<br />
tanker division, and gains on securities.<br />
Earnings in <strong>Lauritzen</strong> Kosan and<br />
<strong>Lauritzen</strong> Reefers were better than<br />
expected but lower than last year due<br />
to lower profit from sale of vessels and<br />
for <strong>Lauritzen</strong> Kosan particularly due<br />
to the sale of the small gas carrier<br />
activity towards the end of 2006.<br />
The newbuilding programme further<br />
increased to a total of 50 vessels, including<br />
19 vessels that will be taken on longtime<br />
time-charter. Furthermore, joint<br />
venture partners will add another 15<br />
newbuildings to the JL-managed fleet.<br />
During the first half of <strong>2007</strong>, JL’s 50%<br />
shareholding in NYK<strong>Lauritzen</strong>Cool<br />
was sold to joint-venture partner NYK<br />
Reefers Ltd. As consequence of the<br />
transaction, JL will leave the reefer<br />
market (see article on page 10).<br />
Invested capital (average) 1H USDm<br />
800<br />
600<br />
400<br />
200<br />
0<br />
Bulk Gas Tank Reefer JL<br />
2006 <strong>2007</strong><br />
Fleet<br />
During the first six months of the year,<br />
JL took delivery of two Handysize<br />
bulk carriers, two MR product tankers<br />
(one of which was sold at delivery),<br />
and one 8,000 cbm ethylene gas carrier<br />
(the first of a series of six sister vessels).<br />
Additionally, JL took delivery of four<br />
long-term time-chartered product<br />
tankers and one Handysize bulk carrier.<br />
Year-to-date, investments in 15 fully<br />
or part-owned vessels were approved,<br />
as were divestments in five vessels and<br />
other assets.<br />
After the exit from the reefer business,<br />
JL controls a combined fleet of about<br />
130 vessels at the beginning of August<br />
<strong>2007</strong>. Based on current commitments,<br />
a total of 65 newbuildings will be added<br />
to the fleet during the coming years,<br />
bringing the total fleet to 195 vessels.<br />
Invested capital<br />
During the first half of <strong>2007</strong>, invested<br />
capital increased by USD 255 million<br />
compared with the same period last<br />
year. Average invested capital was<br />
USD 695 million, of which USD 291<br />
million relates to <strong>Lauritzen</strong> Bulkers,<br />
USD 265 million to <strong>Lauritzen</strong> Kosan,<br />
and USD 140 million to <strong>Lauritzen</strong><br />
Tankers.<br />
JL’s newbuilding commitments total<br />
about USD 1.3 billion. In addition,<br />
JL’s investment capacity amounts to<br />
about USD 1 billion.<br />
<strong>Lauritzen</strong> Bulkers<br />
The result before tax was USD 114.4<br />
million compared to USD 34 million<br />
in the same period last year. The result<br />
is considerably better than expected.<br />
Towards the end of the first half of<br />
<strong>2007</strong>, <strong>Lauritzen</strong> Bulkers ordered<br />
four Capesize bulk carriers, further<br />
strengthening its presence in this<br />
segment of the bulk market.<br />
<strong>Lauritzen</strong> Kosan<br />
During the first half of the year,<br />
<strong>Lauritzen</strong> Kosan realised a result<br />
before tax of USD 7.2 million compared<br />
to USD 16.9 million in the<br />
same period last year. The result is<br />
better than expected.<br />
The first of a series of innovative<br />
8,000 cbm ethylene gas carriers was<br />
delivered in May. A further nine identical<br />
vessels will be delivered during<br />
Key figures 1st Half Total Year<br />
<strong>2007</strong> 2006 2006<br />
(USD million) Actual Actual Actual<br />
<strong>Lauritzen</strong> Bulkers 114,4 34,0 93,4<br />
<strong>Lauritzen</strong> Kosan 7,2 16,9 38,3<br />
<strong>Lauritzen</strong> Tankers 13,6 1,6 3,8<br />
<strong>Lauritzen</strong> Reefers 9,9 16,2 13,2<br />
Landbased activities (0,2) (1,2) (3,7)<br />
Other (7,6) (1,3) (8,7)<br />
Result before tax 137,3 66,2 136,3<br />
Tax and minorities (5,8) (6,3) (11,9)<br />
Net result 131,5 59,9 124,4<br />
Cash and securities 10,3 104,4 48,6<br />
Long-term debt, total 44,8 68,1 49,9<br />
Equity (excl. min.) 782,3 614,4 679,8<br />
Total assets 991,8 755,9 929,7
the coming years, five of them owned<br />
by <strong>Lauritzen</strong> Kosan and four by jointventure<br />
partners.<br />
<strong>Lauritzen</strong> Tankers<br />
The result before tax was USD 13.6<br />
million compared to USD 1.6 million<br />
in the same period in 2006. The result<br />
is better than expected.<br />
During the summer, <strong>Lauritzen</strong> Tankers<br />
ordered six additional products tankers,<br />
further strengthening the fleet build-up<br />
in the MR product tanker market.<br />
<strong>Lauritzen</strong> Tankers’ newbuilding programme<br />
comprises 12 owned and timechartered<br />
vessels.<br />
<strong>Lauritzen</strong> Reefers<br />
The result before tax was USD 9.9<br />
million compared to USD 16.2 million<br />
in the same period in 2006. The<br />
result is in line with expectations.<br />
In connection with the 50% sale of<br />
NYK<strong>Lauritzen</strong>Cool, JL’s portfolio<br />
of time-chartered reefer vessels was<br />
transferred to NYKCool AB. Four<br />
reefer vessels will, however, remain<br />
on bareboat charter to <strong>Lauritzen</strong><br />
Reefers and be commercially operated<br />
by NYKCool<br />
Total fleet (August <strong>2007</strong>)<br />
Owned 34<br />
Part-owned 14<br />
T/C 39<br />
Pool 28<br />
Joint charters 12<br />
Comm. mngt. 4<br />
Total 131<br />
N/B (own) 31<br />
N/B (T/C) 19<br />
N/B (partners) 15<br />
Key figures<br />
Return on invested capital for the first<br />
six months of <strong>2007</strong> was 34.5% compared<br />
to 27.7% in the same period in<br />
2006.<br />
Return on equity was 37.7% compared<br />
to 19.6% in the same period in 2006.<br />
Solvency was 78.9% compared to<br />
81.3% last year.<br />
Outlook<br />
Due to the continued strong global<br />
economy and the overall positive outlook<br />
for JL’s business activities, the net<br />
result for <strong>2007</strong> is expected to be substantially<br />
higher than earlier estimated<br />
and the best in the history of JL.<br />
<strong>Lauritzen</strong> Kosan<br />
newbuilding<br />
programme<br />
enters into<br />
delivery phase.<br />
Past issues of this magazine have provided<br />
progress reports on Laurtizen<br />
Kosan’s extensive newbuilding project<br />
of ten ethylene gas carriers being built<br />
at INP shipyard in Ulsan, Korea. The<br />
first of these, the Isabella Kosan, was<br />
delivered on 31 May. After extensive<br />
sea and gas trials, she sailed from<br />
Korea to Iran to load her first cargo.<br />
“All the tests went very well,” says<br />
Jan Kastrup-Nielsen, president of<br />
<strong>Lauritzen</strong> Kosan, “which is as we<br />
expected. But when you’ve spent so<br />
long reviewing diagrams and drawings,<br />
it’s always a relief when a cargo is<br />
actually loaded.” The next ship in<br />
the series, the Helena Kosan, is due<br />
to be delivered early <strong>September</strong>. All<br />
ten of the vessels are scheduled to be<br />
completed and delivered by 2009.<br />
5
6<br />
Staying sa<br />
means stay<br />
“Our onboard ship management is tight,<br />
and our crews are fully confident with<br />
what it takes to stay safe – and that’s<br />
what matters”<br />
Tommy Thomassen<br />
Senior Vice President, Head of <strong>Lauritzen</strong> Fleet Management<br />
How J. <strong>Lauritzen</strong> ships avoid modern-day pirates,<br />
terrorists, and run-of-the-mill bad guys.<br />
If you have recently enjoyed a couple of<br />
hours in a dark theatre happily eating<br />
popcorn and watching Pirates of the<br />
Caribbean, you can be excused for<br />
thinking of piracy as a threat from the<br />
past. In fact, it is a danger that never<br />
entirely disappeared and one that is<br />
making an impressive comeback off<br />
the west coast of Africa, in some of the<br />
same waters where the Barbary pirates<br />
of centuries past preyed on shipping<br />
in the western Mediterranean.<br />
21st-century pirates are often trained<br />
and heavily armed fighters who use<br />
speedboats equipped with satellite<br />
phones and Global Positioning System<br />
equipment and have the backing of landbased<br />
militias. They are notoriously<br />
active off Somalia's coast. Although no<br />
J. <strong>Lauritzen</strong> vessels have been attacked,<br />
a Danish vessel, the Danica White, was<br />
hijacked in June, 210 nautical miles<br />
off the Somalian coast.<br />
International naval forces do attempt<br />
to protect shipping in this area –<br />
because of Middle East oil production<br />
it attracts heavy traffic – but the size<br />
of the territory to be patrolled gives<br />
the pirates an edge. Even when help<br />
is at the right spot at the right time,<br />
rescue efforts are not always successful:<br />
the USS Carter Hall, part of a US<br />
task force, fired on the Danica White’s<br />
hijackers, but had to call off its pursuit<br />
after the pirates entered Somalia’s territorial<br />
waters.<br />
Awareness and discipline<br />
Large commercial vessels can’t do much<br />
to protect themselves. They are too<br />
slow to outrun the pirates, and most<br />
shipping companies do not allow<br />
ships’ crews to be armed. When asked<br />
to explain J. <strong>Lauritzen</strong>’s 100% success<br />
rate in modern time at avoiding this<br />
danger, Tommy Thomassen, senior<br />
vice president and head of <strong>Lauritzen</strong><br />
Fleet Management (LFM), gives a<br />
disarmingly simple answer. “Our ships<br />
play it safe,” he says. “Off Somalia, for<br />
example, instruction is to stay at least<br />
250 nautical miles from shore. It’s a<br />
matter of staying alert and being disciplined<br />
– observing the right security<br />
level, posting extra guards, and always<br />
being prepared. Our onboard ship<br />
management is tight, and our crews
e<br />
ing alert<br />
are fully confident with what it takes<br />
to stay safe – and that’s what matters ”<br />
Achieving a consistent level of security<br />
awareness and discipline is a matter of<br />
training, and LFM sees that everyone<br />
is trained in security, in Denmark<br />
and the Philippines and in the Baltic<br />
countries. There are three Company<br />
Security Officers, and each ship in the<br />
fleet has a specially trained Ship Security<br />
Officer as part of the International<br />
Ship and Port Security (ISPS) code.<br />
International regulation<br />
A major part of a Security Officer’s<br />
responsibility is ensuring compliance<br />
with the ISPS code that was implemented<br />
in the wake of 9/11. Each<br />
J. <strong>Lauritzen</strong> ship has an individual<br />
security plan, with specific guidelines<br />
about how to respond – and how not<br />
to respond – in emergency situations.<br />
Additionally, all ships undergo rigorous<br />
audits: internal LFM security reviews<br />
and inspections and Flag State security<br />
audits. “These audits are valuable not<br />
only because they document that we<br />
comply with requirements, but also<br />
because they help us and the shipboard<br />
management and crew to continue<br />
stay on our toes when it comes to<br />
security, not allowing us to slowly<br />
doze off” says Tommy Thomassen.<br />
He also notes that the ISPS regulations<br />
were by far one of the fastest<br />
produced and implemented pieces of<br />
maritime regulation ever, and points<br />
out that rules covering port security<br />
are among the most important part of<br />
the code. “The regulations tightened<br />
quayside security with strict visitor<br />
rules and improved search routines for<br />
stowaways and explosives,” he says, “so<br />
they provide a layer of security against<br />
everything from terrorist threats to<br />
common criminals.” ISPS regulations<br />
also focus on the important transition<br />
from sea to port, by requiring ships’<br />
security officer and the port security<br />
officer to coordinate security levels in<br />
a structured manner. In volatile areas<br />
this is vitally important to ship security.<br />
7
8<br />
Vessel of the Year 2006<br />
Congratulations to the master, officers, and crew of the Tessa<br />
Kosan for achieving best-in-fleet inspection performance.<br />
The vessel received only two Ship Specific Remarks in 2006.<br />
Ulrich Voss (on left), Vetting Superintendent, <strong>Lauritzen</strong> Kosan, presents award<br />
plaque to Captain Nestor Aimero.<br />
“The performance of the Tessa Kosan is a<br />
good example of people pulling together to<br />
put our core values into practice.”<br />
Klaus Grøndal<br />
Vetting Manager, <strong>Lauritzen</strong> Kosan<br />
An article in the March 2006 issue<br />
of this magazine reported on the<br />
initial success of <strong>Lauritzen</strong> Kosan’s<br />
Zero Remarks vetting programme. It<br />
encourages high standards of vetting<br />
inspections through monetary awards<br />
to ships’ welfare accounts whenever a<br />
ship posts an inspection score of 0-4<br />
remarks. Successful vetting is crucial in<br />
gaining business from the oil majors,<br />
and it is also an opportunity to promote<br />
<strong>Lauritzen</strong> Kosan as a safe and responsible<br />
shipowner. As Klaus Grøndal,<br />
vetting manager of <strong>Lauritzen</strong> Kosan,<br />
puts it, “Vetting inspections are the<br />
entry ticket to all our business. <strong>No</strong>t<br />
doing well can have serious consequences,<br />
as an unsuccessful inspection<br />
can end up with the vessel being<br />
rejected by our customers, with loss of<br />
goodwill and earnings as a result”. A<br />
rejected vessel is required to be satisfactorily<br />
re-inspected before it again<br />
may do business for the individual<br />
customer, which is not only costly<br />
but also time-consuming.<br />
During 2006, there were a total of 86<br />
inspections carried out, of which 17%<br />
received zero ship-specific remarks.
The average amount of money awarded<br />
per inspection was increased by 75%<br />
in 2006, and there were a growing<br />
number of USD 500 awards for a<br />
perfect score. The award money is<br />
used for the benefit of the entire crew,<br />
both those working at the time of the<br />
inspection and those who join the ship<br />
at a later date. Funds can be spent on<br />
anything from video games to karaoke<br />
systems to sports equipment. The idea<br />
of identifying an overall winner as the<br />
Vessel of the Year is a new addition to<br />
the programme – one for which the<br />
officers and crew of the Tessa Kosan<br />
were awarded a commemorative plaque<br />
and a 32” flat-screen TV.<br />
“This programme is all about encouraging<br />
team effort, and it’s obviously<br />
been very successful,” says Klaus<br />
Grøndal. “We’re not only paying out<br />
more reward money, but the steady<br />
reduction in crew-related remarks<br />
also indicates a real change in attitude<br />
and awareness. The performance of<br />
the Tessa Kosan is a good example<br />
of people pulling together to put our<br />
core values into practice.”<br />
Hole in one<br />
While anchored on the roads off<br />
Newcastle, Australia, the Pasha<br />
Bulker – on long-term time charter to<br />
<strong>Lauritzen</strong> Bulkers – ran aground during<br />
a major storm on 8 June <strong>2007</strong>,<br />
just off the local golf club at <strong>No</strong>bbys<br />
Beach. The vessel remained grounded<br />
on the beach only a few meters from<br />
the greens, where it became a tourist<br />
attraction and certainly also a distraction<br />
for the club’s keen golfers.<br />
After the dramatic grounding all 22<br />
Korean and Filipino crew members<br />
were successfully rescued from the<br />
vessel by helicopter. The vessel had<br />
no cargo onboard, as it was waiting<br />
to load coal. During further stormy<br />
weather, the ship was pushed onto<br />
the beach and was stuck in the sand,<br />
completely trapped between the<br />
beach and the reef. There were fears<br />
that it could break up and cause environmental<br />
problems.<br />
The vessel’s Japanese owners, together<br />
with salvage experts, decided to try to<br />
refloat the ship. After the third attempt,<br />
it was successfully towed off<br />
the reef on 2 July <strong>2007</strong>. Minor<br />
repairs were conducted in Newcastle<br />
harbour before the Pasha Bulker was<br />
towed for major repairs.<br />
The incident caused extraordinary<br />
media attention worldwide, but fortunately<br />
neither the crew nor the<br />
environment suffered any damage.<br />
As time-charter owners, <strong>Lauritzen</strong><br />
Bulkers had no responsibility for the<br />
navigation of the vessel nor for the<br />
rescue, but we thank the owners and all<br />
Australian authorities involved in the<br />
rescue operation for a job well done.<br />
9
10<br />
For more than a century, J. <strong>Lauritzen</strong> reefer ships have<br />
served worldwide markets. Seen here, the Knud <strong>Lauritzen</strong><br />
off New Zealand with a full load of containers.<br />
The end of an era<br />
reefer business<br />
A history of more than 100<br />
years has come to an end with<br />
J. <strong>Lauritzen</strong>’s sale of its 50%<br />
share of NYK<strong>Lauritzen</strong>Cool to<br />
NYK Reefers Limited, JL’s professional<br />
and dedicated partner<br />
during the last four years. As<br />
a consequence of the transaction,<br />
NYK will take full control<br />
of the company, which has<br />
been renamed NYKCool AB.<br />
Pioneer of the reefer trades<br />
JL was a pioneer in the development<br />
of the reefer trades, carrying citrus from<br />
Spain to England as early as 1905.<br />
During the 1920’s, JL installed electrical<br />
ventilation systems in the cargo holds<br />
of its vessels in order to improve the<br />
still rather primitive carrying conditions<br />
for perishable cargoes. Regular services<br />
were established from Italian ports to<br />
the UK, from Sicily and Spain to<br />
Gdyniain in Poland, and between the<br />
Canary Islands and Antwerp in the<br />
Netherlands. In 1925 JL opened its<br />
first overseas office in Valencia, Spain.<br />
During the 1930’s, JL expanded its<br />
reefer activities considerably. In 1931,<br />
JL performed its first shipment of<br />
bananas from West Africa to France.<br />
This was a major achievement, since<br />
there was no experience in transportation<br />
of bananas over such long distances.<br />
Also in 1932, JL negotiated a long-term<br />
contract concerning transportation of<br />
bananas from the West Indies to Europe,<br />
and JL subsequently became instrumental<br />
in the development of the trans-<br />
atlantic banana trades. JL consequently<br />
played a leading role in the expansion<br />
of the reefer business during the 1930’s,<br />
and JL’s reefer activities were also<br />
extended to include Chile, Ecuador,<br />
Brazil, and South Africa.<br />
On the vessel side, the first of a series of<br />
three general cargo vessels were reconstructed<br />
at Elsinore Shipyard in Denmark,<br />
part of the J. <strong>Lauritzen</strong> Group,<br />
in the beginning of the 1930’s. These<br />
converted refrigerated vessels played<br />
an important role in the early phase of<br />
the development of the reefer trades.<br />
A new milestone was reached in 1935,<br />
when JL took delivery of its first purpose-built<br />
reefer vessel, equipped with<br />
specialised cooling machinery, also from<br />
the shipyard in Elsinore. The YRSA,<br />
later renamed African Reefer, was JL’s<br />
first vessel to carry the “Reefer” name<br />
and traded for JL until 1963. During<br />
the second half of the 1930’s, JL further<br />
expanded its fleet of dedicated<br />
reefer vessels and the African Reefer<br />
was followed by a series of sister vessels.
“J. <strong>Lauritzen</strong> has enjoyed a strong partnership with NYK Reefers and<br />
a very good cooperation with our Swedish colleagues. As a part of<br />
<strong>Lauritzen</strong>’s overall strategy we decided to sell our reefer fleet in 2006,<br />
and it is therefore only natural that NYK takes over our 50% shareholding<br />
of the joint marketing company.<br />
Torben Janholt, President & CEO, J. <strong>Lauritzen</strong><br />
: JL exits the<br />
Modern reefer vessels<br />
In 1953 a new series of modern reefer<br />
vessels was ordered at the <strong>Lauritzen</strong><br />
Group’s shipyards in Elsinore and<br />
Aalborg, Denmark. Major innovations<br />
included replacing inflammable cork<br />
with glass wool as insulation material<br />
and replacing traditional wooden gratings<br />
with aluminium gratings. Diesel<br />
engines from Burmeister & Wain gave<br />
the vessels a service speed of 18 knots.<br />
The African Reefer, delivered in 1935,<br />
was J. <strong>Lauritzen</strong>’s first purpose-built<br />
reefer vessel equipped with specialised<br />
cooling machinery.<br />
In the second half of the 1950s more<br />
new vessels were ordered, and the vessels’<br />
carrying capacity was increased<br />
to almost 250,000 cbft. A noticeable<br />
change was made in their appearance<br />
as these vessels, instead of being white,<br />
were painted the same JL-red as the<br />
company’s polar vessels.<br />
Between 1968 and 1974, six sister<br />
vessels were built at Aalborg Shipyard.<br />
These were the so-called Italian reefer<br />
class, with a cargo carrying capacity of<br />
422,000 cbft. and able to make a laden<br />
speed of 22 knots.<br />
The pool concept<br />
Around 1970, a pool concept was<br />
adopted by J. <strong>Lauritzen</strong> in order to<br />
secure economies of scale through the<br />
control of a larger number of vessels<br />
from other owners. Thus a jointventure<br />
with Peninsular and Oriental<br />
Steam Navigation Company Ltd.<br />
(P&O) was established in 1971 under<br />
the name of <strong>Lauritzen</strong>-Peninsular<br />
Reefers (LPR). The company was owned<br />
on a fifty-fifty basis between JL and<br />
P&O, but vessels belonging to other<br />
reefer owners were also operated by<br />
LPR. By 1975, LPR controlled a combined<br />
fleet of some 25 reefer vessels.<br />
During this period, JL’s fleet of reefer<br />
vessels gradually expanded with bigger<br />
ships, and in the late 1970’s four sister<br />
vessels – the Asian Reefer, Balkan Reefer,<br />
Canadian Reefer, and Ecuadorian Reefer<br />
– were delivered, each with a hold<br />
capacity of 588,000 cbft. and a speed<br />
of 22 knots. The partnership existed<br />
until 1983, when P&O decided to<br />
withdraw. Consequently, JL became<br />
the sole owner of LPR and the company<br />
name was changed to <strong>Lauritzen</strong><br />
Reefers.<br />
After 1983, the <strong>Lauritzen</strong> Reefers’<br />
pool was gradually developed, including<br />
JL’s reefer vessels as well as vessels<br />
belonging to other reefer owners. JL<br />
contributed the majority of the vessels<br />
employed in the pool, which in the<br />
beginning of the 1990’s comprised<br />
about 65 specialised reefer vessels.<br />
JL/LR became a market leader with<br />
regards to trade development as well as<br />
technological innovation. An example<br />
of trend-setting technological innovation<br />
was the development of the Family<br />
11
12<br />
“It is obviously emotional for us to leave the reefer business and we<br />
wish NYKCool a fair wind. We want to thank all our trustworthy customers<br />
worldwide for their continued support. We also thank the many<br />
dedicated employees of JL who over many years worked hard to meet<br />
our customers’ demands.”<br />
Torben Janholt, President & CEO, J. <strong>Lauritzen</strong><br />
Class reefer vessels (758,725 cbft.<br />
capacity under deck and 118 FEU<br />
reefers on deck) delivered from<br />
Danyard (Aalborg and Frederikshavn<br />
Shipyards) in 1990-91. A reefer-industrial<br />
cluster had gradually evolved<br />
within the <strong>Lauritzen</strong> Group, which<br />
included construction at Danyard of<br />
state-of-the-art reefer vessels equipped<br />
with advanced cooling machinery produced<br />
by Sabroe Refrigeration, ownership<br />
of reefer vessels by J. <strong>Lauritzen</strong>,<br />
and commercial management of tonnage<br />
by <strong>Lauritzen</strong> Reefers’ pool.<br />
Over the years <strong>Lauritzen</strong> Reefers worked<br />
diligently to optimise the return on<br />
voyages by exploiting the flexibility<br />
of the reefer ships’ holds to carry dry<br />
cargoes on return voyages. The reefer<br />
trades are characteristically from the<br />
southern to the northern hemisphere,<br />
and the ability to carry packaged<br />
goods or, at a later date, containers on<br />
the return voyages could significantly<br />
improve the bottom-line. This concept<br />
peaked during the years of cooperation<br />
with the NOBOA group, with<br />
bananas and other fruits as fronthaul<br />
cargoes for the US and Japan markets<br />
and cars as backhaul cargoes from<br />
Japan to Chile, Peru, and Ecuador.<br />
Major acquisitions<br />
<strong>Lauritzen</strong> Reefers’ pool was terminated<br />
in 1996, after which LR was established<br />
as a stand-alone entity operating tonnage<br />
solely owned and time-chartered<br />
by JL.<br />
In December 2000, JL acquired Cool<br />
Carriers from <strong>No</strong>rwegian Leif Hoegh<br />
& Co. and subsequently merged<br />
<strong>Lauritzen</strong> Reefers and Cool Carriers,<br />
creating <strong>Lauritzen</strong>Cool. Following this<br />
initial strategic move, JL became<br />
instrumental in the consolidation of<br />
the reefer industry. <strong>Lauritzen</strong> Reefers<br />
and Cool Carriers were a perfect<br />
strategic fit, which combined two of<br />
the strongest brand names in the<br />
industry, with robust market positions<br />
in all major trades, strong conceptual<br />
skills, and long-lasting customer relationships.<br />
Furthermore, both companies<br />
had experience with land-based<br />
reefer logistics as a supplement to<br />
ocean transportation, and on that<br />
basis <strong>Lauritzen</strong>Cool Logistics (LCL)<br />
was established.<br />
In August 2003, a strategic partnership<br />
was established between NYK Reefers<br />
and <strong>Lauritzen</strong>Cool. This was shortly<br />
followed by NYK’s acquisition of 50%<br />
of LCL in January 2004 and NYK’s<br />
subsequent 50% acquisition of<br />
<strong>Lauritzen</strong>Cool in <strong>September</strong> 2005,<br />
whereby NYK<strong>Lauritzen</strong>Cool was<br />
created. Finally, NYK acquired the<br />
remaining 50% of NYK<strong>Lauritzen</strong>Cool,<br />
effective 1 June <strong>2007</strong>, thereby taking<br />
full control of the company.<br />
Ongoing excellence<br />
For JL, the recent transaction marks<br />
the end of an era with intimate customer<br />
relationships and great colleagues.<br />
We thank them all for their<br />
trust and support, and wish them all<br />
the best of luck in the future.<br />
J. <strong>Lauritzen</strong> will endeavour to bring<br />
the entrepreneurship, innovative skills,<br />
and flexibility that we have gained<br />
within the reefer industry with us<br />
in our constant effort to become a<br />
world-class shipping company, irrespective<br />
of within which segments of<br />
shipping we concentrate our efforts.<br />
Background source for article:<br />
Søren Thorsøe. “J. <strong>Lauritzen</strong> 1884-1984.”<br />
The World Ship Society, Kendal, 1984.<br />
Hiroshi Yamafuji (on left), CEO, NYK Reefers and Torben Janholt,<br />
President & CEO, J. <strong>Lauritzen</strong>
A Capesize milestone<br />
<strong>Lauritzen</strong> Bulkers places<br />
first-ever order for Capesize<br />
newbuildings with Korea’s<br />
Hyundai shipyard.<br />
Although <strong>Lauritzen</strong> Bulkers acquired<br />
two time-charter Capesize vessels last<br />
year, the order with Hyundai is the<br />
first for newbuildings of this size.<br />
They are scheduled for delivery during<br />
the last quarter of 2009 and the first<br />
quarter of 2010. In addition, two similar<br />
Capesizes have been ordered from<br />
Japanese yards. “At 180,000 tons deadweight,<br />
they’re the biggest ships we’ve<br />
ever ordered,” says Jens Ditlev <strong>Lauritzen</strong>,<br />
president of <strong>Lauritzen</strong> Bulkers. “In<br />
the larger picture, these four Capesize<br />
purchases are part of our ongoing<br />
strategy of taking every opportunity<br />
to strengthen the <strong>Lauritzen</strong> Bulkers<br />
fleet, which is today at a record level<br />
of more than 85 ships.” The growth<br />
strategy is further evidenced by the<br />
fact that <strong>Lauritzen</strong> Bulkers is awaiting<br />
delivery of more than 40 other vessels,<br />
including purchased, contracted, and<br />
time-chartered ships. They are to be<br />
delivered between now and 2011, and,<br />
encompassing a variety of vessel sizes<br />
and types, indicate <strong>Lauritzen</strong> Bulkers’<br />
determination to increase its fleet across<br />
all segments.<br />
Capesize ships – so called because they<br />
are too large to traverse the Panama<br />
Canal and therefore must round the<br />
Cape of Good Hope and Cape Horn<br />
to travel between oceans – represent<br />
the largest type of bulker carriers. The<br />
“In the larger picture, these four Capesize<br />
purchases are part of our ongoing strategy<br />
of taking every opportunity to strengthen the<br />
<strong>Lauritzen</strong> Bulkers fleet, which is today at a<br />
record level of more than 85 ships.”<br />
Jens Ditlev <strong>Lauritzen</strong><br />
President, <strong>Lauritzen</strong> Bulkers<br />
ships on order at Hyundai are being<br />
built to meet the latest CSR (Common<br />
Structural Rules) and PSPC (Performance<br />
Standard for Protective Coating) standards.<br />
The application of these standards<br />
serve various purposes, namely<br />
to prolong the service life of the vessel,<br />
increase its safety, and at the same time<br />
reduce its maintenance. They will be<br />
used primarily to transport iron ore,<br />
and are 292 metres long, have a 45<br />
metre beam, and draw an 18-metre<br />
draft fully loaded. Because of the enormous<br />
pressure of being loaded at rates<br />
of up to 15,000 tons per hour, the<br />
four new vessels will also incorporate<br />
a stress-monitoring system to protect<br />
their hulls.<br />
13
14<br />
Allotment<br />
gardens –<br />
nature and<br />
leisure within<br />
the city limits<br />
For the past 12 months, JL’s working<br />
environment has been slightly different<br />
from our posh neighbourhood in downtown<br />
Copenhagen.<br />
At Sankt Annae Plads our nearest<br />
neighbour is the new Opera house.<br />
At our temporary premises at Amager<br />
Strandvej the Opera House has been<br />
replaced with a small green enclave<br />
containing a concentration of small,<br />
unique sheds – so-called allotment<br />
gardens. Compared to the downtown<br />
neighbourhood with its charming<br />
boutiques, art galleries, and gourmet<br />
restaurants at every turn, the contrast<br />
of the new surroundings is striking.<br />
Allotment gardens form a characteristic<br />
feature of Danish cultural life, and<br />
the roots of this phenomenon can be<br />
tracked back to the late Middle Ages,<br />
when gardens were situated outside<br />
town walls and served as an important<br />
food supply. In the 1890s, due to the<br />
Industrial Revolution, poor housing,<br />
and an increase in population, the<br />
interest in allotment gardens increased.<br />
In that period the city of Copenhagen<br />
broke its old boundaries and many<br />
large, dense five-story buildings were<br />
constructed. These flats were often<br />
very small, some with only a view of a<br />
backyard, and the residents longed for<br />
natural surroundings and the outdoors.<br />
As a result, areas in the vicinity of the<br />
city were rented by the municipalities<br />
for allotments, so that people could<br />
get into contact with nature and live a<br />
healthy outdoor life.<br />
Rest and recreation – and necessity<br />
The size of the gardens ranged between<br />
200 and 400 square meters, and often<br />
the plots included a small shed built<br />
with the aid of the most primitive<br />
tools and materials. The allotment<br />
holders spent most their leisure hours<br />
in their gardens, taking great pride in<br />
creating a small paradise of their own.<br />
Where there used to be squares with<br />
heaps of rubbish outside the city, the<br />
outskirts now offered wide green areas,<br />
fruit trees, and neat little houses.<br />
However, the allotment gardens have<br />
not only served as place of pure rest<br />
and recreation: during the Second<br />
World War, they provided a welcome<br />
and vital supply of vegetables and<br />
fruits for a nation suffering under government<br />
rationing.
While allotment gardens in the past<br />
were an integral part of urban working<br />
class culture, today they are more likely<br />
to be associated with a summer getaway<br />
for urban families with children – and<br />
even for the highly paid. It is the freedom<br />
to get out of the apartment for<br />
the summer and take a break from the<br />
demands of modern life that attracts.<br />
People are able to socialize and relax<br />
in the atmosphere they have created.<br />
There is a Danish word that fits this<br />
lifestyle perfectly – hygge. Although<br />
Danes say it cannot be translated, it<br />
roughly means to be cosy and relaxed<br />
in warm surroundings with friends<br />
and family. Many allotment holders<br />
put a great deal of effort into creating<br />
that cosy and comfy atmosphere in<br />
their allotments.<br />
For almost a year now JL has taken a<br />
break from the throbbing life of the city.<br />
But we will soon leave these natural<br />
surroundings behind in order to return<br />
to our renovated headquarters on 24<br />
<strong>September</strong>. Who knows – perhaps we<br />
will feel a little nostalgic about trading<br />
the allotment gardens’ atmosphere of<br />
tranquillity for the bustling environment<br />
of Frederiksstaden, with its cultural<br />
institutions, wide avenues, and<br />
opulent dwellings.<br />
15
16<br />
Goodbye to<br />
training, Hello<br />
to the real thing<br />
As of 1 August three trainees made the<br />
transition to real jobs, more responsibility . . .<br />
and larger paycheques.<br />
Jannik Jarnsborg,<br />
Assistant Chartering Manager,<br />
<strong>Lauritzen</strong> Bulkers<br />
Like all J. <strong>Lauritzen</strong> trainees, Jannik<br />
Jarnsborg has completed a two-year<br />
programme of general shipping education<br />
courses supplemented by equally<br />
intensive on-the-job training – spending<br />
his first year of training with<br />
<strong>Lauritzen</strong> Kosan and the second one<br />
with <strong>Lauritzen</strong> Bulkers. His final academic<br />
project was to write and defend<br />
a paper on the time-charter business,<br />
which brought together his studies<br />
and his practical experience with the<br />
sales and purchase of vessels and time<br />
charters. Being rapidly immersed in the<br />
details of vessel purchasing and time<br />
chartering was demanding, he says, but<br />
mastering the technical details wasn’t<br />
the most challenging part of the trainee<br />
programme.<br />
“If you can handle it, you’re given<br />
pretty much responsibility right away.<br />
That means the phone is ringing, you<br />
have people pulling you from all sides,<br />
and it’s up to you to find out how to<br />
prioritize everything. It was tough at<br />
first, but I think that’s one of the most<br />
valuable parts of the trainee programme<br />
– learning how to juggle competing<br />
demands on your time and to be<br />
aware of how you’re doing the job.”<br />
He recently had the chance to spend<br />
two weeks at J. <strong>Lauritzen</strong>’s Singapore<br />
office gaining direct experience of<br />
overseas operations and seeing exactly<br />
how they do their jobs. “I’m looking<br />
forward to being a full-fledged<br />
employee after 1 August,” he says.<br />
“To being an equal among equals<br />
and giving it my best effort. And,<br />
of course, to collecting a bigger<br />
paycheque . . . that’ll be nice, too.”<br />
Monica Christensen,<br />
Assistant Operations Manager,<br />
<strong>Lauritzen</strong> Kosan<br />
For the past two years, Monica Christensen<br />
has balanced the theoretical side<br />
of her trainee education with almost<br />
daily contact with ship captains and<br />
agents. As a member of the operations<br />
department of <strong>Lauritzen</strong> Kosan, she<br />
has literally been at the crossroads of<br />
worldwide shipping activity, engaged<br />
in everything from coordinating load-
ing and discharge ports and determining<br />
cargo discharge temperatures to<br />
appointing agents and updating schedules.<br />
“Our academic classes in shipping<br />
gave us a solid background in the<br />
shipping business, but the actual job<br />
training has definitely been ‘learning<br />
by doing’,” she says. “After 1 August,<br />
I know I’ll have the feeling of more<br />
responsibility, but in reality I’ve been<br />
allowed to do my job pretty independently<br />
already.”<br />
Her training has also included rotating<br />
one-week stretches as a duty officer on<br />
call for captains, agents, or charterers<br />
who need to contact <strong>Lauritzen</strong> Kosan<br />
outside of regular office hours. Usually<br />
this isn’t a problem, but, she observes<br />
that “if you’re very unlucky you might<br />
have to work through the night, so it<br />
can be demanding. But even as a trainee<br />
you get to be the one who sorts things<br />
out and solves problems, and that’s<br />
exciting.” In the next few years <strong>Lauritzen</strong><br />
Kosan will be taking delivery of technically<br />
advanced newbuildings from<br />
Korea that have ethylene capacity,<br />
and, along with everyone else, Monica<br />
Christensen will be learning a new<br />
and complex side of the business. “It’s<br />
a challenge,” she says, “but that’s what<br />
I love about this job. You never know<br />
for sure what’s going to happen next.”<br />
Christian Grønlund,<br />
Assistant Chartering Manager,<br />
<strong>Lauritzen</strong> Kosan<br />
Christian Grønlund has already had<br />
broad practical experience, even by JL<br />
trainee standards. After spending his<br />
first year in JL’s Bunkers Department<br />
trading oil, he moved to <strong>Lauritzen</strong><br />
Kosan, where he has worked in both<br />
the Operations Department and<br />
the Chartering Department. As of 1<br />
August he will continue with <strong>Lauritzen</strong><br />
Kosan as an assistant chartering manager.<br />
“Basically, my job is to keep vessels<br />
employed, to make sure they have<br />
cargo to sail with,” he says. “You could<br />
compare it to a hotel, which ideally<br />
would maintain 100% occupancy. We<br />
try to come as close to that as we can<br />
for our ships, largely on contract, but<br />
also through the spot market.”<br />
He also confirms that the most intense<br />
part of the training period was learn-<br />
ing to cope with serious job responsibilities<br />
right from the start. “This was<br />
especially true when I first started with<br />
the Bunkers Department,” he says.<br />
“One day, about a month after I began,<br />
I realized that – at age 21 – I was buying<br />
oil for ten vessels and trading for a<br />
total amount of about USD 10 million.<br />
Let’s just say it both made me nervous<br />
and really focused me on not making a<br />
mistake.” Christian Grønlund credits<br />
all his senior colleagues – but especially<br />
his assigned mentors – for providing<br />
the help and advice he needed. Asked<br />
about the future, he points out that<br />
there is always room for growth within<br />
the shipping industry – and always<br />
something more to learn. On that note,<br />
he is soon travelling to Korea to get a<br />
firsthand view of <strong>Lauritzen</strong> Kosan’s<br />
newbuilding projects. The future looks<br />
wide open.<br />
17
18<br />
It’s back to school<br />
for experienced<br />
purchasers<br />
Two members of <strong>Lauritzen</strong><br />
Fleet Management’s purchasing<br />
department earn marine purchasing<br />
and supply diplomas<br />
in year-long distance-learning<br />
programme.<br />
“Until now, the<br />
shipping industry<br />
has never had a<br />
specific course for<br />
maritime purchasing<br />
and supply.”<br />
Henrik Steffensen<br />
Head of Purchasing Department,<br />
<strong>Lauritzen</strong> Fleet Management<br />
“Well, at least that’s behind me,” thinks<br />
nearly every graduate who leaves<br />
school and gets a job. <strong>No</strong>t necessarily,<br />
as Henning Andersen (above left) and<br />
Klaus Christoffersen, both seasoned<br />
J. <strong>Lauritzen</strong> purchasers with years of<br />
experience, recently discovered. During<br />
the past year, they participated in the<br />
first class of a groundbreaking new<br />
course launched by the International<br />
Marine Purchasing Association(IMPA)<br />
in co-operation with the National Sea<br />
Training Centre (NSTC) and Lloyds<br />
Maritime Academy. After final exams<br />
in July, both men emerged as successful<br />
graduates with diplomas in marine<br />
purchasing and supply.<br />
The diploma is intended for all purchasing<br />
practitioners in shipowning,<br />
operating, and management companies<br />
as well as all ship suppliers around the<br />
globe. Comprised of eight discrete<br />
modules, the course considers different<br />
purchasing models, incorporates appropriate<br />
marine insurance and English<br />
law, and explains how they interface<br />
with other areas such as finance and<br />
administration. Except for the final<br />
exam, all course work and testing is<br />
delivered by distance-learning methods,<br />
via the Internet.<br />
A maritime focus<br />
“Until now, the shipping industry has<br />
never had a specific course for maritime<br />
purchasing and supply,” says Henrik<br />
Steffensen, head of purchasing for<br />
<strong>Lauritzen</strong> Fleet Management and an<br />
IMPA board member involved with<br />
establishing the new programme.<br />
“Most courses were set up with indus-<br />
trial production companies in mind<br />
and are more concerned with stock<br />
planning, production planning, and so<br />
on. This course was developed from a<br />
strictly maritime point of view, so it’s<br />
much more useful for shipping companies.<br />
It offers a unique opportunity<br />
to gain a recognised qualification in<br />
marine purchasing and supply, which<br />
is why we’re requiring all our current<br />
and future employees to complete it.”<br />
The various course modules were<br />
created by industry experts with<br />
specialised backgrounds as diverse as<br />
a port captain with customs expertise<br />
and a London law school professor.<br />
Henning Andersen and Klaus Christoffersen<br />
say that the course offered a<br />
combination of benefits, both strategic<br />
and operational. “With our past experience,<br />
we were familiar with a good<br />
deal of the basic information,” says<br />
Klaus Christoffersen, “and that’s just<br />
as well since some of the modules, like<br />
the one covering English law, were<br />
pretty demanding.”
An immediate success<br />
The 2006-<strong>2007</strong> course, the first one<br />
of its kind, was even more successful<br />
than anticipated, with 60 people signing<br />
up. The second year, with more<br />
than 40 people enrolled, has followed<br />
suit. Participants in 2006-<strong>2007</strong> were<br />
chiefly from European companies,<br />
but also included representatives from<br />
companies in Japan, Hong Kong,<br />
and the Middle East. In addition to<br />
J. <strong>Lauritzen</strong>, other major Danish<br />
shipowners such as AP Moeller Maersk,<br />
Torm, and Scanlines took part.<br />
As for the return to the routine of<br />
studying and taking tests, it seems as if<br />
little has changed. “It’s a good thing to<br />
do the course together, the way Klaus<br />
and I did,” says Henning Andersen.<br />
“That way you’ve got someone to<br />
compare notes with – and someone to<br />
keep up with.”<br />
<strong>Lauritzen</strong><br />
Tankers builds<br />
in China<br />
Newbuildings on order from<br />
GSI offer attractive combination<br />
of price and design.<br />
Six new recently purchased medium<br />
range (MR) product carriers are the<br />
first vessels <strong>Lauritzen</strong> Tankers will<br />
take delivery of in China. They are<br />
to be built at Guangzhou Shipyard<br />
International Co., Ltd. (GSI), which<br />
is a part of China State Shipbuilding<br />
Corp. (CSSC), South China’s largest<br />
modern integrated shipbuilding enterprise.<br />
“GSI is one of the best – and<br />
best known – yards in China building<br />
tankers. They focus exclusively on<br />
product carriers, and count other<br />
Danish shipping companies among<br />
their customers,” says Erik Donner,<br />
vice president of operations and<br />
chartering for <strong>Lauritzen</strong> Tankers.<br />
In the past, <strong>Lauritzen</strong> Tankers has<br />
worked with shipyards in Korea and<br />
Japan, but GSI was able to offer an<br />
attractive combination of price and<br />
design – all six ships will be built to<br />
meet the latest IMO II/III regulations.<br />
“This new design is 50,500 dwt.,” says<br />
Erik Donner, “which fits with our<br />
strategy of concentrating on the larger<br />
end of the MR scale. Because these<br />
ships have a larger cubic capacity<br />
(58,000 cbm), they’re able to handle a<br />
broader range of voyage combinations<br />
than smaller MRs. This gives us greater<br />
trading flexibility and potentially higher<br />
earnings.”<br />
The first of the ships will be delivered<br />
in the fourth quarter of 2010, and the<br />
remaining five will follow in 2011. All<br />
six vessels will be owned and operated<br />
by <strong>Lauritzen</strong> Tankers. This brings the<br />
total number of ships on order to ten:<br />
two smaller newbuildings are coming<br />
from Korea early next year and two<br />
from Japan in 2010. “In terms of<br />
price negotiation and design flexibility,<br />
it’s very important to have good longterm<br />
relationships with shipyards,<br />
which we’ve already established in<br />
Japan and Korea,” says Erik Donner.<br />
“We’re happy to be able to add GSI<br />
to the mix. And we hope that this<br />
new established relationship will<br />
bring additional future newbuildings.”<br />
“This new design is<br />
50,500 dwt, which fits<br />
with our strategy of<br />
concentrating on the<br />
larger end of the MR<br />
scale.”<br />
Erik Donner<br />
Vice President, Operations and<br />
Chartering, <strong>Lauritzen</strong> Tankers<br />
19
Namegiving ceremonies<br />
Mrs Karen Heering (far right) was sponsor<br />
for the Freja Selandia on 28 March<br />
<strong>2007</strong>.<br />
As reported in this and earlier issues of<br />
<strong>Lauritzen</strong> News, J. <strong>Lauritzen</strong>’s current<br />
newbuilding programme is extensive,<br />
including more than 50 vessels to be<br />
delivered within the next couple of<br />
years.<br />
When a newbuilding is delivered, it’s<br />
time for festive activities at the Far<br />
Eastern shipyards involved. Each<br />
delivery is celebrated at the shipyards<br />
by representatives from the yard,<br />
the shipowners, clients, business<br />
associates, representatives from the<br />
J. <strong>Lauritzen</strong> Group – and not least<br />
by the sponsors.<br />
Editors<br />
Torben Janholt<br />
Tove Elisabeth Nielsen<br />
Jens Søndergaard<br />
Facts on J. <strong>Lauritzen</strong> A/S<br />
J. <strong>Lauritzen</strong> A/S<br />
Sankt Annæ Plads 28<br />
1250 Copenhagen K<br />
Denmark<br />
Tel: +45 3396 8000<br />
<strong>September</strong> <strong>2007</strong><br />
J. <strong>Lauritzen</strong> A/S operates globally through these business units: <strong>Lauritzen</strong> Bulkers, <strong>Lauritzen</strong> Kosan, and <strong>Lauritzen</strong> Tankers.<br />
JL employs a staff of approximately 600 persons and together with partners/associates controls a combined fleet of about 200 vessels representing bulk<br />
and gas carriers and product tankers.<br />
For more details on JL’s business activities and on the fleet, see www.j-lauritzen.com<br />
20 January <strong>2007</strong><br />
Sofie Bulker delivered from the Shin Kurushima Dockyard.<br />
Sponsor: Sofie Wegeberg, daughter of Carl Wegeberg, Vice President,<br />
<strong>Lauritzen</strong> Bulkers–Tonnage Procurement.<br />
19 February <strong>2007</strong><br />
Freja Dania delivered from the Shin Kurushima Dockyard.<br />
Sponsor: Tove Elisabeth Nielsen, Senior Vice President, J. <strong>Lauritzen</strong>.<br />
12 March <strong>2007</strong><br />
Belaia delivered from Imabari Shipbuilding Co., Japan. Sponsor:<br />
Margarita Tidemand, spouse of Sverre Tidemand, Managing Director<br />
and member of the BOD of Belships ASA.<br />
28 March <strong>2007</strong><br />
Freja Selandia delivered from the Shin Kurushima Dockyard.<br />
Sponsor Karen Heering, spouse of Niels Heering, attorney-at-law,<br />
member of the BOD of J. <strong>Lauritzen</strong>.<br />
12 July <strong>2007</strong><br />
Freja Fionia delivered from the Shin Kurushima Dockyard.<br />
Sponsor: Cheryl Talam Hansen, spouse of Tom K. Talam Hansen,<br />
Managing Director, J. <strong>Lauritzen</strong> Singapore.<br />
23 July <strong>2007</strong><br />
Perla Bulker delivered from the Tsuneishi Fukuyama Shipyard.<br />
Sponsor Anne Bruun Larsen, Senior Operations Manager, <strong>Lauritzen</strong> Bulkers.<br />
7 August <strong>2007</strong><br />
Charlotte Bulker delivered from the Hakodate Shipyard.<br />
Sponsor Charlotte Warsberg, daughter of Torben Warsberg,<br />
Vice President, <strong>Lauritzen</strong> Bulkers-Chartering/Capesize.<br />
Editorial support and design<br />
Cross-Border Communications<br />
Copenhagen<br />
<strong>Lauritzen</strong> News is a semi-annual<br />
publication. Reproduction<br />
permitted only after agreement<br />
with the editors.