Issue No. 7, September 2007 - J. Lauritzen

Dear Reader,
The ability to handle uncertainty and change is paramount in today’s business
world with its increasing competitive pressures. The ability to cope with and
even thrive on change can thus be regarded as a major competitive advantage.
The decision to sell JL’s 50% shareholding in NYKLauritzenCool, and consequently
to exit reefer shipping, is an excellent example. I take pride in the way it
demonstrates our ability to change. JL’s history in the reefer business (see article,
page 10) illustrates our ability to constantly seek new opportunities through
innovation, market development, and flexibility – and to continuously respond
to changing market conditions.
It is, of course, emotional to leave the fascinating reefer industry together with
all our trustworthy customers and dedicated colleagues worldwide. We wish all
our friends in the reefer industry good luck and thank them for the trust they
have shown us during many years. However, our exit from the reefer business
will open new opportunities for JL.
I find it fair to state that the ability to cope with change is built into the culture,
organisation, and management style of JL. I am very pleased with that. But there
is always a risk that complacency might be lurking around the corner. Therefore,
we constantly have to sharpen our skills and competencies and thus our ability
to continuously change.
During the last couple of months, other major changes have occurred. Lauritzen
Bulkers has ordered no less than four Capesize bulk carriers, manifesting its presence
in this segment of the bulk market. The Capes are the biggest vessels ever ordered
by JL. During the summer, Lauritzen Tankers ordered six additional product tankers,
another sign of our continuous fleet build-up in the MR product tanker market.
With 50 owned and time-chartered vessels on order, JL has the biggest newbuilding
portfolio ever recorded. Furthermore, partners will add 15 additional
newbuildings to the JL-managed fleet.
I am pleased to report that JL’s result for the first six months of 2007 was
USD 132 million compared to USD 60 million in 2006 and thus better than
expected and very satisfactory. The outlook for the remaining part of the year
is positive, and the best ever full-year result is expected for 2007.
Sincerely,
Torben Janholt
President & CEO
Although some organisations
may continue successfully with
their current strategies, most
will undoubtedly need to change.
Of course, any change brings
uncertainty, and some organisations
are better at coping
with that situation than others.
Torben Janholt,
President and CEO
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