Laurtitzen (Denmark) net profit up US$132m in the first six months

Danish shipowner J Laurtitzen made a net profit of US$132m in the first six months compared to US$60m in the same period last year. The company notes: “The result is better than expected and very satisfactory. The result was primarily driven by a substantial strengthening of the bulk market, the increasing activities within JL’s product tanker division and gains on securities. Earnings in Lauritzen Kosan and Lauritzen Reefers were better than expected, but reflects the sale of vessels in both segments.” It adds: “Net result for 2007 is expected to the best ever in the history of J Lauritzen A/S.” During the six months Lauritzen sold its 50% 50% shareholding in NYKLauritzenCool to its joint-venture partner NYK Reefers Ltd., marking Lauritzen's exit from the reefer market. Four reefer vessels are still on bareboat charter and will be operated by NYKCool AB.