Lauritzen cutting costs

J Lauritzen is merging its Lauritzen Bulkers and Lauritzen Kosan subsidiaries in order to cut costs.

The Danish owner says the move aims to create a simpler group structure and reduce administrative burdens.

Birgit Aagaard-Svendsen, chief financial officer at Lauritzen, tells TradeWinds the Kosan and Lauritzen Bulkers brands will continue in their respective markets.

She declines to say how much the initiative will save.

Dry Cargo and gas shipping will remain the two core shipowning activities of Lauritzen, Aagaard-Svendsen says.

Lauritzen reported a profit of $1.9m in the opening quarter of 2014.

It lost $284.6m in 2013 but after the sale of its products and shuttle tanker businesses has been expanding its dry cargo activities with a number of newbuilding projects.