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J Lauritzen A/S Announces Sale and Lease-Back of Newbuilding; Lowers FY 2013 Net Result Guidance and Maintains FY 2013 EBITDA Outlook

Thursday, 27 Jun 2013 05:57am EDT 

J Lauritzen A/S announced that Lauritzen Bulkers has agreed to sell a handysize bulk carrier newbuilding scheduled for delivery in the third quarter of 2013 and to take the vessel on long- term time-charter. The agreement includes options for extension of the charter period as well as purchase option. The sale and lease-back will cause book loss of approximately USD 10 million, but improve liquidity by approximately USD 9 million. The transaction will not affect the estimated EBITDA for 2013, but due to the book loss of the transaction, the net result for the fiscal year 2013 is now estimated to be negative of approximately USD 85-110 million and thus below the previously communicated range of negative USD 75-100 million. Additional adjustments of the tonnage portfolio may negatively affect the result for 2013, but have a positive effect on J Lauritzen's cash position. Exchange rate fluctuations may also affect the result. 

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26 Feb 2015