Analyst Research

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Provider: Reuters Investment Profile
Provider: Wright Reports
Provider: Directors Deals Ltd.
Provider: Auerbach Grayson & Co., Inc.

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J Lauritzen A/S Sale of Ten Product Tankers; Updates on FY 2013 Financial Guidance

Tuesday, 22 Oct 2013 03:06am EDT 

J Lauritzen A/S announced that the Company has concluded an agreement to sell its fleet of ten wholly-owned product tankers to Hafnia Tankers. It is the intention that all vessels will be delivered to the new owner before the end of February 2014. The sale is expected to strengthen J Lauritzen's cash position by about USD 125 million of which USD 10 million will be reinvested in Hafnia Tankers. The sale will not impact the Company's earlier announced expectations on EBITDA for the fiscal year 2013, whereas the net result for the fiscal year 2013 is estimated to be slightly better. 

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26 May 2015