Lauritzen: Sale of ten product tankers

Reference is made to our announcement no. 6/2013 dated 15 August 2013, in particular the decision to exit the product tanker segment. J. Lauritzen has now 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.

Outlook
The sale will strengthen J. Lauritzen’s cash po sition by about USD 125m of which USD 10m will be reinvested in Hafnia Tankers.

The sale will not impact our earlier announced expectations on EBITDA for 2013, whereas the net result for 2013 is estimated to be slightly better.

Additional information will be available in our interim report for the third quarter of 2013 to be published on 14 November 2013.
Source: J. Lauritzen