J Lauritzen Posts H1 Profit

12 August 2010 (Last Updated August 12th, 2010 18:30)

Danish shipping firm J Lauritzen has reported a profit of $99m for the first half of 2010, up from $1.5m in the same period last year. The firm has registered an EBITDA of $106m compared with $42m in 2009 and an operating income of $96.9m against $19m for the corresponding period last yea

Danish shipping firm J Lauritzen has reported a profit of $99m for the first half of 2010, up from $1.5m in the same period last year.

The firm has registered an EBITDA of $106m compared with $42m in 2009 and an operating income of $96.9m against $19m for the corresponding period last year.

The company attributed the growth to the earnings from its Handysize bulk carrier operations and non-recurring income from counter party settlements.

The company’s investment during the year increased from $1.3bn to $1.9bn resulting in a return of 13% compared to 1.6% a year ago.

In the first half, the shipping firm acquired four Handysize vessels and two product tankers.