J. Lauritzen Buys Cool Carriers

Monday, December 11, 2000
J. Lauritzen bought Cool Carriers AB for $35.4 million from Norwegian shipping group Leif Hoegh & Co. ASA, a step in consolidation of the reefer vessel market. "The acquisition will be financed through a capital injection of 215 million crowns ($25.5 million) from the parent company J. Lauritzen Holding," it said. Reefer vessels are equipped with refrigeration facilities to transport perishable foodstuffs. The takeover of the Swedish-based group, effective January 1, 2001, would create the world's leading specialized reefer vessel operator in a new company to be named Lauritzen Cool AB, it said. "With the establishment of Lauritzen Cool the first step towards the long sought-for consolidation of the global reefer market has now been taken," it said. The merger of Lauritzen's loss-making reefer subsidiary Lauritzen Reefers -- both an operator as well as a shipowner -- and Cool Carrier, an operation unit only, would yield synergies of "conservatively estimated" $15 million per year. Lauritzen Cool will use reefer vessels from both Leif Hoegh and J. Lauritzen. It said total turnover was expected to amount to $430 million for 2001.
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

Oil Plunge Deepens High-yield Gloom

US crude fell to a more than six-year low this week, clouding the picture for a high-yield energy sector that already faces a significant cull when credit lines are reevaluated in autumn.

NASSCO Invests in Facilities, Equipment and People

General Dynamics NASSCO has invested several hundred million in capital projects as part of its efforts to increase efficiencies via  modular shipbuilding, including:

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Port Authority Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2466 sec (4 req/sec)