J Lauritzen has confirmed the sale of one of its gas carriers following the end of a third quarter that saw continued losses but the securing of new contracts.
Lauritzen said in its quarterly report the 3,500-cbm Charlotte Kosan (built 2003) had been sold.
While no price was revealed, TradeWinds reported earlier this month the vessel had gone for $5.5m to a Far Eastern buyer.
Lauritzen also announced a new cargo contract for with Saudi Arabia Basic Industries Corporation for petrochemical gas transportation and an extension until 2026 of a wood pellets deal with US Enviva.
In addition, finalisation of the sale of its shares in Axis Offshore added $48m to the company’s cash pile.
Mads P. Zacho, chief executive of J Lauritzen, says the company has cut its newbuilding orderbook to a single-part owned vessel.
While no details on the changes were disclosed, TradeWinds has reported the sale of its ultramax newbuildings.
The developments came in a quarter that saw continued losses from Lauritzen's dry cargo business, partially countered by positive figures from its gas division.
Lauritzen lost $11.7m in the three months to the end of September, compared to a $16.1m red figure last time around.
Lauritzen Bulkers saw a core operating loss of $16.3m for the quarter, a marginal improvement on the same period of 2015.
Lauritzen Kosan recorded a core operating profit of $4.4m, down from $6.2m 12 months ago.
Given prolonged challenging markets in dry cargo and a deteriorating gas sector Lauritzen is now projecting a core operating loss of $50m to $60m in 2016.
