Achieving growth through operational excellence

Lauritzen Bulkers’ 2021 net result was US$ 103 million.

This strong financial result was achieved by a combination of exceptional operational performance and a specific focus on risk management. Our teams prioritize transparent communication and internal cooperation which maximises efficiency and contributes to strong relationships with our clients.

Financial statements from Lauritzen Bulkers

Lauritzen Bulkers is a private limited company. We disclose financial statements on an annual basis.  Since 2020, Lauritzen Bulkers has been a separate legal entity with its own financial disclosure. Prior to 2020, Lauritzen Bulkers was a business unit within J. Lauritzen and information on business and financial performance was included the financial reports provided by J. Lauritzen. Lauritzen Bulkers is fully owned by J. Lauritzen and ultimately owned and controlled by Lauritzen Fonden.


We pride ourselves in upholding every single obligation we commit to and continuously strive to maintain the highest level of credibility and accountability as a trusted service partner to our clients. 


ship days in 2021
approx operated vessels
14 %
increase in activity (2021)

Read our annual reports to learn more about our role in the global trade market as providers of intelligent ocean transport.

LB Annual Report 2021
The 2021 report holds both our management review, financial statement and our reporting on Responsibility.


LB Annual Report 2020
The 2020 report holds our management review and financial statement. Reporting on Corporate Responsibility is provided in the 2020 J. Lauritzen Corporate Responsibility report. All reports can be downloaded from below list.

Annual reports - downloads

2021 Lauritzen Bulkers A/S Annual report 2021
2020 Lauritzen Bulkers A/S Annual report 2020
2020 J. Lauritzen Corporate Responsibility report 2020

Press releases - Annual reports

An exceptional year

“2021 was an exceptional and unpredictable year, where we nevertheless succeeded in generating a net result of USDm 103, the best result for J. Lauritzen’s dry cargo activities since 2010. We further refined our knowledge-based business model and continued our transition towards becoming a short-term trader and operator, primarily in the handysize bulk carrier segment” says CEO Niels Josefsen, adding “that we are prepared to grow our activities in the coming years and also make vessel investments when the timing is right”.

Main initiatives and events

  • Our strategic transition journey continued in 2021 with increased focus on active portfolio management and we expanded our use of FFAs as a risk mitigating tool.
  • The performance of our Short-Term Book (commitments up to four month) again demonstrated the strength of our operator and client focused business model.
  • Towards the end of the year, we decided to split our long-term portfolio (commitment between four months and two years) into two separate books: Long-Term Book and Asset Management Book with effect from 1 January 2022.
  • In addition to handling our wholly owned and part-owned fleet, the Asset Management Book will enable a stronger focus on the management of options embedded in the long-term chartered fleet, new long-term charters, sales and purchase opportunities etc.
  • Opening of a branch office in Hong Kong enabling us to offer our services to even more clients in Southeast Asia.
  • As a responsible shipowner and operator, we support the need to raise ambitions and commit to fully decarbonise the shipping industry by 2050. On that background we became a signatory to the Call for Action for Shipping Decarbonisation, which was delivered to the COP26 Presidency in Glasgow in October 2021.
  • We continued our focus on gender diversity, and the female share of employees reached 40% at year-end 2021 (35% at year-end 2020).      

Outlook for 2022

Dry cargo markets are expected to remain strong in 2022, albeit at a more subdued level than in 2021. Continued Covid-19 implications, geopolitical tensions and inflation are main risk factors. However, we expect a good positive net result in 2022, based on our committed business for the year. The net result is only to a certain extent sensitive to changes in the dry bulk market rates as approximately 70% of our expected activity in 2022 is currently covered.  

As of 30 June 2020, the dry bulk business Lauritzen Bulkers A/S and the gas tanker business Lauritzen Kosan A/S became separate entities, owned by J. Lauritzen A/S (and therefore ultimately owned by the Lauritzen Foundation).

As of 11 March 2021, the transaction to combine the fleet and business activities of Lauritzen Kosan A/S and Epic Gas Ltd was finalised, and BW Epic Kosan was created.

Therefore, for the period 1 January - 31 December 2020, the annual reports for each business are issued separately.

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