Achieving growth through operational excellence

Lauritzen Bulkers’ 2022 net result was US$ 102.5 million. This was achieved despite macroeconomic headwinds and freight rates declining 62% over the year.

This strong financial result was secured through a combination of exceptional operational performance, being able to handle the market fluctuations and a specific focus on risk management. The teams have improved the internal cooperation and teamwork 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. 


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

LB Annual Report 2022 
The 2022 report holds both our management statement and financial statement. All reports can be downloaded from the list below.

Annual reports - downloads

2022 Lauritzen Bulkers A/S Annual report 2022
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

In 2022, Lauritzen Bulkers further improved its financial performance and the operational result* of its core dry bulk activities amounted to USDm 115 compared to USDm 91 in 2021.

“Despite macroeconomic headwinds and declining freight rates gradually evolving over the year, we were able to improve our financial performance compared to 2021, giving us the best result for more than a decade”, says Niels Josefsen, CEO of Lauritzen Bulkers. He added that “our short-term book, long-term book, and asset management book all performed better or in line with expectations due to the extraordinarily good performance of the entire organisation”.


Main initiatives and events

  • Our team of highly experienced operational and chartering staff strengthened our relations with clients in defining their marine transportation needs.
  • Our vessel operation model was further refined, focusing on optimising voyage planning, execution, and post-operation services to solve clients’ pain points.
  • Our business model was further refined during the year and our Asset Management Book, responsible for commitments over two years including vessel ownership and sale and purchase of vessels, had its first year of operation. Towards the end of the year, we decided to establish a dedicated Freight Forward Agreement (FFA) Book, which commenced operation in early 2023 providing FFA hedging across all Lauritzen Bulkers’ business areas.
  • We continued our efforts towards decarbonising our operations by renewing our fleet with more fuel-efficient ships. In 2023, we expect to invest in retrofitting vessels to reduce carbon emissions and enable accurate reporting on emissions to clients and authorities.
  • Six newer handysize bulk carriers were acquired during the year by declaration of purchase options connected to long-term time-charter vessel agreements.
  • Three older handysize bulk carriers were sold at the peak of the market, generating a net profit of USDm 20.8.
  • A further four vessel purchase options were executed for delivery in 2023.

The net profit from the core dry bulk activities was USDm 102.5. However, as part of the restructuring of the J. Lauritzen group after the formation of BW Epic Kosan, Lauritzen Bulkers merged in 2022 with its subsidiary Lauritzen Bulkers Ship Owner and its sister company J. Lauritzen Invest with retroactive effect from 1 January 2022. Lauritzen Bulkers’ result was negatively impacted by USDm (25.3) due to the distribution of assets in the restructuring. The combined net profit thus amounted to USDm 77.3 compared to USDm 96.0 in 2021.


Outlook for 2023

The outlook for 2023 is impacted by macroeconomic and geopolitical uncertainty, which is expected to continue during the first half of the year. We expect dry bulk markets to gradually improve during the second half of the year supported by the limited supply growth in the handysize bulk carrier segment. Lauritzen Bulkers is positioned to take advantage of expected market improvement in the second half of the year by having an overweight of cargoes in Q1 and thereafter excess open vessel capacity.


For further information, please refer to our Annual Report 2022.

Contact: Niels Josefsen, CEO, phone + 45 33 96 83 00 or + 45 28 93 07 11


*Net result before unrealised hedging

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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