Danish shipowner J. Lauritzen has completed the separation of its gas and bulker arms into independent companies.
Danish shipowner J. Lauritzen A/S is to operate its gas and bulker arms as independent companies, the shipowner announced on Wednesday.
The two companies will be able to develop their businesses along the lines announced when the group published its 2019 Annual report on 25 March.
At the time, the company noted that the separation was intended to assist Lauritzen Kosan increase market share in the small gas carrier industry. Lauritzen Bulkers was expected to pursue its asset-light business model in the handysize market.
Thomas Wøidemann and Niels Josefsen have been appointed as CEOs of the two entities, reporting to newly established boards for each company. Following the completion of the reorganisation, current ceo Mads Peter Zacho is leaving the group.
Tommy Thomsen, Chairman of J. Lauritzen said “As owners of both Lauritzen Kosan and Lauritzen Bulkers we are pleased to see these plans fall into place and we give thanks to Mads Peter Zacho for leading this strategy to completion.”
“We now have a clear and durable structure, where each of the two businesses can use their strong market presence to compete efficiently and grow in their respective segments,” he concluded.