5 J. Lauritzen 96

In: Snow in the Tropics
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In 1884, the consul Ditlev Lauritzen (1859-1935) moved from his hometown Ribe in Western Denmark to Esbjerg to start the company J. Lauritzen1. The company was named after Ditlev’s father since Ditlev was under 25 years old and not of age to start a business. He started an import business with wood, coal and fodder. He began with chartered ships for his imports but bought a few ships in late 1880s and could call himself a ship-owner. In 1895, the newly started shipowning company Vesterhavet, had a fleet of three ships. The fleet grew remarkably, and merely five years later, another seven ships had been added to the fleet. Lauritzen was both a shipowner and a shipbroker until 1918 when he closed down his shipbroking office. Apart from shipping, many of Lauritzen’s businesses were onshore. The Ditlev Lauritzen as portrayed by researcher Ole Lange is a truly dynamic entrepreneur, constantly on the move, catching new opportunities wherever they would arise. But it was the shipping business that was the core, and more precisely the transportation of coal, wood and cotton. By the end of 1914, the fleet comprised 26 ships. At about that time, the headquarters moved to Copenhagen. Sometimes Lauritzen’s ships carried fruit as a backhaul cargo – the first shipment of oranges was from the Spanish Mediterranean coast to England in a conventional general cargo vessel in 1905.

1 Mediterranean Adventures

The time during the First World War was, not surprisingly, turbulent. For Lauritzen, the increasing demand for ships during the war served as an impetus to sell off the current fleet and order new ships. This was in line with his vision to have a fully controlled shipping company of about 50 modern ships. The strategy was successful and after the war, the fleet was sold, and what was left was a number of competent employees and 16 ships on order at German shipyards. After the war, Lauritzen continued ordering ships to profit from the post-war boom. In the summer of 1919, he had 28 ships on order. But, since many other ship-owners also ordered ships en masse, the rates decreased in 1920. Some ships were cancelled, but in 1924 the fleet comprised 28 almost new ships. Also, Lauritzen ventured into buying the Køge shipyard, a venture that turned into a failure due to the post-war slump and lack of competence in managing a shipyard.

The market downturn affected the tramp market first, where Lauritzen was most active. It was no longer profitable to be in tramp shipping, so Lauritzen needed to rethink the business strategy. The changes were made in two dimensions. First, Lauritzen sought new, less turbulent markets, and therefore he expanded his business in the Mediterranean, rather than mainly sailing in the Baltic and the North. Also, he sought to reduce his exposure to market fluctuations by entering into more long-term contracts. Rather than being an independent player, Lauritzen entered into collaborations with other shipping companies, for example with Swedish Lloyd, but sometimes, however, he also played the role of an aggressive upstart.

In the Mediterranean, there were often opportunities to carry fruit back to Northern Europe. In 1923, of about 70 voyages to the Mediterranean, on 39 return voyages, fruit was carried from Spain in ventilated fruit carriers. In 1925, Lauritzen opened its first foreign office in Valencia, which would directly cater to the fruit trades. In September-October, grapes and apricots were transported, in November-January, oranges and bananas.

During the winter of 1926, Ditlev’s son Ivar Lauritzen – who by the way was married to Lillian Kirkebye, daughter of the Fyffes banana importer A.W. Kirkebye, went to Spain and France to negotiate freight rates and conditions for fruit transport. He was just 26 years old. He, and his brother Knud, would represent Lauritzen’s strategic shift into the reefer segment. This was an important event in Lauritzen’s history, because from that time, fruit transport was to become one of Lauritzen’s two main activities (the other one being wood and pulp from Finland). The contracts negotiated by Ivar were one-year long and Lauritzen’s strategy of being less dependent on the spot market was being implemented. For both reefer and dry cargo, Lauritzen had to charter in six ships in 1926 and eight ships in 1927.

In 1927, it was time for Lauritzen to create its own liner service. Given that Lauritzen was an established player in the Mediterranean fruit market, the company was approached by a consortium of Sicilian fruit growers. They were not happy with the fact that the conference Associate Liners serving the Sicilian fruit export had increased their freight rates by 25%. Lauritzen established a line with scheduled departures from Sicily to Liverpool using eight to ten steamers. The conference strongly retaliated with lowered rates. Lauritzen did not give in but continued competing, with the hope that they would be asked to join the conference. This did not happen, but the line continued carrying oranges and citrus from Sicily, later expanded to the north of Italy, to the UK until 1935 when sanctions against Italy made Lauritzen discontinue the line.

2 Worldwide Growth

In February 1932, Lauritzen was contacted by French fruit interests. The company that was going to transport their bananas from West Africa to France had suddenly turned down the business, and another solution needed to be found. Lauritzen had experience with fruit transport, but only had ventilated fruit carriers, which were not regularly used for long-distance banana transports. However, due to the urgency of the situation, Lauritzen got the contract and successfully transported the bananas from Conakry in French West Africa to Nantes in the ships Grete and Ulla. Each ship made a profit of 20 000 DKK. After this success, Lauritzen offered to take care of the transport for Companie Générale Transatlantique, which catered for the West Indies, and Agences Maritimes Henry Lesage, carrying bananas from West Africa. Six ships were converted to reefers: Grete, Ulla, Erna, Else, Betty and Edith. They all had a refrigerated hold capacity of about 100 000 cbf and a speed of 11-12 knots. Lauritzen also joined a conference with Swedish Lloyd and DFDS transporting Jaffa fruit from Palestine and established a line from Sicily to Gdynia in Poland. Also, a line was established from Canary Islands via North Africa to Antwerp based on bananas and general cargo. The banana traffic was lucrative, generating a surplus in 1932 of 634 000 DKK, more than half of the total surplus of Lauritzen’s shipping business. It was therefore not remarkable that Lauritzen continued pursuing this segment.

The first newbuilding that was tailormade for refrigerated cargo was Helga, built in 1932. It had refrigeration equipment from Atlas, and Atlas would be a strong partner for Lauritzen’s technological development. Her maiden voyage was to Chile to pick up a load of apples for Oslo.

After the start in the Mediterranean, in 1933, Ditlev’s younger son Knud Lauritzen went to New York to negotiate with South American exporters, the result of which was a number of contracts, from Chile and Equador to the U.S., Brazil, and Europe. The results from reefer shipping were good in the mid 1930s but the outlook was considered to be insecure due to increasing competition.

Figure 9
Figure 9

Lauritzen was the first independent reefer operator to establish itself in the global fruit trade. Pictured is the African Reefer in Puerto Cuatreros, Argentina in 1939 Photo: Unknown

Eight new reefers, Stella, Ninna, Laura, Jonna, Jutta, Paula, Asta, and Dora were delivered in 1933 and 1934 from Danish shipyards with state guaranteed loans. In this period of depression, it was a win-win deal. Helga and Ninna were sold in 1934 at a good profit. Six ships were ordered in the summer of 1935, of which three were reefers. A few months later, Asta and Dora were sold to French fruit related companies due to flag discrimination that hindered Lauritzen from participating in the French fruit traffic. The reason for all the newbuildings was that Lauritzen believed in the future of the shipping market. He stated that he wanted to sell 30 of his ships and buy 30 new ships, because you can’t stay “in the same, old clogs”, a discursive sign of a subjective belief in a modern fleet. As the fruit business was developing, a series of diesel powered ships were built.

In September 1935, African Reefer, the company’s first refrigerated motorship, with specialized cooling machinery was delivered, followed by five more reefers in 1936-72. They sailed all over the world, carrying apples, pears and oranges from Argentina, Chile, and Brazil to Northern Europe, bananas from West Africa, apples and pears from the west coast of North America to the Mediterranean, and bananas from Central America to San Francisco and Seattle.

Also Egyptian Reefer was bought from Maersk in 1937 – Maersk dabbled in the reefer segment but did not commit to it (see chapter 10 about Maersk). Unlike the other reefers at Lauritzen, this reefer had its engine placed in the aft. When the new reefers were delivered, all previously converted reefers went back to their former non-refrigerated trades. Indian Reefer and Argentinian Reefer were delivered from 1939 to 1941.

During the 1930s about fifteen ships were built, around half of them reefers and by 1937 the fleet boasted 47 ships. Lauritzen was the biggest Danish player transporting refrigerated goods, although both Torm and Maersk were also engaged in the fruit trade to a lesser degree. Lauritzen went into the shipyard business, buying Aalborg Shipyard. In the late 1930s, the overseas fruit and cargo business was the most important part of Lauritzen.

During the war, several of Lauritzen’s reefers were sunk, and after the war only four reefers were left: African Reefer, Egyptian Reefer, Indian Reefer, and Argentinian Reefer.

3 Rebuilding the Fleet after the Second World War

Following the pre-war development, the liner trades were the most important for Lauritzen, especially the reefer trades. As soon as the fruit trade to the US and Europe restarted after the war, Lauritzen developed its fleet.

In 1953, the company ordered new reefer ships: Mexican Reefer, Brazilian Reefer and Peruvian Reefer 3. These ships were seen as the most modern afloat. The ships incorporated innovations such as glass wool insulation, and aluminium lining instead of wood. Brazilian Reefer was christened with orange juice instead of champagne. The ships carried banana bunches to the US and Europe.

In 1957-1958, three new reefers were ordered: Arabian Reefer, Belgian Reefer and Chilean Reefer 4. Rather than being painted white, the ships were red, because of easier maintenance and also to be more visible in conditions of mist. The red colour became a symbol of Lauritzen. The ships were put into contract traffic from Ecuador to Antwerp with a departure every eighth day. The older ships were put into other fruit trades and also a new service with frozen meat from New Zealand to Japan was inaugurated in 1957. In 1962, Ecuadorian Reefer was delivered, which was incrementally larger and faster. Some older ships were sold in the 1960s to keep the fleet modern.

Figure 10
Figure 10

Ecuadorian Reefer sailing through the Kiel Canal in 1964 Photo: Magnussen, Friedrich / Stadtarchiv Kiel

From 1968 to 1974, these ships were followed by the Italian Reefer series5, six ships with a cargo carrying capacity of 422 000 cbf, that moved at 22.5 knots. These ships had deck heights which suited pallets, about 2.30-2.40 meters. They also had aluminium gratings, which replaced the earlier wooden gratings. In short, the Italian Reefer series was designed for high speeds and palletised cargo, similar to the Salén Snow class. According to representatives of Lauritzen reefers, the Italian Reefer series was a breakthrough from earlier ship series ordered by Lauritzen.

Moving to the corporate level, we can see that although the reefer part of Lauritzen was growing, Lauritzen was losing market share in general cargo and these lines were discontinued. To continue growing, Lauritzen diversified into various shipping segments and increased its industrial interests. Lauritzen moved into tankers and shipping to the polar regions in the early 1950s. The industrial division also expanded, with Atlas in the lead, providing refrigeration equipment to many different sectors. After having bought shares gradually for about 20 years in DFDS, a company which had domestic and international lines as well as three shipyards, Lauritzen managed to take control of the shipping company in mid-1960s. The adventurous polar traffic diminished, while the oil tankers rendered good results. As a general assessment, the 1950s and 1960s were very good for Lauritzen, particularly from the end of the 1950s and onwards.

4 Lauritzen Peninsular Reefers 1970-1983: the Shark’s Teeth

Around 1970, Lauritzen adopted a pool concept in the reefer segment, “in order to secure economies of scale through the control of a large number of vessels from other owners”6. Here the histories of the British liner company P&O and Lauritzen were to intertwine. P&O had for decades been transporting reefer cargo in their liner vessels but had also invested in specialized reefers. But at the time, P&O had no experience in the tramp reefer segment and was looking around for a partner. They went to the market leader Salén Reefer Services, who offered P&O to put their ships in the Salén pool. P&O wanted more, but this was about all that Salén were prepared to offer, they were the market leader, and not seldom perceived to have some of the arrogance that can follow from holding such a position. P&O turned to the second largest company in the reefer segment – Lauritzen – and got a better deal.

What was negotiated was a joint venture – each of the partners, that is, P&O and Lauritzen were going to put ships into the newly founded company Lauritzen Peninsular Reefers (LPR) and operate the ships together. What is important to remember is that Lauritzen had significantly more experience than P&O in the segment. Given that Lauritzen had more experience, most of the staff were from Lauritzen, but there were also people from P&O that joined the company, which was operated from Copenhagen. There were potential synergies – while Lauritzen had a limited presence on the global market, P&O as a liner company had a worldwide network of agents, which could be a valuable support for the highly international reefer trades.

In the negotiation phase, Lauritzen had more reefers than P&O, so P&O went to the Norwegian Yard Drammen to build more vessels. P&O and Drammen jointly built four reefers and they were included in LPR. LPR was also a way for Drammen to continue building reefers. This shipyard even owned reefers that they put into the LPR operation7.

LPR thus functioned as a pool operating both Lauritzen’s and P&O’s ships, as well as those of Peter Berg, owner of Drammen Shipyard. The collaboration started in 1971. In the beginning, the new company owned 16 ships plus chartered-in tonnage. By 1975, LPR controlled a combined fleet of 25 ships. According to a respondent, LPR was informaly called the “shark’s teeth”, which is a discursive representation of a young and aggressive organization, in tough competition with Salén. And not the least, LPR saw themselves subjectively as a fierce, and wild, competitor to Salén’s and other operators. During this period, from 1978 to 1980, four large, fast sister vessels – the Asian Reefer class were delivered to Lauritzen8.

LPR was according to many respondents successful, but in the early 1980s, the mother company P&O was in trouble. The general cargo division of P&O was suffering from the shipping crisis in the late 1970s and early 1980s. In 1978, the fleet list GCD – the general cargo division of P&O – was about 110 ships, and in 1983 all the ships were disposed of. P&O might have been able to keep its operation in the reefer segment, but the reefer market was weak in the early 1980s. Therefore, in 1983, LPR disbanded and Lauritzen continued as Lauritzen Reefers.. P&Os reefers were sold to the Greek shipowner Comninos and the Singaporean shipyard Sembawang.

Alhough the relationship was discontinued, according to employees of LPR, the experience of the collaboration was good. The company was organized in a fair 50/50 fashion. The two partners were equal and the collaboration between them was very good. Both partners were interested in the reefer segment, and P&O often sent trainees to the office in Copenhagen to increase knowledge about the reefer market. Both representatives of P&O and Lauritzen pointed out, however, that the tonnage that P&O entered the LPR collaboration with was not good. The ships were perceived to be beautiful, but did not have optimized cargo capacity, and some of them were very unstable in bad weather. It was even explained that one of the ships sailed around with 500 tons of concrete to keep it upright.

Table 6

LPR’s fleet in 1975

P&O’s ships in LPRLauritzen’s ships in LPR
Wild AukItalian Reefer
Wild AvocetNippon Reefer
Wild CormorantPersian Reefer
Wild CurlewRoman Reefer
Wild FlamingoSamoan Reefer
Wild FulmarTunisian Reefer
Wild GrebeChilean Reefer
Wild GannetEcuadorian Reefer
Iberian Reefer
Sevillan Reefer

Looking at Lauritzen from the corporate level, DFDS was suffering from losses, and its fleet was reduced significantly in the early 1970s, leading to improved profitability. The Lauritzen group entered into the offshore business by buying a drillship in 1973-4, which turned out to be a success. Lauritzen had entered into long-term contracts for the tankers, and the reefer segment was not affected by the more general slump in shipping markets.

The 1970s were marked by the death of Ivar Lauritzen in 1974 and Knud Lauritzen in 1978. When Knud Lauritzen died, the Lauritzen group consisted of 60 Danish and international businesses, with a turnover of 4 billion Danish kroner, and with 12500 employees. The shipping business – shipping services, offshore, and DFDS – stood for 46 percent of the turnover. After Knud Lauritzen’s death, the professional managers gained power. The professionalization of Lauritzen led to a corporate structure where, according to Ole Lange’s narrative, responsibility was everywhere and nowhere. Many ambitious projects were embarked upon by the new leaders, for example DFDS cruises in the US (New York – Bahamas), which almost led to the demise of the Lauritzen group. To try and save DFDS, not only were the cruise activities dismantled and the newly bought ships were sold – also two rigs and two heavy-lift ships from the profitable offshore business had to be sold. But the problems went deeper, so new equity had to be raised for DFDS. The shipyard business was ailing as well, and this business was restructured, focusing the newbuilding activities to Frederikshavn.

5 From Beautiful to Economical Ships: the Entry of the ULRCs

After the dismantlement of LPR, Lauritzen sought pool partners, and continued to develop the business. In the early 1980s Lauritzen developed a new type of reefer – the ULRC (Ultra Large Reefer Carriers), also called the African Reefer class, or the Jumbo Class. This was a ship type which was developed inhouse by Lauritzen with the input of the commercial and the cargo people. The jumbo ships are sometimes described as boxes with an engine in the aft, and as stable workhorses. These are discursive traces showing that the ships were optimized for cargo space and low bunker consumption, and not as fast nor as beautiful as previous reefer ships. They were designed for 17.5-18 knots.

Although the Italian Reefer series had capacity for carrying pallets, the Jumbo class was the first one explicitly designed to carry pallets, with strong gratings, designed for pallet handlers and forklifts. The ships were also very box-shaped in order to optimize the intake of pallets. The first ones were Anne B and Betty B, which were built by the pool partner Finn Bugge in Japan in 1983. Norwegian Finn Bugge had a close relationship to NYK in the 1960s and 1970s when he did most of their tanker spot fixtures. People at NYK introduced him to the Tsuneishi Shipyard in Kyushu, Japan, and he ordered a number of tankers in the 1970s. It is within the scope of this long-standing relationship with Tsuneishi shipyards that he built Anne B and Betty B. These two ships are called pre-Jumbo ships, since they did not have aluminium gratings for carrying pallets.

After the pre-Jumbos were built, six Jumbo ships followed, four built in 1984-1985 and two in 1988, owned by pool partners such as Saudi Arabian Company, Sembawang, and Henrik von Platen. Lauritzen representatives recall that Salén were building the Winter ships at around the same time, and that they were beautiful racing ships, but less optimized for cargo and had a significantly higher fuel consumption than the Jumbos. The Salén vessels were regarded as fancy and advanced while the Jumbos were optimized workhorses. This remembrance is a trace showing that Lauritzen perceived themselves subjectively to be more about business than beauty.

The early 1980s was also a time of business development at Lauritzen. A deal that is remembered by a respondent was when Lauritzen tried to break into the South African deciduous exports market. They already had good relationships with Outspan, the citrus exporter, but the South Africa Deciduous Fruit Board was committed to liners and Salén’s Snow and Winter classes. Luckily, a new person became the head of the marketing board and wanted to make some changes. Because of the Jumbo ships, Lauritzen could offer rates that were lower than the liners. Salén and Blue Star Line were also interested but it was Lauritzen that picked up the business.

Table 7

The Jumbo vessels

Belgian, pre-Jumbo.
Brazilian, pre-Jumbo.
Australian Reefer
African Reefer
American Reefer
Reefer Jambu
Anglian Reefer, late Jumbo
Argentinian Reefer, late Jumbo.

The main competitor, Salén, was in trouble during the the early 1980s. During Salén’s crisis, Chiquita reportedly felt that Salén was not adequately taking care of their business relationship. Chiquita had through the affiliated German banana company Atlanta gained experience with two ships of the Asian Reefer Class. They liked those ships and did a deal with Lauritzen, thus moving business away from its “purveyor to the court”. By outcompeting Salén in this prestigious business relationship, Lauritzen subjectively perceived themselves to be number one.

Still, the market was not good, and the reefer division was under pressure from corporate management. LPR was history and Lauritzen now had to handle the investment and operation on its own. Apart from the new Jumbo class, other ships were in the pool, for example as a result of Saléninvest’s bankruptcy. Although Lauritzen Reefers had developed its pool since the end of LPR, it was still not earning enough money.

As many companies do in periods of crisis, Lauritzen brought in consultants, from McKinsey, to scrutinise Lauritzen’s businesses and suggest ways forward. In 1985, a report was presented by McKinsey about the reefer segment, suggesting two plans, plan A and plan B. Plan A was to dismantle the whole reefer segment, selling all ships, which would lead to an income of 940 million DKK. Plan B was to significantly scale-down the operation. The McKinsey report came as a big blow to the people within the reefer division who thought that McKinsey did not have an accurate understanding of the business. For example, McKinsey suggested that backhaul cargo should be sought for, but did not give any indications about what kind of backhaul cargo was interesting. And the top management was also shocked, calling the suggestion to cut back on reefers “a big bomb” which would have severe negative repercussions. The long tradition of Lauritzen’s reefer division definitely played a part in the negative reactions to the report. This was of course related to the subjective self-perception that an important part of Lauritzen’s DNA was related to reefers. The argument against plan A was that this would lead Lauritzen to be dependent on the offshore sector – a high risk sector. It was decided that Lauritzen should go for plan B. Reefer activities would be cut back and any new investments would be made by pool partners rather than by Lauritzen. In the end, the McKinsey report changed little in the short run, since plan B was already in motion since the early 1980s. But we believe that the report did establish one thing – the reefer division was no longer a sacred cow.

Problems continued and during 1985 and 1986, there were losses in the range of 70-120 million DKK in the reefer segment. The offshore market also collapsed and Lauritzen recorded a 486 million DKK loss in 1986. At the 1987 general meeting, Ole Lauritzen criticised the company’s management, claiming that they had lost 3 billion kroner over the previous nine years. The problems continued. In the summer of 1988, Danyard suffered a crisis that endangered the whole group.

6 The Family Class and the Weak 1990s

To solve the shipyard crisis, the upper management devised a bold plan: a sophisticated ship that would increase the competitiveness of Lauritzen’s shipyards. The development of this ship type was supported by the Danish Ministry of Industry’s Project Ship programme, an effort to strengthen the innovativeness of Danish shipyards. Lauritzen’s innovative ship, was first conceptualized as a container ship, but later became more and more linked to the fate of the reefer division. A related fact was that the reefer market was improving from 1987. The concrete project was about creating a new type of reefer, with smaller crews, less energy consumption, and less time in port. The ship would have a cargo capacity of 765 000 cbf and therefore be the world’s largest specialized reefer vessel. Its advanced and automated control systems implied that they could be manned with a crew of just six persons. It later turned out that they required more than this in practice, at least nine, but it was still very low.

The Family Class, as this ship type was called, stemmed from a technology push from the corporate level rather than a real demand in the reefer market. Indeed, top managers at Lauritzen Reefer considered the Family class to be unsuitable for the reefer trades and felt that their opinions about the project were ignored. The negativity within the reefer division towards the Family class was not an anti-innovation sentiment, but more a concern about the cost of the new ships. During the unfolding of the project, the two late Jumbo ships Anglian Reefer and Argentinian Reefer were up for sale in the open market for about 17-18 MUSD per ship, which the reefer division considered much more sensible investment than the plan to order Family class ships for more than 50 mUSD each. Although the reefer division tried, they could not convince the upper echelons that these were good investments. The upper management had their focus on the Family Class. Related to the subjective dimension of the theoretical framework, they were not only convinced of the business sense of the idea, but given the way the ship was discussed and presented they felt a strong pride for the innovation.

Three large Family class vessels were ordered at Danyard, and later a fourth. The price of the first two reefers was 54 mUSD each. While the first three ships were designed to take laden containers under deck, the fourth one was a stripped-down version of the first three, which led to a price of about 10 mUSD less.

After the Family class vessels had been delivered, there was a conference where the results of the Family class vessels and the Anglian Reefer, a Jumbo class vessel, were tabled on the same graph. Basically the two ships had the same earnings, which was a matter of discontent for the managing director of Lauritzen, since the price of a Family class vessel more than doubled that of a Jumbo vessel. Given this reaction, one might argue that he held a subjective belief that these vessels had to earn more than the conventional Jumbo vessels. For these low earnings, the Reefer division, rather than the Family class vessels, was held accountable.

For the reefer division, the following time was dedicated to increasing the profitability of the Family class vessels, mostly by developing new trades. The reefer division developed a business with Noboa which put the ships on a triangular service from Ecuador to Long Beach with bananas and then citrus to Japan in the compartments vacated by the Ecuadorian cargo, and then managed to find some backhaul business from Japan to South America with cars. According to many, that was the best utilization of the Family class. To handle this triangular trade and make it sustainable over time, several new offices were opened or significantly expanded in Ecuador, Peru, Long Beach and Tokyo, solely for servicing the Family class vessels, which of course also increased cost. Some employees at Lauritzen were very proud of this trade, which they considered one of the first liner businesses in reefer shipping, and that this idea could be exported to the Atlantic. This is yet another sign of the subjective dimension – that the reefer division not only considered the higher profitability of the vessels, but also felt pride because they had a liner business. It is evident that wild newcomers – the independent reefer operators – still subjectively believed that the business of the traditional liner companies was desirable. But notwithstanding the triangular system, the trade was according to some not good enough if you take the building price and fuel consumption of the ships into account.

Figure 11
Figure 11

The Family Class were controversial, they were innovative but expensive. They showcased Danish shipbuilding and did generate orders for Lauritzen’s Danyard, including several vessels for Chiquita’s Great White Fleet. The Ditlev Lauritzen is pictured sailing in the Port of Rotterdam, 2005 for NYKLauritzenCool Photo: AlfvanBeem

With the exception of the Family class vessels, the reefer division developed according to its former strategy in the late 1980s and early 1990s. Apart from expanding the fleet with two Jumbo vessels, Lauritzen entered into an ownership agreement with Gustaf Erikson. Gustaf Erikson was a shipping company from Åland in the Baltic Sea that had operated small reefers in the International Reefer Services pool in Hamburg. They were looking to enter into the segment of larger reefers, which was potentially more profitable and more prestigious from a subjective point of view. Most of the expansion in Gustaf Erikson was attributable to the Norwegian broker Thor Ronhovde. He had appeared as a financier of Gustaf Erikson and wanted to make the company a significant owner and operator of larger reefers. The foundation of this intended transformation was the order of a series of ships, the Penguin class, at Kvaerner’s Kleven yard. As the delivery drew closer, it became apparent that Gustaf Erikson required additional operational know-how and sought to partner with amongst others, Lauritzen.

Gustaf Erikson

The Åland-based company bearing his name was founded by Gustaf Erikson in 1913 and acquired its first reefer, Kallsö, in 1950. In 1957, the company built a reefer at their own shipyard in Nystad, Finland. The ships were employed in the spot trade, but also operated a line between the European Continent and Canada and the US. For about a decade, Gustaf Erikson operated a liner service with fruit from Spain to Finland.

In 1977, another three reefer ships were built at the company’s own shipyard. In 1978, the company had 16 reefer ships in their fleet with sizes ranging between 50 000 – 90 000 cbf, and their specialty was carrying deepfrozen commoditiesa.

Note: a Malmberg and Hag 2013.

Five vessels, one of which was owned by Lauritzen, were added to the Lauritzen pool, a larger version of the Penguin Class, dubbed the Emperor Penguins. The Penguin ships are often described as being good from the engine room forward. The engines were fraught with quality problems but, nevertheless, around 18 ships were ordered in the series. Like many entrepreneurs in the reefer industry, Thor Ronhovde encountered problems in this difficult market situation. The bold entry into the larger reefer segment failed and also ended Gustaf Erikson’s history as a shipowner. During this turbulence, Lauritzen bought three more of the Emperor Penguins. The rest of the distressed tonnage ordered by Gustaf Erikson was coordinated through the company WISIDA, to which Per-Olof Oweson – a former Saléninvest and Cool Carriers keyperson was recruited.

For Lauritzen, the addition of the Family Class vessels, the Jumbo reefers, and the Emperor Penguins resulted in a growth of the Lauritzen Reefer pool. From a capacity of 15.4 million cbf in 1988, it grew to 21.5 million cbf in 1993. Peter Weitemeyer, president of J. Lauritzen, commented with pride that ”Lauritzen has the most modern reefer fleet in the world”9. But, many other reefer companies expanded during this period, and former Soviet reefers entered into the international market which caused an oversupply of tonnage. Correspondingly, the market fell from 80 cents per cubic foot/month in 1991 to 55 cents in 1993. Protectionism in the European Union first against the import of apples from Chile and then the favouring of ACP bananas rather than dollar bananas, led to further market depression. Lauritzen’s business was disadvantaged by these regulation changes and profitability suffered accordingly.

Like in the early and mid-1980s, Lauritzen Reefer was in the red. At Lauritzen Reefer, much critique was directed at the Family class vessels. In the early 1990s, according to upper management of Lauritzen, they became embroiled in corporate politics, rather than business. In this situation, some top managers in Lauritzen Reefers left the Reefer division to pursue other opportunities. Torben Naesvang and Mikael Lund were the managing directors of the reefer department. Naesvang left for Armada Shipping in 1993 and Mikael Lund was transferred to Kosan Tankers. This is similar to how a number of top executives left Cool Carriers in the early 1990s to pursue other opportunities due to a subjective feeling of stagnation, decline, and lack of excitement.

The Lauritzen group was recording losses, 393 million DKK in 1993, and 346 million in 1994. To deal with this crisis, the Lauritzen’s new strategy would be concentrate on less segments within shipping. In 1995, the business was focused on chartered-in bulk tonnage, reefers, the Greenland trade, and the gas and product carriers, while the tanker and offshore business segments were dismantled.

After a few years of the newly built Family trade, Lauritzen lost the Noboa contract to Cool Carriers and the circular trade was disrupted. This aggravated the financial problems in Lauritzen Reefer. To assure a stable income from the ships, they were chartered to Cool Carriers. Although the Family class came under critique at Lauritzen Reefers, how did the ships affect Lauritzen’s shipyards? The skills and competitiveness of Danyard developed during the Family Class project and led other companies to place orders for similar, but less sophisticated vessels at Danyard. Five ships for DIFKO for service with Noboa, six 640 000 cbf reefers were built for Chiquita and two 625 000 cfb reefers for Geest. In the time period of three and a half years from 1990 Danyard had built 17 reefers. It has been recounted that these ships have been very successful for their owners. Whether they were profitable for the shipyard is not clear.

Notwithstanding, the results of the reefer division were not good, which put the division under heavy pressure from the upper management. It’s told that one of the owners had his office next door to the reefer department, and everyday the reefer employees would hear how unhappy he was with them. There was a requirement from the owners to deliver a 13 % return on investment, which seemed to be impossible. They cut down on unprofitable trades which also made the operation smaller. It was no longer of interest to run a pool to earn money for other owners. The Lauritzen pool was terminated in 1996/1997, after which Lauritzen Reefers was established as a stand-alone entity operating tonnage fully owned and chartered by Lauritzen. In this way, Lauritzen also lost the upsides of a pool – to get a wider market presence. The market was not always bad in the end of the 1990s, but the reefer division was still suffering losses. The cost cutting and discontinuation of trades continued and at the end of 1999, Lauritzen Reefers fleet comprised 31 reefer vessels with a total capacity under deck of 16.9 million cbf. In an annual report from 1999, it is written that “Throughout 1999, J. Lauritzen A/S has been advocating consolidation in [...] the [...] reefer markets” and that “With the exception of Lauritzen Reefers, J. Lauritzen A/S expects an improvement in the results of the individual business areas in comparison with 1999.”10

The upper management of the reefer division was interested in trying to create something together with some other player, rather than standing back and watching Lauritzen Reefers slowly decay. This is also similar to the development at Cool Carriers, where the upper management tried to find owners and investors that supported the ideas of the organization. In 1998, Torben Janholt became the CEO of Lauritzen. He had experience with reefers and was allegedly very pragmatic in contrast to the previous CEO. He listened to the upper management of the reefer division. Janholt tried to make a joint venture with Höegh but it did not materialize. He approached Seatrade and was prepared to let the new joint venture be placed in the Netherlands, but the two parties could not agree. The solution that was arrived at was to buy Cool Carriers. It was a software organization and could therefore be acquired cheaply compared to creating a joint venture with an organization owning hardware.

7 LauritzenCool: Two Market Leaders Become One

At the end of 2000, Lauritzen announced the take-over of Cool Carriers for 35.4 million USD. It was stated in the annual report of 2000 that “Through the acquisition of Cool Carriers AB at the end of the year, JL carried through the long awaited consolidation in the reefer market”.11 It was further explained that “the acquisition of Cool Carriers AB, forms the natural foundation for JL’s continued engagement in reefer transport [...] though its contribution is hardly likely to include increased investment in tonnage”12. Since Lauritzen was not interested in increasing its investment in tonnage, they did not buy any of Höegh’s ships.

The acquisition of its main rival in the reefer segment was a way to consolidate and to turn red figures into black. Lauritzen Reefer’s losses had that very year been about 140m DKK, but the synergy effects from Cool Carriers and Lauritzen’s operations was expected to be 15 mUSD per year13. The CEO of Lauritzen Reefer at the time was Birger Lindberg Skov. He explained that part of the reason to buy Cool Carriers was to get hold of the income that the Family Class vessels generated for Cool Carriers. A few years earlier, Lauritzen Reefer had chartered these vessels to Cool Carriers, which prided itself in being able to employ the vessels more efficiently and profitably than Lauritzen Reefer. Cool Carriers subjectively derived strong pride from their market and trade knowledge.

When the announcement came, the staff at Cool Carriers were shocked. A Cool Carriers employee said: “We were petrified. Lauritzen was our worst competitor.” At the same time in Copenhagen there was a meeting in which it was declared that Lauritzen bought Cool Carriers, but rather than moving the operation to Copenhagen, the new head office was to be in Stockholm. Mats Jansson, head of Cool Carriers, stated that it was remarkable that Lauritzen accepted that the new company, LauritzenCool, would be based in Stockholm. Indeed, it’s not the usual way of doing things when one buys a competitor’s operation.

A few Lauritzen employees started working in Stockholm. A top executive from Lauritzen explained that he thought that the Stockholm office had a better management structure than the Lauritzen office, which as we know, had been in quite some turbulence during the 1990s. He also looked forward to work with Mats Jansson and Lars Rutberg, two experts within the reefer industry. Other former employees from the Copenhagen office joined Arctic Reefers, which had been established in Stockholm, but now moved its headquarters to Copenhagen. Arctic Reefers, as we have explained earlier, had an identity as a profitable but second-tier operator due to its old tonnage.

That Lauritzen and Cool Carriers joined forces was seen as a good move from the perspective of both organizations. The fleet size increased. Competence from both organizations could be utilized. Lauritzen had a good network in South America. In Argentina, Lauritzen and Cool Carriers were more or less equally strong, but Lauritzen was stronger in Chile and in Brazil. While Cool Carriers had worked with large exporters from Chile, Lauritzen had developed their own liner services from Chile, having good contacts with both larger and smaller exporters.

From the perspective of the Stockholm office, Lauritzen’s ownership was quite hands-on. They wanted to implement their own systems in LauritzenCool. Furthermore, many cultural differences were perceived between Danes and Swedes, for example that the Danes were more deal-driven than the Swedes who wanted a systematic, functioning operation of the ships, and that the Danes were faster than the Swedes, and that the Danes were more prone to loud discussions and voicing of opinions than the Swedes.

Deregulation of export and import markets had now progressed, and in an interview Mats Jansson explained that this posed demands on LauritzenCool. Rather than being a provider of transport capacity, LauritzenCool needed to be able to offer full transport solutions to a larger number of smaller customers. Given this change in the competitive landscape, LauritzenCool Logistics (LCL) was created. The idea was to offer intermodal door-to-door transport for refrigerated cargo. The maritime transport could be done by any of LauritzenCool’s reefers or sometimes with container lines. LCL grew and was seen as a core part of the new LauritzenCool.

Furthermore, the threat from container lines had become significant. Many larger container lines had now increased their capacity to carry refrigerated cargo on North-South routes, rather than focusing on East-West routes. How would LauritzenCool compete with the container lines? Mats Jansson stated:

In several ways, and partly by joining the concept. Our reefer vessels have significantly increased their capacity for carrying containers on deck. We have also extended our liner services. Our advantage is shorter transit time: we make few port calls, whereas the container lines have many scheduled ports to visit. We also have greater flexibility: should a customer quickly need additional capacity, we can send an extra reefer ship to meet that urgent need – not to mention a change of port destination at short notice.14

He concludes that the question whether reefers or container will win out was the wrong question. Instead, the two alternatives should be described as “specialized reefer operators with full focus on carriage of perishable cargo, under deck and in reefer containers on deck” and “container lines carrying reefer containers in addition to their core business”. And the relevant question was whether specialized reefer operators would be able to match the global container lines in offering the most competitive solutions for the overseas shipment of reefer cargo. Here it is clear from a discursive perspective that Mats Jansson believed that the way the reefer industry spoke about reefers vs container lines was not fully adequate – in other word, the discourse does not match the material dimension of the theoretical framework. One needs to change the discourse in order to truly understand what is at stake.

Table 8

LauritzenCool’s fleet in 2003 (excluding ReeferShip)

Class/NameCbf BuiltReefer container plugs
Family Class
Ditlev Lauritzen759 0001990184
Ivar Lauritzen759 0001991184
Jorgen Lauritzen759 0001991184
Knud Lauritzen759 0001990184
Jumbo Class
Belgian Reefer691 000198368
Brazilian Reefer691 000198468
Swan Chacabuco677 000199045
Amer Choapa674 000198745
Chaiten674 000198854
Island
Dominica644 0001993108
St. Lucia644 0001993108
Tundra
Tundra Queen596 0001991129
Tundra King595 0001991129
Tundra Princess595 0001991129
Lady
Lady Korcula590 0002000120
Lady Racisce590 0002000120
Hansa
Hansa Lübeck592 000199080
Hansa Stockholm592 000199180
Hansa Bremen590 000198980
Hansa Visby590 000198980
Summer
Summer Meadow590 000198582
Summer Flower590 000198482
Summer Wind589 000198582
Summer Bay589 000198582
King Ivories
Atlantic Reefer601 000199861
Pacific Reefer601 000199961
Ivory Girl566 000199670
Polarstern564 0001999104
Polarlicht564 0001998104
Ivory
Ivory Nina527 000199030
Ivory Dawn527 000199130
Ivory Tirupati527 000198930
Ivory Ace527 000199030
Mexican Reefer527 000199444
Reef
Polar Chile537 000199347
Polar Uruguay537 000199347
Polar Colombia529 000199247
Polar Ecuador529 000199247
Mountain
Amer Whitney508 00019900
Amer Himalaya503 000199014
Amer Fuji502 000199014
Amer Everest495 00019890
Amer Annapurna478 000198766
Rapa461 000199025
Atlantik Frigo460 000198925
Emperor Penguins
Chilean Reefer424 000199242
Peruvian Reefer424 000199242
Scandinavian Reefer424 000199242
Packer378 000199080
Planter378 000198980
Transporter378 000199080
Crystal
Pride376 000199229
Primadonna375 000199229
Privilege375 000199229
Prince375 000199229

Fleetwise, the focus of LauritzenCool was still on top quality, modern tonnage. Regarding the second-tier, older tonnage, consolidation was sought in collaboration with other parties. In 2002, the venture ReeferShip was established by Arctic, Eastwind, and Armada Shipping, employing 53 ships in the size range of 220 000 cbf to 600 000 cbf.

Mats Jansson tried to initiate newbuilding projects to renew LauritzenCool’s tonnage but the board showed little interest. The Pallcon ship – the sideloader with container capacity – which was developed by Cool Carriers was presented to the board but did not make an impact. Jansson explained that: “I suggested how LauritzenCool ought to develop for the Lauritzen board. They did not want to invest in reefers while they invested heavily in other sectors. I noticed quite early that reefers are not prioritized.” Gradually, it started to seem as if Lauritzen had acquired Cool Carriers as a way to exit the segment. No new tonnage was acquired.

In 2004, the feeling that Lauritzen was on its way to exiting the industry was confirmed. Lauritzen was successful in its other segments, such as bulkers and short-sea ro-ro, and had by this time decided that there was no future in reefer shipping. Because of this the upper management had looked around for other potential owners of the operation. One such possibility was presented by a former key person at Cool Carriers – Lars Rutberg – who for some years had been working for NYK Reefers. In 2004, LauritzenCool entered a tonnage sharing agreement with NYK Reefers and NYK Reefers bought 50% of LauritzenCool Logistics. LauritzenCool and NYK struck a deal to create a joint venture, and in January 2005, NYKLauritzenCool was created. The company employed around 60 specialized reefer vessels ranging from 300 000-760 000 cbf with additional capacity for reefer containers on deck, equivalent to about 20% of the under-deck capacity. NYK knew from the beginning that Lauritzen was going to exit the segment but agreed that a three-year phase out was suitable for both parties.

Lauritzen finally ended its long-standing presence in the reefer segment when it sold its share of NYKLauritzenCool to NYK in 200715. Torben Janholt was praised at Lauritzen for being able to exit the reefer segment in such a successful way. A gradual decline of Lauritzen would not have led to the same financial outcome.

Table 9

Turnover of Lauritzen Reefers (in mDKK 1998-2002 and in mUSD 2003-2007)

Year1998199920002001200220032004200520062007
Turnover1688.41405.61437.1 3900.6 3342.9 (423.4 USD)466.7 USD439.096.374.048.6
Net result-280.2-9.0-157.02.7 -96.7ordinary before tax 6.515.136.013.25.8

8 Armada’s New Reefer Venture

Lauritzen’s difficulties in the 1990s encouraged its employees to think about pursuing other possibilities. In September 1993, Torben Naesvang and Carsten Hansen decided to start working with Armada Shipping (based in Fredensborg, Denmark). Armada were also in the reefer segment having bought a company called Mortensen and Lange, which was the owner of Copenhagen Reefers. Copenhagen Reefers consisted of very specialized ships, small side-loaders, basically carrying fish in the North Atlantic, North Sea, and the Baltic. Copenhagen Reefers had a fleet of four ships, one built in 1985, and three in 1990-1991. But Armada was interested in doing something more on the reefer side of business. Carsten Hansen explained that “we had free hands to develop the business”. The market was depressed and that can be a suitable time to enter the market.

Armada Reefers started to take some ships on charter, smaller ones and then gradually bigger and bigger. In 1996, the company started buying ships. In the same year, Armada bought the three Dutch Prince types ships (stemming from the operation of Antony Veder). Also in 1996, Armada acquired two Jumbo vessels, American Reefer and Reefer Jambu, that they believed were the most profitable vessels in the Lauritzen fleet. According to TradeWinds16, they paid between USD 17.5m and USD 18m for each ship. Also, the two Japanese ships Amber Atlantic and Amber Pacific (both built 1989, 300 000 cbf) were bought from the owner Sumitomo, operated by Kyokuyo which was slowly exiting its reefer shipping business. The ships traded worldwide. With the Prince type vessels citrus was carried from Argentina/Uruguay to St Petersburg. Other ships traded with grapefruit from Florida to Japan, from New Zealand with apples and dairy, and various fish trades in the Far East. In 1996, the fleet amounted to 13-14 ships.

The office was moved from Fredensborg to Switzerland, where the rest of Armada’s business was located. This was a move to consolidate and to cut costs in a very weak period in the shipping markets. During its first years, Armada Reefers played a role in the reefer market as an outsider to the large players such as Cool Carriers. Shippers are often interested in creating a functioning market that is not oligopolistic, which benefited players of the size of Armada, and also Holy House Shipping. Although the reefer business of Armada was developed by ex-Lauritzen employees, the relationships were kept with Lauritzen – for example the Jumbo ships were chartered to Lauritzen.

When Lauritzen and Cool Carriers merged, Arctic Reefers moved to Copenhagen and some former employees from Lauritzen joined. Armada decided to join Arctic creating a new company called ReeferShip in 2002 – a collaboration between LauritzenCool, Eastwind, and Armada. ReeferShip had a fleet of over 50 ships, which were more spot oriented than the operation of LauritzenCool. Therefore, once again the reefer employees of Armada moved back to Denmark. The head of Arctic Reefers was Jerker Nilsson, from the Cool Carriers sphere. The company was founded in a weak market. The market improved and along with it, the pool’s results. However, LauritzenCool’s new partner, NYK, was not interested in running a second-tier operation such as ReeferShip. As a condition for them buying 50% of LauritzenCool, they wanted ReeferShip to be dismantled. As for Eastwind, they thought that they could navigate the bullish market by themselves. In 2005, the history of ReeferShip ended.

In 2005, Maestro Shipping bought Arctic and renamed it Maestro Reefers. Since 2005, Maestro has sold its Prince vessels as well as the small reefers stemming from Copenhagen Reefers. Maestro has since then been a self-sufficient operation keeping technical management and crewing in-house. They take a long-term view on ship maintenance, and in an interview in 2015, said that their vessels can go on for another 5-10 years.

Figure 12
Figure 12

Maestro Reefers operate Jumbo-class vessels that had proven themselves with Lauritzen. Ice Rose, on time charter to Alaska Reefer Management, arriving in ballast in Dutch Harbour, Aleutian Islands 2012 to load frozen fish for East coast Canada and Europe

9 Summary

Lauritzen’s reefer operation grew out of its general cargo business in the 1920s, converting ships to ventilated fruit carriers and later to reefers. In the early 1930s, Lauritzen started to trade across the Atlantic, over a decade before Salén. There was a subjective belief in fleet renewal, in this growing market. The Second World War took its toll on Lauritzen’s reefer fleet, but as soon as the market started to grow again, Lauritzen ordered newbuildings. Similar to Salén, Lauritzen constantly added tonnage in the 1950s and 1960s in order to cater to the global demands of refrigerated transport. Also, similar to Saléninvest, Lauritzen diversified into various shipping segments as well as shipyards. To gain a larger market presence, LPR was created as a 50/50 partnership, which is different from the concept of Salén, where the whole operation comprising other shipowners’ vessels was controlled by Salén. Lauritzen was during the 1950s and onwards smaller than Salén, and of course smaller than the liner companies, which is expressed through the discourse of the wild operator – “the shark’s teeth”. Lauritzen also subjectively was proud of the state-of-the-art ships and high-class operations.

Similar to Salén, Lauritzen’s general profitability was ailing after the 1970s oil crises and the reefer division was put under pressure from the mid-1980s. Still, they were given leeway to invest in efficient tonnage, which according to the subjective beliefs was a movement from the beautiful reefers to the efficient reefers. They even discursively drew on the ULCC tanker concept (which carries a unit of oil cheaper than any other ship due to its size), calling their reefers ULRC – Ultra Large Reefer Carriers.

Lauritzen’s reefer operation was in the late 1980s and throughout the 1990s affected by being within the Lauritzen group. They received funds to invest in the ULRC but they had to invest in the Family class against their will, a newbuilding project which tried to exploit synergy effects within the group, but was seen as too expensive and too sophisticated by the reefer division who were now subjectively believing in the ULRCs. The profitability which never was enough for the upper management and the dominance of politics over business, led some core employees to leave the organization and pursue other more subjectively exciting opportunities. Towards the end of the 1990s, the reefer division was decreasing in size, and it seemed to be gradually disappearing. To counteract this, the upper management of the reefer division suggested the bold step to merge with Cool Carriers and was heard by the CEO of Lauritzen.

Lauritzen and Cool Carriers had complementing customers and ships, but the merging of two proud organizations was not a simple task manifesting itself in discursive references to cultural differences and different national business styles. Lauritzen had from the beginning expressed that they would probably not invest in tonnage, and when this became increasingly clear to the upper management, they subjectively felt hindered, and started to “look around for new owners”. In this period of consolidation, where NYK had just exited a collaboration with Star Reefers, to take over the LauritzenCool operation looked like a good option – something that we will discuss further in the part about NYK.

The section on Lauritzen is based on Lange, O. 1995. Logbog for Lauritzen, Copenhagen: Handelshøjskolens forlag., Thorsøe, S. 1984, J. Lauritzen 1884-1984, Gravesend: World Ship Society., Tolerton 2008. Lauritzens corporate website <http://www.j-lauritzen.com>, the corporate magazine Lauritzen News, and interviews with former executives and employees at Lauritzen reefer division or LPR.

All built at Nakskov Shipyard: Canadian Reefer (1936), Brazilian Reefer (1936), Chilean Reefer (1936), followed by the slightly larger American Reefer (1936) and Australian Reefer (1937). These ships had a cargo capacity of 185 000 cbf and boasted a speed of 15.5 knots.

The speed was 18 knots and the cargo capacity 225 000 cbf.

They had a speed of 18.5 knots and a refrigerated hold capacity of 242 000 cbf.

Italian Reefer, Nippon Reefer, Persian Reefer, Roman Reefer, Samoan Reefer and Tunisian Reefer.

Lauritzen News 2007/7, p. 11.

The Drammen manager said: “British P & O came to Drammen and told us about a collaboration [...] under the name Lauritzen Peninsular Reefers. As the cooperation should be equal, P&O needed four additional vessels in the fleet. A board decision was made in P&O to build two ships at Drammen, assuming that Berg would also add two ships into the new constellation, as part of P&O’s fleet. [...] So, the shipyard suddenly received a welcome filling of the order book until 1978. – I got a seat on the board of directors of the new operator in Copenhagen. It gave us the ability to build reefers for ourselves. If the shipyard did not get new contracts, we could continue building reefers and employ them in Lauritzen Reefers Peninsular. And we could also sell ships when the opportunity arose, explains Berg. Following this philosophy the shipyard built reefers to be owned by themselves: Ragni Berg, Elisabeth Berg (in Haugesund), later also Elizabeth B and Cäcilia B Borgen, P.O. and Heieren, R. 2011, Made in Drammen : industrihistorie fra en østlandsby med hovedvekt på perioden 1870-1970, Drammen : Drammen Rotary, p. 125.

Asian Reefer, Balkan Reefer, Canadian Reefer, Ecuadorian Reefer with a hold capacity of 588 000 cbf each.

“Lauritzen hopes for thaw in ice-cold reefer market”. TradeWinds 6 August 1993, p. 10.

Annual Report Lauritzen 1999, p. 4, 6.

Annual Report Lauritzen 2000, p. 6

Annual Report Lauritzen 2000, p. 6-7

Annual Report Lauritzen 2000, p. 6-8

LauritzenCool in perspective, p. 3-7.

JLauritzen. Annual Report 2007.

“Armada linked to reefers this time” TradeWinds 25 April 1996.