Latvian Shipping Company has sold two new build
liquid petroleum gas carriers

21.03.2011

Joint stock company “Latvijas kugnieciba” (Latvian Shipping Company or LSC) confirms having sold two new build liquid petroleum gas carriers at price 52 million USD each. The buyer will take over all liabilities to the yard regarding new building of these vessels and return to LSC equity paid. The agreement is effective from March 18, 2011.

“It is part of LSC strategy to use equity raised from these sales to help finance the two new build product tankers to be delivered from “Hyundai Mipo Dockyard Ltd.” (Korea) in May and June of this year. It is the intention of LSC to continue to act prudently in the current difficult economic environment but at the same time continue to look to expand its shipping portfolio with new modern tonnage,” said Paul Thomas, the chairman of the Management Board.

About Latvian Shipping Company:
Latvian Shipping Company owns 18 modern tankers employing more than thousand well trained and experienced seamen from Latvia. In total, the commercial fleet of Latvian Shipping Company consists of 21 tankers, as Latvian Shipping Company operates three tankers that belong to other ship owners. The total deadweight of the fleet is close to one million DWT and the average age is five years.

Latvian Shipping Company press release