Lithuanian Shipping Privatization to Proceed

Sunday, December 15, 2002
After a number of starts and stops, it appears that the new year will bring in fresh opportunities for shipping companies to expand fleets with Lithuanian fleet acquisitions. Both JSC Klaipeda Transport Fleet (KTF) and JSC Lithuanian Shipping Company are set to hit the theoretical auction block. Following are key details of both auctions.

JSC Klaipeda Transport Fleet (KTF)

KTF is one of the largest Lithuanian shipping companies, whose principal activities are transportation of refrigerated cargo by sea and lease of sea transport vessels. The state holds and offers 105,800,225 (80.89 percent) shares in the company at the starting price of 48,668 thous.LTL (1 EUR=3.4528 LTL).

KTF owns and operates 16 medium and small-sized cargo reefers, with a total fleet capacity of 85,664 cu. m. It is the fourth largest fleet in the world in this class of vessels. KTF is 20 percent shareholder of the German vessel chartering company Alpha Reefer Transport. Further information on the Company may be found at: www.transfleet.lt

Tender documents of sale of JSC Klaipeda Transport Fleet (KTF) are available from the Lithuanian State Property Fund (16 Vilniaus Str, 2600 Vilnius, Lithuania) between 9 December 2002 and 22 January 2003.

The deadline for submission of offers for JSC Klaipeda Transport Fleet (KTF) is 23 January 2003 at 16.00 local time.

JSC Lithuanian Shipping Company (LSC)

LSC is one of the largest Lithuanian shipping companies, engaged in bulk and tramp sea transport. The state offers a shareholding of 133,934,198 shares at the starting price of 20,090 thous.LTL. In 2001 LSC owned 19 vessels of total deadweight - 169.4 thousand tonnes. Further information on the Company may be found at: www.ljl.lt

Tender documents of sale of JSC Klaipeda Transport Fleet (KTF) are available from the Lithuanian State Property Fund (16 Vilniaus Str, 2600 Vilnius, Lithuania) between 3 January 2003 and 26 February 2003.

The deadline for submission of offers for JSC Klaipeda Transport Fleet (KTF) is 27 February 2003 at 16.00 local time.

Rutkauskas, Skyrius & Partners, a consulting firm from Vilnius, Lithuania, in its capacity of advisor to the Lithuanian State Property Fund invites all interested parties to participate in privatisation of Lithuanian shipping lines Klaipeda Transport Fleet and Lithuanian Shipping Company. More information on both transactions is available from the Lithuanian State Property Fund at www.vtf.lt , or:

Rutkauskas, Skyrius & Partners

Contact person: Mr. Rimvydas Skyrius

Email: rspconsult@takas.lt

Phone: +370-5-212 30 15; +370-5-212 28 08

Fax: +370-2-62 38 66

Mailing address: Rutkauskas, Skyrius & Partners, Tilto str.33-3, Vilnius 2600. Lithuania

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