Lasco Appoints V.Ships For Technical Management of Fleet

Thursday, January 10, 2002
Lasco Shipping Co. and V. Ships, announced their agreement covering V. Ships assumption of technical management of the Lasco fleet previously provided in-house. The agreement expands on the previously announced agreement last summer for technical services provided by V. Ships to Lasco involving three panamax bulkers acquired by American Bulkers KS and bareboat chartered back to Lasco. The new agreement will cover 17 additional dry bulk carriers that are part of the Lasco fleet. Technical management services will be provided by V. Ships' Glasgow and Limassol offices, with transfer of technical management of the vessels set to begin in early January and completed within four to six weeks. The technical management services to be provided include crew management, vessel maintenance and supplies, vessel accounting, risk, safety and quality assurance management. In announcing the deal, Kenneth M. Novack, President of Lasco, stated: "We are pleased to be extending and expanding on the business relationship with V. Ships, who have already been involved in supplying crew to our vessels." Novack went on to forecast that "the transfer of duties is expected to proceed smoothly."

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