Bids Received for Latvian Shipping Privatization

Thursday, April 05, 2001
The Latvian Privatization Agency said on Thursday it had received two bids for the government's 68 percent stake in Latvian Shipping, one of the world's largest oil products transporters.

"We have two contenders who expressed interest in participating in the Latvian Shipping privatization and have made their bids," said the economy minister, who heads the privatization agency's council.

The agency did not name the bidders and the government has not provided estimates on the size of the sale. The Latvian Cabinet is expected to set the minimum price for the auction on April 10, while the auction itself will take place in May. The government has been trying to privatize the company since 1996, but its previous attempts have failed due to a lack of interest and political bickering.

Latvian Shipping - which operates 49 vessels, including 34 tankers - was the world's third largest shipping firm in terms of oil product handling in 1999.

One London analyst said Shipping's eight medium-range petroleum products tankers were the most desirable part of the fleet, and they might appeal to some of the listed U.S. tanker operators such as OMI Corp. or Stelmar.

A tanker analyst, however, said that age and quality might be an issue, since 26 of the company's tankers range between the ages of 15 and 26 years old. Six of the 28,000 ton ships were Russian-built, although the 42,000 ton ships were built in prestigious Far Eastern yards.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

China to Enforce Low Sulphur ECA in Yangtze River Delta

Vessels calling ports in China’s Yangtze River Delta, including Shanghai, will be required to burn low sulphur fuel while at berth from April 1 this year.   China’s

COSCO Also Eyes Greek Train Network

China's COSCO already the sole bidder for Greece's Piraeus Port. Buying both would give COSCO a European transhipment hub. China's COSCO is expected to make

UAE Plans Floating LNG Import Terminal

State-owned Abu Dhabi National Oil Co. (ADNOC) plans to start a new liquefied natural gas floating import terminal (FSRU) in the second half of this year, three LNG industry sources said.

Ship Sales

FSL Trust Divests Two Containerships

FSL Trust Management Pte. Ltd., as the trustee-manager of First Ship Lease Trus, announced that the Trust has completed the disposal of Ever Radiant and Ever Respect

Shipbreaking Practices in 2015 Reveal Appalling Record -Report

Ignoring industry leaders and human rights and environmental organizations, ship owners continue to profit from dangerous and dirty shipbreaking practices on South Asian beaches in 2015,

Diana Shipping to Acquire Three Panamax Ships

Diana Shipping Inc. has signed, through three separate wholly-owned subsidiaries, three Memoranda of Agreement to acquire from a related party three Panamax vessels

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0610 sec (16 req/sec)