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 Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

USCG Free Boat from Ice Near Woods Hole

A Coast Guard crew responded to a fishing vessel trapped in ice in Woods Hole Passage, Woods Hole, Massachusetts, Saturday. At about 3 p.m., the crew of the fishing boat Capt.

Tug Boat Owner Jailed After Crew Man Dies

A tug boat owner was today was given an 8 month custodial sentence after his crew member died trying to reattach a tow line in a violent storm. During today’s hearing at Southampton Crown Court,

ClassNK's Structural Rules for Bulkers & Tankers

The Nippon Kaiji Kyokai (ClassNK) has announced the establishment of its “Common Structural Rules for Bulk Carriers and Oil Tanker” (Rules for the Survey and

Ship Sales

Zvezda Shipyard Comes Up Despite Western Sanctions

German and Finnish partners continue to build Russia’s Far Eastern “Zvezda” shipyard for Arctic oil exploration ships, in spite of Western sanctions, reports Sputnik.

“Jag Arjun” Delivered to Buyers

The Great Eastern Shipping Company Ltd. (G E Shipping) delivered its 1996-built Capesize Dry Bulk Carrier “Jag Arjun” (164,796 dwt) to the buyers on 26th February, 2015.

Europe Should Resume Shipbuilding

In the EU journal Parliament, Portuguese Member of European Parliament João Ferreira has proposed a five-point plan to stimulate growth in the EU shipbuilding industry.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0781 sec (13 req/sec)