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 October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Third Strike, Mansour Is Out

The M/V "MANSOUR M" with IMO number 7600586 has been banned for the 3rd time after subsequent detentions after the second refusal of access order in the Paris MoU region.

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Ship Sales

Norwegian Buys Ship from Princess Cruises

Norwegian Cruise Line Holdings Ltd. announces fleet expansion for Oceania Cruises in 2016; Sirena to join sister ships Insignia, Regatta and Nautica   Norwegian Cruise Line Holdings Ltd.

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

BMT-Designed Flex Ferries Delivered in Singapore

A trio of 38-metre Flex Ferries, built by Singapore’s Penguin Shipyard International and designed by Southampton-based BMT Nigel Gee, have been delivered to their new owner,

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.1233 sec (8 req/sec)