Fleet Privatizations Expected Soon For Lithuanian Companies

Wednesday, September 04, 2002
Following are financial details of a planned fleet privatization in Lithuania. JSC Klaipeda Transport Fleet (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 authorized capital of the company as of December 31, 2001 amounted to about $38.3 million. KTF owns and operates 16 small- and medium-sized cargo reefers. The main cargo handled by the company includes frozen fish, meat, chicken, butter, fruits and vegetables. The capacity of KTF's vessels is from 85,000 to 470,000 cu. ft., the average capacity - 189,000 cu. ft. The total capacity of the fleet is 85,664 cu. m. According to this class of vessels, the company's fleet is the fourth largest fleet in the world. The main foreign competitors include Seatrade (U.S.), East Wind (U.S.), GRL (Global Reefer Transport, Great Britain) and other smaller companies. The company is a shareholder in the Germany-based vessel chartering company Alpha Reefer Transport with 20 percent share in this company. JSC Lithuanian Shipping Company (LSC) was established on June 27, 2001, following the reorganization of JSC Lithuanian Shipping Company (LISCO) by splitting it into two business entities: LISCO and LSC. The authorized capital of the company as of December 31, 2001, amounted to $57.1 million. At the end of 2001, after the reorganization, LSC owned 19 vessels (169.4 thousand DWT). In 2002, the company bought two more vessels (19,300 DWT). The main foreign LSC's competitors are Baltic and Scandinavian shipping companies.

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