Latvian Shipping Buy Rules May Be Eased

Wednesday, May 16, 2001
Latvia may drop certain key conditions in a fresh attempt to privatize Latvian Shipping but could keep the offered stake at 68 percent. Latvia's cabinet officially admitted defeat on Tuesday in its fourth attempt to sell the sea cargo firm and ordered the economy ministry to draw up a new tender for its privatization. "The variant offered could contain giving up on the strategic investor, but I do not see any arguments why we should give up the current stake (to be offered)," privatization agency head Janis Naglis said. Naglis said giving up on a strategic investor meant scrapping several key requirements, including future investments, keeping the firm in the shipping business and limits on reselling it. Without these requirements, the potential range of bidders could widen. The last plan was to sell 68 percent to a strategic investor and then another 15 percent by public offering. In the last tender the two final bidders failed to submit a bid bond to take part in the auction that was set for May 11. The two bidders were Italy's d'Amico Societa di Navigazione S.p.A. and FAL Oil Company Ltd. of the United Arab Emirates. Naglis said d'Amico had submitted a preliminary offer of $22.4 million and FAL $70 million before the state set the minimum auction price at 70 million lats ($111.2 million). The Dutch consultant in the Latvian Shipping sale, BDO New Markets, had advised the government to set the minimum auction price for the 68 percent stake either at $70 million or $100 million. Naglis said that before the cabinet decided to restart the privatization with new rules, FAL had expressed interest in further participation in the sell-off and possibly increasing its offer. He could not say whether FAL was still interested. - (Reuters)
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

Fincantieri to Supply Four OPVs to the Bangladesh Coast Guard

Fincantieri has been awarded the contract with the Bangladesh Coast Guard (BCG) for the supply of four Italian Navy “Minerva” class corvettes to be upgraded and

Saab Bags $1 bln Order for Swedish Submarines

The Swedish Defence Materiel Administration (FMV) has awarded contracts worth Skr8.6bn ($1.03bn) to Saab AB for the construction of two new Type A26 submarines

Austal Delivers 7th Cape Class Patrol Boat

Shipbuilder Austal Limited announced it has delivered Cape Wessel, the seventh of eight Cape Class patrol boats being supplied to Australian Border Force under a $330 million design,

Finance

Grimaldi Orders Three PCTCs

After signing an order for the construction of five new ships two weeks ago, the Italian shipowner  Grimaldi Group has signed another contract for the construction

Caltex Replaces Australian Crew

The 36 Australian crew members of an Caltex tanker refusing to set sail after they were told their jobs would be gone after the next run. MR tanker Alexander Spirit (40,

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

 
 
Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics 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: 0.0907 sec (11 req/sec)