Latvian Shipping has reportedly begun a renewal of its aging fleet by placing an order for six new tankers
. According to company officials, the firm had signed a letter of intent with Korean shipbuilders to construct tankers worth between $168 million to $210 million and is awaiting a go-ahead from the Latvian privatization agency.
The company has had problems with fleet renewal
due to its stalled privatization. It now operates a total of 60 ships, including 36 tankers, two LPG tankers and 19 reefer vessels
. The average age of the company's tanker fleet is 17.3 years, while the average age of competing fleets is 8.4 years.