Latvian Shipping Company News

The JSC Latvian Shipping Company subsidiary LSC Shipmanagement (LSCSM) supplemented the fleet under its full technical management with a newbuilding “Elandra Falcon”, which is the 25th tanker managed by LSCSM. The new tanker is intended for transportation of oil products. Her total length is 268.25 meters and deadweight – 157’000  tons. “We are delighted that LSCSM is able to expand the fleet under its technical management, which is a sign of quality that attests to the professionalism and skills of our crews and ship management team. This is the 25th ship under the technical management of LSC SM, and we see that we can grow it even more," said Robert Kirkup, the Chairman of the Board of JSC Latvian Shipping Company.

Marine petroleum transportation specialist Latvian Shipping Company (LSC) hopes to raise EUR 80 million via an initial public offering (IPO) on the Riga Stock Exchange in the first half of 2016. The Supervisory Council of LSC has supported the Management Board’s proposal to raise the equity capital in the IPO. LSC is looking to double its share capital and raise equity of EUR 80mn in order to pay down existing debts due in 2016 and 2017. The LSC Management Board believes a share capital raising would achieve this and place the company in a stronger position. The IPO is subject to approval by a shareholders meeting planned for April 2016. A successful float would be the first on the Latvian bourse in over a decade.

Latvian Shipping Company (LSC) owners of 19 medium-size tankships reports a profit in Q1 2013. LSC and its affiliates made a profit of US$ 77,000 despite an impairment charge of US$ 1.7-million against the decrease of the fleet value. Though in absolute terms the profit is merely symbolic, it is nevertheless a sign of major progress; it is the first time since 2008 when the LSC Group reports a positive financial result. Just to compare – the LSC Group closed Q1 of 2012 with a loss of US$ 17.77-million. Simon Blaydes, Chairman of LSC Management Board, explains: "Latvian Shipping Company is prudently optimistic about the prospects of the petroleum product tanker market, because charter rates have been increasing progressively.

London law firm, Lawrence Graham has advised the Latvian Shipping Company on a complex multi-bank loan scheme to finance its recently completed purchase of three 68,000 dwt product tankers. The $125 million deal, together with $90 million of associated acquisition finance, involved separate loan agreements with banks in Hamburg, Stockholm, Riga and Rotterdam. number of banks through separate loans rather than obtain one syndicated loan. Latvian Shipping Company agreed to pay $41.6 million for each of the sister vessels and Lawrence Graham advised them on three separate purchases and loan facilities of $30 million each. The purchases and financings involved coordinating legal advice from many jurisdictions around the world…

Northrop Grumman Corporation has received orders to supply a complete package of electronic navigation equipment for ten new tankers being built for the Latvian Shipping Company (LASCO). The orders were awarded to Northrop Grumman’s Sperry Marine business unit. Terms of the agreement were not disclosed. The 51,800-dwt, double-hull tankers, which will be equipped to carry either oil products or chemicals, are being built for LASCO’s Crown Navigation subsidiary at the 3.Maj shipyard in Rijeka, Croatia. Deliveries are scheduled for 2006-2008. Each ship is being fitted with a complete integrated bridge system (IBS), featuring Sperry Marine’s multi-station Voyage Management System, which incorporates an electronic chart display and information system.

Northrop Grumman Corporation received orders to supply a complete package of electronic navigation equipment for 10 new tankers being built for the Latvian Shipping Company (LASCO). The orders were awarded to Northrop Grumman’s Sperry Marine business unit. The 51,800-dwt, double-hull tankers, which will be equipped to carry either oil products or chemicals, are being built for LASCO’s Crown Navigation subsidiary at the 3.Maj shipyard in Rijeka, Croatia. Deliveries are scheduled for 2006-2008. Each ship is being fitted with a complete integrated bridge system (IBS), featuring Sperry Marine’s multi-station Voyage Management System, which incorporates an electronic chart display and information system.

Petroleos Mexicanos (PEMEX) and Norcontrol IT entered into a three-year maintenance contract that covers the offshore VTMIS system at the Bay of Campeche oilfield located in the Gulf of Mexico off the Yucatan Peninsula. The Bay of Campeche is the largest oilfield in Mexico and the world's largest offshore oil development project. The VTMIS system installed by Norcontrol IT consists of two control centers and seven radar sites, all of which are covered by the maintenance contract. A large capacity, flexible and reliable VTMIS system is required at the Bay of Campeche for several reasons. The coverage area contains between 200-300 vessels per day, all of which have to be monitored to protect the pipelines: Especially important as the bay is only 40-50 m deep in most areas.

Shipping Company ("Latco"). The settlement, the terms of which remain confidential, brings to an end a long-running legal battle which has been fought out in the English and French courts over a period of years. The Latvian interests were represented throughout by Lawrence Graham. Ince & Co represented the Polish yard. The dispute centered on the shipyard's claimed entitlement to damages arising from the failure of Latreefers, a wholly owned subsidiary of the Latvian Shipping Company, to meet contractual payments under a $170 million, six reefership order placed with the Gdansk yard in 1992 and subsequently cancelled. Stocznia Gdanska arrested in France several vessels belonging to Latco or subsidiary companies in an attempt to enforce its claims against Latvian Shipping Company.

Shipping Company ("Latco"). fought out in the English and French courts over a period of years. Latvian interests were represented throughout by Lawrence Graham. Co represented the Polish yard. cancelled. Shipping Company. and the "TAGANROGA", have now been released.

Terms of settlement have been reached in the protracted legal dispute between Polish shipyard Stocznia Gdanska, Latreefers and the Latvian Shipping Company (Latco). end a long-running legal battle which has been fought out in the English and French courts over a period of years. The Latvian interests were represented throughout by Lawrence Graham. Ince & Co represented the Polish yard. The dispute centered on the shipyard's claimed entitlement to damages arising from the failure of Latreefers, a wholly owned subsidiary of the Latvian Shipping Company, to meet contractual payments under a 170 million-dollar, six-reefership order placed with the Gdansk yard in 1992 and subsequently cancelled.