Latvia's government officially admitted defeat on Tuesday in its fourth attempt to sell sea cargo firm Latvian Shipping, ordering the economy ministry to draw up a new tender to sell the firm. "The government decided to stop the Latvian Shipping privatization process based on the current rules and asked the economy ministry to prepare new guidelines within two weeks in order to continue," Economy Minister Aigars Kalvitis said. Privatization officials were sent back to the drawing board last month after the two finalists selected by the government failed to submit a bid bond to take part in an auction for a 68 percent stake, which had been set for May 11.