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.