JSC Latvijas kuģniecība                     10.02.2005



GUARANTEE OF CREDIT FACILITY RECEIVED BY JCS LATVIJAS KUĢNIECĪBA 



Hereby JSC Latvijas kuģniecība (LASCO) informs that yesterday, 

9 February 2005, JSC Latvijas kuģniecība Board of Directors took 

note of the Guarantee of the credit facility of USD 360 million 

received from the syndicate of banks, and resolved to submit the 

respective documents for consideration and approval by 

JSC Latvijas kuģniecība Supervisory Council. The Loan Agreement 

for the above-mentioned credit facility was signed between 

JSC Latvijas kuģniecība and a syndicate of leading European 

banks in compliance with LASCO Fleet Renewal Programme approved 

by the company’s shareholders and providing for the financing of 

14 tanker newbuilds. According to the banks’ requirements the said 

Guarantee shall be approved by JSC Latvijas kuģniecība 

Supervisory Council.



As already reported, in 2004 Shipbuilding Contracts were signed 

by Crown Navigation Inc. (a wholly owned subsidiary of LSC) for 

the construction of 10 new tankers by 3. Maj shipyard in Croatia 

and 4 tankers by Hyundai Mipo Dockyard Co. Ltd. in Korea.  70% of 

the project costs will be financed through the bank loans.     





Marita Ozolina-Tumanovska

Head of PR Departament

Phone: +371 7020120, 9287169

Fax: +371 7820239

E-mail : ozolina@lsc.riga.lv