JSC Latvijas kuģniecība                    Riga, 25 August 2005

(Latvian Shipping Company- LASCO)



With reference to the article published by the Delovije Vesti 

on 25 August 2005 in connection with 10 tanker newbuildings ordered 

by JSC Latvijas kuģniecība (Latvian Shipping Company – LASCO) at 

3.Maj shipyard in Croatia, we hereby inform that at the moment 

no contract or deal has been concluded to evidence the increase 

of order costs by USD 30 million.



Considering the fact that since 2004, when the Shipbuilding Contract 

for the above-mentioned vessels was signed between JSC Latvijas kuģniecība 

subsidiary Crown Navigation Inc. and 3.Maj shipyard in Croatia, there 

was a considerable rise in the world prices for metal, the parties to 

the Contract are now in negotiations regarding the revision of the terms 

and conditions thereof, including partial compensation of the additional 

costs to be incurred by LASCO. 





For further information please contact:

Marita Ozolina-Tumanovska

Head of PR Departament

Phone: +371 7020120, 9287169

E-mail : ozolina@lsc.riga.lv