Hereby  JSC  Latvian Shipping Company (LSC) informs that on 13 February

2004  LSC Supervisory Council gave its consent to placing an order with

Hyundai  Mipo Dockyard Co. Ltd. in Korea for four handy-max ice classed

tankers.

In  order  to  ensure the implementation of the Fleet Renewal Programme

provided  for in LSC Group's Strategic Plan 2003-2010, a resolution has

been   passed   by   LSC   Board   of   Directors   on   building  four

37-deadweight-ton ice classed tankers.

A  Letter  of Intent between LSC and Hyundai Mipo Dockyard Co. Ltd. was

signed on 5 February 2004. Since the final contractual terms (including

the  total contract price) have not yet been agreed on, the term of the

Letter  of  Intent  is extended to 17 February 2004. It should be noted

that  the  signed  Letter of Intent is neither legally, nor financially

binding upon either party.



Marita Ozolina-Tumanovska

Head of PR Departament

Phone: +371 7020120, 9287169

Fax: +371 7820239

E-mail : ozolina@lsc.riga