Hereby  JSC Latvian Shipping Company (LSC) informs that pursuant to LSC

Management  Board  decision,  approved  by  the  Company's  Supervisory

Council, tankers Pablo Neruda and Mate Zalka were sold for scrap at the

best possible price on October 9, 2003. 



 Considering  the vessels' technical condition, as well as EU phase-out

programme  for single-hull tankers and age restrictions, expected to be

imposed in a number of countries in October 2003, the prospects for the

vessels further employment appear to be very limited.



 Being  built  in  1975, tanker Pablo Neruda has now reached the end of

its economic life - the age of 28 years. Tanker Mate Zalka was built in

1976.



 LSC  Management  Board  decisions  on sale of m/t Pablo Neruda and m/t

Mate  Zalka  were  approved by LSC Supervisory Council on March 5, 2003

and July 30, 2003, respectively.



 Marita Ozolina-Tumanovska



Head of PR departament



Latvian Shipping Company