Riga Transport Fleet                                                        01.12.2005



Board of Directors of the JSC Riga Transport Fleet about work of the company for 9 months, 2005



The «Riga Transport Fleet» j.s.c. Profit earned for nine months of the year 2005 

is LVL 4 098 825 (or Euro 5 832 103 ). For this period of the time freight rates 

rather  decreased in the world market of sea transportation, and current expenses 

for fleet maintenance are grew, however all the Company fleet worked in pool 

without lay-up, as the demand for refrigerator ships remained with no changes. 

Sale of the vessels “Grootsand” and Frio Poseidon” has gave its   positive effect  

to  the Profit gained.



The ships work all over the World Ocean. Objects of cargo transported are fish, 

squid, fruits and meat. The main transport directions are:

Alaska region – Europe, Peru region – the Far East, Japan, Korea, Africa, the 

equatorial part of the Pacific Ocean – Thailand.



All the Company's ships are in good technic condition, that meets requirements 

of  International Standards for safe operation and seagoing.



The tanker of the company m/v “Pacific Trader” has got his planned repair  and 

modernization works in the 3rd quarter of the year in “COSCO SHANGHAI”. 

Accordingly to the Convention a double hull has made for the tanker and it will 

meet the last requirements of the MARPOL for safe oil transportation . 



Income for the «RTF» j.s.c.has raised and Net Turnover increased for 36% as 

against to the same period of the time of the last year.



The Board of Directors of “RTF” j.s.c. wishes to point out, that record 

newbuilding offers for containerships to be delivered over 2006/2007 with such 

ships comprising large reefer container capacities implies that break bulk 

reefers, shall have to face increased competition within short. The Board 

believes, that container station will continue to make inroads into break bulk 

reefer trades and will negatively affect reefer rates during the coming years.



On November 1st, 2005, the Main Shareholder of the Company, «Lavinia 

Corporation Ltd» has made a  mandatory redemption offer after acquiring an 

85 percent stake in «RTF»j.s.c.. Such offer is obligatory under the «RSE» 

Regulations and minority shareholders of the 15 percent free float now have 

the opportunity to redeem their shares by tendering them under the public 

offerscheme latest by 21st  December, 2005.  The  Company's Board wishes to 

give its positive recommendation for minority shareholders to accept the 

current mandatory cash offer. The Board is basing such positive recommendation 

on the trading history of the share of «Riga Transport Fleet» j.s.c  I the 

«RSE» and on the proper price of the public tender and also at the cash exit 

opportunity available to minority shareholders at this point of time. 



On behalf of the Board,

The Deputy Chairman of the Board		

O.Kolosovs