Pursuant  to  JSC "Latvijas kuģniecība" Supervisory Board resolution of

July 30, 2003, product tanker Dāvids Sikeiross has been sold for scrap.



Being built in 1976, tanker Dāvids Sikeiross has now reached the end of

its  economic  life - the age of 27 years. The decision on its sale was

made based on the projected negative financial results of the vessels s

further employment.



One  of  the main reasons for Dāvids Sikeiross lack of profitability is

its  age,  which  exceeds the age limits imposed in a number countries.

Moreover, being a single-hull product tanker, Dāvids Sikeiross has very

limited  prospects  for  its further employment in the EU waters due to

the EC Regulation of October 21, 2003, which bans the transportation of

heavy  fuel  oil  in single-hull tankers to or from ports of the Member

States.



In  the  nearest future JSC "Latvijas kuģniecība" plans to dispose also

of its 26-year old tanker Talava built in 1977.