The   company  performance  in  2002  was  effected  by  a  continuous

depression  in  the  market. The losses were incurred mainly due to the

unpredictable  increase  of  fuel  prices  (in  average 60% higher than

budgeted)  because  of  the  expected  war  in Iraq, and the need to do

emergency  repairs to two vessels. More than 1 million USD was spent on

this.

We incurred one more million USD loss due to depreciation of US dollar,

and  because  of  a  partial write-off of our investments in JSC "Jūras

Medicīnas Centrs".

Year  2003 started with a price fall on fuel and an increase of charter

fees.  As a result, in the first quarter of the year the company earned

a profit over USD 1.7 million.

May 22, 2003 

17.05.