On 25 September 2002 Joint-stock company Latvian Shipping Company (LSC)

transferred  the  title  of  the tankers Ventspils, Kašira and Renda to

Cloudfree Enterprises Ltd.

The  title  was  transferred  due to expiration of the Bareboat Charter

Agreement  with  purchase option signed for the above-mentioned tankers

in   1999.  Cloudfree  Enterprises  Ltd.  has  made  all  the  payments

stipulated  by  the  Bareboat  Charter Agreement and has no outstanding

liabilities to LSC.

 Latvian Shipping Company

PR Manager Marita Ozolina -Tumanovska

Phone: + 371 7020120,

GSM+371 9287169

E-mail:ozolina@lsc.riga.lv