Hereby  JSC  Latvian  Shipping Company (LSC) informs that the following

resolutions  were  made  by  LSC  Extraordinary Shareholders Meeting on

November 7, 2002:

1.    Approve amendments to JSC Latvian Shipping Company Charter.

2.     Relieve Mr. Jānis Rocēns and Mr. Ilmārs Krūms of the position of

the  Member  of  LSC  Management  Board. The decision on release of Mr.

Jānis  Rocēns  and  Mr.  Ilmārs  Krūms  form  responsibility  for their

activity  from  July  26, 2002 to November 7, 2002 shall be taken after

approval of JSC Latvian Shipping Company Annual Report for 2002.

3.     Relieve Mr. Ivars Muravskis, Mr. Vladislavs Skrebelis, Mr. Ivars

Teišerskis and Mr. Zigurds Vaivods of the position of the Member of LSC

Supervisory Council.

4.     Due  to  considerably  lower  than budgeted freight rates in the

tanker  market  and  signing  of  the  Settlement Agreement in Stocznia

Gdanska shipyard case, approve amendments to the following items of JSC

Latvian Shipping Company Budget 2002:

-    Vessel Operating Profit:    US $ 13,492 thou.

-    Net Loss:                         US $ 7,702 thou.

5.     Approve  amendments  to  JSC Latvian Shipping Company Management

Board Regulations.

6.     Approve  amendments  to JSC Latvian Shipping Company Supervisory

Council Regulations.

Latvian Shipping Company

Phone: +371 7020120

Fax: +371 7820239

e-mail : ozolina@lsc.riga.lv