Rigas Transporta Flote                                        30.05.2005.



Information of the Board of Directors of the JSC Rigas Transporta Flote about 

results for the first quarter of 2005



In the 1st quarter of year 2005 the company has derived a profit in amount 

of 1 860 503 LVL (3 517 685 USD). As expected, in the winter’s period the 

World sea refrigerators transport market became active, the demand for 

refrigerator ships increased, raised also the freight rates on average about 

10%.

The negative factor was the price increase for the fuel for 30%, what enlarged 

expenses of the company.

The strength of the company was not change and it consists from 13 ships; among 

them 12 refrigerators and one tanker. The demand for our ships still remains. 

The ships work all over the World Ocean. 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 ships worked, forced 

idle-times of waiting of cargoes did not present. The fleet of the company is 

in good technical condition and comply with the standards of operation and 

safety of ships.  

The profit of the company increased in comparison with the same period of last 

year for 214%.

The income of the company is increased; the Net turnover is increased for 41%.

The income of the company per share was 0.079 LVL.

In the 2nd quarter expected, that the freight rates will remain in the same 

level. The demand for refrigerator ships remains. Currently the m/v “Kapteinis 

Kulics” is on the planned dock repairs at the Riga shipyard and will go on a 

cruise after completion of the repairs in the beginning of June.

The tanker of the company m/v “Pacific Trader” is planned to repair and modernize 

in June. Accordingly the convention a double hull will be made for the tanker and 

it will meet the last requirements of the MARPOL. 



Vice-President 

O.Kolosov