Hereby JSC Latvijas kuģniecība (LASCO) informs that today, 19 May 2004,

it  takes  delivery  of  a  one-year  old  product  tanker  Kolka . The

Memoranda  of  Agreement  (MOA) signed on 18 February 2004 with each of

Pink  Star  Shipping  Ltd.  ,  Purple Star Shipping Ltd. and Coral Star

Shipping  Ltd.  provide  for  the  purchase  of  three modern handy-max

tankers.  M/t  Kolka is the first vessel to be delivered to LASCO . The

delivery of the remaining two sister vessels is also due in the nearest

future.

As  reported  earlier, the three 37-deadweight-ton tankers are built to

ice  class  and designed to carry light oil products. All three vessels

were  built  in  2003.  The results of the vessel inspection proved the

compliance  of  their specifications and technical condition to LASCO's

requirements. The vessels are planned to run mostly in Northern Europe,

although the possibility of their employment in other regions cannot be

excluded.

Similar  to  Kolka  ,  the  new names planned to be given to its sister

vessels  -  Kuldīga  and  Kaltene  -are  related  to Latvian history of

seafaring.  The old names of the three tankers were Purple Star , Coral

Star and Pink Star .

Presently  m/t  Kolka is registered with the Marshall Islands Registry.

However,  it  is  planned  that  in the future she will fly the Latvian

flag.

Marita Ozolina-Tumanovska

Head of PR Departament

Phone: +371 7020120,

Fax: +371 7820239

E-mail : ozolina@lsc.riga