Today,  16  January  2004,  JSC Latvian Shipping Company (LSC) signed a

Shipbuilding Contract for seven product tankers.

As  reported  on  13  January 2004 an agreement has been reached by LSC

100%  owned  subsidiary  Crown  Navigation  Inc.  and 3 Maj shipyard in

Croatia  on  the  building  of  eight product tankers. The Shipbuilding

Contract for the first vessel was signed on 13 January 2004.

The  51,800-deadweight-ton  ice-class  tankers  will  be constructed to

carry both oil and chemical products. The first tanker is scheduled for

delivery in 2006, while further seven sistervessels - by 2008.

For  the  Shipbuilding  Contract  to come into effect, Crown Navigation

Inc.  shall by 31 March 2004 have received a reputable bank's guarantee

on  the reimbursement of the amounts paid in case of non-performance of

the Contract by 3 Maj shipyard.



Marita Ozolina-Tumanovska

Head of PR Departament

Phone: +371 7020120, 9287169

Fax: +371 7820239

E-mail : ozolina@lsc.riga