Referring  to information published in Latvia's daily newspaper "Diena"

from  October  3,  2002, hereby we inform that Latvian Shipping Company

(LSC)  and  claimant  have  come  to  agreement in Gdansk Shipyard case

regarding termination of legal procedures commenced in 1994.

LSC  will  be  able  to provide more information upon receipt of signed

agreement  document  and  with  authority  of  the other side to reveal

details of the agreement.

Based   on  the  above  agreement  two  arrested  tankers  "Rāzna"  and

"Taganroga"  belonging  to LSC holding have been released on October 2,

2002. Both the vessels were under arrest since april 1995.

Latvian Shipping Company

PR Manager Marita Ozolina -Tumanovska

Phone: + 371 7020120,

GSM+371 9287169