JSC Latvijas kuģniecība                         20.06.2005



STEEL CUTTING FOR LASCO TANKER NEWBUILDS COMMENCED

 

Hereby JSC Latvijas kuģniecība (Latvian Shipping Company – LASCO) 

informs that today, 20 June 2005, steel cutting for the first 

LASCO newbuilds was commenced by 3.Maj shipyard in Croatia. 

Pursuant to the Shipbuilding Contract signed between LASCO and 

3.Maj ten middle range (51,800 dwt) ice-class tankers to carry 

both oil and chemical products will be built by the shipyard. 

To comply with the tightened EU maritime safety regulations 

and international conventions all the newbuilds will be of a 

double hull construction. The first tanker is scheduled for 

delivery already in 2006, while its nine sistervessels – by 2008. 



Imants Vikmanis, Chairman of LASCO Board of Directors, has 

repeatedly stressed the most vital necessity of the Company’s 

fleet renewal, noting that: “In terms of the size of its fleet 

Latvijas kuģniecība is not only one of the largest middle range 

tanker owners in the world, but also a strong competitor in the 

world shipping market. Nevertheless the Company’s ageing fleet 

is a strong reason to consider the present prospects for its 

fleet employment as unfavourable. Therefore I feel especially 

contented that the first stage of the tanker newbuilding project 

implementation has commenced. The Group’s fleet renewal is also 

a positive sign for LASCO’s customers, since only the company 

that invests in its further development and cares about the 

renewal of its fixed assets – vessels – is considered as a 

reliable and trustworthy partner in the international shipping 

market.” 



In addition to the 10 newbuildings mentioned above, 4 middle 

range tankers will be built pursuant to the Shipbuilding 

Contract signed between LASCO and Hyundai Mipo Dockyard Ltd. 

in Korea.The Korean vessels are scheduled for delivery in 2007.



At present JSC Latvijas kuģniecība fleet consists of 40 vessels: 

32 product tankers, 2 LPG carriers, 5 reefer vessels and 

1 Ro-Ro/general cargo vessel. 



Additional information:

Marita Ozolina-Tumanovska

Head of PR Departament

Phone: +371 7020120, 9287169

Fax: +371 7820239

E-mail : ozolina@lsc.riga