Hereby JSC Latvijas kuģniecība (Latvian Shipping Company - LASCO) informs that on 10 November 2007, a festive launching and naming ceremony of m/v Uzava (the eighth of in total ten tanker newbuilds ordered by LASCO at 3.Maj shipyard) took place in Rijeka, one of Croatia's largest port cities. The honour of being the ship's Godmother was entrusted to Ms. Ilva Purēna, Member of JSC Latvijas kuģniecība Management Board. To comply with one of JSC Latvijas kuģniecība strategic objectives, namely to expand and concentrate its activity in the middle-range and handy-size tanker segment of the shipping market, the Group is increasing its total tonnage in the given segment: LASCO has already taken the delivery of eleven of in total fourteen previously ordered newbuildings (four of which were built by Hyundai Mipo Dockyard Co., Ltd., Korea), as well as signed Shipbuilding Contracts for additional four middle-range (MR) tankers on 2 November 2007. It is LASCO's tanker fleet that traditionally ensures the major part of the Group's turnover and makes the largest contribution to the Group's total profit. The employment region of the tankers built by the Croatian 3.Maj is very wide - the vessels are shipping all over the world. Besides, the ships' optimum size enables their use for the transportation of a diversified range of cargoes, including petroleum products, chemicals and vegoils. “It is common knowledge that charterers today prefer new and modern tonnage. Therefore, we are satisfied with a big interest shown in our tanker newbuildings. It should be noted that even provided similar tonnage and distance covered, the freight rates on newly built tankers are considerably higher compared to those on 10-year and older vessels,” told Mr. Imants Sarmulis, Chairman of JSC Latvijas kuģniecība Management Board. At present JSC Latvijas kuģniecība fleet comprises 37 product tankers (of which three are time chartered in from other ship-owners) carrying both clean and dirty petroleum products, easy chemicals, oils and other liquid cargoes, 2 LPG carriers, 5 reefer vessels and 1 Ro-Ro/general type vessel. For detailed information: Marita Ozolina-Tumanovska Head of Public Relations Department Phone: (+ 371) 67020120, 29287169 E-mail: marita.ozolina@lscgroup.lv