President of Latvia Valdis Zatlers plans to participate in the name giving ceremony of LASCO tanker newbuilding

On September 5 in the afternoon there will be held the name giving and
launching ceremony of the JSC “Latvijas kuģniecība” (Latvian Shipping Company -
LASCO) tanker newbuilding in “3.Maj” shipyard in Croatia. The tanker will bear
the name of the birthplace of Latvian navigation - Ainaži. LASCO has invited
Mrs. Iveta Erdmane, director of Ainaži Naval School Museum, to become Godmother
of the ship. Being professional and truly enthusiastic person, she has
contributed significantly in preserving Latvian navigation traditions and
history. It is planned that President of Latvia Valdis Zatlers will participate
in the ceremony. 

It is expected that the new tanker will be delivered by the end of the year and
this will be the last of the ten tankers ordered at “3.Maj” shipyard. 

The name giving and launching ceremony of the tanker newbuilding is foreseen to
be held within the programme of President's of Latvia and entrepreneurs'
delegation's visit to Croatia targeted at strengthening economic cooperation
between Latvia and Croatia. Implementing the tanker renewal programme LASCO has
developed really successful cooperation with the Croatian  shipyard “3.Maj” and
has accomplished a massive investment programme: at the end of 2004 LASCO
signed a loan agreement with a syndicate of the leading European banks for the
amount of USD 360 million providing for financing 14 tanker newbuildings
including the ten ordered from the Croatian shipyard.  The bank loans represent
about 70 percent of the total project value whereas the remaining 30 percent
have been financed from LASCO assets. 

The new double-hull ice class tankers are constructed in accordance with all
the European Union and international shipping safety conventions' requirements.
Their optimum parameters provide for their comprehensive employment in oil
product, chemical cargo and vegoil shipments. Expanding the large tanker fleet
renewal programme LASCO has secured basis for its competitiveness in the world
shipping markets for the next two - three years and in the distant future. At
the same time LASCO has been proceeding with the fulfillment of its strategic
goal set - ensuring increase of its value and securing its place among the top
ten medium range tanker owners in the world alongside with the leading position
in the Northern European market. 

LASCO launched its tanker fleet renewal programme in 2004 according to the
tanker fleet development scenario foreseen in the Group's operations' strategy
by signing agreements with Croatian  shipyard “3.Maj” for the construction of
ten tanker newbuildings. 

In selecting the “3.Maj” offer LASCO has considered both the good cooperation
experience with the shipbuilder in the past as well as the fact that ordering a
series of tankers from the same shipbuilder allows for economy in construction
process and their spare parts' costs in the future. 

Since July 2006 when the first tanker newbuilding “Ance” has been launched,
LASCO has taken delivery of 13 tankers by now - nine out of ten ordered at
“3.Maj” shipyard in Croatia and four from “Hyundai Mipo Dockyard Co., Ltd.” in
Korea. By the end of 2008 taking delivery of the tanker “Ainaži” LASCO's fleet
would be enlarged by 14 modern vessels concluding the significant tanker fleet
renewal project. 

In accordance with LASCO long term development plans foreseen in the Operations
Strategy for the period till 2015, at the end of 2007 additional agreements
have been signed with Korean shipyard “Hyundai Mipo Dockyard Co. Ltd” for
construction of four more medium range tanker newbuildings. 

  
Information: 

On September 3, 2008, the fleet in JSC “Latvijas kuģniecība” (Latvian Shipping
Company - LASCO) commercial management is comprised of 38 vessels - 35 tankers,
two LPG carriers and one dry cargo vessel. 
LASCO ranks among the ten largest shipowners in the world in medium range and
handy tanker segment alongside with being the leader in the Northern European
market. 



More detailed information:
Marita Ozolina-Tumanovska
Head of PR Department
Phone: +371 67020120, 29287169
E-mail : marita.ozolina@lscgroup.lv