JSC “Latvijas kuģniecība” (LSC) is outraged by allegations made in the name of its shareholder the State Social Insurance Agency (SSIA) and reported in the press. After years of mismanagement, company now is being managed responsibly and prudently, therefore LSC categorically denies that any attempt whatsoever is being made to affect LSC’s tax situation.
LSC advises that the great majority of current charter party contracts were signed during the period when previous management was in charge of the company. Presently SSIA is represented on the Supervisory Council of LSC by Olga Pētersone, who was a member of the supervisory council and head of the strategic committee under the previous management. Therefore O. Pētersone would be the right person to contact with inquiries about the economic rationale behind those contracts.
LSC shareholders have appointed highly respected and experienced shipping experts as the management of the company. The Chairman of the Management Board, Paul Thomas has more than twenty years experience in the shipping industry, managing Vitol Group’s World Wide Shipping. Board member Michael King has managed all the operations for 100 vessels, a fleet five times larger than at LSC. Other Board members of LSC also have significant worldwide experience. Board member Christopher Kernon in his previous professional career has worked in other international shipping markets such as Singapore, Australia and New Zealand.
The new Board of LSC is taking into account the actual market situation and the interests of shareholders in cases when new charter contracts are being signed. Their focus is on re-building the financial viability of this once great Latvian company and creating a sustainable future.
About Latvian Shipping Company:
Latvian Shipping Company owns 18 modern tankers employing more than thousand well trained and experienced seamen from Latvia. In total, the commercial fleet of Latvian Shipping Company consists of 21 tankers, as Latvian Shipping Company operates three tankers that belong to other ship owners. The total deadweight of the fleet is close to one million DWT and the average age is five years.
Additional information:
Elīna Dobulāne
Press secretary
Latvian Shipping Company
Phone: +371 25959447
E-mail : elina.dobulane@lscgroup.lv