By Receiving Its Tenth Newbuilding LASCO Makes Another Step Clocer to Its Strategic Goal

Hereby JSC Latvijas kuģniecība (Latvian Shipping Company - LASCO) informs that
today, 3 September 2007, a festive naming and delivery ceremony of m/v
Krisjanis Valdemars, the last of in total four newbuildings ordered by LASCO in
Korea, was held at Hyundai Mipo Dockyard Co. Ltd. The role of the ships'
Godmother was entrusted to Ms. Olga Pētersone, Chairperson of the Management
Board of JSC Ventspils Nafta, LASCO's major shareholder. 

Godmother's moral duty is to acquaint the society with the ship's crew and to
encourage the enhancement of the crew's cultural and intellectual background
through maintaining contacts with its members both in person and by
correspondence. It is an esteemed maritime tradition that a ship's Godmother is
nominated only once and for the ship's entire life. 

Earlier in the year, LASCO took the delivery of three Korean handy-size (37,258
dwt each) double-hull ice-classed tankers built to comply with all EU marine
safety requirements and international conventions. Thus, LASCO continues to
accomplish the objectives set in its Strategic Plan to the Year 2015 that
provides for the preserving and expansion of the Group's tanker fleet along
with the extension and concentration of LASCO's activity exactly in the
handy-size and middle-range segment of the tanker market. 

Within the frames of LASCO Tanker Fleet Renewal Programme ten newbuildings have
been ordered by the Company at 3.Maj shipyard in Croatia and four at Hyundai
Mipo Dockyard Ltd. in Korea. In the course of the programme implementation in
the period from 2007 to 2008 JSC Latvijas kuģniecība fleet will be expanded
with five MR (middle-range) and four handy-size tanker newbuilds. 

At present JSC Latvijas kuģniecība fleet comprises 33 tankers, 2 LPG carriers,
5 reefer vessels and 1 Ro-Ro/general type vessel, as well as three tankers
(Blue Star, Green Star and Maria M) time chartered in from other ship-owners. 


For detailed information:
Marita Ozolina-Tumanovska
Head of Public Relations Department
Phone:  67020120, 29287169
E-mail: marita.ozolina@lscgroup.lv