OREANDA-NEWS  On 05 September was announced, that there will be held the name giving and launching ceremony of the JSC "Latvijas kugnieciba" (Latvian Shipping Company - LASCO) tanker newbuilding in "3.Maj" shipyard in Croatia. The tanker will bear the name of the birthplace of Latvian navigation - Ainagi. LASCO has invited Mrs. Iveta Erdmane, director of Ainagi 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 "Ainaћi" 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.