OREANDA-NEWS. October 16, 2009. The strategic goal for the joint stock company Latvijas kugnieciba (Latvian Shipping Company – LASCO) is to maintain the company’s positions in the world as the owner of medium-sized tanker ships.  The council of the company has, therefore, supported the idea of selling the two gas transport ships (LPG carriers) which the firm has in its fleet – the Vidzeme and the Kurzeme.  This means a continuation of the company’s targeted reorganisation of the fleet, concentrating and expanding operations specifically in the area of medium-sized tankers.

Revenues received from the sale of the ships which are no longer a priority for the Latvian Shipping Company will be used to build four new medium-sized tankers in Korea.  These are to be received in 2011 and 2012.

A working group of specialists from the Latvian Shipping Company joined together with some internationally recognised shipping brokers and consultants to look at the future development of the fleet, saying that over the next three or four years, the situation in the market for LPG carriers is going to deteriorate because so many new ships of this type are being built.  This means that in medium term the value of the Latvian Shipping Company’s gas transport ships might decline. The working group also carefully monitored the situation in international shipping markets to find the best moment for when the gas transport ships could be sold.

The fleet of the Latvian Shipping Company at this time consists of 29 ships, including three tankers that are leased from other owners – the Blue Star, the Green Star, and the Mari N.