OREANDA-NEWS. January 24, 2011. The new Board members are actively reviewing all areas of operation at JSC Latvijas Kugnieciba (LK) in order to get the company performance back on track. Management Board of LK has set the objective to stabilize the financial situation in LK so that the company could improve its operations in the core shipping business. Representatives of LK are entering into discussions with banks to restructure the existing liabilities to help balance the cash flow.

The new management consists of highly respected and experienced experts in shipping business. 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 LK. Other Board members of LK 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.

On Monday, 24th January, the newspaper “Dienas Bizness” has published an interview with the chairman of the LK board Paul Thomas, giving wrong information about the LK fleet saying that it consists of 90 vessels. LK owns 19 vessels.