OREANDA-NEWS. The JSC “Latvian Shipping Company” Group (LSC) finished the first quarter of 2014 with positive results, namely, a net profit of 7.26 million USD, which includes 20.05 million USD income from a partial settlement in respect of the Antonio Gramsci Corporation court case in the High Court in London, as well as vessel impairments in the amount of 13.30 million USD.

The total income for the fleet in the reporting period was USD 23.66 million, while the LSC Group fleet's net voyage result was USD 19.49 million.

“The first quarter of 2014 proved disappointing for the products tanker segment especially within the medium range tanker segment, particularly within the Atlantic basin. However having the vast majority of the LSC medium range fleet on time charter enabled LSC to escape this unexpected seasonal downturn in earnings. Looking at the second quarter, it does not raise hopes, and there is some concern that the balance of 2014 will not be as positive as some commentators had predicted. This could have negative impact on both earnings and LSC fleet values. Once again, the strategy to employ the majority of the LSC fleet on time charter should provide LSC some protection from this potential downturn in earnings at least in the short term,” explains the Chairman of the Management Board of LSC Robert Kirkup.

In the end of the first quarter, liquidity of the LSC Group was still stable. Funds and short-term deposits were worth 36.54 million USD. The total LSC fleet value was 399.19 million USD.

Enclosed - unaudited condensed interim consolidated financial report for the first quarter of 2014.