OREANDA-NEWS. Following other companies of the JSC Ventspils nafta Group, JSC Latvian Shipping Company participated in the Sustainability Index for the first time this year. Its performance in terms of corporate responsibility and sustainability was evaluated as good by experts, ranking JSC Latvian Shipping Company in the silver category.

 “The first year for us is like a point of reference to understand, which corporate responsibility and sustainability areas are in good order and which ones require improvements. Already now we are putting in efforts to ensure our operation in accordance with the highest standards regarding safety and environment protection,” says the Chairman of the Management Board of JSC Latvian Shipping Company Robert Kirkup, emphasizing that companies, which purposefully implement effective involvement of the affected audience and introduce processes by which risks are identified and managed, qualify for the silver category.

JSC Latvian Shipping Company is a company with 75 years of experience in shipment of crude oil and petroleum products, as well as chemical substances by tankers of various sizes worldwide. Latvian Shipping Company’s tanker fleet is managed by a professional crew of Latvian origin and coast employees who ensure highly professional services in accordance with the international safety standards. Therefore, the company has defined development of seafaring-related education as one of its corporate responsibility areas. JSC Latvian Shipping Company is investing knowledge and financial resources into education of future seafarers and popularisation of the seafaring sector in the society.

The Sustainability Index has been organised in Latvia already for the sixth year. Partners of the initiative are the Institute for Corporate Sustainability and Responsibility, the Employers’ Confederation of Latvia and the Free Trade Union Confederation of Latvia.

Methodology of the Sustainability Index of Latvian companies is based on experience the most influential global indices – Dow Jones Sustainability Index and Business in the Community CR Index – by taking into account the bar set by the corporate responsibility standard ISO 26000 and the Global Reporting Initiative (GRI) G4 guidelines. The localised index evaluates performance of companies in line with economic, social and environmental issues important exactly for Latvia, at the same time representing an internationally recognised understanding of corporate responsibility and sustainability criteria.

About JSC Latvian Shipping Company

JSC Latvian Shipping Company (NASDAQ OMX RIGA: LSC1R) is among the biggest vessel owners in the segment of medium and handy size tankers and takes leading positions in terms of the transported amount of petroleum products among similar companies in Northern Europe. The company owns and operates 16 modern vessels, employing more than 500 professional and high-skilled seamen from Latvia and, technically manages additional 4 vessels, bringing the total managed fleet to 20. The average age of the LK fleet is 7 years. All of the vessels have received ISM (International Safety Management) certificates.