Latvijas kugnieciba
In the first half-year JSC “Latvian Shipping Company” continued to improve its financial indicators

DGAP-News: Latvijas kugnieciba

29.08.2014 / 08:33

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In the first half-year of 2014 JSC 'Latvian Shipping Company' and its
subsidiaries (hereinafter - LSC Group) continued to improve their financial
indicators - last year in the same period the Group suffered a loss of 26.60
million USD, but this year - 8.32 million USD. The total income from the fleet
in the first half of 2014 was 47.14 million USD. 

The loss of the LSC Group in the first half-year included vessel impairments in
the amount of 22.70 million USD, losses from the sale of the vessel 'Riga' in
the amount of 0.32 million USD, as well as re-evaluation of the indirect
investment in JSC 'Latvijas Naftas tranzits' in the amount of 8.35 million USD.
After the sale of the vessel 'Riga' the fleet of the LSC Group consists of
sixteen modern tankers with an average age of 6.5 years. The total value of the
LSC fleet as of June 30, 2014 was 384.98 million USD. 

'In the first half of the year the sea transport market did not meet
expectations, and, in particular, the performance of the tanker market segment
was disappointing. But the fleet of the LSC Group mostly operated on time
charters, thus we managed to avoid income reduction in this segment,' indicates
Chairman of the Management Board of the LSC Robert Kirkup. 

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 16 modern vessels
employing more than 700 professional and high-skilled seamen from Latvia. The
average age of the LK fleet is 6.5 years. All of the vessels have received ISM
(International Safety Management) certificates. 

Additional information:

Elīna Dobulāne, Communication Consultant

JSC 'Latvian Shipping Company'

Phone: +371 25959447

E-mail: elina.dobulane@vnafta.lv

www.lk.lv
News Source: NASDAQ OMX



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Language:    English              
Company:     Latvijas kugnieciba  
 
 
             Latvia               
ISIN:        LV0000101103         
 
 
End of News    DGAP News-Service  
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284598 29.08.2014