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Third tanker added to LSC Shipmanagement fleet in Latvia

BC, Riga, 19.05.2016.Print version
LSC Shipmanagement (LSCSM), a subsidiary of Latvijas Kugnieciba (Latvian Shipping Company), has supplemented the fleet under its full technical management with a newly built ship, the Elandra Oak, the company said LETA.

Фото: lk.lv

The new tanker is intended for transportation of oil and chemical substances. Her total length is 183 meters and deadweight – 49,999 tons.

 

LSCSM is adding a third vessel to the fleet under its technical management this year, which is a proof of not only how highly the company is evaluated among ship technical manager companies worldwide, but also especially highlights the high professionalism of our crew and ship management teams. The addition to the fleet is an important event, as it allows the company to increase its number of workplaces both ashore and onboard,” said Robert Kirkup, Chairman of the Management Board of Latvijas Kugnieciba.

 

The Elandra Oak is the third new vessel of LSCSM built by SSP Shipbuilding in South Korea. The first of the three vessels – the Elandra Spruce – was received on January 11, and the second vessel, the Elandra Palm, was delivered on April 8.

 

Latvijas Kugnieciba group posted USD 7.22 million (EUR 6.5 million) in net loss last year, according to the financial statements submitted to the Nasdaq Riga stock exchange. The company explained that the loss had been due to a loss arising from the reconsolidation of LASCO Investment group with negative financial effect in the amount of USD 22.74 million.

 

The shipping group generated EUR 83.491 million in 2015 turnover, up 21.7% from a year before. The annual turnover of the group mainly consisted of income from the fleet as well as a small portion of income generated from third party tanker technical management and real estate rent. The total income of the fleet for 2015 was USD 91.44 million, while the fleet’s net voyage result for 2015 was USD 82.56 million.

 

Latvijas Kugnieciba provides shipping services in all seas and oceans of the world, trains and recruits crews, as well as provides technical ship management to its own and ships owned by other companies.

 

Latvijas Kugnieciba is quoted on the Main List of the Nasdaq Riga stock exchange. Its key shareholder is the Latvian holding company Ventspils Nafta.






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