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Ceturtdiena 21.06.2018 | Name days: Monvīds, Egita, Emīls
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Latvian Shipping Company cuts losses 70%

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In the first quarter of 2011, Latvian Shipping Company (Latvijas Kuģniecība) and its subsidiaries posted 3.15 million US dollars losses (1.53 million lats), which is 70% less than in the exact period of 2010 with 10.58 million US dollars (5.15 million lats) in losses.

Baltic news, News from Latvia, BNN-NEWS.COM, BNN-NEWS.RUDespite freight rates market still reported cautious recovery, it did not have a direct impact on the shipping concern, as freight agreements were concluded already for 17 vessels of 21 in the fleet, moreover, they were signed at lower rates, according to the company.

Financial performance is now better thanks to successful management of vessels maintenance and administrative expenses as well as reduction of financial costs. The curret Latvian Shipping Company management is doing its best to protects its shareholders capital and return them to making profit, according to the shipping concern.

As reported, Latvian Shipping Company concluded 2010 with 142.44 million US dollars in losses (69.37 million lats).

Most of the losses are associated with provisioning according to International Financial Reporting Standards: 79.64 million US dollars for SIA LASCO Investment Group (LVL 38.78m), 45.56 million US dollars (LVL 22.19m) for four vessels commissioned from Korean ship building plant Hyundai Mipo Dockyard Co. Ltd, 5 million US dollars (LVL 2.43m) for investments in SIA NAFTA Invest and 4.92 million US dollars (LVL 2.39m) for the vessel – IndraLatvian Shipping Company informed.


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