Latvian Shipping Company is one of the leading shipping companies in the Baltic region. The company was founded in 1991 and has since grown to become a major player in the maritime industry.
Latvian Shipping Company operates a fleet of vessels that transport cargo and passengers across the globe. The company's fleet includes tankers, bulk carriers, and container ships.
Latvian Shipping Company has a strong presence in the Baltic Sea region and is known for its high-quality services and efficient logistics.
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Company History
Latvian Shipping Company has a rich history that spans several decades. In 2004, the privatization of the company was completed, and Ventspils Nafta became the largest shareholder.
The company's financial performance has fluctuated over the years. In 2016, Latvian Shipping operated with a loss of 21.156 million euros.
In 2017, the company's turnover decreased by 9.1%, and its profit was 11.273 million euros. This decline in revenue likely had a significant impact on the company's operations.
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Here are some key events in the company's history:
- 2004: Privatization of the company was completed, and Ventspils Nafta became the largest shareholder.
- 2016: Latvian Shipping operated with a loss of 21.156 million euros.
- 2017: Turnover decreased by 9.1%, and profit was 11.273 million euros.
- 2018: SIA LSC Shipmanagement was renamed SIA LSC, and SIA LASCO Investment became the property of Ventspils nafta.
- 2019: Latvijas kuģniecība was merged into Ventspils nafta, which was then renamed Latvijas kuģniecība.
Recent Developments
A significant settlement has been reached in the Stocznia/Latreefers dispute, resolving a long-standing issue between Latco Shipping Company and the Polish yard.
The dispute, which was fought out in the English and French courts for years, has finally been settled, with Latvian interests represented by Lawrence Graham Co throughout the process.
The "Latco" Shipping Company and the "TAGANROGA" have now been released, bringing an end to the lengthy and complex legal battle.
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Adds Tanker to Fleet
The Latvian Shipping Company has made some significant additions to its fleet. The company has added a new tanker, the Elandra Falcon, which is the 25th tanker managed by LSCSM.
The Elandra Falcon is quite a large ship, measuring 268.25 meters in total length. It has a deadweight of 157,000 tons.
Robert Kirkup, the Chairman of the Board of JSC Latvian Shipping Company, is thrilled with this new addition. He sees it as a sign of quality that attests to the professionalism and skills of their crews and ship management team.
This new tanker is intended for transporting oil products, which will likely be a vital service for many industries.
Stocznia/Latreefers Dispute Settled
The Stocznia/Latreefers dispute has finally been settled after years of litigation in English and French courts.
Lawrence Graham Co represented the Latvian interests throughout the case.
The Polish yard, Latco, was involved in the dispute.
The dispute involved the "TAGANROGA" and the Shipping Company.
The "TAGANROGA" and the Shipping Company have now been released.
Small Package Service
Small Package Service has seen significant changes in recent years. The introduction of dimensional weight pricing has increased costs for shippers, making them rethink their packaging strategies. This shift has led to a rise in the use of more efficient packaging materials and designs.
The rise of e-commerce has also driven demand for small package services, with many online retailers relying on these services to get their products to customers quickly. This demand has led to increased competition among carriers, driving innovation and investment in their small package networks.
The impact of the pandemic on supply chains has also highlighted the importance of small package services, as many businesses turned to these services to get critical goods to customers. This has accelerated the growth of the small package market, with many carriers reporting significant increases in volume and revenue.
As a result, small package services are now more important than ever, offering fast, reliable, and flexible delivery options for businesses and consumers alike.
Financial Performance
The Latvian Shipping Company (LSC) has made significant strides in its financial performance, a far cry from its struggles in the past.
The company reported a profit of US$ 77,000 in Q1 2013, despite an impairment charge of US$ 1.7-million against the decrease of the fleet value.
This profit may seem symbolic, but it marks a major turning point for LSC, as it's the first time since 2008 that the company has reported a positive financial result.
In comparison, the LSC Group closed Q1 of 2012 with a substantial loss of US$ 17.77-million.
The company's chairman, Simon Blaydes, is cautiously optimistic about the prospects of the petroleum product tanker market, citing the progressive increase in charter rates as a positive trend.
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IPO in 2016
Latvian Shipping Company (LSC) planned to raise EUR 80 million through an initial public offering (IPO) on the Riga Stock Exchange in the first half of 2016.
The IPO was subject to approval by a shareholders meeting planned for April 2016.
LSC hoped to double its share capital and raise equity of EUR 80 million to pay down existing debts due in 2016 and 2017.
A successful float would be the first on the Latvian bourse in over a decade.
Frequently Asked Questions
Who is the owner of Latvian shipping company?
The owner of the Latvian shipping company is Vitol Netherlands B.V., which acquired ownership on June 20. Learn more about Vitol Netherlands B.V. and their involvement in the shipping industry.
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