Latvian Shipping Company Explained

Latvian Shipping Company
Type:	Joint stock company
Foundation:	29 October 1940^[1]
Location City:	Riga
Location Country:	Latvia
Area Served:	Worldwide
Key People:	Simon Richard Blaydes (Chairman of the Management Board)^[2] Paul Thomas (Member of the Management Board)
Industry:	Shipping
Revenue:	€ 172 million (2008)^[3]
Net Income:	€ 40 million (2008)
Owner:	Ventspils Nafta (49.94%)^[4]
Num Employees:	760
Homepage:	http://www.lk.lv/en/

Latvian Shipping Company (Latvian: Latvijas kuģniecība,) is a Latvian shipping company founded on 29 October 1940 and listed on the NASDAQ OMX Riga. The company owns 20 ships, employing more than 700 seamen from Latvia.^[5] The total carrying capacity of the LK fleet is 957 974 DWT and the average age of the fleet does not exceed 6.5 years.^[6]
Main shareholder is Ventspils Nafta (49.94%).^{[4] [7]}

History

• In 2004, the privatization of the company was completed, and Ventspils Nafta became the largest shareholder.^[8]
• In 2016, Latvian shipping operated with a loss of 21.156 million euros.^[9] In June 2017, Latvian Shipping's subsidiary SIA LASCO Investment sold the Preses nams building to SIA PN Project, which is managed by the Lithuanian real estate and private equity company Lords LB Asset Management.^[10]
• In 2017, turnover of the company decreased by 9.1%, profit was 11.273 million euros.^[11]
• In February 2018, SIA LSC Shipmanagement, a subsidiary of Latvian Shipping Company, which performed technical supervision of tankers, was renamed SIA LSC. In May 2018, the subsidiary company of Latvian Shipping Company SIA LASCO Investment became the property of Ventspils nafta. On June 20, Vitol Netherlands B.V. became the owner of SIA LSC. In May 2018, the subsidiary company of Latvian Shipping Company SIA LASCO Investment became the property of Ventspils nafta. On June 20, Vitol Netherlands B.V. became the owner of SIA LSC.^[12]
• On 16 December 2019, Latvijas kuģniecība was merged into Ventspils nafta, which in turn was renamed Latvijas kuģniecība.

References

NASDAQ:

Notes and References

1. Web site: Latvijas kuģniecība . nasdacomxbaltic.com . 2010-11-02.
2. Web site: PJSC Latvian Shipping Company Financial Statements Q2 2010 . nasdacomxbaltic.com . 3 . 2010-08-31 . 2010-11-02.
3. Web site: PJSC Latvian Shipping Company Annual Report 2008 . nasdacomxbaltic.com . 7 . 2009-04-07 . 2010-11-02 . https://web.archive.org/web/20120309135158/http://www.nasdaqomxbaltic.com/upload/reports/lsc/2008_ar_en_eur_con_ias.pdf . 2012-03-09 . dead .
4. Web site: Nasdaq Baltic.
5. Web site: About Company : About : Latvijas Kuģniecība. www.cube.lv. Cube /. www.lk.lv. en. 2018-05-27. https://web.archive.org/web/20131002092202/http://www.lk.lv/en/about-latvian-shipping-company/about-company/. 2013-10-02. dead.
6. Web site: MR : Vessels : Fleet : Latvijas Kuģniecība. www.cube.lv. Cube /. www.lk.lv. en. 2018-05-27.
7. Web site: Corporate Structure : Corporate structure : About : Latvijas Kuģniecība. www.cube.lv. Cube /. www.lk.lv. en. 2018-05-27.
8. News: Завершена приватизация Latvijas kugnieciba. DELFI. 2004-02-20. DELFI. 2018-05-27. ru.
9. Web site: LETA . 2017-02-24 . 'Latvijas Kuģniecības' provizoriskie zaudējumi pērn sasniedz 21,156 miljonus eiro . 2022-07-06 . delfi.lv . lv.
10. Web site: Par 16,8 miljoniem eiro pārdots Preses nams . 2022-07-06 . Dienas Bizness . lv.
11. News: У судоходной компании Latvijas kuģniecība понизился оборот. DELFI. 2018-04-17. DELFI. 2018-05-27. ru.
12. Web site: Lursoft . 2018-08-20 . "Ventspils naftai" pievienos "LASCO Investment" . 2022-07-06 . www.klientuportfelis.lv . lv.