Emitents | Latvijas kuģniecība, AS (48510000VYR04HZGC213) | ||||||||||||||||||||||||||||||||||||
Veids | Citi | ||||||||||||||||||||||||||||||||||||
Valoda | EN | ||||||||||||||||||||||||||||||||||||
Statuss | Publicēts | ||||||||||||||||||||||||||||||||||||
Versija | |||||||||||||||||||||||||||||||||||||
Datums | 2012-03-23 10:56:53 | ||||||||||||||||||||||||||||||||||||
Versijas komentārs | |||||||||||||||||||||||||||||||||||||
Teksts |
For the first time, JSC Latvian Shipping Company (NASDAQ OMX RIGA: LSC1R) (hereafter – LSC) has published the chartering rates achieved by the LSC fleet. The current management has succeeded in increasing charter rates in 2011 when compared with rates achieved in 2010 under the previous management. Paul Thomas, member of the Management Board of LSC emphasizes
that it is important for a public quoted company to be transparent
and to provide interested parties, especially its investors, with
all relevant company information. The management board believes
this is good business practise and LSC will in future update this
information on a quarterly basis.
In 2011, the medium size tankers (12 MR type tankers with
carrying capacity of 52 thousand tons) achieved an average charter
rate of USD 12 882 per day which is an 8.7% increase compared with
2010.
In turn the “handy” tankers (7 “handy” tankers with carrying
capacity of 37 thousand tons each) achieved an average charter rate
of USD 11 216 per day which is a 4.6 % increase on 2010.
LSC has performed favourably in comparison with
its shipping peers throughout 2011 and during the most
recent quarter published - Q4 2011.
The only tanker, for which the chartering rate has decreased
within the last year, is the tanker “Riga” with carrying capacity
of 68 thousand tons. It achieved USD 13,623 per day which is a
28% decrease on 2010. The decreased earnings on the Riga were a
consequence of the vessel’s age (built in 2001) and also due
to a lack of demand for such sized tankers in the current market. A
similar tendency has also been reflected in the earnings of other
shipping companies in this particular market sector due to less
demand for long range product movements especially from eastern
refineries to western economies.
Paul Thomas, member of the Management Board of LSC observes
that in recent years there has been a decline in demand for
petroleum products, especially in the more developed Western
economies, as well as an increase in the number of product tankers
as a consequence of over ordering during the boom years of
shipping. This has resulted in negative earnings for
ship-owners.
However the current management has succeeded in achieving an
increase in chartering rates on a year to year basis. LSC has been
able to improve earnings due to the shipping professionalism of
members of the management board and all the dedicated professional
staff of Latvian Shipping Company.
Paul Thomas, member of the Management Board of LSC stresses:
“The new management board is ensuring the
company follows a strict policy of corporate
governance. There is no longer any manipulation of chartering rates
and the services of dishonest brokers have completely stopped”.
Currently there is significant legal action being held in the UK
courts in order to recover losses of USD 135 million caused by
fraudulent charter schemes prior to and including 2005. LSC hopes
to regain this money as a result of these legal proceedings in the
next few years.
Paul Thomas, member of the Management Board of LSC in the
interview with Latvian Business daily Dienas business disclosed
that in the short term the company will not be able to pay
dividends as it has an unaudited consolidated loss of LVL 25
million in 2011.
Average LSC Fleet net TCE, USD/per
day
Explanations:
HS = handy size, 37 dwt
MR = medium range, 52 dwt
LR1 = long range, 68 dwt
Net TCE = TIME CHARTER EQUIVALANT earnings after deduction of
commissions payable by LSC to shipbrokers(s)/charterers, port
costs, bunker costs and any other applicable voyage related costs.
The above figures reflect combined earnings of fleet for both
timecharters and spot market trading.
About JSC “Latvijas kuģniecība”
In the medium-sized and handy tankers
category JSC „Latvijas kuģniecība” (NASDAQ
OMX RIGA: LSC1R) is among the leading ship owners in the
world, and in terms of transport volumes of petroleum products it
is also in a leading position among similar companies in Northern
Europe. It owns 20 modern ships, employing more than
700 professional and highly qualified seamen from Latvia. The total
carrying capacity of the LK fleet is 957 974 DWT and the
average age of the fleet does not exceed 5.5 years. All ships have
received ISM (International Safety Management)
certificates.
Ilze Nagla
Public Relations Manager JSC “ Latvijas kuģniecība” Tel.: 29267454, 67715914 E-mail: ilze.nagla@vnafta.lv |
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