Hereby JSC Latvijas kuģniecība (Latvian Shipping Company - LASCO) informs that on 26 April 2008 a launching and naming ceremony of LASCO’s newbuilding is held at 3.Maj Shipyard in Croatia. It has become a tradition for LASCO to name its newbuildings after Latvian towns and regions. This time the new tanker newbuilding has been granted the name of the coastal city of Salacgriva. Deputy Chairman of Salacgriva City Council Dr. Skaidrīte Eglīte has been honored to become the ship’s Godmother.

LASCO’s development strategy provides for focused operations in the medium size tanker segment, implementation of the tanker fleet renewal programme and providing its customers highly professional services in compliance with international safety standards. In 2007 the tanker fleet has represented 89 per cent of the Group’s total Vessel Operating Profit or USD 61.92 million. The achievement of these results is related to the increasing number of the new and modern ships, as well as to the freight rates, which are considerably higher than those offered for older tonnage.

At present LASCO’s fleet is comprised of 44 vessels in total – 37 tankers, four refrigerators, two LPG carriers and one dry cargo ship. Implementing the fleet renewal programme, in 2008 LASCO will take delivery of two more tanker newbuildings from 3.Maj Shipyard in Croatia thereby completing the first round of the vast fleet renewal programme.

The operations of the new double-hull tankers are focused on oil product – black fuel oil, diesel oil and petrol – shipments. In addition the new tankers of LASCO are employed in vegoils’ and light chemicals’ shipments.