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Large scale modernization of Latvian Shipping Company’s tankers to be carried out in Latvia

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Large scale modernization of Latvian Shipping Company’s tankers to be carried out in Latvia

may 26, 2015 / Latvian Shipping Company

To modernize the fleet of JSC Latvijas kuģniecība (LK), eight tankers will be dry docked in the Riga dockyard during the period of May to July, performing technical repairs, paintwork and installing new satellite equipment. Over three point six million USD will be invested into the repair works of ships, on average from 450 to 500 thousand USD per ship.

We are currently focusing on strengthening the areas connected with direct operation of companies, and we continue disposing of assets that are not related to our core business. Approximately one point six million USD will be invested in repairs of ships in Latvia, not including spare parts and materials that we procure from all over the world. Modernization of ships of JSC Latvijas kuģniecība will increase their competitiveness in the global transport market of chemical cargoes, crude oil and petroleum products, says Robert Kirkup, the Chairman of the Management Board of JSC Latvijas kuģniecība, emphasizing that this is the first time in the history of LK that ship repair works on such scale are being undertaken.

Starting in May, the dockyard will be attended by medium range tankers Piltene, Usma, Ugale, Targale, Ance and Zemgale: the vessels Krisjanis Valdemars and Puze have already been completed. During the repair works, the ships will be lifted out of the water utilizing a floating dry dock in order to access the entire hull. The body of the vessel will be painted with a high quality anti-fouling and finish coating in order to assist with reducing fuel consumption plus, general repair works will be performed as well as special technical services that are only possible during dry-docking. Satellite antennas and the latest communication systems will be installed on the ships thereby ensuring continuous internet connections, this will improve communication and data exchange between the ship and its managers in Riga whilst the vessel is on voyages around the globe and will further enhance living conditions for the seafarers. Of special note will be the installation of an additional hydraulic tugger-winch on the forecastle deck to comply with the latest Single Point Mooring regulations and, a special aft towing strong-point to be installed on the poop deck to comply with Norwegian oil-terminal requirements. Work on the tankers will take place at the Riga dockyard at Vecmīlgrāvis, which is one of the largest dockyards in the Baltic Sea region with over hundred years of experience.

About JSC Latvian Shipping Company

JSC Latvian Shipping Company (NASDAQ OMX RIGA: LSC1R) is among the biggest vessel owners in the segment of medium and handy size tankers and takes leading positions in terms of the transported amount of petroleum products among similar companies in Northern Europe. The company owns and operates 16 modern vessels employing more than 500 professional and high-skilled seamen from Latvia and, technically manages an additional 4 vessels bringing the total managed fleet to 20. The average age of the LK fleet is 7 years. All of the vessels have received ISM (International Safety Management) certificates. 

Additional information:
Elīna Dobulāne, Communications Consultant
JSC Latvijas kuģniecība
Telephone: +371-25959447
E-mail: elina.dobulane@vnafta.lv
www.lk.lv