Latvian Shipping Company

Company type	Joint stock company
Traded as	Nasdaq Baltic: LSC1R
Industry	Shipping
Founded	29 October 1940^[1]
Headquarters	Riga , Latvia
Area served	Worldwide
Key people	Simon Richard Blaydes (Chairman of the Management Board)^[2] Paul Thomas (Member of the Management Board)^[2]
Revenue	€ 172 million (2008)^[3]
Net income	€ 40 million (2008)^[3]
Owner	Ventspils Nafta (49.94%)^[4]
Number of employees	760
Website	http://www.lk.lv/en/

Latvian Shipping Company (Latvian: Latvijas kuģniecība, Nasdaq Baltic: LSC1R) is a Latvian shipping company founded on 29 October 1940^[1] 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

^ ^a ^b "Latvijas kuģniecība". nasdacomxbaltic.com. Retrieved 2010-11-02.
^ ^a ^b "PJSC Latvian Shipping Company Financial Statements Q2 2010" (PDF). nasdacomxbaltic.com. 2010-08-31. p. 3. Retrieved 2010-11-02.
^ ^a ^b "PJSC Latvian Shipping Company Annual Report 2008" (PDF). nasdacomxbaltic.com. 2009-04-07. p. 7. Archived from the original (PDF) on 2012-03-09. Retrieved 2010-11-02.
^ ^a ^b "Nasdaq Baltic".
^ www.cube.lv, Cube /. "About Company : About : Latvijas Kuģniecība". www.lk.lv. Archived from the original on 2013-10-02. Retrieved 2018-05-27.
^ www.cube.lv, Cube /. "MR : Vessels : Fleet : Latvijas Kuģniecība". www.lk.lv. Retrieved 2018-05-27.
^ www.cube.lv, Cube /. "Corporate Structure : Corporate structure : About : Latvijas Kuģniecība". www.lk.lv. Retrieved 2018-05-27.
^ DELFI (2004-02-20). "Завершена приватизация Latvijas kugnieciba". DELFI (in Russian). Retrieved 2018-05-27.
^ LETA (2017-02-24). "'Latvijas Kuģniecības' provizoriskie zaudējumi pērn sasniedz 21,156 miljonus eiro". delfi.lv (in Latvian). Retrieved 2022-07-06.
^ "Par 16,8 miljoniem eiro pārdots Preses nams". Dienas Bizness (in Latvian). Retrieved 2022-07-06.
^ DELFI (2018-04-17). "У судоходной компании Latvijas kuģniecība понизился оборот". DELFI (in Russian). Retrieved 2018-05-27.
^ Lursoft (2018-08-20). ""Ventspils naftai" pievienos "LASCO Investment"". www.klientuportfelis.lv (in Latvian). Retrieved 2022-07-06.

v t e NASDAQ OMX Riga companies of Latvia
Grindeks Latvijas Balzams Latvijas Gāze Latvian Shipping Company Olainfarm SAF Tehnika Valmieras stikla šķiedra VEF