JSC “Latvian Shipping Company” has reached the agreement with “Credit Agricole Corporate and Investment Bank”
OREANDA-NEWS. JSC “Latvian Shipping Company” (LSC) has reached the agreement with “Credit Agricole Corporate and Investment Bank” on the extension of the Medium Range tankers Latgale and Zemgale loan facility for a further period of two years in the amount of 33.2 million USD.
The Chairman of the LSC Management Board Robert Kirkup says: “We are pleased to have been able to reach an agreement with the bank on continued cooperation. An extension of the existing bareboat charters was a mandatory pre-condition of the lending bank in order to provide sufficient security and stable cash flow for the loan facility.”
Latgale and Zemgale were built and acquired in 2011 from Korean shipbuilder “Hyundai Mipo Dockyard Co., Ltd.” and are used for the safe transportation of oil and chemical products throughout the world including ice regions being designated a suitable tanker to trade in ice.
About JSC “Latvian Shipping Company”
JSC “Latvian Shipping Company” (NASDAQ 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 16 modern vessels employing more than 1300 professional and high-skilled seamen from Latvia. Besides, it is technically serving 7 more vessels, thus managing a fleet of 23 vessels. The average age of the LASCO fleet is 8 years.