OREANDA-NEWS. September 06, 2016. Full version of the 6 month report is repeatedly published, previously published 6 month report was lucking several pages due to the technical reasons which occurred due to the formatting mistake to pdf.

The Latvian Shipping Company and its subsidiaries (LSC Group) revenue for Q2 2016 was USD 50,08 million (USD 45,81 million in Q2 2015) with a stable net voyage result for the period of USD 44,92 million. 

The net loss for Q2 2016 was USD 6,66 million. Fleet operating profit was USD 30,17 million in Q2 2016 higher than the same period in the previous year (USD 26,93 million). The total net book value of the LSC Groups fleet at 30th June 2016 was 303.94 million USD (31 December 2015: USD 328.49 million), which is calculated using the total vessel cost at the date of delivery less accumulated depreciation and accumulated impairment losses during its useful life, if any.

The key financial indicators for the LSC Group for Q2 for the last three financial years were as follows (USD million):

  6M 2014  

6M 2015


6M 2016

Sales 47.35 45.81 50.08
EBITDA 18.87 23.80 27.94
Profit before exceptionals 3.01 10.25 (0.90)
Exceptionals (loss/income from financial assets) 11.37 0.65 0.01
Exceptionals (fleet impairment) (22.70) (2.05) (5.60)
Net (loss)/profit (8.32) 8.85 (6.66)

There were no changes in the commercial fleet (sixteen vessels); in the first half of the year LSC Shipmanagement Ltd was contracted to technically manage three additional third party tankers (twenty three vessels in total, including seven third party tankers).

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. All of the vessels have received ISM (International Safety Management) certificates.