SSG No 10 - Shipgaz
SSG No 10 - Shipgaz
SSG No 10 - Shipgaz
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SHIPPING AND SHIP MANAGEMENT<br />
The naming ceremony of Lasco’s the Kraslava was held at Hyundai Mipo Dockyard. Her sistership,<br />
the Kantava, will arrive in May.<br />
New Latvian ships come<br />
from Marshall Islands<br />
At the time when the Estonian flag<br />
was replaced with the Latvian flag<br />
on the Vana Tallinn, new Latvian<br />
ships, i.e. Lasco’s tankers will hoist the flag<br />
of the Marshall Islands.<br />
LATVIA<br />
It appears that not only the shipowner<br />
but a bank may determine the home port<br />
of a ship. Thus, the Latvian Ship Register<br />
has not recorded any remarkable growth in<br />
the number of ships.<br />
Modernising the fleet<br />
Five of the new tankers ordered under the<br />
fleet modernisation programme of the Latvian<br />
Shipping Company (Lasco) have<br />
already been received from the Croatian 3.<br />
Maj Shipyard and the sixth has been<br />
launched. The first out of four tankers<br />
The Ance was the first vessel to be launched<br />
in a series ordered from 3. Maj Shipyard in<br />
Croatia.<br />
ordered from the South Korean Hyundai<br />
Mipo Dockyard has been finished and the<br />
second one will follow in May.<br />
The Ance, the Jurkalne, the Puze, the<br />
Targale and the Ugale made in Croatia and<br />
the Kraslava made in South Korea already<br />
sail under the flag of the Marshall Islands<br />
and they will probably be followed by the<br />
other ships, such as the Usma coming from<br />
Croatia and the Kantava, which is due to<br />
arrive from South Korea in May. The reason<br />
is that according to the terms of Lasco’s<br />
loan of over USD 360 million taken<br />
from foreign banks, the banks want the collateral<br />
to be registered in countries the legislation<br />
of which is known to them well<br />
and where they “feel comfortable”. The<br />
Marshall Islands are one of them.<br />
Lasco will restructure its fleet, focussing<br />
on medium-sized product tankers. Therefore<br />
the panamaxes Latgale and Zemgale<br />
were sold at the beginning of the year.<br />
According to the fleet modernisation program,<br />
two older tankers will be sold, but<br />
some tankers have been modernised as well.<br />
Lasco has two older tankers, both LPG carriers<br />
and its only dry cargo vessel, which sail<br />
under the Latvian flag. Some tankers and all<br />
five reefers sail under the Maltese flag and<br />
62 SCANDINAVIAN SHIPPING GAZETTE • MAY 21, 2007<br />
MARITA OZOLINA-TUMANOVSKA<br />
LASCO
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