Latvian Shipping Company to Raise Cash for Shipping Debts

Latvian owner and operator of medium and handy size tankers Latvian Shipping Company (LSC) is planning to raise equity capital of EUR 80 million (USD 86.5 million) in an Initial Public Offering (IPO).

LSC plans to use the newly acquired capital to pay down existing shipping debts due in 2016 and 2017.

The Supervisory Council of LSC is looking to double the share capital and raise equity in the amount of the weighted average price of LSC share over the past six months on stock exchange is EUR 0.40.

The LSC Management Board said it believes a share capital raising would achieve this and place the company in a stronger position.

LSC expect the IPO process will be carried out in the first half of 2016.

The IPO is subject to approval to the LSC shareholders meeting planned to be convened in April 2016.

JSC Latvian Shipping Company has a fleet of 16 tankers with carrying capacity from 37, 211 to 52, 684 tons.