Vitol likely to take Latvian Shipping Company private

A Dutch subsidiary of energy giant Vitol, which has become the majority shareholder of Latvian Shipping Company (LSC), is looking at delisting the shipowner once its mandatory share buyout is complete later this month.

LSC is listed in Riga. It has 16 medium- and handy-sized tankers with an average age of nine years.

Energy trader Vitol has been beefing up its transport portfolio of late. Last month it signed shipbuilding contracts with South Korea’s Hyundai Heavy Industries (HHI) for the construction of two 84,000 cu m VLGCs.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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