Vitol ups stake in Latvian Shipping Company to 70%

A Dutch subsidiary of energy giant Vitol has bought some 39m shares, equivalent to 19.62% of the total voting capital in Latvian Shipping Company (LSC). No price was revealed for the investment.

Vitol Group’s total shareholding in LSC now stands at 69.56%, suggesting it could push to complete a full on takeover of the tanker owner.

LSC has 16 medium- and handy-sized tankers with an average age of nine years.

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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