JSC Latvijas kuģniecība (Latvian Shipping Company – LASCO) Group’s unaudited consolidated financial report for 2008 proves that the correctly chosen strategy for operational performance and the sale of the elderly fleet tonnage has allowed to benefit from the market situation and attain positive fleet performance result in the amount of USD 63,4 million in 12 months of 2008 and an excellent profit from the sale of the vessels of USD 45,2 million.

Throughout the year 2008 LASCO Group has been proceeding with the implementation of its strategic goal set – increasing the Group’s value securing its place among the ten leading shipowners in the world in medium range tanker segment. In 12 months of 2008 LASCO Group has worked with net profit in the amount of USD 58,6 million. The profit earned in 2008 is USD 8,4 million or 13 per cent lower compared to 2007 revealing general unfavourable market tendencies during the report period and at the end of it in particular.

LASCO Group’s assets have increased by USD 293,2 million reaching USD 1150,2 million on December 31, 2008. This is the first time in LASCO history when the Group’s assets have exceeded one billion USD.

Over the 12 month period of 2008 all the fleet sectors have worked with profit their vessel operating profit reaching USD 63,4 million.