Vitol Buys Majority Stake in LSC

LSC Vitol Netherlands has acquired 19.62% of the total voting capital of Latvian Shipping Company (LSC), LSC said citing a notification from energy and commodities company Vitol. This is equivalent to a total of 39,249,118 shares in the tanker shipping company. The sum Vitol paid for the shares was not disclosed. Since 2002, the largest shareholder of LSC has been Vitols subsidiary JSC Ventspils Nafta, owning 49.94% of the share capital. Given that Vitols existing shares in LSC amount to 99,880,361, the groups total shareholding is now equivalent to 69.56% of the voting capital of LSC, the shipping company said in a statement. Currently, LSCs fleet is comprised of sixteen Handy and MR ships with carrying capacities from 37,211 to 52,684 tons.