Latvian Shipping Lends USD 348 Mn to Vitol

Illustration; Image Courtesy: Vitol

Latvian Shipping Company (LSC) has issued a short term loan to Dutch oil trading company Vitol Netherlands B.V. in the amount of EUR 284 million (USD 347.8 million).

The loan to Vitol Netherlands B.V., an LSC shareholder which owns 97% of shares with voting rights and has decisive influence on the company, has a maturity date of September 30, 2018.

The interest rate is 0.5% per annum including an option to terminate the loan before the maturity in order to partly cover the company’s group financial obligations.

LSC completed its capital rising process on December 8, 2017. The purpose of the share capital rising was partly to cover the Group’s financial obligations from the proceeds received from the issue of shares and to strengthen competitiveness.

The company said that the share capital rising process was carried out in due time, adding that the nearest balloon payments in total for 28 million USD for loans issued for the financing of the company’s vessels are due in June and July, 2018.

LSC said that the loan transaction has a positive impact both on its commercial and financial results.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2018 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Posidonia 2018

Posidonia, the international shipping exhibition, has long been established as one of the major calendar events…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

THE 7TH EDITION OF NAVALIA, INTERNATIONAL SHIPBUILDING EXHIBITION 2018

The event wanted to be from the beginning a reference for the naval sector and to serve as a tool to attract investors and contracts for the industry…

read more >

BlueWeek2018

The BlueWeek2018 will be held on 28-29-30 May in Rotterdam, under the auspices of the Blue Forum…

read more >