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PC "Lithuanian Shipping Company" starts to implement fleet's concentration
[January 08, 2014]

PC "Lithuanian Shipping Company" starts to implement fleet's concentration

(OMX Via Acquire Media NewsEdge) Klaipeda, Lithuania, 2014-01-08 07:50 CET (GLOBE NEWSWIRE) -- In December 2013 the Board of Directors of PC “Lithuanian Shipping Company” has approved company’s strategic business plan for the years 2014-2016, which provides a consistent renewal of the company’s fleet, concentrating on the “ Handysize” segment (17-25 thousand tons tonnage ships). During the implementation of the strategic business plan smallest motor vessels of the company will be sold and 1-2 bigger tonnage vessels will be bought.

According to general director of PC “Lithuanian Shipping Company” Audronis Lubys, as the global fleet concentration is taking place, the company refuses smaller motor vessels employed in the coastal shipping and plans to buy bigger tonnage ships of “ Handyzise” segment, which would be employed in transatlantic shipping market.

Strategic goal of the company – to become a leader of the bulk carriers market (in 17-25 thousand tons tonnage segment) in the Baltic Sea region, maintaining modern and profitable fleet flying the flag of the Republic of Lithuania.

Consistent implementation of the approved strategic business plan will be the base of the successful and profitable activities of the company.

“With the favorable situation in the global shipping market, we do not exclude the possibility to add a “ Handysize” segment’s vessel to the company’s fleet in the second part of this year. This way, not only the fleet would be renewed, but also the fleet’s total tonnage would be maintained”, - underlined A. Lubys.

For more information: PC “Lithuanian Shipping Company” General director Audronis Lubys Tel. (46) 39 31 04 E-mail: Arvydas Stropus Chief Accountant Ph.: (+370 46) 393 126 Copyright © 2014 OMX AB (publ).

Copyright © 2014 OMX AB (publ)

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