LASCO newbuilding contract confirmed

The Latvian Shipping Company (LASCO) has confirmed that the order it placed with the Croatian shipbuilder 3 Maj earlier this year in January for eight handy-size product tankers has now come into effect. The receipt of a Croatian bank?s guarantee, stipulated in the contract to protect LASCO against the non-performance of the contract by the shipbuilder, enabled payment to be made of the first installment to the shipyard.

The 51,800DWT ice-classed tankers with double hull will carry both oil and chemical products. The first two tankers are scheduled for delivery in 2006, with the final six vessels due for completion by 2009.