Vitol aims to refinance Latvian Shipping

Logistics Tankers

Share issue of up to $71m planned as trader and owner boosts holding in Riga tanker company to 91%.

Oil
trader
and
shipowner
Vitol
is
planning
a
refinancing
of
Latvian
Shipping
Company’s
debt.

The
Riga-based
product
tanker
operator
said
its
major
shareholder
plans
to
increase
the
share
capital
by
EUR
60m
($71.37m)
to
EUR
120m
in
a
private
issue.

The
money
will
refinance
shipping
borrowings,
it
added.

The
move
comes
after
a
mandatory
offer
for
Latvian
Shipping’s
remaining
stock
saw
Vitol
boost
its
shareholding
to
90.79%
last
month,
after
the
Latvian
government
sold
it
a
10%
slice
for
$16.67m.

Importing and managing the logistics of your precious freight is no easy task. Compliance to U.S. Customs & Border Patrol is essential to your cargo clearing customs. Use a freight forwarder to lower your chances of having shipment delays and to oversee all of your international freight logistics. Contact a customs broker to file your ISF and issue any pre-alerts to avoid penalties and delays, and arrange your ocean freight and imports customs clearance.



Gary Dixon