LSC wins court cash

Latvian Shipping Company (LSC) has been boosted in the first quarter by a $20.05m partial settlement of its London fraud case.

The company said it banked the amount in respect of the Antonio Gramsci Corporation case in the high court.

Gramsci and other single-ship companies connected to Latvian Shipping are suing various other offshore companies and individuals over more than $100m of losses suffered as a result of alleged undervalued and fraudulent charters.

It provided no further details, but net profit was $7.26m to 31 March, up from $0.08m in the same period of 2013.

The fleet, now reduced to 16 modern products tankers, brought in $23.66m, from $26.82m.

Vessel impairments cost it $13.3m.

Chairman Robert Kirkup said: “The first quarter of 2014 proved disappointing for the products tanker segment especially within the medium range tanker segment, particularly within the Atlantic basin.

"However. having the vast majority of the LSC medium range fleet on time charter enabled LSC to escape this unexpected seasonal downturn in earnings."