Latco and 3.Maj share moment of optimism for Baltic future.

(From Lloyds List)

Byline: But despite the jovial atmosphere both Latvian owner and Croatian shipbuilder face uncertainties over the horizon, writes Jerry Frank

THERE was a palpable sense of a New Europe with all its opportunities and challenges on parade when Latvia's top shipowner pitched up for launch celebrations at Croatia's premier yard.

Latvian Shipping Co and 3.Maj management exuded summer break optimism at the delivery of 10 new double-hull product tankers from the Croatian shipbuilder.

Both parties had good reason to crack apart the langoustine and pour back the slivovitz, with Latco at last looking at possession of vital replacement tonnage and 3.Maj busy for the next two years.

The optimised 52,600 dwt product tanker Ance and sister ships due over the next two years will bring the Baltic owner's fleet in line with European Union oil shipment regulations, while Latco's mega-order has offered the 3.Maj docks solid employment prospects for some time to come.

However, beyond the oompah bands, the seafood and the delivery of the first in a series of 10 medium range, double-hull product tankers, both owner and yard face some uncertainty over the horizon.