Lietuvos juru laivininkyste Management Discusses Business Activities Plan

The general director of Lietuvos juru laivininkyste (LJL) Vytautas Vismantas discussed the plan of the company operation with the representatives of the new authorities . The general director of Lietuvos juru laivininkyste (LJL) Vytautas Vismantas discussed the plan of the company business activities and its correspondence to the new government plan with the head of the Klaipeda district Virginija Lukosiene, the Klaipeda mayor Rimantas Taraskevisius, the members of Sejm commission for fishing and shipping Vaclovas Stankevicius and Jurgis Utovka, the leader of the social democratic party Klaipeda branch Giedris Petruzis. After the privatization and reorganization the Lisco shipping company turned into the joint stock company Lietuvos juru laivininkyste with an authorized capital stock of 200 mil 901 thousand 269 Litts (1 USD equals 4 Litts) 73.2 % of shares are state owned, 6.36% belong to the Danish DFDS Tor Line (the major owner of LISCO), the rest of the shares are owned by minor shareholders. Lietuvos juru laivininkyste possesses 19 dry cargo freighters, the Jura hotel and 3 recreation departments. There are 609 sailors and 96 shore-based specialists in the company staff. The company experts worked out the development plan for for a period till 2005, taking into account the $18 mil credit, allotted for the “Spanish series” vessels construction. The credit payback period is 2008. It is necessary to pay back $955 thousand this year, moreover, $500 thousand are necessitated to complete the actual vessels renovations. This hampers the operation, the fist half of the year results were nevertheless positive, and the company intends to gain a net profit of $800 thousand by the end of 2001.