EU – Baltic States, Latvia, Legislation, Transport

The current chairman – Paul Thomas, will remain a member of the board.

Now that Blaydes has had sufficient introduction to the company, LSC believes that with his financial expertise and administrative experience, it would be logical for him to fully concentrate on day-to-day management of the company on both the financial and the administrative level.

"This extension to his current duties would enable me to concentrate fully on commercial shipping matters," said Thomas.

He also stressed that, despite the change, the company's business priorities remain unchanged. LSC management will continue to work to increase the company's value and long term sustainability,

"It is the strategy of the management to concentrate its efforts on developing a strong niche in the medium-sized product tanker market with a large fleet, now all less than five years old. With this profile in terms of size and quality, we believe we can compete more aggressively on the international shipping markets in the future," noted Thomas.

He added that the company's management is also committed to achieving greater efficiency and cost management, as well as raising standards of corporate governance to bring LSC in line with accepted international standards.

Simon Blaydes is the former CFO of the Arawak Group, he previously was a partner in the transaction support departments of Ernst & Young Energy Practices in Beijing, London and Kazakhstan. Blaydes is also a chartered accountant and an associate of the Institute of Chartered Accountants in England and Wales.