SSC Ferries OU has announced the company will be liquidated and as a result cease operation of the Montu-Ventspils shipping route. Last year, the enterprise reported a loss of 4.8 million kroons. However, the company's turnover at 10.1 million kroons had grown by 40 per cent in a year-on-year comparison. A third of the turnover came from Estonia. SSC Ferries is a subsidiary of the Saaremaa Laevakompanii, which is owned by businessman Vjatsheslav Leedo. The Saaremaa-Ventspils shipping route was opened in 2005, but never managed to turn a profit.
Mitsubishi has indicated its interest in supplying reactors to the new nuclear power plant in Lithuania. The heads of one of the major Japanese corporation, who are on a visit to Vilnius as part of European Capital of Culture celebrations also met with Prime Minister Andrius Kubilius to discuss the possibility of cooperation. "We have discussed the possibilities of Mitsubishi to participate in the realization of various projects in Lithuania. This is one of the largest companies producing nuclear reactors in the world. We think that this is an occasion for the development of stronger business connections," Kubilius said following the meeting.
Latvian Shipping Company (Latvijas Kugnieciba, LK) has rejected accusations made by one of its small shareholders 's Atholl Greece Ltd. In a statement issued on July 12 the Greek legal entity claimed LK was misleading investors about unprofitable transactions that could result in insolvency. LK PR and Advertising Service Department Director Marita Ozolina-Tumanovska expressed disappointment Atholl Greece had not thought of turning to LK to discuss matters of interest constructively before making unproven public claims. Ozolina-Tumanovska also urged interested parties to further investigate Atholl Greece Ltd's position in the international shipping business before passing judgment.