Lithuanian Shipping losses pile up

VILNIUS — The Lithuanian government is making improving the management of state-owned companies a priority. Lithuanian Shipping Company will prove a good test of its mettle for reform.

While Lithuanian exports are up 22 percent year-on-year, paradoxically Lithuanian Shipping Company, the state-owned shipping company made a loss of 37 million litai (€10 million) during the first half of this year, three times higher than during the same period last year. The company is mum on details about why the losses have increased so much.

Lithuanian Shipping already switched its CEO during spring with the resignation of Vytautas Vismantas. The government is not looking to privatize the company, but instead cut costs to bring it out of the red.

The company currently owns 11 ships, including six large vessels.

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