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New CEO says situation at Lithuania‘s LJL shipping company difficult but manageable

Lietuvos jūrų laivininkystė/Vladimir Šendrik nuotr. / „Venta“
Šaltinis: BNS

Audronis Lubys, new CEO of Lithuania’s state-owned Lietuvos Jūrų Laivininkystė (Lithuanian Shipping Company, or LJL), admits that the situation in the company is difficult but manageable.

“It is difficult to describe it in one word – the situation is difficult but manageable... I would say that the company’s situation is stable now. Further progress will depend on developments in the shipping market,” former vice-president of privately-owned Limarko Shipping said in an interview with ve.lt portal.

The company did not plan any major reforms as much had already been done by its previous executives.

“We will continue to streamline the company’s operations,” Lubys, who took over as CEO of LJL early in August, said.

The company remained unprofitable for the meantime but it continued to pay wages to its personnel and made timely payments to the creditor bank, he said.

The state owned 61.26 percent of shares in LJL at the end of December 2011.

LJL is quoted on the Secondary List of the NASDAQ OMX Vilnius Stock Exchange.

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