An additional 3-million-euro loan issued by SEB Bankas to Lietuvos Jūrų Laivininkystė (Lithuanian Shipping Company, or LJL), a financially-troubled Lithuanian shipping company with debts of more than 20 million euros, is a temporary solution, a deputy transport minister has admitted.
Saulius Girdauskas
© DELFI / Šarūnas Mažeika

“In fact, it’s a short-term solution, but we all know that the transportation of carriage is not a function for the Transport Ministry to perform. The ministry is responsible for the company historically. Perhaps the decisions made since 2008 or failures to duly assess the situation have led to a substantial financial burden…,” Saulius Girdauskas told the LRT Radio on Monday.

SEB Bankas should transfer the 3-million-euro loan on Monday.

“I think the money should reach the company’s account in the afternoon…,” he said.

LJL had been making losses since 2008 and it had been burdened by an approximately 14-million-euro loan from SEB Bankas, Girdauskas said, adding that the company’s performance had also been undermined by unfavourable situation in the global shipping market.

Last week, SEB Bankas issued a 650,000-euro loan to LJL so as to enable the company to buy fuel and water to its four ships stuck in foreign ports.

In addition to this loan, LJL owes approximately 15 million euros to SEB Bankas.

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