Chelsea buying 6 more vessels for $100m in 3 years

Chelsea Logistics Holdings Corp. will acquire six additional vessels for $100 million over the next two to three years.

“We have six vessels (lined up)… two vessels every one year,” CLC president and chief executive Chryss Alfonsus Damus, told reporters Friday.

He said the new vessels would be used for unserved and underserved routes in Visayas and Mindanao, as well as for the expansion of existing routes.

CLC currently operates 16 tankers, 22 RoPax, 11 cargo vessels and 14 tugboats through Chelsea Shipping, Starlite Ferries, Trans-Asia Shipping Lines Inc. and Fortis Tugs. Investor and partner 2GO Group Inc., meanwhile, operates eight RoPax vessels, five cargo vessels and 11 fast craft.

The company on Friday inaugurated M/T Chelsea Providence, a 183.3-meter long medium-range oil tanker that can carry up to 54 million liters of petroleum and M/V Salve Regina, and a roll-on, roll-off vessel which can accommodate over 500 passengers and 41 vehicles.

“We have long dreamed of having our presence felt in the international waters and to commence our foray into the regional liquid carrier market. Today, we are grateful to welcome our biggest as well as the Philippines’ biggest registered vessel–M/T Chelsea Providence,” CLC founder and chairman Dennis Uy said.

M/V Salve Regina, meanwhile, is a brand-new RoPax that will serve the Batangas-Caticlan route. It was built by Kegoya Dock Co. Ltd., a Japan-based shipbuilder.

The company also acquired in March 2018 a floating dock named “Chelsea Exuberance,” which is programmed to keep its 83-strong fleet in the best condition and optimize the deployment of the ships.

Aside from expanding its fleet, CLC plans to expand its business further by engaging in the development, management and operation of infrastructure facilities and systems.

The company earlier reported a net income of P360 million in the first half of the year, up 29 percent from P278 million on year.

 

Source: http://manilastandard.net/business/corporate/277365/chelsea-buying-6-more-vessels-for-100m-in-3-years.html

Author: Darwin G. Amojelar (Manila Standard.net)

Published Date: October 7, 2018