• Chelsea Logistics to buy Starlite Ferries

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    CHELSEA Logistics Holdings Corp. said on Monday it had signed a memorandum of understanding with the owners of Starlite Ferries Inc. and its subsidiaries to acquire 100 percent of the shipping company.

    Starlite, together with its subsidiaries, operates 14 vessels in its fleet, of which five are roll-on roll-off (RORO) passenger vessels.

    The RORO vessels service the ports of Batangas, Calapan, Puerto Galera, Roxas, and Caticlan.

    “The planned acquisition will bring us a step closer to fulfilling our commitment to growth in order to realize more value for our stakeholders, from the investors to the consumers,” CLC Chairman Dennis Uy said in a statement.

    “By modernizing and expanding our operations, we can provide better shipping and logistics solutions as well as make our country more competitive in capturing the increasing trade opportunities in Southeast Asia,” Uy added.

    CLC had its initial public offering last July. Proceeds from the IPO were earmarked for fleet expansion; purchase and/or upgrade of ports, port facilities, containers, and machinery, and equipment; acquisition of other shipping and logistics firms; and other general corporate purposes.

    CLC currently has 11 tankers, eight tugboats, seven RORO vessels with passenger accommodation (RoPax), four barges and three cargo ships.

    2GO Group, wherein CLC has a 28.15 percent indirect economic interest, has eight RoPax vessels, 10 fast craft, and eight cargo vessels.

    CLC opened at P10.36 per share on Monday and closed at P10.30, up slightly from its previous close of P10.24.

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