Lorenzo Shipping Acquires Vessel

Manila–(PHStocks)–Lorenzo Shipping Corporation (PSE: LSC) has entered into a Memorandum of Agreement (MOA) with a foreign seller for the acquisition of the M.V. Siefke, a containerized vessel with the following specifications:

  • Year built: 2002
  • Other specs: 510 teus
  • Speed: 14 knots

The vessel will be delivered this year and shall be deployed under the Philippine flag in one of the Company’s existing routes. The deployment of the vessel will enable the Company to continue serving the needs of its customers reliably, efficiently and safely.

The vessel is intended to replace one of Lorenzo Shipping’s vessels, which will be sold within the year as part of the Company’s fleet modernization program.

The Company shall obtain a bank loan to finance the acquisition of the vessel.

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