Chelsea Logistics Holdings Corp. (CLC) is renaming itself Chelsea Logistics and Infrastructure Holdings Corp. to reflect its business expansion plans and growth prospects in infrastructure development.
The change in corporate name was approved during the recent annual CLC stockholders’ meeting. Along with the change in corporate name is the shift in the company’s Philippine Stock Exchange trading symbol to “C” from “CLC,” which was approved by the CLC’s Board of Directors.
The shipping and logistics company said it is pursuing its focus to expand and improve further its logistics infrastructure facilities and systems, and to strengthen its telecommunications base.
At present, CLC said its businesses still primarily revolve around integrated shipping and logistics, but added that due attention is being given to its infrastructure and telecommunications ventures.
“As the government pushes its ‘Build, Build, Build’ program forward, we are actively looking for opportunities to participate in the development of infrastructure facilities and systems in the country, including ports and airport development and operations and other related facilities,” CLC president and chief executive officer Chryss Alfonsus Damuy said in a statement.
CLC has submitted its unsolicited proposal to modernize the Sasa port in Davao City and is hopeful of securing the project. The Sasa port, once modernized and expanded, is expected to handle containers, general cargo and passengers for both international and domestic travel.
“We firmly believe that if we are granted with the opportunity to develop the Sasa port, it would translate to value creation for our stakeholders and promote further synergy within the group,” Damuy said.
Philippine Ports Authority (PPA) general manager Atty. Jay Daniel Santiago, in a chance interview with PortCalls, said the port authority’s engineering team is still discussing with CLC “some adjustments and fine-tuning” to the engineering and design aspects of the company’s proposal, as the project has to comply with PPA’s engineering standards and long-term development plan. Once these issues are settled, the proposal can already be processed for original proponent status (OPS).
Foray into aviation
In aviation, CLC was awarded OPS by the government in October last year for its proposal to operate and expand the Davao International Airport.
The company, along with its partners Udenna Corporation and China Telecommunications, was also awarded last November as the new telecommunications player, and CLC expects to begin its five-year rollout plan with commercial operations by 2020.
“This year, we continue with our business expansion plans and expect that our shipping and logistics commitments and infrastructure undertakings will enable us to be more competitive and bolster our market position,” Damuy said.
CLC said its outlook for 2019 is “nothing but positive.” CLC chief financial officer Ignacia S. Braga IV in her report to the company’s stockholders said the group is confident of delivering substantial improvement for their 2019 performance based on an estimate of at least 90% availability of its fleet.
To date, CLC’s fleet is comprised of 12 tankers, four barges, 31 roll-on/roll-off passenger vessels, 16 freighters, 11 fastcraft, 16 tugboats, and two floating docks.