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Lorenzo takes delivery of vessel

MAGSAYSAY-owned Lorenzo Shipping Corp.(LSC) has taken delivery of one of three vessels, part of a refleeting program started two years ago when Magsaysay took over controlling stake at LSC.

LSC officer-in-charge Roberto Umali, who also heads sister company National Marine Corp, said the new vessel will provide LSC with a more efficient and faster service for its Manila-Cebu-Cagayan de Oro-Manila calls.

Acquired for $8.3 million, the 500-TEU 11-year-old vessel began its voyage last Thursday (Nov. 1). She will be formally launched on November 13.

LSC controls about 20% of the domestic containerized market with its seven dedicated freighters.

The company is set to sell one of its oldest vessels, the Lorcon Mindanao, for about $2 million, in January to finance the acquisition of a younger and more efficient vessel next year.

Aside from acquiring new vessels, LSC will continue to purchase new containers to replace old ones, and fabricate more hog vans or specialized containers for the delivery of livestock, to further complement 60 re-designed hog vans introduced last year.

The company is also set to upgrade vessel computers and install low-cost wireless devices for direct, faster and more reliable exchange of information on vessel positions, parts and services requirements, preventive maintenance and repairs.

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