LISTED Lorenzo Shipping Corp. (LSC) said Friday that majority owner National Marine Corp. was infusing addi-tional capital of P270 million to help settle existing liabilities and for other general corporate purposes.
The company told the stock exchange that its board on Thursday approved the issuance of some 270 million common shares of LSC at its par value of P1.00 per share in favor of National Marine.
“The additional capital infusion will be used for the settlement of the existing liabilities of the company and other general corporate purposes,” Lorenzo Shipping said.
As of end-September 2024, National Marine held 49.765 percent of the company while its public float stood at 43.869 percent.
Following the transaction, public ownership will fall to 21.35 percent of the outstanding capital of the compa-ny, Lorenzo Shipping said.
In the first nine months of 2024, the company recorded a net loss of P290.36 million, reversing from the P109.30-million net income booked in the same period last year as revenues dropped by nearly 27 percent to P1.86 billion from P2.54 billion.
The revenue drop was attributed to a 26.22-percent year-on-year decline in twenty-foot equivalent units car-ried during the nine months to September.
“The decrease was due to fewer voyages attributable to a slowdown in domestic consumption coupled with necessary maintenance and repairs for several vessels,” LSC said in its third quarterly report filed last month.
The company’s total liabilities rose 4 percent to P2.73 billion as of end-September 2024 from P2.63 billion as of end-Dec. 2023.
Lorenzo Shipping shares last traded on Thursday at P0.96 each.
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