LORENZO SHIPPING CORP. is seeking the approval of the Securities and Exchange Commission (SEC) to increase its authorized capital stock following the subscription of National Marine Corp. (NMC).
The transaction is in line with NMC’s subscription to the company’s capital increase, which remains subject to SEC approval.
In May, Lorenzo Shipping’s board of directors approved the increase in authorized capital stock to P2 billion, divided into two billion common shares with a par value of P1 each, from P991.18 million, divided into 991.18 million common shares at the same par value.
The company said that P252.20 million, divided into 252.20 million common shares at P1 each, has so far been subscribed.
“Issuance of shares to NMC shall be made upon approval by the SEC of the increase of authorized capital stock… The application for increase in capital stock was filed with the SEC last 29 September 2025,” it said.
The company said that the subscription amount paid by NMC will be used to settle existing liabilities and for other general corporate purposes, while the balance will fund major vessel repairs, spare parts, shipyards, port operators, and trucking service providers.
For the second quarter, Lorenzo Shipping widened its net loss to P151.79 million from P77.57 million a year earlier on lower revenues.
Gross revenue for the April-to-June period fell by 42.1% to P381.81 million from P659.93 million previously.
Lorenzo Shipping is engaged in containerized cargo transport. It maintains a fleet of five container ships, while its sister company, National Marine Container Lines, Inc., owns four more vessels servicing 10 major ports nationwide. — Ashley Erika O. Jose
