Two of the largest names in Philippine shipping have merged.
Alphaliner reports that 2GO Group has undergone an internal restructuring where it has merged via a share swap with its ex-majority shareholder, Negros Navigation Co (NENACO), that previously held a 88.31% share of the listed company. 2GO has now taken control of all of NENACO’s assets.
2GO is an integrated transportation company, with three core business units 2GO Freight, which handles cargoes, 2GO Travel which handles passengers, and 2GO Supply Chain, that handles Logistics and inventory management. It also has subsidiaries that act as local agents in the Philippines for global carriers.
2GO by the end of 2018 operated a total fleet of 27 vessels consisting of ropaxes, small and medium sized ferries and container-oriented cargo vessels of which 23 are fully owned ships while the remainder are leased. It carried last year 7,450,162 pas- sengers and 338,305 teu.
NENACO acquired Aboitiz Transport System, the name of 2GO prior to a rebranding seven years ago, in 2010.