Filipino owner planning rapid expansion post-IPO

Filipino owner planning rapid expansion post-IPO

Filipino shipowner Chelsea Logistics Holdings Corporation (CLC) is embarking on an IPO with a view to extending its fleet size.

The company’s chairman Dennis Uy has told local media in Manila that as well as adding extra ships, CLC is also looking at buying other shipping firms and a shipyard. Due diligence is currently underway on a prospective shipping line, Uy revealed.

Fleet growth will be among a range of sectors including product tankers and general cargo vessels.

“We continue to grow our capability in Southeast Asia, especially with the evolving ASEAN Economic Community. In ASEAN — as in the Philippines — there are a lot of low hanging fruits to pick,” Uy told the Manila Bulletin.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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