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.