CEBU-BASED Aznar Shipping Corp. will invest P504 million to acquire two new roll-on/roll-off passenger vessels next year, backed by proceeds from its planned initial public offering.
The vessels—IACS-class ships to be built in China—will be deployed across existing and new routes in the second half of 2027, including a new link to Iloilo. Each will carry up to 340 passengers, 14 ten-wheeler wing vans and 24 four-wheel vehicles. The expansion will lift capacity, increase trip frequency and strengthen service reliability across the Visayas, the firm said in its prospectus.
Aznar targets raising P737 million from the IPO, with net proceeds seen at P640.86 million from the primary share offering. Beyond the vessel purchase, P91.6 million will fund construction of an in-house shipyard to cut reliance on third-party drydocking, reduce downtime and speed maintenance turnaround. A further P45.5 million is allocated for fuel supply, working capital and general corporate needs.
From its current fleet of 10 vessels, the company plans to add at least three more within five years to meet rising cargo demand in the Visayas region, according to president and CEO Kyle Alexander C. Aznar. Site selection and workforce development for the shipyard are underway. No proceeds from the overallotment portion will go to the company, as these represent secondary shares from existing shareholders.
