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Lorenzo Shipping’s first-quarter losses more than doubled to P172.77 million from P86.21 million in the same quarter last year
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The domestic carrier handled 27.79% less container volumes year-on-year in the first quarter due to fewer voyages brought about by reduced fleet capacity
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To get back to profitability, LSC said it is focusing on consistently meeting its vessel schedules through a comprehensive rehabilitation of vessels and land-based equipment
Lorenzo Shipping Corp.’s (LSC) first-quarter losses more than doubled to P172.77 million from P86.21 million in the same quarter last year.
In a regulatory disclosure, the domestic carrier said it handled 27.79% lower container volumes year-on-year in the first quarter of the year, due to fewer voyages brought about by reduced fleet capacity.
Revenues for January to March 2025 amounted to P425.01 million, 33% lower than the P635.406 million reported in the same period in 2024.
General and administrative expenses were P38.97 million, which was 9% lower than last year’s P42.79 million.
To return to profitability, LSC said it is focusing on consistently meeting its vessel schedules through a comprehensive rehabilitation of vessels and land-based equipment, as it continuously implements operational efficiency measures such as system upgrades, quality initiatives, cost rationalization, and asset optimization.
The plan of the operation for the succeeding quarters includes, among others, vessel maintenance and equipment reliability to improve customer experience in cargo deliveries by sea and land.
There will also be voyage optimization through the employment of yield management strategies to ensure maximum margins per completed sailing, as well as process improvements assisted by innovation and technology to achieve operational efficiencies.
LSC will also develop its land- and sea-based employees’ physical, mental, and emotional welfare to maintain high morale and maximize productivity, while also adopting risk-mitigation measures and continuously strengthening statutory compliance to guarantee business continuity.
The liner shipping company operates seven vessels that call major ports in the country.
