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The Philippines is seeing higher numbers of maritime enterprises while its registered overseas fleet is getting smaller in terms of capacity, according to the Maritime Industry Authority
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This indicates a shift toward becoming a maritime services center than a ship hub
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Philippine-registered overseas fleet increased to 97 as of June 2025 from 94 in 2024 but shrunk in terms of gross registered tonnage by 32% to just 911,693 in June this year from 2.2 million GRT in 2020
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Accredited maritime enterprises reached 523 by June 2025 from 508 in 2024
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In terms of accredited overseas shipping companies, numbers have steadily decreased from 48 in 2021 to 32 in June 2025, a 33% reduction over four years
The Philippines is seeing higher numbers of maritime enterprises while its registered overseas fleet is getting smaller in terms of capacity, indicating a shift towards becoming a maritime services center than a ship hub, according to the Maritime Industry Authority (MARINA).
The Philippine-registered overseas fleet increased to 97 as of June 2025 from 94 in 2024, a return to the 2021 level.
There were 99 in 2022 and 98 in 2023, based on the presentation of MARINA Overseas Shipping Service senior maritime industry specialist Charlie Nofuente during the inaugural Philippine Shipping and Shipbuilding Conference on September 29.
Despite the increase in number in 2025 from 2024, the fleet has actually shrunk in terms of gross registered tonnage (GRT) by 32% to just 911,693 GRT in June this year from 2.2 million GRT in 2020.
This represents a loss of nearly 1.3 million GRT in capacity in a span of four years, Nofuente noted.
By type of service, ship count for general cargo grew from 28 to 46 vessels from 2021 to June 2025, but its GRT dropped by 58% in 2025 to 205,547 GRT, indicating replacement with much smaller vessels.
For bulk carriers, the fleet was reduced to 34 ships with only 577, 000 GRT in June 2025 from 51 ships representing 1.6 million GRT in 2021.
For tankers, 15 to 17 vessels were maintained throughout 2021 to 2024 but like general cargo, its capacity has been reduced, suggesting a shift to smaller vessels, Nofuente said.
The Philippine overseas shipping industry also operates “on an overwhelmingly chartered base mode of acquisition,” Nofuente said, citing that 99% or 96 out of the 97 ships as of June 2025 are foreign chartered.
“This has remained remarkably consistent throughout 2021 to 2025, indicating a deliberate strategic approach by simply chartering smaller or fewer foreign-owned ships,” Nofuente said, adding that understandably in this way, companies can adjust fleet size based on demand without huge capitals.
“This chartering agreement leverages the Philippines’ core strengths, like skilled maritime workforce, strategic location for shipping routes, strong maritime expertise, and lower operational cost of ownership,” he said.
Despite a decline in fleet size, Nofuente said tax payments from chartered ships have remained relatively stable from 2020 to 2025 at around P26-P32 million annually, “suggesting consistent profitability across the chartered fleet” and representing a “stable revenue stream for the government.”
Nofuente said the reduction in fleet capacity directly contradicts the growth in maritime enterprises, “which means to say that there [has] been a business shift that is moving away from a ship owning or chartering industry to a maritime services hub.”
With the fleet shrinking and the service sector expanding, Nofuente said this may be “indicating that the Philippines could have been positioning itself as a maritime ancillary services hub rather than competing in capital intensive ship ownership or management, or bareboat chartering.”
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Maritime enterprises accredited under MARINA Memorandum Circular (MC) No. DS-2020-02 (revised rules on accreditation of maritime enterprises) reached 523 enterprises by June 2025 from 508 in 2024.
Nofuente noted “there has been a dramatic capital fluctuation from the year 2021 to 2023. From P8.8 billion total paid-up capital for all accredited maritime enterprises in 2021, it dropped to less than P6 billion in 2022 to 2023. It then surged to P13.9 billion in 2024, slightly dropping to P13 billion in June 2025.
By June 2025, the average enterprise capitalization was about P25 million, indicating a more distributed capital structure than the highly concentrated accredited companies.
Britoil Offshore Phils. Inc. had the highest paid-up capital of P8.5 billion, which Nofuente suggests Britoil is the primary driver in the increase as of June 2025. It was followed by NYK-Fil Ship Management, Inc. with P520.9 million; Philippine Transmarine Carriers, P285.8 million; MOL Logistics Philippines, Inc., P199.53 million; Asia Pacific Chartering Phils. Inc., P124.4 million; and C.F. Sharp Crew Management, Inc., P124.3 million.
Nofuente noted that the top companies in terms of paid-up capital “suggest different focus areas like offshore operations, international shipping or logistics, or crew management” and represent approximately P9.8 billion or about 75% concentration among just six out of 523 companies.
By nature of services, the number of MARINA-accredited maritime enterprises “has recovered noticeably from 486 companies in 2024 to 550 by June 2025,” a 13% increase in just six months. It was 472 in 2022 and 503 in 2023.
The most striking improvement, he noted, was in ship agency, which has grown from 127 companies in 2024 to 175 in June 2025, a 38% increase in six months.
Nofuente said the expansion suggests increased maritime traffic requiring agency services, or perhaps new shipping routes for expanded port operations.
Another business that shows its dominance is crewing and manning, which grew from 297 to 307 companies and maintains its leadership position by 56% of the total number of maritime enterprises as of June 2025.
After fluctuating to 47 in 2024 from 72 in 2023, ship management slightly improved to 50 companies as of June 2025.
Nofuente said from this data, “the Philippines is clearly strengthening its role as both a maritime professional’s hub and a shipping services center with agency services becoming increasingly important alongside traditional crewing approaches.”
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In terms of accredited overseas shipping companies, numbers have steadily decreased from 48 in 2021 to 32 in June 2025, a 33% reduction over four years.
“This may suggest consolidation in the market with some companies, potentially losing accreditation, merging, or exiting the industry,” Nofuente said.
Despite having fewer overseas shipping companies compared to earlier years, the total paid up capitalization in June 2025 nearly doubled to P2.556 billion from P1.29 billion in 2024. Nofuente said the surge may indicate several factors, such as regulatory changes requiring higher capital requirements, major capital injections or recapitalizations, new large players entering the market, or the data reflecting a specific regulatory or recovery charge.
Of the 32 shipping companies, Chelsea Shipping Corp. stood out with P2 billion in paid up capital, representing roughly 77% of total industry capitalization.
“This suggests either a recent massive recapitalization or that Chelsea is driving the dramatic capital surge,” Nofuente noted.
Following Chelsea were Eastern Shipping Lines (P100 million), Leonis Navigation Co. Inc. (P99 million), United Philippine Lines, Inc. (P16.38 million), and St. Vincent Shipping, Inc. (P16 million). – Roumina Pablo
