Lorenzo Shipping Corporation

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Lorenzo Shipping Corporation (PSE: LSC), is a publicly-listed shipping company incorporated in 1972. From being a break-bulk cargo carrier, the company evolved into a containerized cargo shipping company. It also provides domestic inter-island cargo liner services to the general public. In particular, LSC owns and operates a fleet of seven vessels deployed to key ports in Manila, Visayas and Mindanao. It is a member of the Philippine Liner Shipping Association. Its major shareholder is the National Marine Corporation which accounts for 70.30 percent equity in the company. As of May 9, 2011 LSC has a total market capitalization of P533.42 million and share price of P0.96.

Contents

Company Profile

Lorenzo Shipping Corporation was founded by businessman Jose D. Go, Sr. in 1972. The company primarily engaged in domestic inter-island cargo handling business. LSC has been an active participant in containerized cargo business and has played a significant role in the domestic shipping industry.

In 1990, Singapore-based Neptune Orient Lines, Singapore’s largest listed shipping company, became one of the major shareholders of LSC. In 1996, the company went public and its shares were listed on the Philippine Stock Exchange under the stock symbol LSC.

LSC eventually evolved from being a break-bulk cargo carrier to a fully containerized cargo shipping company. To date, the company operates a fleet of seven vessels deployed to the key ports in Manila, Visayas and Mindanao. It also operates facilities and land-based equipments such as forklifts, toplifts and trucks and container yards and warehouses in its branches and agencies.

Services

LSC provides the following services to its clients:

  • Full container load - The company provides 20-footer and 40-footer container vans.
  • Less container load – The company accommodates smaller ship volumes.
  • Loss cargo – The company accepts loose cargo or cargoes with irregular measurements and do not fit inside container vans such as steel bars, poles, and coils.
  • Rolling cargo - Shipment of rolling cargoes such as vehicles, trucks and tractors are also accepted for shipment to all ports of call of LSC.
  • Livestock cargo – LSC has existing fleet of container vans designed to carry livestock cargo.
  • Reefer cargo - LSC equipped all of its vessels with several reefer outlets which make it possible to accommodate shipment of shipper's own reefer vans to various port

Fleets

  • Lorcon Cagayan de Oro
  • Lorcon Davao
  • Lorcon Zamboanga
  • Lorcon Visayas
  • Lorcon Cebu
  • Lorcon Manila
  • Lorcon Dumaguete

Financial condition

For 2010, LSC total revenues reached P1.56 billion or 7.09 percent higher than what it earned for the year 2009 due to stronger TEU volume per voyage. Its net income after tax amounted to P52.09 million or 116 percent higher than the same period of last year. Increase volume of door to door shipments and growing less than container load (LCL) also contributed significantly to the company’s bottomline.

Total Assets expanded by six percent from P2.4 billion to P2.5 billion mainly due to increase in trade receivables arising from the increase in net revenue as well as the acquisition of a new vessel.

Board of Directors

  • Doris Magsaysay-Ho – Chairperson of the Board
  • Anthony Luis Marden – Vice Chairman of the Board
  • Roberto Umali
  • Edna Mendiola
  • Felicisimo Saldana, Jr.
  • Dino Diaz
  • Edralin Manapsal
  • Arsenio Cabrera
  • Ana Carmina Herrera
  • Julio Sy

External links

Citation

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