Lorenzo Shipping Approved 270,000,000 Common Shares Issuance

The Board of Directors of Lorenzo Shipping Corporation approved today the issuance of 270,000,000 common shares of the Corporation, from the unissued portion of the authorized capital stock of the Company, at its par value of P1.00 per share, for a total amount of P270,000,000.00, in favor of National Marine Corporation (NMC).

​The additional capital infusion will be used for the settlement of the existing liabilities of the Company and other general corporate purposes. At the conclusion of the transaction, public ownership will be at 21.35% of the outstanding capital of the Company.

Lorenzo Shipping Corporation is a leading liner shipping company engaged in containerized cargo transport. LSC continually strives to provide excellent service and dedication in helping customers find solutions to their transport needs. With customer-focused processes, dedicated employees and results-driven management standards, LSC commits operations above industry standards that enable its customers to ensure availability of its products to end customers.

Lorenzo Shipping Corporation maintains a fleet of five (5) container ships with an additional four (4) container vessels owned by NMCCLI (the "NMCCLI Vessels"), calling 10 major ports nationwide, namely: Manila, Bacolod, Iloilo, Cebu, Dumaguete, Cagayan de Oro, Zamboanga, Davao, Cotabato and General Santos