Chelsea Logistics acquires Japan-built tugboat

CHELSEA Logistics Holdings Corporation (CLC) announced on Tuesday that it had acquired a Japanese- built tugboat, the MT maneuvering tankers and other

The tugboat will be operational by December and will bring CLC’s total tugboat fleet to nine, the

Prior to this, CLC had also acquired, through its subsidiaries, MV Orient Spirit and three vessels that will serve the cargo transport

“Shipping is a high margin, high What we are doing now is laying the foundation for a sustainable, cash generative business by making these critical shipping invest- ments in form of acquisitions of complemented by the logistics business, which we expect to have the biggest growth poten

- ing our operations, we can provide better shipping and logistics solutions as well as make our country more competitive in capturing the increasing trade opportunities in the Philippines and in Southeast vessels to position itself to capture

According to CLC, the acquisitions will be funded from the net proceeds of its initial public offering last August and will be fully