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Philippine carrier Lorenzo Shipping Corp has received a P270m ($4.6m) financial lifeline from majority shareholder, Doris Ho-led National Marine Corp.
National Marine has bought 270m new shares of Lorenzo Shipping at P1 each, much of which will go to pay loss-making Lorenzo’s belated fuel bills.
According to shipping database Equasis, Lorenzo has 10 ships made up of a mix of small containerships and general cargo ships.
Following the share deal, National Marine now controls 78.65% of Lorenzo Shipping.
The post Doris Ho comes to the aid of Lorenzo Shipping appeared first on Energy News Beat.
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