MANILA, Philippines –  Chelsea Logistics Holdings Corporation (CLC), a listed company, published a net income of 161 million pesos last year. This is higher by 17.5 percent compared to the net profit that was recorded in 2016.

According to Chelsea Logistics, the company’s net income progress was slightly strengthened because of a nearly one-hundred percent growth in financing value garnered from loans utilized to obtain new vessels. CLC bought four boats in 2017.

During the year’s first quarter, Chelsea Logistics signed an agreement together with Kagoya Shipyard to build new RORO ships. With this, they were also given a choice to order additional three units to be delivered between 2019 to 2020.

Alfonsus Damuy, President and Chief Executive Officer of Chelsea Logistics Holdings Corporation, said that they are looking forward to the acquisition benefits of the vessels to show in the company’s profitability starting 2018.

Revenue hiked to 3.9 billion pesos by 140 percent last year, pushed by a significant stake investment from 2GO Group Incorporated, as well as the one-hundred percent rights of Starlite Ferries Incorporated and Worklink Services.

The result of the transaction is the additional 1.3 billion peso worth of freight revenues, 800 million peso worth passage revenues, as well as logistics services revenue worth 200 million pesos.

Earnings from tugs support services increased to 263 million pesos. The revenue was accredited to the investment of Davao Gulf Marine Services Incorporated, which supplemented 121 million pesos of the gross profits.

As 2017 ended, Chelsea Logistics, with the company’s 75 ships, recorded a share worth thirty-three percent of the direct market and RoPax Market’s thirty-six percent share, which is gross registered tonnage (GRT) based.

Moreover, CLC claims to be superior in the market in relation to tanker GRT volume with a share of fourteen percent.

Chelsea Logistics also boosted its existence in the industry of logistics with the company’s significant investment in the 2GO Group.

Currently, CLC expands to 3,300 shipment points throughout the country. It is capable of distributing to 59 provinces with the help of Workline Services.

Chelsea Shipping Corporation, now called Chelsea Logistics Holdings Corporation, was founded on July 17, 2006, with the primary purpose of supplying the requirements of Phoenix Petroleum Philippines Incorporated. This logistics company has firmly increased its number of fleets from only one vessel during 2006 to its current total of 4 barges and 11 tankers. Throughout the year, Chelsea Logistics has obtained a name as a trustworthy ship owner in the industry of petroleum hauling.

On August 26, 2016, the company was listed with the Philippine Securities and Exchange Commision as Chelsea Shipping Group Corporation, initially to serve as a holding company. On December 21, 2016, the logistics company acquired the approval to change its name.

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